Datalabs: 印度科技创业融资报告（H1 2026）

Executive Summary Indian Startup Ecosystem: Key Highlights 3Indian Startup Funding Insights Hl 2026: Key InsightsIndian Startup Funding TrendsTop Funding Rounds Of Hl 2026Mega Deal InsightsStage- Wise Funding InsightsInvestor Participation TrendsSector-Wise Funding TrendsTop Funded Startup Hubs M&A Trends Most Active Startup Investors [H1 2026 Indian Listed New Age Tech Stocks Performance Indian startups raised $5.2 Bn+ across 501 deals in H1 2026, reflectinga 9% YoY decline in funding but a 7% increase in deal count. The contrastunderscores a clear shift in capital deployment: investors are backing abroader pool of startups rather than concentrating capital into a handfulof outsized rounds. H1 2026 FundingDips 9% YoY EXECUTIVE SUMMARY While the median ticket size remained unchanged at $3 Mn, megadeals ($100 Mn+) fell to just five transactions, down from 11 in H1 2025.The sharp decline in large rounds weighed on overall funding,even ashealthy deal activity and stable cheque sizes point to sustainedinstitutional convictionacross the broader market. Ratherthansignallinganecosystem-wideslowdown,H12026marksarecalibration of the funding market. Capital is becoming moreselective, disciplined and broad-based, moving away from a dependenceon headline-grabbing mega rounds towards sustainable long-term valuecreation. Late stage funding declined 29% YoY to $2.2 Bn+, while the medianticket size fell 68% YoY to $10 Mn, reflecting a sharper pullback in largelate stage investments. As investors remain selective, capital isincreasingly flowing towards businesses with stronger fundamentals andclearerlong-termvalue creation. Late StageFunding Falls 29% Incontrast,earlystagefundingrose18%YoYto$478Mn+,whilegrowth-stage funding increased 15% YoY to $2.3 Bn+.Growth-stage dealactivityalso accelerated,rising 34% YoYto190 deals,signalling sustainedinvestorappetiteforscalablehigh-convictioncompaniesdespiteamorecautiousfundingenvironment. The shift is most evident in mega rounds. Transactions above s10o Mnfell to just five in H12026, compared to 11 in H12025 and 80 during thefunding peak in H2 2021. Rather than a broad-based slowdown, the datapointstoastructural recalibrationinhowcapitalisbeingdeployedacrossthe startup ecosystem. AI FundingSurges 317% Al was the standout investment theme in H1 2026, with funding surging317% YoY to $676 Mn and deal count rising 90% YoY to 57. The sectorattracted the highest funding across both early and growth stages,underscoring growing investor conviction in India's Al opportunity. Momentum extended beyond Al. Advanced Hardware & Technologyfunding increased 18%YoY to$365 Mn,while deal volume climbed53% YoY to a record 66 deals, signalling rising investor appetite fordeeptech and frontier technologies. The shift is increasingly being driven by public policy alongside privatecapital. 66% of institutional investors said the IndiaAl Mission hasinfluenced their Al investment thesis, while 61% reported that the IndiaSemiconductorMission(isM2.o)hasshapedtheirinvestmentoutlookfordeeptechand semiconductor startups. 3 Investor confidence in startup ecosystem remains resilient headinginto H2 2026.64% investors plan to increase their venture capitalallocation, with 42% intending to expand exposure across both publicequities and venture capital, and 22% planning a stronger shifttowardsprivatetech investments. Domestic VCAppetite RemainsStrong EXECUTIVE SUMMARY However, global capital remains more measured. 3o% of Indianinvestors reported a clear weakening in LP sentiment,while 26%described the current environment as a tactical pause.Together, 56%of respondents indicate that global allocators remain cautiousdespite improving domestic investment sentiment. Looking ahead, investors believe the biggest risks to Indian startupvaluations lie outside India.Geopolitical tensions (29%)and globalvc dry powderavailability(26%)rank as the most significant factorsexpected to influence valuations over the next 18 months, ahead ofdomestic factors such as monetarypolicy (18%)and GDP growth andinflation (11%). The New Age Tech Index outperformed the broader market in H12026,managed delivering a +0.68% return against the NIFTY 50's-7.82% decline, an outperformance of 8.5 percentage points. This camedespite the index's aggregate market cap declining by 1.75 Lakh Cr,strongertechcompanies. New Age TechIndex OutperformsNIFTY By 8.5Points Performance across listed startups remained highly polarised. E2ENetworks(+117%),Shadowfax(+102%),andSedemacMechatronics (+96%)emerged as the strongest performers,whileTACInfosec and Mapmylndia each declined50%. The broader ecosystem continues to mature. 75% of India's listedstartups are now profitable, with fintech and enterprise techaccounting for the largest share of public listings, while Delhi NCRremains the country's leading startup IPO hub. Together, these trendspoint to a public market that is becoming increasingly selective andfundamentally driven. SecondaryBuyo