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According to a new report by the Silicon Valley Bank (SVB), Indian institutional funds are seeing record-breaking raises that will be deployed specifically in the subcontinent. In the first half of 2022, VC and PE funds have already raised $14.1 billion, compared to just $4.2 billion in the entirety of 2021.

The report also stated that nearly 50 new funds have been launched in 2022 alone, taking the total count from just 28 in 2021 to 76 already this year. Some of the notable funds announced this year include Nexus Ventures’ Fund IV worth $450 million and Elevation Capital’s Fund VIII worth $670 million.

The report states that the difference between 2022 and the past is that many funds are now actively raising money to deploy in India specifically. Whether the fund is based in India, America, or a non-specific geography, the funds are meant to be deployed with Indian startups. For example, Bessemer launched its first India-focused fund last year, while General Capital has started recruiting for an India team this year.

However, despite this treasure chest, SVB does not foresee startup funding to exceed the highs of last year.

“For the remainder of 2022, we expect muted private investment, lower company valuations, slower unicorn creation, and delayed IPOs. We don’t expect 2022 to exceed last year’s record $36 billion of VC investment, but we feel confident Indian VC investment is on track to surpass the years prior to 2021,” said Priya Rajan, Managing Director at SVB for India, MENA, and SEA.