India, May 15 -- After a glorious April 2021, Indian startup funding has gone for a toss this month as the country is facing the worst healthcare crisis it has ever seen, with Covid-19 cases rapidly increasing. Indian startups raised only $116 Mn in the first half of May, representing a 95% decline from $2.5 Mn raised in the first half of April 2021. Overall, Indian startups had raised $4.6 Bn.

The total funding in the first half of May dropped 68% compared to INR 366 Mn reported in the first half of March 2021. Indian startups had raised the total funding of $1.6 Bn in the month of March. Notably, there were no mega rounds (rounds above $100 Mn) in the month of April, whereas there were 13 in April and two in March.

The biggest round o...