How India’s top startup hubs fared in H1 2025

Maharashtra, on the other hand, saw an uptick in four out of six parameters, driven by robust early-stage activity and a steady presence of mega-deals. Among regions, Mumbai topped, receiving 64% of all funding, followed by Thane, 19%, a distant second. Analysts say Mumbai, being a financial capital and a base for some of India’s largest banks and regulators, has seen a huge growth in startups across fintech, retail and transportation & logistics tech, making it an easy choice for startups, especially in fintech.

Barring total funding and new unicorns, the Mumbai-dominated state also saw a drop across funding rounds, series A+, seed, soonicorns, acquisitions and IPO. Unicorn creation also remained limited, but transportation and logistics tech and retail experienced sharp growth in investor interest, with $463M, $378M, and $321M funding in H1 2025. Exhibiting a stable and slightly improving investment climate, early-stage funding topped at $698 million, up 76% on year, followed by late-stage at $524 million, a drop of 29% from H1 2024. Seed stage dipped 38% on-year to $129 million. Like Karnataka, Maharashtra also saw two $100M+ rounds, down from 3 in H1 2024. GreenLine and Infra.Market raised $275M and $222M, respectively, with transportation and logistics tech & real estate and construction tech driving the funding. While there was only one unicorn (Mitsui), 2 companies went public — ArisInfra and ATC Group.