Indian Startups Saw Massive Funding of $6.72B in 1HFY25: Impetus Technologies, Raphe mPhibr and More in List

Despite a cautious global investment climate, Indian startups have managed to maintain a steady inflow of venture capital in the first half of 2025, raising nearly $6.72 billion across various stages. This performance is largely in line with H1 2024 figures, indicating a resilient funding environment buoyed by large-ticket deals, stronger IPO pipelines, and disciplined cost control.

According to data from TheKredible, Indian startups closed 552 disclosed deals in the first six months—comprising 148 growth and late-stage rounds worth $5.15 billion and 404 early-stage investments totaling $1.57 billion. Additionally, 74 deals were reported without financial disclosure. Notably, ten startups raised more than $100 million each, a clear sign of investor confidence in scalable, late-stage ventures.

Bengaluru Leads Unicorn Surge

Five startups achieved unicorn status in H1 2025: Jumbotail, Drools, Porter, Netradyne, and Juspay—all headquartered in Bengaluru, underscoring the city’s continued dominance as India’s startup hub.

Among the largest late-stage deals:

• Impetus Technologies (AI) led with a $350 million round.
• Innovaccer (healthtech) secured $275 million.
• Zolve (fintech) raised $251 million.
• Others like Porter, Spinny, Darwinbox, Infra.Market, and Leap Finance also made the list.
• Raphe mPhibr, an aerospace startup from Noida, made headlines by raising $100 million, marking the largest private funding in the Indian aerospace sector.

Early-Stage Deals Signal Healthy Pipeline

The early-stage segment remained vibrant. PB Healthcare stood out with a record-setting $218 million seed round—the largest early-stage deal of H1. Other prominent fundraises included:

• Saarthi Finance – $55.5M (Series A)
• Atomicwork – $25M
• EKA Mobility – $23.3M
• Sanlayan – $22M
• Lucidity – $21M

These deals reflect growing investor interest in healthcare, fintech, SaaS, and mobility at the seed and Series A levels.

Also Read: Giva to Raise ₹450 Crore in Series C Round Led by Creaegis

M&A Activity Picks Up Pace

The first half also saw significant mergers and acquisitions, driven by both consolidation and strategic growth:

• HUL acquired D2C skincare brand Minimalist for $350 million.
• Everstone picked up SaaS company Wingify for $200 million.
• Delhivery expanded its logistics footprint by acquiring Ecom Express for $166 million.
• TAL Education bought edtech firm Epic for $95 million.
• Head Digital Works acquired Deltatech Gaming for $56.6 million.

The fintech sector also saw strategic plays, with Razorpay, InCred Money, and Findi executing targeted acquisitions to bolster niche capabilities.

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