Late-Stage Deals Drive $1.6B Boost in Delhi NCR Tech Funding in 9M 2025

Key Highlights

• Delhi NCR secured $2.4B in tech funding in 9M 2025 — up 12% YoY and 34% compared to 9M 2023
• $100M+ rounds remain steady: three mega deals recorded for the third consecutive year
• Auto Tech, Retail and Enterprise Applications led funding activity
• Delhi accounted for 57% of total investments; Gurugram followed at 34%
• 11 IPOs were recorded — slightly lower than last year (12), but significantly up from 6 in 2023
• 25 acquisitions completed, led by Wingify’s $200M exit to Everstone Capital and Delhivery’s $165M acquisition of Ecom Express

Tracxn has released its latest analysis of Delhi NCR’s technology investment landscape covering the first nine months of 2025, outlining clear momentum in late-stage funding and the continued presence of large-ticket rounds, despite a slowdown in seed and early-stage activity. Public market listings and acquisition interest were also notable contributors to the region’s tech narrative.

Delhi NCR-based startups raised $2.4B during 9M 2025, compared with $2.1B in 9M 2024 and $1.8B in 9M 2023. While early-stage trends remain cautious, capital flow toward mature companies continues to strengthen the region’s standing as a major technology hub.

Funding by Stage

Funding activity remained uneven across stages:

Late-stage funding clearly dominated, signalling investor confidence in scalable business models and established growth metrics.

Sector Performance

Auto Tech led all sectors with a 518% YoY surge, raising $1.3B, driven by large-scale mobility and EV-focused innovation.

Retail secured $576M, relatively stable YoY, while Enterprise Applications attracted $374M, supported by digital transformation demand.

Large-ticket deals were concentrated in Auto Tech, Retail, and Aerospace, Maritime & Defence Tech.

Top $100M+ Funding Rounds in 9M 2025

• Erisha E Mobility — $1.0B (Series D)
• Spinny — $131M (Series F)
• Raphe mPhibr — $100M (Series B)

This marks the third straight year with three mega deals in the region.

Public Markets & M&A Trends

The region clocked 11 IPOs, featuring companies such as BharatRohan, Matrix-Geo, Urban Company, and Aditya Group — signalling continued capital market confidence.

M&A activity accelerated with 25 acquisitions, the highest in the past three years.
Notable transactions included:

• Wingify → acquired by Everstone Capital for $200M
• Ecom Express → acquired by Delhivery for $165M

City-Wise Allocation

Delhi maintained its leadership with 57% of the capital inflow, reaffirming its role as the central innovation engine within the region. Gurugram contributed 34%, driven by investor interest in later-stage businesses.

Active Investor Landscape

Strong participation across stages continued:

• Seed Stage: Venture Catalysts, Inflection Point Ventures, India Accelerator
• Early Stage: Vertex Ventures, Peak XV Partners, RPSG Capital Ventures
• Late Stage: Blue Dot Partners led activity in the scale-up segment

Delhi NCR continues to demonstrate resilience as one of India’s most prominent tech ecosystems. While softer momentum in young-stage funding remains a watchpoint, the surge in mature-stage capital and notable liquidity events underscores sustained confidence in the region’s innovation pipeline.