Amid the funding winter, 128 Indian startups have raised over $995 million (around Rs 8,000 crore) venture capital funding in August, GlobalData said on Thursday.
The funds raised in August are 9.7 per cent more than that in the previous month, the data and analytics company said in a statement.
Aurojyoti Bose, Lead Analyst at GlobalData, 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," Bose said.
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.
Bose said despite the economic volatility, Indian startups fractionally managed to gain investors' confidence.
"As the cyclical phenomenon of the funding winter suggests, India witnessed a slight month-on-month improvement in VC fundraising in August."