Venture funding into India-based tech startups slowed in 2025 after a stronger 2024, with Tracxn data showing fewer deals and lower capital raised across all stages. Late-stage funding has fallen the most as investors grow more selective on large cheques.
The MIT Sloan Management Review India VC40 list has been compiled in collaboration with Tracxn, using its data along with public disclosures and regulatory filings to rank the largest venture investors active in the country by global assets under management (AUM). Venture capital firms with a minimum global AUM of $200 million have been included, and all AUM figures cited refer to total worldwide capital rather than India-specific pools.
The 40 that made the cut represent the deepest pools of capital backing Indian startups today, spanning enterprise tech, consumer platforms, fintech, manufacturing, healthcare and science.
Together, they represent the investors with the scale and balance-sheet depth to remain active through a tighter funding cycle.
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