Delhi-NCR startups raise $2.9 bn in 2025; auto tech jumps: Report

Total funding in the Delhi-NCR tech ecosystem rose 9 per cent to $2.9 billion in 2025, driven by a massive surge in late-stage investments and a blockbuster year for the auto tech sector, according to a report by data intelligence platform Tracxn.

While the total capital raised saw an uptick from $2.7 billion in 2024, the ecosystem witnessed a significant 34 per cent decline in deal volume, with the number of funding rounds dropping to 415 from 630 in the previous year.

This indicates a "shift toward higher conviction in fewer assets", the report noted. Total funding growth was driven by a sharp rise in late-stage investments, while seed and early-stage funding fell compared to previous years.

 

Late-stage funding witnessed a 47 per cent surge, reaching $1.8 billion in 2025. In sharp contrast, seed-stage funding plummeted by 38 per cent to $260 million, while early-stage funding dropped 18 per cent to $839 million.

The auto tech sector emerged as the frontrunner of growth, attracting $1.4 billion in funding -- a staggering 456 per cent increase over 2024. This was headlined by Erisha E Mobility's $1 billion series D round.

Other top-performing sectors included retail ($651 million) and enterprise applications ($430 million).

For the third consecutive year (2023-2025), the Delhi-NCR created no new unicorns.

However, the liquidity environment showed signs of maturity as IPO activity soared 36 per cent. A total of 19 companies went public in 2025, including major names like Lenskart, Physics Wallah, and Pine Labs.

Strategic consolidation gained momentum with 27 completed acquisitions, a 17 per cent rise from the previous year.

The highest-valued deal was Everstone Capital's $200 million acquisition of Wingify, followed by Delhivery's $165 million purchase of Ecom Express.

Venture Catalysts, Inflection Point Ventures, and India Accelerator emerged as top seed-stage investors.

Peak XV Partners, Vertex Ventures, and Accel led early-stage investments in the region, while Caladium Investment and Blue Dot Partners were the top backers for late-stage companies.