The month of July was relatively low for Indian startups as venture capital funding inflow moderated due to lack of large value deals.

Total venture capital funding in the second week of July was $128 million across 21 deals. By comparison, total funding last week was $257 million.

Venture capital funding has so far been in the $100-$200 million per week range, except for a few weeks after a big deal announcement. This reveals that the startup ecosystem is in the grip of a “funding winter” and there is no clarity on when fund flows will increase at a steady rate.

A combination of global and domestic factors has hampered the flow of capital into the startup ecosystem. High interest rates in the US and an uncertain economic outlook in advanced economies have become a hindrance.

Meanwhile, the US has witnessed an influx of capital into AI startups. However, this trend is yet to be seen in the Indian startup ecosystem.

Anycut Capital and NABARD found that there are other positive developments for the ecosystem as financial institutions continue to raise capital for venture-related activities. It is hoped that this capital will shift to Indian startups in the near future.

Wealth management platform Premji Invest has raised Rs 265 crore ($32 million) from Elevation Capital, Matrix Partners India and Accel.

Agritech startup Arya AG has raised $29 million from Blue Earth Capital, Asia Impact and Quona Capital. GOAT Brand Labs has raised $21 million from BlackRock, Mayfield, NB Ventures and others.

Cancer-focused biotech startup Immune Therapeutics has raised Rs 100 crore (approx. $12 million) from TAIBA Middle East FZ LLC. Marathi-language video-streaming platform Planet Marathi OTT has raised $5 million from A & MA Capital USA.

Tech startup Circuit House Technologies has raised $4.3 million from Stellaris Venture Partners, 3one4 Capital and other angel investors.