According to Bain & Company’s latest India Venture Capital Report, released on Wednesday, Venture capital investments in India touched $ 10 billion during the COVID-19 hit 2020.

The report said that consumer tech, SaaS, and fintech accounted for nearly 75% of the VC (Venture Capital) investments by value, with consumer tech attracting the maximum funding.

Sriwatsan Krishnan, Bain & Company partner and a co-author of the report, said.

“While 2020 saw $ 10 billion in VC investments, which is the highest ever barring 2019, we also saw a few themes play out differently, especially in terms of smaller deals on average compared to multiple mega-deals seen in 2019… overall, we are bullish on VC investments going forward, given the dry powder available.”

According to the report, done in partnership with Indian Private Equity & Venture Capital Association (IVCA), there was a dramatic impact of COVID-19 in accelerating digital trends. The impact was reflected in VC money flows and the emergence of new and digitally founded business models across sectors.

Also, India maintained its robust position among the top five startup ecosystems globally, with 7,000 new startups founded in 2020.

It also added that out of the more than 1,10,000 startups in India, around 9% funded, indicating significant room for further investments.

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