In a selective investment climate, several Indian mid-stage startups are witnessing sharp valuation increases despite a general decline in funding. For instance, the quick food delivery startup Swish saw its valuation more than double from $60 million in March 2022 to $139 million in March 2023, backed by investments from Bain Capital Ventures and others. Similarly, Bengaluru-based travel fintech startup Scapia, founded by former Flipkart executive Anil Goteti, is projected to surpass $500 million in valuation during its upcoming funding round. The trend highlights a shift in investor focus towards a smaller pool of companies capable of delivering substantial returns, particularly in sectors like artificial intelligence (AI). AI startups, although not as prevalent in India, are drawing interest, with Sarvam AI aiming for a valuation between $1.4 billion and $1.5 billion. Overall, funding for Indian startups fell 9% to $10.1 billion for the fiscal year ending in March, indicating a broader slowdown in risk capital deployment. Investors are now prioritizing companies with robust growth potential, especially in emerging sectors.