Pune: The Maharashtra Tech Annual Funding Report 2025, released by Tracxn, highlights funding activity, sector performance, deal trends, and investor participation across the state’s technology ecosystem during the year.
The report outlines capital flow across funding stages, sectors, and cities, along with developments in IPOs, acquisitions, and unicorn creation within the Maharashtra technology landscape.
Maharashtra Tech Annual Funding Report 2025: Funding Trends Across Stages
A total of $2.5B was raised by Maharashtra Tech companies in 2025. This represents a drop of 6% compared to the $2.7B raised in 2024 and a drop of 12% compared to the $2.9B raised in 2023.
The overall funding activity reflected variations across stages, with gains in early-stage investments offset by declines in seed and late-stage funding.
- Seed-stage funding in 2025 stood at $251M, marking a drop of 22% compared to the $322M raised in 2024 and a drop of 28% compared to the $347M raised in 2023.
- Early-stage funding reached $1.3B in 2025, registering a rise of 50% compared to $874M raised in 2024 and a rise of 37% compared to $956M raised in 2023.
- Late-stage funding totaled $963M in 2025, reflecting a drop of 36% compared to $1.5B raised in 2024 and a drop of 39% compared to $1.6B raised in 2023.
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Maharashtra Tech Annual Funding Report 2025: Sector Performance
Retail, FinTech, and Enterprise Applications emerged as the top-performing sectors in Maharashtra Tech during 2025.
- The Retail sector recorded total funding of $833M in 2025, an increase of 50% compared to $557M raised in 2024 and an increase of 39% compared to $601M raised in 2023.
- FinTech funding totaled $667M in 2025, a decrease of 17% compared to $807M raised in 2024, while showing an increase of 10% compared to $608M raised in 2023.
- Enterprise Applications saw total funding of $606M in 2025, representing a decrease of 25% compared to $808M raised in 2024 and a decrease of 36% compared to $950M raised in 2023.
Maharashtra Tech Annual Funding Report 2025: Large Funding Rounds and Unicorn Creation
The Maharashtra Tech ecosystem witnessed four $100M+ funding rounds in 2025, compared to five such rounds in 2024 and in line with 2023.
Companies such as GreenLine, Infra.Market, Raise, and Snapmint raised funding above $100M during the year.
- GreenLine raised a total of $275M in a Series A round
- Infra.Market raised $222M in a Series F round
- Raise secured $120M in a Series B round.
A significant share of these large funding rounds came from Retail, Transportation and Logistics Tech, and Environment Tech.
There were two unicorns created in 2025, compared to no unicorns in 2024 and one unicorn in 2023. The new unicorns included Raise and JSW One MSME.
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Maharashtra Tech Annual Funding Report 2025: IPOs and Acquisition Activity
Maharashtra Tech recorded nine IPOs in 2025, up by 80% from five IPOs in 2024 and up by 13% from eight IPOs in 2023.
Companies that went public during the year:
- Seshaasai
- Electronics Bazaar
- Anand Rathi
Tech companies in Maharashtra recorded 33 acquisitions in 2025, representing a rise of 3% compared to 32 acquisitions in 2024 and a drop of 27% compared to 45 acquisitions in 2023.
The highest-valued acquisition in 2025 was Magma General Insurance, which was acquired by DS Group and Patanjali Ayurved for $516M. This was followed by the acquisition of Infinity Fincorp Solutions by Partners Group for $230M.
Maharashtra Tech Annual Funding Report 2025: City-wise Funding Distribution
- Mumbai-based tech firms accounted for 63% of all funding raised by tech companies across Maharashtra in 2025, attracting $1.6B in funding.
- Pune followed as the second-largest contributor, accounting for 23% of the total funding during the year.
Investor Participation
Inflection Point Ventures, Venture Catalysts, and Antler emerged as the top seed-stage investors in the Maharashtra Tech ecosystem in 2025.
Bessemer Venture Partners, Elevation Capital, and Vertex Ventures were the leading early-stage investors during the year, while Sofina was the top late-stage investor in the Maharashtra Tech ecosystem for 2025.
Overall, the Maharashtra Tech ecosystem recorded total funding of $2.5B in 2025, with strong momentum at the early stage even as seed and late-stage activity moderated.
