Maharashtra tech corporations raised a complete of $2 billion within the first 9 months of 2025, an 11% rise in comparison with $1.8 billion within the first 9 months of 2024, in line with Tracxn’s newest Maharashtra Tech 9M 2025 funding report.

The interval additionally noticed new public listings, sustained M&A momentum, and continued dominance of Mumbai because the state’s main innovation and funding hub.

Whereas Maharashtra tech corporations raised a complete of $2 billion, this represents an 11% decline from $2.3 billion recorded within the first 9 months of 2023.

Funding exercise throughout phases in Maharashtra displayed various momentum within the first 9 months of 2025. Seed-stage funding stood at $196 million, reflecting a 30% decline from $281 million within the first 9 months of 2024 and a 12% drop from $224 million within the first 9 months of 2023.

Early-stage funding registered robust development, reaching $903 million, a 69% leap in comparison with $535 million within the first 9 months of 2024 and a 19% rise from $760 million within the first 9 months of 2023. Late-stage funding totaled $925 million, marking a ten% decline from $1 billion within the first 9 months of 2024 and a 29% lower in comparison with $1.3 billion raised within the first 9 months of 2023, indicating softer exercise on the mature finish of the market.

Retail, Actual property and construction-tech, and FinTech emerged because the top-performing sectors within the first 9 months of 2025. The Retail sector recorded $633 million in complete funding, reflecting a 50% enhance in comparison with $421 million within the first 9 months of 2024, and 55% development over $408 million within the first 9 months of 2023. 

The Actual property and construction-tech sector noticed funding of $555 million, representing a 444% surge in comparison with $102 million within the first 9 months of 2024, and a rise of 1414% over $37 million within the first 9 months of 2023. 

The fintech sector recorded $477 million, which is an 11% lower in comparison with $533 million within the first 9 months of 2024, however a rise of over 10% in comparison with $433 million within the first 9 months of 2023.

Three $100 million+ funding rounds have been recorded in Maharashtra within the first 9 months of 2025, in keeping with the three seen within the first 9 months of 2024, however barely decrease than the 4 recorded within the first 9 months of 2023. GreenLine raised $275 million in a Sequence A spherical, Infra.Market secured $222 million in a Sequence F spherical, and Weaver Companies raised $170 million in an Unattributed spherical, all crossing the $100 million mark.

The interval additionally noticed constructive public market exercise, with 7 IPOs within the first 9 months of 2025, up 75% from 4 within the first 9 months of 2024, and 17% increased than 6 within the first 9 months of 2023. Firms that went public included Seshaasai, Anand Rathi, Jaro Schooling, and Electronics Bazaar.

As well as, one new unicorn emerged within the first 9 months of 2025, in comparison with none in each the primary 9 months of 2024 and the primary 9 months of 2023.

Tech corporations in Maharashtra recorded 24 acquisitions within the first 9 months of 2025, matching the whole within the first 9 months of 2024, however down 33% from 36 acquisitions within the first 9 months of 2023. The state additionally witnessed vital M&A exercise, with the acquisition of Magma Common Insurance coverage by DS Group and Patanjali Ayurved for $516 million. This was adopted by the acquisition of Net Werks by Iron Mountain at a valuation of $164 million.

Mumbai remained the main hub for startup funding, accounting for 65% of all investments raised by tech corporations in Maharashtra in the course of the first 9 months of 2025.

Pune adopted because the second-strongest metropolis, contributing 16% of complete funding throughout the identical interval. Investor participation in Maharashtra’s tech ecosystem remained energetic throughout phases within the first 9 months of 2025.

Enterprise Catalysts, Antler, and Rainmatter emerged as essentially the most energetic traders on the seed stage, backing early-stage startups throughout the state. On the early stage, Elevation Capital, Lightspeed Enterprise Companions, and Bessemer Enterprise Companions performed key roles in driving scale-up investments. On the mature finish of the market, Sofina led late-stage funding exercise within the Maharashtra tech ecosystem in the course of the interval.