Angel investors are looking before they leap as exits get tougher

In 2018, when start-ups raised a record $7.8 billion (nearly Rs 56,000 crore), angel/seed funding deal volumes fell 27 per cent and deal values declined 10 per cent. Series-A funding growth was  almost flat. Angel deal volumes in 2018 were half of those in 2015 and 2016.
 
The term 'angel investor' refers to anyone who invests his or her money in an entrepreneurial company (unlike institutional venture capitalists (VCs), where this is investing of other people's money).
 
What explains the drop? The 'angel tax' and notices to start-ups and angel investors from the income tax department was certainly