The Indian startup ecosystem did not escape the fundraising woes that struck the rest of the world in the third quarter: Startups in the country raised 50% less than they did a year ago and raised less than they did in the second quarter as well, according to private market database Tracxn.

As we noted last week, venture capital investment hit some big bumps in the last quarter. Still, the declines we’re seeing in terms of deal volume and value in India this year is stark in comparison, especially for a country that’s as populous, online and replete with technical talent as this one. Venture investment totals could clock in at less than $1 billion per quarter if this trend doesn’t reverse in the next quarter or two.