New Delhi, Sept. 25 -- India's technology sector raised $10.3 billion in equity funding during the first nine months of 2026, but the headline growth masks a sharper shift in where that money is going. Funding rose 7% from $9.7 billion a year earlier even as the number of funding rounds fell 38% to 1,134, according to Tracxn's India Tech 9M 2026 report.

The data points to a more selective funding market, where investors are putting larger cheques into companies with established traction, infrastructure plays and enterprise technology, while funding for very early-stage startups has weakened.

This is particularly visible at the two ends of the funding pipeline. Seed-stage funding fell 37% to $698 million, while early-stage funding increa...