India Startup Funding Slips to $11 Billion as Mega Rounds Thin and IPO Wave Builds
Capital now flows selectively to category leaders with proven unit economics and near-term listing plans.
Overview
- Indian startups raised about $11 billion across 936+ deals in 2025, an 8% decline from 2024.
- Only 18 rounds above $100 million closed, totaling $3.5 billion (about 32% of all funding), with Zepto leading after a $450 million raise and a confidential filing for a proposed $1.3 billion IPO.
- Public listings accelerated with 18 debuts, while private late-stage funding fell 14% year over year to $6 billion across 122 deals.
- Large backers such as SoftBank and Tiger Global pulled back as more than $12.1 billion in new funds were raised but allocated cautiously to fewer big-ticket deals.
- Bengaluru reclaimed the top hub position, attracting $4.6 billion+ across nearly 300 deals and outpacing Delhi NCR and Mumbai.