New Delhi, Nov 2 : The Indian startup ecosystem has reached $12.2 billion in funding in the first 10 months this year, crossing the total amount raised throughout 2023 (about $11 billion), with two months to go.

Homegrown startups surpassed $1 billion in funding again across 119 deals in the month of October.

September saw the second-highest funding with $1.63 billion, behind the peak of $1.92 billion registered in June. In October, the growth and late-stage funding segment comprised 28 deals, contributing $846.2 million to the total funding amount, according to data by TheKredible.

Early-stage startups secured $355.38 million across 65 deals. Edtech startup Eruditus raised $150 million led by TPG's The Rise Fund, the multi-sector strategy of TPG's global impact investing platform, with participation from existing investors Softbank Vision Fund 2, Leeds Illuminate, Accel, CPP Investments, and the Chan Zuckerberg Initiative.

Jaipur-based Finova Capital raised $135 million in a Series E round from Avataar Venture Partners, Sofina and Madison India Capital, with existing investor Norwest Venture Partners also participating in the round. Finova said it will use the funds to grow its loan book, invest in technology, expand geographically and further its vision of enabling financial inclusion at scale.

Singapore sovereign wealth fund Temasek invested an additional $60 million in higher education and upskilling startup Upgrad at a valuation of $2.25 billion.

Bengaluru-based startups led with 46 deals totalling $502.72 million, representing 41.84 per cent of the total funding in October.

Last month, the Union Cabinet, chaired by Prime Minister Narendra Modi, approved the setting up of a Rs 1,000 crore venture capital (VC) fund dedicated to the growing space sector. The deployment period of the proposed VC fund, under the aegis of IN-SPACe, is planned to be up to five years from the actual date of the start of the fund operations. The average deployment amount could be Rs 150-250 crore per year, depending on the investment opportunities and fund requirements.

/IANS