India’s 2025 Startup Mega Rounds Fall as Bigger Checks Back Fewer Leaders
Inc42 reports $3.5 billion across 18 $100 million-plus deals, signaling cautious late-stage deployment.
Overview
- Mega rounds declined 25% to 18 in 2025 from 24 in 2024, with $3.5 billion representing 32% of the year’s $11 billion in startup funding.
- Average capital per late-stage recipient rose as investors concentrated financing into larger tickets for a smaller set of companies.
- Top deals included Zepto at $450 million, InMobi at $350 million, MoEngage at $280 million, Innovaccer at $275 million including debt, and Uniphore at $260 million.
- SoftBank and Tiger Global sharply reduced activity after portfolio markdowns and losses, as domestic backers, sovereign wealth funds and India-focused growth funds partially filled the gap.
- Inc42’s outlook for 2026 points to selective backing of pre-IPO candidates and category leaders with strong unit economics and governance.