India’s women co-founded technology startup ecosystem raised $1 billion in funding in 2025, slightly lower than the $1.1 billion recorded in 2024, even as acquisition activity surged sharply during the year, according to Tracxn’s Women Co-Founders in India Tech – Annual Funding Report 2025. 

The report analyses trends in funding activity, sector performance, deal flow, investor participation, and exits across India’s women co-founded technology startup landscape. 

Despite funding remaining relatively stable, the ecosystem saw a decline in deal activity in 2025. The total number of funding rounds dropped 29% year-on-year to 405 deals, compared with 574 rounds in 2024. 

Seed-stage investments saw a noticeable slowdown. Funding at this stage fell to $261 million across 311 rounds in 2025, down from $342 million across 456 rounds in 2024, marking a 24% decline. This also reflects a continued moderation from the $478 million peak recorded in 2022. 

Why did early-stage funding rise despite fewer deals? 

In contrast, early-stage funding increased 12% year-on-year, rising to $533 million in 2025 from $478 million in 2024, even though the number of deals declined from 93 to 79 rounds. 

Late-stage funding, however, witnessed a sharper correction. Investments at this stage dropped 35% year-on-year to $213 million across 15 rounds, compared with $326 million across 25 rounds in 2024. 

The year saw two initial public offerings (IPOs) by women co-founded startups, compared with three listings in 2024, representing a 33% decline in public market exits. 

The IPO activity in 2025 was led by Lenskart and Zappfresh, which together accounted for the listings during the year. Even as funding slowed, exit activity through acquisitions surged significantly. 

What drove the sharp rise in startup acquisitions in 2025? 

India’s women co-founded startup ecosystem recorded 33 acquisitions in 2025, compared with 12 in 2024, marking a 175% increase year-on-year. 

Among the disclosed deals, Resulticks recorded the largest acquisition valued at $2 billion. This was followed by Ecom Express at $165 million and PeopleStrong at $130 million, taking the combined disclosed deal value to $2.3 billion. 

City-wise, Bengaluru emerged as the most funded hub for women co-founded startups in 2025, raising $384 million, which accounted for 38% of the total funding during the year. Mumbai ranked second, securing $112 million, representing 11% of the overall capital raised across the ecosystem. 

Investor participation varied across funding stages during the year.  

At the seed stage, Venture Catalysts, Inflection Point Ventures, and Antler were the most active venture capital investors. In the early-stage segment, Elevation Capital, Vertex Ventures, and Peak XV Partners led investment activity. At the late stage, Creaegis emerged as the most active investor. 

Overall, the report indicates that India’s women co-founded startup ecosystem entered a phase of capital discipline in 2025, with lower deal activity and moderated seed and late-stage investments.