Maharashtra tech companies raise $2 billion in 9M 2025 as early-stage funding explodes: Tracxn

Maharashtra tech companies raised a total of $2 billion in the first 9 months of 2025, an 11% rise compared to $1.8 billion in the first 9 months of 2024, according to Tracxn's latest Maharashtra Tech 9M 2025 funding report.

The period also saw new public listings, sustained M&A momentum, and continued dominance of Mumbai as the state’s leading innovation and funding hub.

While Maharashtra tech companies raised a total of $2 billion, this represents an 11% decline from $2.3 billion recorded in the first 9 months of 2023.

Funding activity across stages in Maharashtra displayed varied momentum in the first 9 months of 2025. Seed-stage funding stood at $196 million, reflecting a 30% decline from $281 million in the first 9 months of 2024 and a 12% drop from $224 million in the first 9 months of 2023.

Early-stage investment registered strong growth, reaching $903 million, a 69% jump compared to $535 million in the first 9 months of 2024 and a 19% rise from $760 million in the first 9 months of 2023. Late-stage funding totaled $925 million, marking a 10% decline from $1 billion in the first 9 months of 2024 and a 29% decrease compared to $1.3 billion raised in the first 9 months of 2023, indicating softer activity at the mature end of the market.

Retail, Real estate and construction-tech, and FinTech emerged as the top-performing sectors in the first 9 months of 2025. The Retail sector recorded $633 million in total funding, reflecting a 50% increase compared to $421 million in the first 9 months of 2024, and 55% growth over $408 million in the first 9 months of 2023. 

The Real estate and construction-tech sector saw funding of $555 million, representing a 444% surge compared to $102 million in the first 9 months of 2024, and an increase of 1414% over $37 million in the first 9 months of 2023. 

The fintech sector recorded $477 million, which is an 11% decrease compared to $533 million in the first 9 months of 2024, but an increase of over 10% compared to $433 million in the first 9 months of 2023.

Three $100 million+ funding rounds were recorded in Maharashtra in the first 9 months of 2025, in line with the three seen in the first 9 months of 2024, but slightly lower than the four recorded in the first 9 months of 2023. GreenLine raised $275 million in a Series A round, Infra.Market secured $222 million in a Series F round, and Weaver Services raised $170 million in an Unattributed round, all crossing the $100 million mark.

The period also saw positive public market activity, with 7 IPOs in the first 9 months of 2025, up 75% from 4 in the first 9 months of 2024, and 17% higher than 6 in the first 9 months of 2023. Companies that went public included Seshaasai, Anand Rathi, Jaro Education, and Electronics Bazaar.

In addition, one new unicorn emerged in the first 9 months of 2025, compared to none in both the first 9 months of 2024 and the first 9 months of 2023.

Tech companies in Maharashtra recorded 24 acquisitions in the first 9 months of 2025, matching the total in the first 9 months of 2024, but down 33% from 36 acquisitions in the first 9 months of 2023. The state also witnessed significant M&A activity, with the acquisition of Magma General Insurance by DS Group and Patanjali Ayurved for $516 million. This was followed by the acquisition of Web Werks by Iron Mountain at a valuation of $164 million.

Mumbai remained the leading hub for startup funding, accounting for 65% of all investments raised by tech companies in Maharashtra during the first 9 months of 2025.

Pune followed as the second-strongest city, contributing 16% of total funding during the same period. Investor participation in Maharashtra’s tech ecosystem remained active across stages in the first 9 months of 2025.

Venture Catalysts, Antler, and Rainmatter emerged as the most active investors at the seed stage, backing early-stage startups across the state. At the early stage, Elevation Capital, Lightspeed Venture Partners, and Bessemer Venture Partners played key roles in driving scale-up investments. At the mature end of the market, Sofina led late-stage investment activity in the Maharashtra tech ecosystem during the period.