India  leaped from China in the number of deals struck by venture capital (VC) funds in the first quarter of 2015. Sequoia Capital was the most active investor in India in the quarter.

The VC firm participated in three of the six largest deals of the quarter – FreeCharge, CarDekho, and NewsHunt. Tiger Global Management was the second most active investor, with multiple early-stage deals to companies including Grofers, News in Shorts, and MoonFrog Labs.

For the first time, India has raised more than $1 billion for three consecutive quarters. China was still ahead of India in terms of deal value at $2.99 billion. India’s funding stood at $1.35 billion. Both countries reported a drop in the quantum of money raised from the last quarter of 2014.  India saw 69 deals happening in the first quarter as against China’s 66.

India saw the most deal growth among Asian countries, at 60% compared to the first quarter of 2014, when the number of deals stood at 43. India’s funding stood at $1.35 billion. China was still ahead of India in terms of deal value at $2.99 billion.