Maharashtra Tech Funding Touches USD 2 Bn in 9M 2025: Report Retail, real estate and construction tech, and fintech led sectoral growth, backed by active investors such as Venture Catalysts, Antler, Elevation Capital, Lightspeed, Bessemer, and Sofina.
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Maharashtra's tech ecosystem recorded steady investment activity in the first 9 months of 2025, supported by stronger early stage momentum and multiple large funding rounds. According to the Maharashtra Tech Funding Report released by Tracxn, total funding reached USD 2.0 billion in 9M 2025, higher than the USD 1.8 billion recorded in 9M 2024.
Overall Funding Trend
Tech companies in Maharashtra raised USD 2.0 billion in 9M 2025, an increase of 11% over the previous year. However, this amount represents an 11% drop compared to USD 2.3 billion in 9M 2023. The period also saw the emergence of 1 new unicorn after 2 consecutive years without any new billion-dollar companies. Investment remained broad across stages and sectors, indicating stable interest from early, mid, and late stage investors.
Funding by Stage
Funding activity showed mixed performance. Seed stage funding totaled USD 196 million, which is 30% lower than USD 281 million in 9M 2024 and 12% below USD 224 million in 9M 2023. Early stage investment rose sharply to USD 903 million, marking a 69% increase from USD 535 million last year and a 19% rise over USD 760 million in 2023. Late stage funding reached USD 925 million, down 10% from USD 1.0 billion in 9M 2024 and 29% lower than USD 1.3 billion in 9M 2023.
Sector Performance
Retail, Real Estate and Construction Tech, and FinTech were the top performing sectors in 9M 2025.
• Retail recorded USD 633 million, up 50% from USD 421 million in 2024.
• Real Estate and Construction Tech saw the strongest jump with USD 555 million, a sharp rise from USD 102 million in 2024.
• FinTech attracted USD 477 million, slightly lower than USD 533 million in 2024 but higher than USD 433 million in 2023.
Major Funding Rounds
Three companies raised more than USD 100 million during the period.
• GreenLine secured USD 275 million in a Series A round.
• Infra.Market raised USD 222 million in a Series F round.
• Weaver Services collected USD 170 million in an undisclosed round.
These deals were driven mainly by activity in the Real Estate and Construction Tech, Retail, and Transportation and Logistics Tech sectors.
Public Listings
Public market activity was strong with 7 IPOs in 9M 2025, compared to 4 in 9M 2024 and 6 in 9M 2023. Companies that listed during this period include Seshaasai, Anand Rathi, Jaro Education, and Electronics Bazaar. The rise in listings reflects improving confidence among firms planning to enter the public markets.
Acquisitions and Key Transactions
Maharashtra recorded 24 acquisitions in 9M 2025, the same number as last year but lower than 36 in 2023. The largest transaction was the acquisition of Magma General Insurance by DS Group and Patanjali Ayurved for USD 516 million. Another notable deal was the acquisition of Web Werks by Iron Mountain at a valuation of USD 164 million.
City Wise Funding
Mumbai remained the leading center for technology funding, accounting for 65% of total investments in the state. Pune stood second with a 16% share.
Investor Activity
Venture Catalysts, Antler, and Rainmatter were among the most active seed stage investors. At the early stage, Elevation Capital, Lightspeed Venture Partners, and Bessemer Venture Partners were major contributors. Sofina led late stage funding activity in the state.
With consistent inflows, strong early stage participation, and active IPO and M&A movement, Maharashtra's tech ecosystem continued to show resilience. Growth in retail, real estate and construction tech, and fintech, along with Mumbai's ongoing dominance, highlights a stable and expanding innovation landscape.
