Indian technology companies raised $10.3 billion in the first nine months of 2026, up 7% from a year earlier — even as the number of funding rounds fell 38%, according to Tracxn's India Tech 9M 2026 report.

The report, covering January 1 to September 21, recorded 1,134 funding rounds, down from 1,838 in the same period last year. The data points to capital concentrating in fewer, larger bets.

Seed funding fell 37% to $698 million, while early-stage funding rose 27% to $4.2 billion and late-stage funding held steady at $5.4 billion.

First-time funded companies dropped 30% to 338. Series A and later rounds fell 23% to 409.

Eighteen rounds of $100 million or more drove the headline growth, led by Nxtra's $1 billion round for data-centre expansion, Neysa's $600 million Series B and CRED's $540 million Series H.

AI infrastructure was the most-funded category at $1.2 billion, ahead of digital lending at $799 million and payments at $773 million.

India added six new unicorns in the period, against four a year earlier. They reached the milestone on less capital and in less time.