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At
@IndianVCA Conclave 2026, a panel discussion on βBacking the Next Wave of Indian Innovation: The VC Perspectiveβ examined how Indiaβs venture capital (VC) ecosystem has reset after the 2021 funding surge and what the next phase of venture investing will demand.
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β’ VC investment in India peaked at $36 billion in 2021, declined to $24 billion in 2022 and $8 billion in 2023, and stabilised at around $12 billion in 2025, reflecting a return to more sustainable pre-COVID investment levels.
β’ Investors are now prioritising unit economics, governance, and paths to profitability, with many Series A valuations increasingly tied to revenue multiples and profitability timelines of 18β24 months.
β’ The ecosystem is maturing, with 36% of Series A deals in 2025 raised by repeat founders, up from 18% in 2020, signalling the growing role of experienced entrepreneurs.
β’ Venture capital is increasingly backing deeptech and AI-driven innovation, with global venture funding for AI already accounting for around 51% of investment in 2024.
Panellists included:
π Ashok Ananthakrishnan, Partner,
@ironpillarfund
π
@mkheterpal, Founder and Managing Partner,
@WBridgeVentures
π Padmaja Ruparel, Senior Managing Partner,
@ianetwork
π Sharad Malpani, Director, Venture Capital, ICICI Venture
π
@sathyanellore, General Partner,
@boldcapfund
π Sean Murphy, Partner, Cooley
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