Where India’s Largest Startup Cheques Went in 2025

India stayed a big-ticket startup market in 2025, even as investors wrote fewer cheques. Indian startups raised $7.7 billion in the first nine months of the year, Tracxn data showed, placing India behind the US and the UK by total funding raised over that period. Large late-stage rounds continued to shape the market through the year, with several of the biggest deals closing in the final quarter.

Large rounds dominated activity, with 10 deals above $100 million, led by companies such as Erisha E Mobility, GreenLine and Infra.Market. The median round size rose to $1.5 million, up from $683,000 a year earlier, signaling a sharper tilt toward later-stage funding. Enterprise applications, retail, and transportation and logistics technology emerged as the most funded sectors.

Bengaluru and Delhi attracted the largest share of capital, while LetsVenture, AngelList and Accel ranked among the most active investors.

Here are the largest fundraising rounds by Indian tech startups in 2025:

Erisha E Mobility: $1 Billion

Erisha E Mobility raised $1 billion from a UAE-based industrial investor in mid-March, a deal that underscores rising global interest in Indian electric mobility startups. The funding will support its expansion into the Middle East, the US, and Africa and the build-out of EV manufacturing and charging infrastructure, reflecting a broader push into clean transport markets. 

Zepto: $450 Million

Quick-commerce platform Zepto closed a $450 million round in October led by the California Public Employees’ Retirement System (CalPERS), with participation from General Catalyst, Goodwater Capital and Lightspeed Venture Partners. The round pushed its valuation to about $7 billion ahead of a planned IPO, highlighting investor confidence in its rapid delivery network despite intense competition from players such as Blinkit and Instamart. 

GreenLine Mobility Solutions: $275 Million

GreenLine, an Essar Group-backed logistics and green trucking venture, raised $275 million in equity funding in April, including a $20 million strategic investment from investor Nikhil Kamath. The capital will underwrite the deployment of LNG and electric freight trucks and associated fueling and charging infrastructure, betting on energy transitions in heavy transportation. 

Uniphore: $260 Million

Business AI specialist Uniphore secured $260 million in a Series F round in October led by top technology firms NVIDIA, AMD, Snowflake and Databricks, along with participation from financial investors including NEA, March Capital, BNF Capital, National Grid Partners and Prosperity7 Ventures. The combination of AI platform leaders and institutional backers signals confidence in Uniphore’s ability to expand its Business AI Cloud suite for global enterprise automation. 

Infra.Market: About $204 Million

Construction-tech marketplace Infra.Market raised about $204 million across two disclosed equity rounds this year. This included a $121 million pre-IPO round led by Tiger Global with participation from Evolvence, Foundamental GmbH, Nuvama, Capri Global, and individuals including Nikhil Kamath and Ashish Kacholia. The raise near a planned IPO reflects strong investor interest in tech-led infrastructure supply chains and the company’s continued revenue growth. 

Darwinbox: $140 Million

HR tech platform Darwinbox raised $140 million in March in a round  led by Partners Group and KKR, a milestone that valued the company above the billion-dollar mark. The financing will support international expansion and development of its human capital management suite as enterprises increasingly adopt integrated, cloud-based HR solutions. 

Snapmint: $125 Million

Consumer finance startup Snapmint raised $125 million in October in a round led by General Atlantic, with participation from Prudent Investment Managers, Kae Capital, Elev8 Venture Partners and angel backers. The funding comes as embedded finance models and buy-now-pay-later offerings gain traction among Indian online shoppers, underlining investor interest in fintech alternatives to traditional credit cards. 

Jumbotail: $120 Million

B2B grocery marketplace Jumbotail secured $120 million in June in a round led by SC Ventures, the investment arm of Standard Chartered, with backing from Artal Asia. The funding will be used to build AI-enabled supply chain infrastructure and digital services for small retailers, responding to rising demand for tech-powered distribution in the kirana segment. 

Dhan: $120 Million

Investment platform Dhan raised $120 million in a Series B in October led by Hornbill Capital, with follow-on participation from MUFG and BEENEXT, valuing the firm at about $1.2 billion. The round, joined by public market investors including Ramesh Damani and DSP Family Office, underscores growing interest in digital investing platforms targeting retail traders and millennial wealth creation. 

KuKu FM: $85 Million

Regional audio platform KuKu FM raised $85 million in a Series C in October led by Granite Asia, with participation from Vertex Growth Fund, Krafton, IFC, Paramark Ventures, Tribe Capital India and Bitkraft Ventures. The company plans to expand its regional audio and video content offerings as mobile consumption of vernacular content continues to grow across India’s diverse markets.