Maharashtra startups raise $2 billion in 9M 2025, up 11% year-on-year

Maharashtra’s startups and tech companies attracted $2 billion in funding during the first nine months of 2025, marking an 11% rise from $1.8 billion in the same period last year, according to data from intelligence platform Tracxn. The period also witnessed new public listings, steady M&A activity, and the continued dominance of Mumbai as the state’s innovation and funding hub.

Funding trends showed a mixed outlook. Seed-stage funding fell 30% to $196 million, down from $281 million in 9M 2024. However, early-stage investments surged 69% to $903 million, compared with $535 million last year. Late-stage funding declined 10% to $925 million, versus $1 billion in the previous year.

Venture Catalysts, Antler, and Rainmatter emerged as the most active seed-stage investors across the state. Elevation Capital, Lightspeed Venture Partners, and Bessemer Venture Partners led early-stage scale-up activity, while Sofina topped late-stage deals during the period.

Maharashtra’s tech ecosystem also recorded 24 acquisitions, led by the sale of Magma General Insurance to DS Group and Patanjali Ayurved for $516 million, the largest transaction in 9M 2025. The $164 million acquisition of data centre player Web Werks by Iron Mountain ranked as the second biggest deal.

Mumbai continued to dominate, accounting for 65% of all tech funding in Maharashtra, followed by Pune with 16% during the period.