Mumbai Gains Majority of Maharashtra's $1.4B Funding Mumbai retained its leadership as the top funding hub, with a notable share of 64 per cent, while the ecosystem also witnessed two IPOs and the creation of one unicorn during the period.
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Tech companies across the state of Maharashtra raised a total of USD 1.4 billion during the first half of 2025, according to Tracxn's Maharashtra Tech H1 2025 Funding Report marking an 8 per cent increase from the USD 1.26 billion raised in H2 2024 and a 1 per cent rise from the USD 1.34 billion raised in H1 2024, signaling a stable and slightly improving funding environment for the region.
The growth has been propelled by robust early-stage activity and the continuation of large-ticket funding rounds, despite muted unicorn creation.
Seed Stage funding totaled USD 129 million, showing a 22 per cent increase over H2 2024 (USD 106 million) but a 38 per cent drop compared to H1 2024 (USD 209 million). Early-stage funding stood at USD 698 million, marking a 65 per cent rise over H2 2024 (USD 422 million) and a 76 per cent surge over H1 2024 (USD 397 million). Late-stage funding was USD 524 million, representing a 28 per cent decline from H2 2024 (USD 730 million) and a 29 per cent fall from H1 2024 (USD 738 million).
Retail Tech raised USD 463 million, up 109 per cent from H2 2024 (USD 222 million) and 29 per cent from H1 2024 (USD 360 million). Transportation and Logistics Tech saw a dramatic jump to USD 378 million, a 280 per cent increase from H2 2024 (USD 99.6 million) and 199 per cent from H1 2024 (USD 127 million). Enterprise Applications collected USD 321 million, down 6 per cent from H2 2024 (USD 340 million) and down 18 per cent from H1 2024 (USD 390 million).
H1 2025 witnessed two USD 100M+ funding rounds, consistent with H2 2024 and slightly lower than the three recorded in H1 2024. Major deals included -GreenLine, which secured USD 275 million in a Series A round and Infra.Market, which raised USD 222 million in a Series F round.
These large rounds were primarily in the Transportation & Logistics Tech and Real Estate and Construction Tech sectors. One new unicorn emerged in H1 2025, a contrast to zero unicorns in both H2 and H1 of 2024. Additionally, two tech companies, ArisInfra and ATC Group, went public during the period.
Mumbai continued to dominate, accounting for 64 per cent of all funding raised in Maharashtra, with Thane coming in a distant second. Overall, top investors included Blume Ventures, LetsVenture, and Venture Catalysts. Among individual firms, India-based Z47 led the highest number of deals (3 rounds). Venture Catalysts also added 3 new companies to its portfolio.
