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The inflow of venture capital into Indian startups continues to remain downcast as the week did not include any large deals.

The total venture funding for the second week of September month stood at $132 million—cutting across 39 deals. In comparison, the previous week registered total funding of $199 million.

The absence of large venture-funded deals contributed to this decline and it is unlikely that there is going to be a major uptick anytime soon. The only positive development during the week was the entry of online pharmacy startup Tata 1mg into the unicorn club.

Given the macroeconomic situation—central banks all over the world raising interest rates, the war in Europe, and the energy crisis, it is very unlikely that there will be a strong inflow of venture funding into India, and the only segment which will continue to see some activity will be the early-stage startups.

Deals

E-pharmacy platform Tata 1MG raised $40 million from Tata Digital, MPOF Mauritius, HBM Healthcare, and KWE Beteiligung at $1.25 billion valuation.

Akshayakalpa Organic, an organic dairy enterprise, raised $15 million from British International Investment, Rainmatter Foundation, and Venture Dairy.

Fintech startup GroMo raised $11 million from SIG Venture Capital, Y-Combinator, Das Capital, Goodwater Capital, and Beyond Next Ventures.

B2B startup ZippMat raised $10 million from Matrix Partners India, Zephyr Peacock, HDFC bank, and TradeCred.

Fintech startup Cashflo raised $8.7 million from General Catalyst, Elevation Capital, and other angel investors.

Construction management firm Powerplay raised $7.14 million from Accel, Sequoia Surge, India Quotient, and the founders of Snapdeal.

Agritech startup Ayekart raised $5.5 million from Caspian Debt and Siply.

Luxury villa rental brand Stay Vista raised over Rs 40 crore from DSG Consumer Partners, Capri Global, and CA Holdings.