New Delhi, Dec. 1 -- Early-stage venture capital (VC) funding in startups is creeping up, with the average cheque size nearing the 2022 highs, when the pandemic-driven digital surge and ultra-low interest rates globally triggered a flood of investments into the startup ecosystem.

According to data from Venture Intelligence, early-stage cheque sizes averaged $3.84 million in 2022. As of 26 November this year, they're already at $3.75 million-just $90,000 short, and with four weeks of deals still to be reported, this year's average is likely to exceed 2022.

The rise in average cheque sizes signals a shift in India's startup market, which had turned cautious after splurging on lofty valuations in 2022. As several marquee VC-backed companie...