VCs, armed with record dry powder in a buyer’s market, are sharpening the focus on unit economics as green shoots in funding activity emerge. Is it signalling the beginning of the end for the funding winter? Silicon Valley-based venture capital firm Tribe Capital said in a recent report that the total market capitalisation of VC-backed Indian public companies had crossed $50 billion in 2023, from less than $5 billion in 2020. Yet, the share of global VC investments into India had dropped to 3.3 per cent in 2023 from 5.5 per cent in 2019.