Total technology industry venture financing deals in Q1 2019 worth $807.14m were announced in India, according to GlobalData’s deals database.

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The value marked a decrease of 54.3% over the previous quarter and a drop of 18.6% when compared with the last four-quarter average of $991.82m.

India held a 2.7% share of the global technology industry venture financing deal value that totalled $30.19bn in Q1 2019.

In terms of deal activity, India recorded 115 deals during Q1 2019, marking an increase of 5% over the previous quarter and a drop of 4.2% over the last four-quarter average.

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By GlobalData

India technology industry venture financing deals in Q1 2019: Top deals

The top five technology industry venture financing deals accounted for 52.04% of the overall value during Q1 2019.

The combined value of the top five technology industry venture financing deals stood at $420.08m, against the overall value of $807.14m recorded for the quarter. The top announced technology industry venture financing deal tracked by GlobalData in Q1 2019 was Axis Bank, Capital G, Hillhouse Capital Group and Sequoia Capital India’s $110m venture financing of Girnar Software.

In second place was the $100m venture financing of Oravel Stays by Star Virtue Investment and in third place was SoftBank Group’s $100m venture financing of 91streets Media Technologies.

The $60m venture financing of Verse Innovation by Goldman Sachs Investment Partners and Accel India and Nandan Nilekani’s venture financing of Fortigo Network Logistics for $50.08m held fourth and fifth positions, respectively.

This analysis considers only announced and completed deals from the GlobalData financial deals database and excludes all terminated and rumoured deals. Country and industry are defined according to the headquarters and dominant industry of the target firm. The term ‘acquisition’ refers to both completed deals and those in the bidding stage.

GlobalData tracks real-time data concerning all merger and acquisition, private equity/venture capital and asset transaction activity around the world from thousands of company websites and other reliable sources.

More in-depth reports and analysis on all reported deals are available for subscribers to GlobalData’s deals database.