India-focused VC funds continue to raise capital despite funding winter

In the face of a seven-year low in Indian startup funding, private equity/venture capital (PE/VC) players with a focus on India continue to hold on to sizeable unallocated funds.

According to Preqin data as of March 2023, Indian VCs boast unallocated funds amounting to $9.5 billion, up from $7 billion in the same period a year ago.

Despite the high dry powder available, a considerable number are actively seeking to raise new funds.

As of December 2023, 185 India-focused VC funds are in the market, aiming to raise a combined capital target of $10.73 billion, according to Preqin.

In 2023,