Enterprise applications secured $374 million in 9M 2025, a decrease of over 12% compared to $424 million raised in 9M 2024. A major part of the $100 million+ deals came from auto tech, retail & aerospace, maritime and defence tech. Three $100 million+ funding rounds were recorded in Delhi NCR in 9M 2025, matching the three seen in both 9M 2024.

Erisha E Mobility raised $1.0 billion in a Series D round, Spinny secured $131 million in a Series F round, and Raphe mPhibr raised $100 million in a Series B round, all crossing the $100 million mark. These large-ticket deals were primarily driven by the auto tech, retail & aerospace, maritime and defence tech space. The period also saw notable public market activity, with 11 IPOs in 9M 2025, down 8% from 12 in 9M 2024.

Companies that went public during this period included BharatRohan, Matrix-Geo, Urban Company, and Aditya Group. Tech companies in Delhi NCR saw 25 acquisitions in 9M 2025, a rise of 79% compared to 14 acquisitions in 9M 2024. Wingify was acquired by Everstone Capital at a price of $200 million, making it the highest-value acquisition in 9M 2025, followed by the acquisition of Ecom Express by Delhivery at a price of $165 million.

Delhi continued to lead the region’s innovation landscape, commanding 57% of all tech funding in 9M 2025, reinforcing its position as the primary hub within Delhi NCR. Gurugram followed with 34% of total investments, reflecting its sustained appeal among growth-stage and late-stage backers.

Investor participation in Delhi NCR’s tech ecosystem remained robust across stages in 9M 2025. Venture Catalysts, Inflecion Point Ventures, and India Accelerator emerged as the most active investors at the seed stage, backing early-stage startups across the region. At the early stage, Vertex Ventures, Peak XV Partners, and RPSG Capital Ventures played significant roles in supporting companies scaling into their next phase of growth.

Delhi NCR tech funding

Delhi-NCR tech funding up 12% to $2.4 bn in 9M 2025 as late-stage deals surge