At a time when the startup ecosystem in China is losing steam, Indian startups seem to be gaining investors’ confidence. India witnessed a whopping 39% year-on-year (YoY) growth in venture capital (VC) funding deal volume to 976 during the first half (H1) of 2022. The corresponding disclosed funding value too clocked a 4.5% rise to $15.6 billion, according to GlobalData, a leading data and analytics company.

An analysis of GlobalData’s Financial Deals Database reveals that deal activity in 2022 so far has showcased a fluctuating trend in India. However, June managed to reverse the month-on-month decline in funding value with a massive 76% growth, whereas deals volume increased by 0.7% in June compared to the previous month.

Aurojyoti Bose, Lead Analyst at GlobalData, comments: “India witnessed a positive trend in both VC funding value and volume in H1 2022 compared to H1 2021 while several other key markets such as the US and China experienced decline. The Indian startup ecosystem seems to be evolving as a promising alternative to China.”

India witnessed the announcement of several big-ticket deals during H1 2022. Some of the prominent deals announced during the period include $805 million funding raised by Verse Innovation, $800 million seriesF funding raised by Think and Learn (Byjus), $700 million funding raised by Bundl Technologies (Swiggy), $450 million funding raised by Polygon, and $300 million funding raised by Xpressbees.

Note: Historic data may change as some deals may be added to previous months due to a delay in disclosing information to the public domain.