Venture funds told ET that instead of focussing on EV mobility, which has already seen substantial private investment, focus is shifting towards export-ready categories such as MRV (measurement, reporting, and verification), carbon-credit platforms, circular economy solutions, climate SaaS, and digital infrastructure. Despite the fall in cheque sizes, investors said interest has shifted to newer sub-categories. The deal volumes have remained in the 70-75 range, with seed-stage activity at 33 rounds.