Maharashtra's Startup Ecosystem Shows Resilience in H1 2025 Despite Slower Unicorn Creation
In the first half of 2025, only one unicorn emerged, marking a slowdown in the startup ecosystem. Despite this, seed-stage funding surged by 22% quarter-on-quarter, reaching $129 million. Maharashtra-based companies led the way, raising a total of $1.4 billion.
Mumbai-based tech firms dominated Maharashtra's funding scene, accounting for 64% of the total raised. The transportation and logistics tech sector witnessed a remarkable 280% increase in funding, attracting $378 million. The retail sector also saw significant growth, with funding jumping by 109% to $463 million.
Overall funding increased by 8% compared to H2 2024 and 1% compared to H1 2024. Early-stage funding rose notably, up 65% from H2 2024 and 76% from H1 2024, reaching $698 million. However, late-stage funding dropped by 28% from H2 2024 and 29% from H1 2024, totaling $524 million. Blume Ventures, LetsVenture, and Venture Catalysts were the most active investors during this period.
Despite the slowdown in unicorn creation and late-stage funding, the startup ecosystem in Maharashtra showed resilience in H1 2025. Early-stage and sector-specific funding growth indicates a shift in investment focus. The overall funding increase, albeit modest, signals continued investor interest in the region.
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