New Delhi, February 11 The total funding in the Delhi-NCR tech ecosystem rose by 9 per cent to USD 2.9 billion in 2025, driven by a massive surge in late-stage investments and a blockbuster year for the auto tech sector, according to a report by data intelligence platform Tracxn.
While the total capital raised saw an increase from USD 2.7 billion in 2024, the ecosystem witnessed a significant 34 per cent decline in deal volume, with the number of funding rounds dropping to 415 from 630 in the previous year.
This indicates a "shift towards higher conviction in fewer assets," the report noted. Total funding growth was driven by a sharp rise in late-stage investments, while seed and early-stage funding fell compared to previous years.
Late-stage funding witnessed a 47 per cent surge, reaching USD 1.8 billion in 2025. In sharp contrast, seed-stage funding plummeted by 38 per cent to USD 260 million, while early-stage funding dropped 18 per cent to USD 839 million.
The auto tech sector emerged as the frontrunner of growth, attracting USD 1.4 billion in funding – a staggering 456 per cent increase over 2024. This was headlined by Erisha E Mobility's USD 1 billion series D round.
Other top-performing sectors included retail (USD 651 million) and enterprise applications (USD 430 million).
For the third consecutive year (2023-2025), the Delhi-NCR created no new unicorns.
However, the liquidity environment showed signs of maturity as IPO activity soared 36 per cent. A total of 19 companies went public in 2025, including major names like Lenskart, Physics Wallah, and Pine Labs.
Strategic consolidation gained momentum with 27 completed acquisitions, a 17 per cent rise from the previous year.
The highest-valued deal was Everstone Capital's USD 200 million acquisition of Wingify, followed by Delhivery's USD 165 million purchase of Ecom Express.
Venture Catalysts, Inflection Point Ventures, and India Accelerator emerged as top seed-stage investors.
Peak XV Partners, Vertex Ventures, and Accel led early-stage investments in the region, while Caladium Investment and Blue Dot Partners were the top backers for late-stage companies.