Big deals power Delhi-NCR and Maharashtra, Karnataka lags: Report

According to Tracxn’s geo funding trend report for the nine months of 2025, Karnataka-based tech companies raised $2.7 billion in equity funding, down 40% from $4.5 billion a year earlier and 23% lower than the $3.5 billion recorded in the nine months of 2023.

Delhi-NCR startups, by contrast, drew $2.4 billion, up 12% from $2.1 billion in the nine months of 2024 and 34% higher than $1.8 billion two years ago.

Maharashtra companies raised $2 billion, an 11% rise over last year, though still below the $2.3 billion total in the nine months of 2023.The three regions diverged sharply by funding stage.

Delhi-NCR’s upswing was driven mainly by late-stage deals.

Late-stage funding surged to $1.6 billion, up 77% from $920 million in the nine months of 2024 and 121% above $737 million in the nine months of 2023.

Seed and early-stage cheques shrank, with seed capital halving to $174 million and early-stage investment falling 26% to $644 million.