Maharashtra tech ecosystem attracted $1.4 billion in funding during the first half of 2025, as revealed in Tracxn’s latest report. This figure marks an 8% rise from the $1.26 billion raised in the previous half and a slight 1% increase compared to the same period last year.
The boost came mainly from strong early-stage activity and large-ticket funding rounds, even though the state saw limited unicorn creation. Sectors like retail and transportation and logistics tech saw notable investor interest, helping drive this momentum.
Early-Stage Activity Rises
Seed-stage funding reached $129 million in H1 2025, which is a 22% increase over H2 2024, though still down by 38% compared to H1 2024. More significantly, early-stage funding surged to $698 million, a jump of 65% over H2 2024 and 76% over H1 2024, highlighting growing confidence in new ventures.
Late-stage funding, however, dropped to $524 million, falling 28% from H2 2024 and 29% from H1 2024. Despite this dip, the funding climate overall remains stable and slightly positive.
Key Sectors Lead
Retail tech stood out with $463 million in funding, marking a 109% rise from the previous half. Transportation and logistics tech grew even faster, attracting $378 million—a massive increase of 280% over H2 2024. Enterprise applications brought in $321 million, though that represented a decline compared to last year.
Among major deals, GreenLine secured $275 million in a Series A round, while Infra.Market raised $222 million in Series F funding. Most large investments focused on logistics and construction tech.
Mumbai Holds Top Spot
Mumbai-based tech firms contributed 64% of Maharashtra total funding, reinforcing the city’s role as the state’s startup hub. Thane ranked as a distant second.
Venture Catalysts, Blume Ventures, and LetsVenture emerged as the most active investors overall. While Z47 and Rainmatter focused on seed-stage deals, Bessemer and Lightspeed backed early-stage startups. Late-stage activity saw participation from Accel and Tiger Global.
Maharashtra Tech Funding
Only one unicorn emerged in H1 2025, while two firms ArisInfra and ATC Group went public. There were 12 acquisitions, with the biggest being Magma General Insurance’s $516 million buyout by DS Group and Patanjali Ayurved.
Despite fewer late-stage and seed deals year over year, Maharashtra tech funding remains steady, supported by investor interest in fast-growing sectors like retail and logistics.
