Investors had turned cautious in 2016, after the euphoria in 2015, when they raced to invest in Indian start-ups, which drove valuations. <a href="http://www.business-standard.com/search?type=news&q=Start-up" target="_blank">Start-up </a>funding fell 60 per cent in 2016 to $2.76 billion (till December 5), down from $6.91 billion in 2015, according to data from VCCEdge, data platform of News Corp VC Circle. Deal volumes fell 31 per cent in 2016.