Late Stage Funding Pushes Delhi NCR Tech Investments to USD 2.4 Bn in 2025: Report Delhi NCR's tech funding rose to USD 2.4 billion in 2025 as strong late stage deals, rapid auto tech growth, major funding rounds, IPO activity, and acquisitions strengthened the region's lead.
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Delhi NCR recorded a strong rise in technology investments in the first nine months of 2025, with total funding touching USD 2.4 billion. This reflects an increase of 12 percent compared to the same period in 2024 and a rise of 34 percent from 2023. The analysis released by Tracxn shows that the region continues to attract investor confidence even as early and seed stage funding saw a slowdown.
Late Stage Deals Lead the Market
The report highlights that late stage deals emerged as the main driver of growth. Late stage funding reached USD 1.6 billion in the period, a sharp rise of 77 percent over 2024 and more than double the amount recorded in 2023. This surge helped balance the decline in seed and early stage investments. Seed funding dropped to USD 174 million, falling 50 percent from the previous year, while early stage investment declined to USD 644 million, down 26 percent from 2024.
Sector Performance Led by Auto Tech
Sector performance in 2025 showed a clear lead by auto tech, retail, and enterprise applications. Auto tech saw the most dramatic rise with USD 1.3 billion in funding. This marks a jump of more than five times compared to both 2024 and 2023. Retail secured USD 576 million, showing a slight drop from the previous year but an increase from 2023. Enterprise Applications received USD 374 million, which was lower than 2024 but higher than 2023. Much of the large scale deal activity came from Auto Tech, Retail, and technologies linked to aerospace, maritime, and defense.
Large Funding Rounds Maintain Momentum
Delhi NCR recorded three funding rounds that crossed the USD 100 million mark, matching the number seen in the past two years. The largest among them was the USD 1 billion Series D round raised by Erisha E Mobility. Spinny secured USD 131 million in its Series F round and Raphe mPhibr raised USD 100 million in a Series B round. These deals played a major role in pushing up late stage funding totals.
Public Market Activity Remains Steady
Public market activity also contributed to the momentum. The region saw 11 initial public offerings in the first nine months of 2025. While this was slightly lower than the 12 IPOs recorded in 2024, it was significantly higher than 6 seen in 2023. Companies such as BharatRohan, Matrix Geo, Urban Company, and Aditya Group were part of this list.
Acquisitions Increase Strongly
Acquisition activity witnessed a sharp rise with 25 deals completed. This marks a 79 percent increase from 2024. The largest acquisition was the USD 200 million purchase of Wingify by Everstone Capital. This was followed by Delhivery acquiring Ecom Express for USD 165 million.
Delhi Continues to Lead the Region
Within the region, Delhi remained the largest contributor to the funding landscape with 57 percent of all investments. Gurugram followed with 34 percent, maintaining its role as a preferred location for growth stage and late stage companies.
Active Investor Participation
Investor participation stayed active across segments. Venture Catalysts, Inflection Point Ventures, and India Accelerator were the most active at the seed stage. Vertex Ventures, Peak XV Partners, and RPSG Capital Ventures supported early stage companies. Blue Dot Partners led late stage activity.
Overall, the Delhi NCR tech ecosystem showed resilience in 2025, powered by strong late stage participation, sector growth, and increased acquisition and IPO activity
