India’s 2025 Mega Rounds Shrink as Capital Concentrates on Category Leaders

Overview

• Indian startups raised $11 billion across 936+ deals in 2025, with only 18 mega rounds over $100 million totaling $3.5 billion, down from 24 such rounds in 2024.
• Mega deals accounted for about 32% of total funding and slipped below 30% share for only the second time since 2017, underscoring the pullback in large checks.
• Backers focused on leaders with strong unit economics and IPO readiness, with Zepto raising $450 million and sizable rounds for InMobi ($350 million), MoEngage ($280 million), Uniphore ($260 million) and Innovaccer ($275 million, including debt).
• SoftBank and Tiger Global sharply retrenched after portfolio markdowns, while domestic and sovereign investors filled part of the gap with longer diligence and stricter profitability benchmarks.
• Late-stage private funding fell 14% year over year to $6 billion across 122 deals as 18 startups listed in 2025, and more than $12.1 billion in new funds launched did not translate into comparable mega-deal deployment.