New Delhi, Apr 1 (IANS): Domestic startups have raised over $12 billion during the first three months of 2022 as compared to $4 billion during the same period in the previous year, says a report.

According to data tracking platform Fintrackr, 528 startups, including 324 in their early stage and 123 in their growth stage, have announced their funding rounds worth $12.06 billion during the first quarter of this year.

In December, data provided by a leading startups publication said that India had 82 unicorns with a total funding of over $38.4 billion (from 2014 till December 4, 2021).

India emerged as the third largest startup ecosystem in the world this year, after the US and China, as per Hurun Research Institute.

In the third quarter (Q3) last year, Indian startups received record fundings, with investment totalling $10.9 billion across 347 deals, a PwC India report said.

Meanwhile, a recent report said that accelerated funding activity is expected to create over 100 unicorns in India during 2022.

Over the past five years, the number of software-as-a-service (SaaS) firms have doubled in India and SaaS firms in the country are poised to reach $30 billion in revenue by 2025.