Geo Annual Report India Tech 2025 (Tracxn)
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- India was the 3rd highest funded country in 2025, with $10.5B raised, a drop of 17% compared to $12.7B in 2024.p.4
- Seed funding was $1.1B (down 30%), Early Stage $3.9B (up 7%) and Late Stage $5.5B (down 26%).p.4
- 14 $100M+ funding rounds were recorded in 2025, compared to 19 in 2024 and 16 in 2023.p.5
- India Tech recorded 42 IPOs in 2025, up 17% from 36 in 2024, and 5 unicorns were created.p.6
- Tech companies saw 136 acquisitions in 2025, up 7% from 127 in 2024, with Resulticks acquired by Diginex at $2.0B.p.7
- Bengaluru accounted for 32% of all funding seen by tech companies across India, followed by Mumbai with 18%.p.7
- FinTech funding was $2.2B in 2025, a decrease of 5% compared to $2.3B in 2024.p.6
Key insights
- Enterprise Applications raised $2.6B in 2025, a decrease of 17% from $3.2B in 2024.p.6
- Erisha E Mobility raised $1.0B in a Series D, Zepto $300M in a Series H and GreenLine $275M in a Series A.p.5
- India accounted for 3% of global funding of $344B in 2025.p.10
- The average IPO market cap was $731M versus $578M, with an average of 13.9 years from first funding to IPO versus 9.2.p.26
- Late-stage companies rose to 14% of acquired companies in 2025 from 11% in 2024.p.31
- Seed and Early Stage companies accounted for 57% of IPOs in 2025, up from 38% in 2024.p.39
- IPO activity was led by Retail with 12 listings and Energy Tech with 8 listings.p.38
- The average time from Series A to unicorn round was 5.8 years in 2025 versus 6.8 in 2024.p.43
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