Maharashtra tech ecosystem funding rises 8% to $1.4 billion in H1 2025: Report

Maharashtra-based companies raised a total of $1.4 billion in the first half of 2025, according to Tracxn’s Maharashtra Tech H1 2025 Funding Report, which offers a detailed view of the state’s technology investment landscape.

The report highlights an uptick in overall funding, driven by robust early-stage activity and the presence of large-ticket deals. While unicorn creation remained limited, sectors such as transportation and logistics tech and retail experienced sharp growth in investor interest.

The report also notes shifts in city-wise funding patterns and identifies the most active investors across stages.

A total of $1.4 billion was raised by tech companies and startups in Maharashtra in H1 2025, an 8% increase from the $1.26 billion raised in H2 2024 and a 1% increase from the $1.34 billion raised in H1 2024. The trend points to a stable and slightly improving investment climate for the region across consecutive periods.

Seed-stage funding totaled $129 million in H1 2025, up 22% from $106 million in H2 2024 but down 38% from $209 million in H1 2024. Early-stage funding rose sharply to $698 million, an increase of 65% from $422 million in H2 2024 and 76% from $397 million in H1 2024.

Late-stage funding dropped to $524 million, down 28% from $730 million in H2 2024 and 29% from $738 million in H1 2024. Retail, transportation and logistics tech, and enterprise applications were the top-performing sectors. The retail sector saw $463 million in funding, up 109% from $222 million in H2 2024 and 29% from $360 million in H1 2024.

Transportation and logistics tech attracted $378 million, up 280% from $99.6 million in H2 2024 and 199% from $127 million in H1 2024. Enterprise applications recorded $321 million, a decrease of 6% from $340 million in H2 2024 and 18% from $390 million in H1 2024.

Two $100 million-plus funding rounds were recorded, the same as H2 2024 but fewer than the three seen in H1 2024. GreenLine raised $275 million in a Series A round, while Infra.Market raised $222 million in a Series F round. Most of these large deals came from transportation and logistics tech as well as real estate and construction tech.

Only one unicorn emerged in H1 2025, compared with none in H2 2024 and H1 2024. ArisInfra and ATC Group were the only companies to go public during this period. The report also recorded 12 acquisitions in H1 2025, down from 20 in H2 2024 and 13 in H1 2024. The largest was Magma General Insurance’s acquisition by DS Group and Patanjali Ayurved for $516 million, followed by Dice’s acquisition by Zaggle for $14.3 million.

Mumbai-based tech firms accounted for 64% of the total funding raised in Maharashtra, followed by Thane as a distant second.

Blume Ventures, LetsVenture and Venture Catalysts were named the most active investors overall. Venture Catalysts, Z47 and Rainmatter led seed-stage investments, while Bessemer Venture Partners, Lightspeed Venture Partners and Evolvence India topped early-stage deals. Accel, Tiger Global Management and Iron Pillar were the most active at the late stage.

Among venture capital firms, India-based Z47 led three rounds, while Venture Catalysts added three new companies to its portfolio. Late-stage activity included Belgium-based Sofina and Singapore-based Mars Growth Capital, which added two and one company, respectively.

The Maharashtra tech ecosystem maintained steady momentum in H1 2025, supported by strong early-stage activity and major deals. While late-stage and seed-stage funding declined year over year, the surge in retail and transportation and logistics tech signaled evolving investor priorities.

Mumbai retained its position as the leading funding hub, and the ecosystem recorded two IPOs and one new unicorn during the period.