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Startups in India raised a total of $752 million in September this year, down 83% from the same period last year, indicating that private equity and venture capital funds are cautious about making investments amid rocky economic conditions.

A total of 98 funding rounds took place last month, a 57% fall as compared to September 2021. Mobility firm Yulu fundraise of $83 million and Molbio Diagnostics‘s funding of $85 million accounted for the biggest rounds that took place last month.

In the quarter ended September, startup funding stood at $3 billion, about 57% lower than the previous quarter. Average ticket size, which refers to the amount invested per round in a company, also witnessed a drop across funding stages, according to market intelligence firm Tracxn.

Late-stage funding saw its biggest-ever drop in ticket size this quarter — a 70% to $42 million from $142 million in the same quarter last year.

Only two companies, Kore Mobile and DreamFolks, went public in September this year, as opposed to seven in the same month in 2021. The number of unicorns added in the quarter also declined to four, while 14 emerged in the same quarter last year.

India’s startup ecosystem has been witnessing a funding winter hurt by severe economic conditions in India and globally. The slowdown is expected to intensify in the next 12-18 months, according to Tracxn.

“Our quarterly startup report confirms that India is currently experiencing a funding slowdown which is expected to continue for the next 12-18 months and the effects of the funding slowdown are expected to intensify going forward. Executives across the world anticipate a recession in the near future and are making preparations to cut costs. To add to their woes, the recent energy crisis in the UK and Europe and also the sliding GBP and EUR have increased the likelihood of a global recession,” said Neha Singh, Co-Founder of Tracxn.