Bengaluru-based startups topped the startup funding chart in India with $10.8 billion in 2022, followed by Mumbai at $3.9 billion as overall funding raised by Indian startups declined 40% to $25 billion in 2022 from $42 billion in 2021, according to a report from Traxcn.

This number indicates a decline from the $20.8 billion raised by Bengaluru startups in 2021 and the $5.2 billion bagged by Mumbai-based startups in the same year caused by the global economic slowdown and the high inflation that made investors cautious.