Indian startup funding saw a sharp decline between April 13 and 17. This week, compared to the previous week’s $361.5 million, there was a huge drop of 83 percent in funding. New companies raised just $60.4 million across just 15 deals. Seed-stage funding also plunged 86 percent to $3.3 million compared to the previous week.

The biggest gainer in funding this week was the artificial intelligence (AI) sector; two AI startups together raised $23 million. The e-commerce sector saw six deals, but only raised $13 million. The largest deal was $10.7 million for ice cream brand HOCCO. Fireside Ventures is the most active investor this week, having invested in two startups, Unbound and Dev Milk Foods.

In other news, leading e-commerce company Flipkart is planning to raise $2-2.5 billion from Indian and foreign investors ahead of its IPO. In addition, ten Indian AI startups have been selected for the new program of IndiaAI Mission. Another major event this week was Shadowfax acquiring the remaining 10.41% stake in logistics company Criticalog, making them fully acquired.