ETtech Deals Digest: Boosted by investment in Sarvam AI, Indian startups raise $108 million this week
funding winter this week, with $108 million being pumped into across 12 rounds, according to data from market intelligence firm Tracxn. The week, however, recorded the largest fundraise for an India-based AI startup with a $41 million investment in Sarvam AI.
Investment in startups fell 79% in the December 4-8 week, from $514 million across 38 funding rounds in the same period a year ago. Sequentially, however, funding activity saw a surge of 81%, compared to $59 million raised across 18 rounds, last week.
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Here is a list of startups that got funded this week:
Sarvam AI: Sarvam AI, a Chennai-headquartered startup founded in July and developing its own generative artificial intelligence (Gen AI) models, said it has raised $41 million in a Series A round of funding. The round was led by Lightspeed Venture Partners. The other investors are Peak XV Partners and Khosla Ventures, one of OpenAI’s early investors.
The Sleep Company: Direct-to-consumer startup The Sleep Company raised Rs 184 crore in its Series C round of fundraising from existing investors Premji Invest and Fireside Ventures, as the sleeping products maker looks to scale up its store network and product offerings.
Core EL Technologies: Financial services firm 360 One Asset Management said it will
