Tracxn has released its analysis of Delhi NCR’s tech funding landscape for 9M 2025, highlighting key investment movements across stages, sectors, and cities.
The Delhi NCR Tech Funding Report 9M 2025 data shows strong late-stage momentum and continued occurrence of large-ticket deals, while early and seed-stage investments softened compared to the previous period. IPO and acquisition activity also gained visibility, further shaping the region’s tech ecosystem.
According to the Delhi NCR Tech Funding Report 9M 2025, total tech funding reached $2.4B in the first nine months of the year, marking a 12% rise from $2.1B in 9M 2024 and a 34% increase over $1.8B in 9M 2023. While investor participation remained strong, funding trends varied across stages and sectors.
Seed-stage investment declined sharply to $174M, down 50% from 9M 2024 and 38% from 9M 2023. Early-stage funding also dipped to $644M, registering a 26% decline from the previous year and a 13% drop from 2023.
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In contrast, late-stage funding surged to $1.6B, reflecting a 77% rise over 9M 2024 and a 121% jump compared to 9M 2023, underscoring renewed confidence in mature tech companies.
Delhi NCR Tech Funding Report 9M 2025: Sector Performance
The Delhi NCR Tech Funding Report 9M 2025 identifies Auto Tech, Retail, and Enterprise Applications as the highest-performing sectors for the period.
- Auto Tech recorded $1.3B in funding, posting growth of over 500% compared to both 9M 2024 and 9M 2023.
- Retail secured $576M, marginally lower than 2024 but up 7% from 2023.
- Enterprise Applications attracted $374M, a slight decrease from last year but above 2023 levels.
- Large-ticket deals were concentrated in Auto Tech, Retail, and Aerospace, Maritime & Defense Tech.
Delhi NCR Tech Funding Report 9M 2025: Key Deals and Mega Rounds
Three mega funding rounds exceeding $100M were recorded in the region, in line with previous years.
- Erisha E Mobility raised $1.0B in a Series D round.
- Spinny secured $131M in its Series F round.
- Raphe mPhibr raised $100M in a Series B round.
These sizeable investments contributed meaningfully to the robust late-stage funding performance in 9M 2025.
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Public Market Activity and Acquisitions Rise
The Delhi NCR Tech Funding Report 9M 2025 recorded 11 IPOs, slightly below the 12 seen in 9M 2024 but significantly above the six reported in 9M 2023. Companies such as BharatRohan, Matrix-Geo, Urban Company and Aditya Group entered the public markets during the period.
Acquisition activity strengthened to 25 deals, a 79% rise over the previous year. Notable transactions included the $200M acquisition of Wingify by Everstone Capital and Delhivery’s $165M acquisition of Ecom Express.
Delhi Leads Regional Funding, Gurugram Follows
Delhi accounted for 57% of the total tech funding in the region, maintaining its leadership position within Delhi NCR. Gurugram captured 34% of the investments, reaffirming its status as a preferred hub for growth-stage and late-stage funding.
Investor Activity Across Stages
The Tracxn report highlights several active investors in Delhi NCR’s tech ecosystem for 9M 2025:
- Seed stage: Venture Catalysts, Inflection Point Ventures, India Accelerator
- Early stage: Vertex Ventures, Peak XV Partners, RPSG Capital Ventures
- Late stage: Blue Dot Partners led major late-stage investments during the period
Outlook
The Delhi NCR Tech Funding Report 9M 2025 indicates a strong overall rise in funding driven by significant late-stage inflows and three mega deals.
Auto Tech, Retail, and Enterprise Applications led sectoral momentum, while acquisitions and IPO participation strengthened investor confidence. Despite weaker seed and early-stage activity, the region maintained its position as one of India’s most active tech hubs.
