Maharashtra’s technology sector has attracted a total of $2 billion in funding during the first nine months of 2025, according to data from Tracxn. The amount marks an 11% increase compared to the same period in 2024, when tech firms in the state raised $1.8 billion. However, the overall funding level remains lower than the $2.3 billion recorded in the first nine months of 2023, reflecting a slight slowdown over a longer period.

Maharashtra Tech Funding

While the total capital raised has shifted year to year, investor activity across stages shows mixed movement. Seed-stage investment has declined sharply to $196 million, falling 30% from 2024 and 12% from 2023. Meanwhile, early-stage investment has grown significantly, reaching $903 million, a 69% jump over last year. Late-stage funding slid to $925 million, showing weakening interest in mature companies compared to both 2024 and 2023.

The year’s funding variation has been accompanied by public listings and major acquisitions. Seven companies went public in the period, showing a 75% rise compared to the same period last year. The number of acquisitions remained stable at 24, although the figure was notably lower than the 36 recorded in 2023.

Growth Trends Shift

Sectoral performance has shown sharp contrasts, with some industries emerging as major beneficiaries. The retail sector registered $633 million, rising more than 50% compared to the previous two years. Investments in real estate and construction technology surged to $555 million, marking a dramatic jump of more than 1,400% compared to 2023. The fintech sector drew $477 million in funding, showing a slight drop from 2024 but modest growth over 2023.

Large-ticket rounds continue to support the state’s innovation ecosystem. Three investments exceeded the $100 million mark during the period: GreenLine raised $275 million in Series A funding, Infra.Market secured $222 million in its Series F round, and Weaver Services received $170 million in an undisclosed round. One new unicorn was also added in 2025, after two consecutive years without any additions.

Investor engagement has remained active at different levels of scale. Venture Catalysts, Antler, and Rainmatter have backed several young companies at the seed stage. Early-stage growth has been shaped by investment from Elevation Capital, Lightspeed Venture Partners, and Bessemer Venture Partners. Late-stage activity has been largely driven by Sofina.

Startups in Mumbai

Mumbai continues to act as the strongest location for funding in Maharashtra, accounting for 65% of all capital raised in the state. The city attracts technology-led businesses in retail, fintech, and infrastructure technology, supported by a mature network of investors, banks, and large corporate buyers.

Pune follows as the second-largest hub, contributing 16% of the total funding and supporting a growing pool of enterprise-tech companies and engineering-led startups.