What is the current scenario regarding start-up funding in India?
If you look at start-up funding into the Indian ecosystem what is really important is to look at it over a period of a decade. In 2010 we were less than a billion dollars to start-up funding. Look at this year we will have I do not know $10 to $12 billion, so that is still a 10x increase over the last 12 years.

What happens is we only have short-term memory. So we look at 2021 and say, oh my God, we are down 70-80%. Actually, versus 2018, we are doing pretty well. So what is happening is, this is the normal. This is what normal looks like. And if you look at the activity in the venture capital industry and the start-up ecosystem, the seed market is very active.

Our seed platform surge is very-very active. The Series A market is back. It is quite active. The growth market is slower than what it used to be because most of the good growth companies have already raised lots of capital in 2021 and early 2022.

And the valuations are also pegged to that level. So as we go into the second half of this year into next year, you will start seeing the growth markets pick up as well. So what I would say is, this is what normal looks like. I have said this before. If you have a once-in-a-hundred-year summer and then you start comparing the summer afterwards saying, oh my God, it is really cold that is not the case.

So we had a once-in-a-hundred-year event. Let us hope it is once-in-a-hundred-years because we do not want to run into COVID for another hundred years. So this is what normal looks like. And it is a great time to build. It is a great time to invest. Now the reality is, if we do not have a high-quality start-up, raising capital is hard today and it should be.

And so there is hope for early-stage funding for new entrepreneurs. I mean, things would nothing but get better for them.
Look, India today and if you just look at India dedicated funds okay, there has been over one lakh crore of capital that has been raised over the last two-two and a half years, that is now waiting to be invested.

If you look at our firm, Peak XV, we have Rs 20,000 crores of what we call dry powder in the industry. Dry powder is capital that will be invested into companies.

So India does not have a shortage of early stage venture capital funding, number one. Number two, look seed stage.
So seed stage is say, you are trying to raise between 5 crores to call it 30 or 40 crores that market is actually very active.

In fact, if you look at our firm, our surge, our seed stage platform is called Surge. They have been very active over the last 12-18 months, in fact throughout the period. If you look at Series A, which is you are trying to raise between $5 and $10 million that market is also quite active.

Where we have seen a slowdown over the last 12 months, I would say 12 to 18 months is in very large checks, companies that are raising $50 to $100 million dollars.