Startup Originals Team
Maharashtra’s technology ecosystem is showing signs of resilience and renewed investor interest in 2025. According to the latest Tracxn Maharashtra Tech H1 2025 Funding Report, the state’s tech startups and companies collectively secured $1.4 billion in funding during the first half of the year, marking a modest but encouraging uptick in the region’s investment landscape.
Steady Growth in Overall Funding:
Maharashtra-based tech firms raised a total of $1.4 billion in H1 2025. This represents an 8% rise from the $1.26 billion raised in the second half of 2024 and a slight 1% increase over the $1.34 billion gathered in the first half of 2024. The figures highlight a stable, slightly improving climate for technology investments in the state across consecutive periods.
Funding Trends by Stage:
- Seed-Stage Funding: Seed investments totaled $129 million in H1 2025. This is a 22% jump from $106 million in H2 2024, but reflects a 38% drop from $209 million in H1 2024.
- Early-Stage Funding: Early-stage funding climbed to $698 million-a remarkable 65% surge from $422 million in H2 2024 and a 76% increase from $397 million in H1 2024.
- Late-Stage Funding: Late-stage deals dropped to $524 million, down 28% from $730 million in H2 2024 and 29% from $738 million in H1 2024.
Sector Highlights: Who’s Leading the Surge?
- Retail: The retail tech sector was a major winner, attracting $463 million in funding. This marks a 109% spike from $222 million in H2 2024 and a 29% increase over $360 million in H1 2024.
- Transportation & Logistics Tech: This sector saw explosive growth, receiving $378 million in funding-up 280% from $99.6 million in H2 2024 and a 199% leap from $127 million in H1 2024.
- Enterprise Applications: Startups in this space drew $321 million, down 6% from $340 million in H2 2024 and 18% from $390 million in H1 2024, suggesting stabilizing interest in enterprise tech.
Major Deals and Unicorn Watch:
Two funding rounds surpassed $100 million, matching the tally from H2 2024 but falling short of the three such deals in H1 2024. Notable rounds included:
- GreenLine: Raised $275 million in a Series A round.
- Infra.Market: Closed $222 million in a Series F round.
The state welcomed only one new unicorn in H1 2025, compared to none in the previous two half-year periods. Additionally, ArisInfra and ATC Group were the only tech companies from Maharashtra to go public during this period.
Mergers, Acquisitions, and IPO Activity:
The report tracked 12 acquisitions in H1 2025, down from 20 in H2 2024 and slightly less than the 13 seen in H1 2024. The largest transaction was Magma General Insurance’s $516 million acquisition by DS Group and Patanjali Ayurved, followed by Dice’s $14.3 million acquisition by Zaggle.
City-wise Funding Breakdown:
Mumbai stood out as Maharashtra’s undisputed tech funding hub, accounting for 64% of the state’s total raised capital. Thane ranked as a distant second in the regional funding race.
Top Investors in Maharashtra Tech:
- Most Active Investors: Blume Ventures, LetsVenture, and Venture Catalysts led the pack overall.
- Seed Stage: Venture Catalysts, Z47, and Rainmatter were prominent names.
- Early Stage: Bessemer Venture Partners, Lightspeed Venture Partners, and Evolvence India dominated deal flow.
- Late Stage: Activity was led by Accel, Tiger Global Management, and Iron Pillar, with international players like Sofina (Belgium) and Mars Growth Capital (Singapore) making notable investments.
Conclusion:
Maharashtra’s tech funding ecosystem is holding steady, supported by surging early-stage deals and standout performances in retail and logistics tech. While late-stage and seed-stage funding took a hit year-over-year, the state remains India’s tech investment stronghold, with Mumbai at its center and a new cohort of high-potential companies and investors shaping the next wave of innovation.
