New Delhi: Tracxn has released the Delhi NCR Tech Annual Funding Report 2025, outlining funding activity, sector performance, IPOs, acquisitions, major deals, and investor participation across the Delhi NCR technology ecosystem during the year.
The Delhi NCR Tech Annual Funding Report 2025 highlights evolving investment patterns across funding stages, sector-wise capital allocation, and city-level contributions within the regional ecosystem.
Delhi NCR Tech Annual Funding Report 2025 Highlights Funding Growth Led by Late-Stage Capital
A total of $2.9B was raised by tech companies in the Delhi NCR region in 2025, marking a 9% increase compared to $2.7B in 2024 and a 39% rise from $2.1B in 2023.
While overall funding increased, deal volume declined 34% to 415 rounds, indicating a shift toward higher-conviction investments in fewer companies.
- Late-stage funding emerged as the primary growth driver, reaching $1.8B in 2025, a 47% increase compared to $1.3B in 2024 and a 119% rise from $843M in 2023. This reflects growing institutional confidence in mature and established technology platforms.
- Seed-stage funding totaled $260M in 2025, declining 38% from $418M in 2024 and 28% from $362M in 2023.
- Early-stage funding reached $839M, down 18% from $1B in 2024 and 8% from $910M in 2023.
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Delhi NCR Tech Annual Funding Report 2025: Sector Performance
- Auto Tech, Retail, and Enterprise Applications emerged as the top-performing sectors in the Delhi NCR tech ecosystem.
- The Auto Tech sector attracted $1.4B in funding in 2025, registering a 456% increase compared to $259M in 2024 and a 448% rise from $263M in 2023, making it the largest funding contributor during the year.
- The Retail sector recorded $651M, reflecting a 2% decline from $663M in 2024 and a 3% drop from $669M in 2023.
- Enterprise Applications funding stood at $430M, down 32% from $637M in 2024 and 2% from $437M in 2023.
Delhi NCR Tech Annual Funding Report 2025: Large Funding Rounds
The ecosystem recorded three $100M+ funding rounds in 2025, compared to four in 2024 and similar activity in 2023.
Major fundraises included:
- Erisha E Mobility – $1B Series D
- Spinny – $130M Series F
- Raphe – $100M Series B
A significant portion of these large deals came from Auto Tech, Retail, Aerospace, Maritime, and Defense Tech sectors.
No unicorns were created in 2025, consistent with 2024 and 2023.
Delhi NCR Tech Annual Funding Report 2025: IPO Activity
The Delhi NCR tech ecosystem recorded 19 IPOs in 2025, representing a 36% increase from 14 IPOs in 2024 and a 90% increase from 10 IPOs in 2023.
Companies that went public during the year included:
- Lenskart
- Physics Wallah
- Pine Labs
The rise in IPO activity signals a strengthening liquidity environment and growing public-market participation.
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Delhi NCR Tech Annual Funding Report 2025: Acquisitions and Strategic Consolidation
Tech companies in Delhi NCR recorded 27 acquisitions in 2025, a 17% increase compared to 23 acquisitions in 2024, though lower than 34 acquisitions in 2023.
The largest acquisitions included:
- Wingify acquired by Everstone Capital for $200M
- Ecom Express acquired by Delhivery for $165M
These transactions reflect continued consolidation across the ecosystem.
City-Wise Funding Distribution
- Delhi accounted for 51% of total funding raised in the Delhi NCR region, reinforcing its position as the ecosystem’s central hub.
- Gurugram contributed 37% of total funding, emerging as the second-largest funding center in the region.
Tracxn Delhi NCR Tech Annual Funding Report 2025: Investor Activity
Top investors across funding stages in 2025 included:
Seed Stage
- Venture Catalysts
- Inflection Point Ventures
- India Accelerator
Early Stage
- Peak XV Partners
- Vertex Ventures
- Accel
Late Stage
- Caladium Investment
- Blue Dot Partners
Delhi NCR Tech Annual Funding Report 2025: Ecosystem Summary
The Delhi NCR tech ecosystem raised $2.9B in 2025, driven primarily by strong late-stage funding activity, even as seed and early-stage investments softened.
Auto Tech, Retail, and Enterprise Applications led sector-wise funding, while IPO activity increased significantly.
The ecosystem also witnessed multiple large funding rounds without new unicorn creation, alongside continued acquisition activity led by the Wingify transaction.
