India saw smaller, fewer VC deals

VC investment in India fell sharply in the first quarter from a year ago as the country saw fewer and smaller deals that were targeted mostly at later stage companies in business and consumer services

India saw $99 million in 16 deals, down more than 80% from last year, when VCs plowed in $513 million in 37 deals.

The average deal size was cut in half to $4.1 million, according to Dow Jones Venture Source.

As with China investment, most of the money is going to consumer- or business-facing startups, rather than traditional IT companies developing software or hardware.