The investments are more than double of the USD 2.3 billion witnessed in August 2022, even though the number of transactions has declined from 32 in the year-ago period, as per the monthly report by industry lobby grouping Indian Private Equity and Venture Capital Association (IVCA) and consultancy firm EY. The consultancy firm's partner Vivek Soni said funds are skeptical as growth remains elusive for many startups and valuations remain high.