The latest venture funding data from India shows a notable shift. For the first time in two years, B2B SaaS and infrastructure startups outraised consumer-facing companies — a reversal of the long-running trend that saw D2C brands dominate venture headlines.
Analysts attribute the shift to several factors: investor fatigue with cash-burning consumer growth stories, maturing enterprise buyers in Indian mid-market, and the global tailwinds for AI-adjacent SaaS. Early-stage valuations in B2B remain more disciplined, which investors seem to prefer.
Some high-profile B2C companies raised flat or down rounds this quarter, further widening the perceived gap.
For founders deciding what to build next, the message is clear: the sober version of "how to build a startup" is back in favor.