Maharashtra’s tech startup ecosystem attracted $1.4 billion in funding during the first half of 2025, reflecting an 8% increase compared to the previous six months, according to Tracxn’s Maharashtra Tech H1 2025 Funding Report.
The report highlights a stable yet improving investment environment in the state, supported by robust early-stage activity and a handful of big-ticket deals. While unicorn creation remained modest, sectors such as transportation and logistics tech and retail recorded sharp spikes in investor interest.
Compared to $1.26 billion in H2 2024, and $1.34 billion in H1 2024, the funding trend shows a consistent, gradual uptick.
Early-Stage Leads Growth; Late-Stage, Seed Funding Dip
Early-stage startups saw the most notable jump in funding, raising $698 million—a 65% increase from H2 2024 and a 76% increase over H1 2024.
By contrast, seed-stage funding reached $129 million, up from $106 million in H2 2024, but significantly down from $209 million in H1 2024, indicating a cooling in nascent venture bets.
Late-stage funding declined to $524 million, down nearly 30% from the previous half and year-over-year.
Sectoral Highlights: Retail and Logistics in the Spotlight
Among sectors, retail tech led the funding chart, raising $463 million, more than double the $222 million raised in the previous half. Transportation and logistics tech followed with $378 million, marking an impressive 280% increase from H2 2024 and 199% from H1 2024.
Enterprise applications, while still strong with $321 million, saw a slight dip compared to previous periods.
Major Deals and IPOs
Two large funding rounds exceeding $100 million were recorded in H1 2025—GreenLine raised $275 million in a Series A round, and Infra.Market secured $222 million in Series F. These deals primarily came from the transportation, logistics, and real estate tech sectors.
Only one unicorn was minted during the period, continuing a slow trend from the previous year. Meanwhile, ArisInfra and ATC Group were the only two companies to go public during the half-year.
There were 12 acquisitions, a drop from 20 in the previous half. The most prominent was Magma General Insurance’s acquisition by DS Group and Patanjali Ayurved for $516 million, followed by Zaggle’s $14.3 million purchase of Dice.
Mumbai Leads the Pack
Mumbai-based startups accounted for 64% of total capital raised, reaffirming the city’s dominance in the state’s tech investment landscape. Thane emerged as a distant second.
Top Investors and Firms
Across stages, Blume Ventures, LetsVenture, and Venture Catalysts were the most active investors overall. Venture Catalysts, Z47, and Rainmatter led activity in the seed stage. In early-stage funding, Bessemer Venture Partners, Lightspeed Venture Partners, and Evolvence India took the lead. Accel, Tiger Global, and Iron Pillar were the top names in late-stage deals.
Z47 led three seed rounds, and Venture Catalysts added three new portfolio companies. On the late-stage front, Sofina (Belgium) and Mars Growth Capital (Singapore) also made fresh additions.
Ecosystem Outlook
Despite a slowdown in late-stage and seed funding, early-stage momentum and sector-specific growth in logistics and retail point to evolving investor priorities. With continued activity in IPOs, strategic acquisitions, and unicorn formation, Maharashtra remains a key player in India’s tech funding landscape.
