Startup funding rises 5% to $2.2 billion as AI and cleantech lead

Indian startups raised $2.2 billion in the July to September quarter, up 5% from $2.1 billion a year earlier, according to Inc42’s data. The number of deals fell 13% to 210.

Bigger rounds, fewer of them

Four rounds were $100 million or more, against one a year ago: Emergent ($130 million), River ($120 million), Navi ($100 million) and Pixxel ($100 million).

Growth-stage funding (Series A and B) rose 38% to $1.1 billion. Late-stage funding fell 10% and early-stage funding 18%. The number of active investors dropped 24%.

AI and cleantech on top

AI startups raised $438 million, more than three and a half times last year’s figure. Cleantech raised $433 million. Fintech and ecommerce both raised less than a year ago.

Bengaluru dominates

Bengaluru startups raised more than $1.4 billion, about 64% of the total. Funding in Delhi NCR fell 27% and in Mumbai 64%.

Tracxn’s numbers point the same way. Its count of Indian tech funding for January to September is $10.3 billion, up 7%, while the number of rounds fell 38%.