Mumbai: The latest Maharashtra Tech Funding Report 9M 2025 by Tracxn indicates that the state’s technology ecosystem recorded stable funding activity, with total investments reaching $2.0B during the first nine months of 2025.
The Maharashtra Tech Funding Report 9M 2025 highlights consistent deal flow, multiple large-ticket transactions, sectoral growth, and the continued leadership of Mumbai as the state’s innovation and funding hub.
Early-Stage Investment Surges: Maharashtra Tech Funding Report 9M 2025
According to the Maharashtra Tech Funding Report 9M 2025, tech companies in the state raised $2.0B in 9M 2025, marking an 11% increase from $1.8B during the same period in 2024. However, the figure reflects an 11% decline compared to $2.3B in 9M 2023.
Funding performance varied across stages.
- Seed-stage investments dipped to $196M, down 30% from 9M 2024 and 12% lower than 9M 2023.
- Early-stage funding grew significantly to $903M, rising 69% year-on-year and 19% over 2023.
- Late-stage funding moderated to $925M, a 10% decline from 2024 and 29% lower than 2023 levels.
Also Read: Delhi NCR Tech Funding Report 9M 2025 Shows Auto Tech Leading with USD 1.3B Funding
Retail, Real Estate & Construction Tech, and FinTech Lead Sectoral Activity
- Retail, Real Estate & Construction Tech, and FinTech were the top-performing sectors in 9M 2025.
- Retail secured $633M, up 50% from 2024.
- Real Estate & Construction Tech recorded $555M, a sharp 444% year-on-year increase.
- FinTech attracted $477M, slipping 11% from 2024 but rising over 10% from 2023.
Three funding rounds above $100M were recorded, matching 9M 2024. The largest transactions included:
- GreenLine – $275M Series A
- Infra.Market – $222M Series F
- Weaver Services – $170M round
These rounds were concentrated in Real Estate & Construction Tech, Transportation & Logistics Tech, and Retail.
IPO Activity Strengthens; One New Unicorn Emerges
Public market activity accelerated with seven IPOs in 9M 2025, a 75% rise over 2024. Companies such as Seshaasai, Anand Rathi, Jaro Education, and Electronics Bazaar debuted on the public markets.
The period also saw the emergence of one new unicorn, compared to none in 2024 and 2023.
M&A Momentum Steady With 24 Acquisitions
Maharashtra recorded 24 acquisitions, matching 9M 2024, though 33% lower than 9M 2023. The largest deal was the $516M acquisition of Magma General Insurance by DS Group and Patanjali Ayurved. This was followed by Iron Mountain’s acquisition of Web Werks valued at $164M.
Also Read: CPP Investments and IndoSpace Acquire Six Logistics Parks Worth USD 300 Million
Maharashtra Tech Funding Report 9M 2025: Mumbai Dominates Funding; Pune Follows
Mumbai retained its position as the state’s leading center for tech investment, accounting for 65% of all funding raised during 9M 2025. Pune contributed 16%, maintaining its position as the second-strongest startup hub.
Maharashtra Tech Funding Report 9M 2025: Active Investor Participation Across Stages
Investor engagement remained strong:
- Seed stage: Venture Catalysts, Antler, and Rainmatter were the most active.
- Early stage: Elevation Capital, Lightspeed Venture Partners, and Bessemer Venture Partners led major rounds.
- Late stage: Sofina emerged as the most active late-stage investor.
Stable Growth Outlook for Maharashtra’s Tech Ecosystem
The state’s technology ecosystem demonstrated resilience in 9M 2025 with sustained funding inflows, large-ticket deals, strong sectoral performance, and consistent IPO and M&A activity.
Despite declines in seed and late-stage funding, the rise in early-stage investment and the dominance of Mumbai underscore Maharashtra’s continued growth as a leading technology and innovation hub.
