Late-Stage Investments Drive Delhi NCR Tech Growth in 2025: Report Delhi NCR recorded three funding rounds above USD 100 million in 2025, led by Erisha E Mobility, Spinny and Raphe.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Tech companies in the Delhi NCR region raised a total of USD 2.9 billion in 2025, marking a 9 percent increase from USD 2.7 billion in 2024 and a 39 percent rise compared to USD 2.1 billion in 2023. While overall funding grew, the number of deals fell 34 percent year-on-year to 415 rounds, indicating a shift toward fewer but higher-conviction investments.
According to Tracxn's Delhi NCR Tech Annual Funding Report 2025, the growth was largely driven by a sharp rise in late-stage funding, even as seed and early-stage investments declined. The report outlines funding trends across stages and sectors, along with details on IPOs, acquisitions and city-wise capital distribution within the region.
Late-stage funding reached USD 1.8 billion in 2025, up 47 percent from USD 1.3 billion in 2024 and more than double the USD 843 million raised in 2023. In contrast, seed-stage funding dropped 38 percent to USD 260 million from USD 418 million a year earlier. Early-stage funding stood at USD 839 million, down 18 percent from USD 1 billion in 2024 and 8 percent lower than USD 910 million in 2023.
The auto tech sector emerged as the strongest performer, attracting USD 1.4 billion in 2025. This represents a 456 percent jump from USD 259 million in 2024 and a 448 percent rise from USD 263 million in 2023. Retail followed with USD 651 million in funding, slightly lower than the USD 663 million raised in 2024 and USD 669 million in 2023. Enterprise Applications secured USD 430 million, down 32 percent from USD 637 million in 2024 and marginally below USD 437 million in 2023.
The ecosystem recorded three funding rounds exceeding USD 100 million in 2025, compared to four such rounds in 2024 and the same number as in 2023. Erisha E Mobility raised USD 1 billion in a Series D round, while Spinny secured USD 130 million in a Series F round and Raphe raised USD 100 million in a Series B round. A significant share of these large deals came from auto tech, retail, and aerospace, maritime and defense tech segments.
No new unicorns were created in 2025, continuing the trend seen in 2024 and 2023. However, public market activity increased, with 19 companies going public during the year. This marks a 36 percent rise from 14 IPOs in 2024 and a 90 percent increase from 10 in 2023. Lenskart, Physics Wallah and Pine Labs were among the companies that debuted on the stock exchanges.
Mergers and acquisitions activity also picked up pace. Delhi NCR-based tech firms recorded 27 acquisitions in 2025, up 17 percent from 23 deals in 2024, though lower than 34 deals in 2023. The largest acquisition was Wingify, acquired by Everstone Capital for USD 200 million. Delhivery's USD 165 million acquisition of Ecom Express was the second-largest deal.
Delhi-based companies accounted for 51 percent of the total funding raised across the region, reinforcing the city's central role in the ecosystem. Gurugram followed with 37 percent of the total capital inflow.
On the investor front, Venture Catalysts, Inflection Point Ventures and India Accelerator were the most active seed-stage investors. Peak XV Partners, Vertex Ventures and Accel led early-stage investments, while Caladium Investment and Blue Dot Partners were prominent in late-stage funding.
Overall, 2025 reflected stronger backing for mature companies, steady IPO momentum and continued consolidation, even as early-stage funding remained subdued.
