In the first nine months of 2025, Indian tech startups raised $7.7 billion, down 23% YoY (vs $10.1B in 2024). The decline is broad-based across seed, early-stage, and late-stage capital. Still, India has surged to become the third most funded tech startup ecosystem globally, behind only the U.S. and U.K. Brazil, Germany and France trail behind. The dip reflects macro caution, tighter capital, and elevated valuations. (Tracxn Report)