New Delhi, Jan 9,2023: Bengaluru topped the startup funding chart in India with $10.8 billion in 2022, followed by Mumbai at $3.9 billion, and Gurugram at a distant $2.6 billion.

Startups based in Delhi and Chennai registered $1.2 billion each in funding, followed by Pune at $1 billion, according to data provided by Tracxn, a leading global market intelligence platform.

In 2021, Bengaluru-based startups had raised $20.8 billion in funding and Mumbai-based startups had pocketed $5.2 billion in the same year, showing the impact of the deepening funding winter last year.

There were 22 unicorns in 2022, compared to 46 in 2021, and average funding before the unicorn round was around $160 million.

It is now taking an average of 5.1 years from Series A funding to the Unicorn round for the Indian startups.

“India started experiencing funding winter in Q4 of 2021 and it has been on a declining trend since. Because of rising interest rates and fear of a worldwide recession, investments across all industries have been impacted,” said the Tracxn annual report.

The months of April, October and November in 2022 saw no new unicorns.

A total of 11 tech IPOs were launched in 2022, matching the number from the same period in 2021. Some of the major IPOs are Delhivery, Tracxn, eMudhra, among others.

LetsVenture, AngelList, and Y Combinator have topped the list of most active investors in 2022 to date, said the company.

Despite the impact on funding in edtech, Byju’s has topped the list of highest funding raised in 2022. It raised over $1.2 billion in 2022 from existing investors. This amounted to almost 50 per cent of the total funding received in the edtech sector.