India has 415 new venture funds, and almost all of them want to write the same cheque

India has added 415 venture capital firms since 2020, according to Tracxn, the platform that keeps count of startups and the money going into them, and on the face of it that is a number worth some celebration. Six years and one funding winter later, the country has more people willing to write a first cheque than at any point in its history. Who those people are is the more interesting part.

Rank the busiest venture firms by the number of deals they closed over the past year and Accel is the only name on that table of top 10 with a foreign parent. A decade back, the firms writing the most cheques here mostly answered to a head office somewhere else.