Fundraising by Indian startups in Q1 2023 crashed to a fourth of the year-ago quarter at $3.36 billion, as investors across the globe pulled their purse strings amid macroeconomic uncertainties. The deal volume also more than halved to 245 in Jan-Mar 2023 compared with Jan-Mar 2022. The average deal size was, however, marginally higher in Q1 2023, thanks to some mega-deals such as Lenskart and PhonePe.
