Around 128 Indian startups raised over $995 million venture capital (VC) funding in August amid the funding winter.
The funds raised in August were 9.7 percent higher than the previous month, Rediff.com reported citing GlobalData, a data analytics and consulting company.
GlobalData's Lead Analyst Aurojyoti Bose said, "Although the total VC funding amount still remains below $1 billion, akin to July, August managed to reverse the decline in fundraising, despite a 2.3 per cent fall in deal volume."
The growth has come at a time when fundraising in other key global markets, such as the US and UK witnessed decline.
"China and India were the two notable exceptions to this trend," Aurojyoti Bose added.
An analysis of GlobalData's Financial Deals Database revealed that India saw the announcement of 1,239 VC funding deals during January to August 2022, while the disclosed funding value in the year-ago period stood at $17.7 billion.
"Despite the unstable economy, Indian startups were able to gain some investors' trust," the analyst said.
"As the cyclical phenomenon of the funding winter suggests, India witnessed a slight month-on-month improvement in VC fundraising in August," he said.