Delhi NCR tech funding hits $2.4 billion in 2025; late-stage funding jumps 77% to $1.6 billion

Delhi NCR tech companies raised a total of $2.4 billion in the first 9 months of 2025, a 12% increase compared to $2.1 billion in 9 months of 2024 and a 34% rise from $1.8 billion recorded in 9 months of 2023, according to a latest analysis released by Tracxn.

The period continued to witness healthy investment participation, though shifts across funding stages and sectors played a key role in shaping overall market activity.

Funding activity across stages in Delhi NCR showed mixed trends in 9 months 2025. Seed-stage funding stood at $174 million, reflecting a 50% decline from $351 million in 9 months 2024 and a 38% drop from $279 million in 9 months 2023. Early-stage investment totaled $644 million, marking a 26% decrease compared to $871 million in 9 months 2024 and a 13% decline from $741 million in 9 months 2023.

In contrast, late-stage funding recorded strong momentum, reaching $1.6 billion in 9 months 2025, a 77% rise from $920 million in 9 months 2024 and a 121% increase compared to $737 million raised in 9 months 2023. Autotech, Retail, and Enterprise applications emerged as the top performing sectors in 9 months 2025. 

The autotech sector saw total funding of $1.3 billion in 9 months 2025, an increase of 517% compared to $218 million raised in 9 months 2024 and an increase of 520% compared to $217 million raised in 9 months 2023. 

The retail sector recorded funding of $576 million in 9 months 2025, a decrease of 2% compared to $590 million raised in 9 months 2024 and an increase of 7% compared to $538 million raised in 9 months 2023. 

Enterprise applications secured $374 million in 9 months 2025, a decrease of over 12% compared to $424 million raised in 9 months 2024 and an increase of over 3% compared to $362 million raised in 9 months 2023. A major part of the $100 million+ deals came from Auto Tech, Retail & Aerospace, Maritime and Defense Tech.

Three $100 million+ funding rounds were recorded in Delhi NCR in 9 months 2025, matching the three seen in both 9 months 2024 and 9 months 2023. Erisha E Mobility raised $1 billion in a Series D round, Spinny secured $131 million in a Series F round, and Raphe mPhibr raised $100 million in a Series B round, all crossing the $100 million mark.

The period also saw notable public market activity, with 11 IPOs in 9 months 2025, down 8% from 12 in 9 months 2024 but up 83% compared to 6 in 9 months 2023. Companies that went public during this period included BharatRohan, Matrix-Geo, Urban Company, and Aditya Group.

Tech companies in Delhi NCR saw 25 acquisitions in 9 months 2025, a rise of 79% compared to 14 acquisitions in 9 months 2024 and a rise of 4% compared to 24 acquisitions in 9 months 2023. Wingify was acquired by Everstone Capital at a price of $200 million, making it the highest-value acquisition in 9 months 2025, followed by the acquisition of Ecom Express by Delhivery at a price of $165 million.

Delhi continued to lead the region’s innovation landscape, commanding 57% of all tech funding in 9 months 2025, reinforcing its position as the primary hub within Delhi NCR. Gurugram followed with 34% of total investments, reflecting its sustained appeal among growth-stage and late-stage backers.

Investor participation in Delhi NCR’s tech ecosystem remained robust across stages in 9 months 2025. Venture Catalysts, Inflection Point Ventures, and India Accelerator emerged as the most active investors at the seed stage, backing early-stage startups across the region.

At the early stage, Vertex Ventures, Peak XV Partners, and RPSG Capital Ventures played significant roles in supporting companies scaling into their next phase of growth. At the mature end of the market, Blue Dot Partners led late-stage investment activity in the Delhi NCR tech ecosystem during the period.

The Delhi NCR tech market in 9 months 2025 recorded a notable rise in overall funding, supported by strong late-stage investments and three $100 million+ mega deals.