© INC42 MEDIA | NOT FOR DISTRIBUTION / 1

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Table Of
Contents
01 India’s Digital Economy 05 Startup M&A Analysis

02 India’s Startup Economy 06 Investor Participation Trends & Ranking

03 Unicorns & Soonicorn Landscape 07 Indian Startup Investor Sentiment Survey

Q1 2025

04 Decoding Indian Startup Funding Trends

08 New Age Tech Stocks: A Look At
Quarterly Trends
Performance
Top Funding Rounds Of Q1 2025
Sectoral & Geographical Trends
State Of Mega Deals
A Look At Ticket Sizes
Stagewise Outlook
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India To Have 1.2 Bn+ Internet Users By 2030

% Growth
2024 2030 (Absolute)

Smartphone 1 Bn+ 1.5 Bn+ 50%

Users

Internet
886 Mn+ 1.2 Bn+ 35%
Users

Urban Internet
397 Mn+ 546 Mn+ 38%
Users

Rural Internet
488 Mn+ 708 Mn+ 45%
Users

Internet Penetration 5G Enabled Indian

(Active Users) Cities/Towns
58% 7.7K+

Urban Internet Penetration Number Of Male

(Active Users) Internet Users
77% 470 Mn+

Cost Of 1 GB Number Of Female

Internet Internet Users
$0.16 416 Mn+

Source: KANTAR, IAMAI, Inc42 Analysis

Note: The numbers for 2030 are estimated
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The State Of Indian Startup Economy

Third-largest Startup Ecosystem Globally, Measured By The Number Of Startups & Unicorns

70K+ Total Number Of Tech Startups Launched

$161 Bn+ Total Funding Raised By Indian Startups Since 2014

120 Total Number Of Unicorns

$650 Bn+ Combined Valuation Of Indian Startups

122 Total Number Of Soonicorns

1.6 Mn+ Total Number Of Direct Jobs Created

1.9K+ Total Number Of Active Investors

40 Total Number Of Listed New Age Tech Companies

Source: Inc42
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The Indian Unicorn Landscape

FINTECH

ECOMMERCE

ENTERPRISE TECH OTHERS

EDTECH

HEALTHTECH
CONSUMER SERVICES

TRAVEL TECH LOGISTICS MEDIA & ENTERTAINMENT

Source: Inc42
Note: This infographic highlights Indian startups that have achieved a valuation of $1 Bn or more at any stage of their business journey |
Out of the total 120 unicorns mentioned, 7 have been acquired, 2 are bootstrapped, 20 are listed, 4 are valued less than $1 Bn
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The Indian Soonicorn Landscape

FINTECH

ECOMMERCE DEEPTECH

AGRITECH

ENTERPRISE TECH TRAVEL TECH

LOGISTICS

OTHERS

REAL ESTATE TECH

MEDIA & ENTERTAINMENT

EDTECH

CONSUMER SERVICES

Source: Inc42
Note: Out of 122 soonicorns, 9 are listed
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India’s Startup Ecosystem Hits $161 Bn Funding

Landmark
200 12,500

10,000

150

7,500
Funding Amount ($ Bn)

Deal Count
100

5,000

50

2,500

0 0
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q1-2025

Funding Amount ($ Bn) Deal Count

Source: Inc42
Note: Q1 2025 data is based on startup funding deals recorded between January 1 and March 26, 2025
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Indian Startup Funding — A Quarterly Comparison

Q1 2025 Q1 2024 Q1 2023

Total Funding $3.1 Bn+ $2.2 Bn+ $12 Bn+

Total Deals 232+ 226+ 506+

Median Ticket Size $3 Mn $3.7 Mn $4 Mn

Mega Deals ($100 Mn & Above) 6 3 30

No. Of M&As 26+ 15+ 100+

No. Of Unicorns Minted 1 3 0

Source: Inc42
Note: Q1 2025 data is based on startup funding deals recorded between January 1 and March 26, 2025
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A Look At Startup Funding Round Sizes [Q1 2025]

6
$100 Mn and Above

31
$20 Mn to $99 Mn

17
$10 Mn to $19 Mn

35
$5 Mn to $9 Mn

85
$1 Mn to $4 Mn

37
Under $1 Mn

Source: Inc42
Note: Q1 2025 data is based on startup funding deals recorded between January 1 and March 26, 2025 | Only funding deals with disclosed
investment amounts have been considered in this analysis.
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Indian Startups Raised $3.1 Bn+ In Q1 2025

Compared to the previous year, both the funding amount and deal count witnessed an
uptick of 41% and 3% respectively

12.0 600

10.0

8.0 400
Funding Amount ($ Bn)

Deal Count
6.0

4.0 200

2.0

0.0 0
2

5
02

02

02

02

02

02

02

02

02

02

02

02

02
-2

-2

-2

-2

-2

-2

-2

-2

-2

-2

-2

-2

-2
Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Funding Amount Deal Count

Source: Inc42
Note: Q1 2025 data is based on startup funding deals recorded between January 1 and March 26, 2025
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Indian Startups Raised Over $1 Bn In The First Month

Of 2025
The mega funding rounds secured by Innovaccer, Meesho, and Infra.Market significantly
boosted the total venture capital raised in January 2025

1,500 100

75

1,000
Funding Amount ($ Mn)

Deal Count
50

500

25

0 0
January February March

Funding Amount ($ Mn) Deal Count

Source: Inc42
Note: Q1 2025 data is based on startup funding deals recorded between January 1 and March 26, 2025
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Top 10 Biggest Indian Startup Funding Rounds

[Q1 2025]

Sector Headquarters Round Size Notable Investors

B Capital Group, Generation Investment

Management, Kaiser Permanente,
Healthtech Delhi NCR $275 Mn
Microsoft

HSBC, SBI, GMO, DG Daiwa

Fintech Bengaluru $251 Mn

Enterprise Tech Hyderabad $140 Mn Partners Group, KKR, Gravity Holdings

Tiger Global Management, Evolvence,

Real Estate Tech Mumbai $121 Mn Nuvama, Capri Globa

Edtech Bengaluru $100 Mn HSBC

Point72 Private Investments,

Logistics Bengaluru $90 Mn Qualcomm Ventures, Pavilion Capital

ValueQuest Scale Fund, Iron Pillar,

Fintech Bengaluru $78 Mn Elevate Capital

M&G Prudential, Lightspeed Venture

Ecommerce Bengaluru $75 Mn Partners

Beams Fintech Fund, Mitsubishi UFJ

Fintech Delhi NCR $70 Mn Financial Group (MUFG), BNP Paribas
Cardif

Apis Partners, Owl Ventures, Jungle

Edtech Bengaluru $65 Mn
Ventures, Peak XV Partners

Source: Inc42
Note: Q1 2025 data is based on startup funding deals recorded between January 1 and March 26, 2025
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Top Funded Startup Sectors In India [Q1 2025]

Ecommerce

Enterprise Tech
Top Five Sectors

Fintech

Deeptech

Consumer Services

0 10 20 30 40 50

Deal Count

Fintech

Ecommerce
Top Five Sectors

Enterprise Tech

Healthtech

Real Estate Tech

0 200 400 600 800

Funding Amount ($ Mn)

Source: Inc42
Note: Q1 2025 data is based on startup funding deals recorded between January 1 and March 26, 2025
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Top Funded Startup Hubs In India [Q1 2025]

Bengaluru

Delhi NCR
Top Five Hubs

Mumbai

Hyderabad

Pune

0 20 40 60 80

Deal Count

Bengaluru

Delhi NCR
Top Five Hubs

Mumbai

Hyderabad

Pune

0 500 1,000 1,500

Funding Amount ($ Mn)

Source: Inc42
Note: Q1 2025 data is based on startup funding deals recorded between January 1 and March 26, 2025
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Mega Deals Stay Flat For Indian Startups In Q1 2025

$100 Mn+ rounds have flatlined for Indian startups since H2 2022, with less than 10 mega deals
per quarter — a stark contrast to the 2021 funding peak

30
Mega Deal Count ($100 Mn or above)

20

10

0
22

22

22

22

23

23

23

23

24

24

24

24

25
20

20

20

20

20

20

20

20

20

20

20

20

20
-

-
Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Source: Inc42
Note: Q1 2025 data is based on startup funding deals recorded between January 1 and March 26, 2025
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Median Deal Size For Indian Startups Stood At $3

Mn In Q1 2025
In the first quarter of 2025, the median ticket size for startup investments fell by 23% compared
to Q1 2024

4.0

3.0
Median Ticket Size ($ Mn)

2.0

1.0

0.0
22

22

22

22

23

23

23

23

24

24

24

24

25
20

20

20

20

20

20

20

20

20

20

20

20

20
-

-
Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Source: Inc42
Note: Q1 2025 data is based on startup funding deals recorded between January 1 and March 26, 2025
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Indian Startup Funding: A Stage Wise Outlook

[Q1 2025 Vs Q1 2024]

Investment Funding YoY Deal YoY

Stage Amount Change (%) Count Change (%)

Seed Stage $188 Mn+ 18% 104 16%

Growth Stage $1 Bn+ 7% 68 -4%

Late Stage $1.8 Bn+ 80% 38 9%

Source: Inc42
Note: Q1 2025 data is based on startup funding deals recorded between January 1 and March 26, 2025
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Seed Stage Deals See Highest YoY Growth In Q1 2025

In terms of deal count, ecommerce emerged as the top sector with the highest number of
deals across all funding stages in the first quarter of 2025

Seed Stage Growth Stage Late Stage

250

142

200

181
Deal Count

150
155 138
120

122 115
104
100
109
105 105

90 88
71 68 68
76 68
75 75
68
50 49 55
42 38
52 35
47 34
38 28 38
35 35
15
21 21
0
2

5
2

5
02

02

02

02

02

02

02
02

02

02

02

02

02

02

02

02

02

02

02

02

02
-2

-2

-2

-2

-2

-2

-2
-2

-2

-2

-2

-2

-2

-2

-2

-2

-2

-2

-2

-2

-2
Q1

Q3

Q1

Q3

Q1

Q3

Q1
Q1

Q3

Q1

Q3

Q1

Q3

Q1

Q1

Q3

Q1

Q3

Q1

Q3

Q1

Source: Inc42 Analysis, Secondary Sources

Note: Q1 2025 data is based on startup funding deals recorded between January 1 and March 26, 2025
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Late Stage Funding Continues To Fall

In terms of funding amount, enterprise tech, fintech, and ecommerce emerged as the
top-funded sectors across the seed, growth, and late stages respectively in the first quarter
of 2025

Seed Stage Growth Stage Late Stage

8
7.8
Funding Amount ($ Bn)

4
3.9

2.83

2.1
2.3 1.5
2 1.9
1.5 2
1.5 1.4 1.8
0.98 1.4
0.8 0.8
0.67 1.1
0.16 1 1
0.31 0.8 0.8
0.17 0.16 0.18 0.5
0
2

5
02

02

02

02

02

02

02

02

02

02

02

02

02

02

02

02

02

02

02

02

02
-2

-2

-2

-2

-2

-2

-2

-2

-2

-2

-2

-2

-2

-2

-2

-2

-2

-2

-2

-2

-2
Q1

Q3

Q1

Q3

Q1

Q3

Q1

Q1

Q3

Q1

Q3

Q1

Q3

Q1

Q1

Q3

Q1

Q3

Q1

Q3

Q1

Source: Inc42
Note: Q1 2025 data is based on startup funding deals recorded between January 1 and March 26, 2025
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Startup M&A Deals Bounce Back In Q1 2025 With

73% YoY Growth
Minimalist (Hindustan Unilever) and Wingify (Everstone Capital) were among the most notable
Indian startup M&A deals in Q1 2025

100

75
M&A Deal Count

50

25

0
2

5
02

02

02

02

02

02

02

02

02

02

02

02

02
-2

-2

-2

-2

-2

-2

-2

-2

-2

-2

-2

-2

-2
Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Source: Inc42
Note: Q1 2025 data is based on startup funding deals recorded between January 1 and March 26, 2025
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Fintech Sector Witnessed Highest Number Of

Startup M&As In Q1 2025
Q1 2025 saw active M&A moves from fintech players like Suprmoney, Perfios, and InCred

Others
11.5%
3 Fintech
23.1%
6
Consumer Services
7.7%
2

Logistics
7.7% 2
26+
M&A Deals

4 Edtech
3 15.4%
Ecommerce
11.5%

3 3
Enterprise Tech Media & Entertainment
11.5% 11.5%

Source: Inc42 Analysis, Secondary Sources

Note: Q1 2025 data is based on startup funding deals recorded between January 1 and March 26, 2025
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650+ Investors Participated In Indian Startup

Funding Deals In Q1 2025
Following the onset of the startup funding correction in 2022, investor participation has
consistently trended downward

1,000
Unique Investor Participation Count

500

0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2022 2022 2022 2022 2023 2023 2023 2023 2024 2024 2024 2024 2025

Source: Inc42
Note: Q1 2025 data is based on startup funding deals recorded between January 1 and March 26, 2025
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India’s Most Active Startup Investors In Q1 2025:

A Ranking

Rank Investor Name Investor Type Deal Count Notable Startups Funded

1 Venture Debt Firm 27 Wow Momo, Glance, Park+

2 Venture Debt Firm 26 Apnamart, Giva, Citymall

3 Venture Capital Firm 21 GoStops, TakeMe2Space

4 Venture Capital Firm 20 SuperBottoms, SnapE, Snackible

Corporate Venture
5 20 Boldcare, GameTheory
Capital (CVC)

6 Alternate Credit Firm 19 Celcius Logistics, Epaylate

7 Angel Network/ Platform 18 Fluxgen

8 Venture Capital Firm 15 Plazza, Krvvy, Nprep, Med Mitra

9 Venture Debt Firm 14 Farmart, Spintly, Magenta Mobility

10 Venture Capital Firm 12 Just Breathe, Blink Money

11 Venture Debt Firm 11 Infra.Market, Euler, Captain Fresh

Note: This ranking is based on data consolidated from Inc42’s India's Top Startup Investor Ranking Survey [Q1 2025 Edition], and deals recorded in the Inc42
database.
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India’s Most Active Startup Investors In Q1 2025:

A Ranking

Rank Investor Name Investor Type Deal Count Notable Startups Funded

12 Accelerator 11 Leap Ahead India, Nostalgia Pages

13 Venture Capital Firm 10 Presentations.AI, Sarla Aviation

14 Venture Capital Firm 9 Exsure, Orbitaid, Pelocal

15 Venture Capital Firm 9 Droom, Pernia, EzStays

16 Venture Capital Firm 9 Rezolv, Scimplify, Felicity Games

17 Angel Network/ Platform 8 Sumosave, Beyond Snacks

18 Venture Capital Firm 8 BrainSightAI, GreenStitch.io

19 Venture Capital Firm 8 Open Secret, Minus Zero, Phot.AI

20 Venture Capital Firm 7 Greengrahi

21 Venture Capital Firm 6 Zeno, Cotodel, Grip

22 Venture Capital Firm 6 Dave AI, Fifth Ocean, FilterPixel

Note: This ranking is based on data consolidated from Inc42’s India's Top Startup Investor Ranking Survey [Q1 2025 Edition], and deals recorded in the Inc42
database.
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India’s Most Active Startup Investors In Q1 2025:

A Ranking

Rank Investor Name Investor Type Deal Count Notable Startups Funded

23 Accelerator 6 Almonds Ai, ParkMate, Stage

Atomicwork, Eduvanz,
24 Venture Capital Firm 6 The Whole Truth

NOTO, My Pahadi Dukan,

25 Venture Capital Firm 6
Dream Aerospace

26 Venture Capital Firm 5 Grip, Fasal, Reelsaga

Ambak, Boba Bhai,

27 Venture Capital Firm 5
Felicity Games

Bold Care, Broadway,

28 Venture Capital Firm 5 Dreamtime Learning

29 Venture Capital Firm 4 Navadhan Capital

Astrogate Labs, Rupeeflo,

30 Venture Capital Firm 4
Contineu AI

Ati Motors, Beacon.li,

31 Venture Capital Firm 4
VuNet Systems

Foxtale, SuperOps, The Whole

32 Venture Capital Firm 4 Truth

Note: This ranking is based on data consolidated from Inc42’s India's Top Startup Investor Ranking Survey [Q1 2025 Edition], and deals recorded in the Inc42
database.
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Funds Worth $3.2 Bn+ Launched In Q1 2025 To Back

Indian Startups

Fund Name Fund Type Fund Size Stage Focus Sector Focus Status

2am VC Venture Capital Undisclosed Early Stage Consumer Tech, Fintech, Announced
F&B, AI, SaaS

A Junior VC Venture Capital $17.5 Mn* Early Stage Sector Agnostic Ongoing

Accel India AI, Consumer Tech,

Venture Capital $650 Mn Early Stage Closed
[Fund VIII] Fintech, Manufacturing

All In Capital Consumer Tech, Deeptech,

Venture Capital $34.8 Mn* Early Stage Announced
[Fund II] Fintech, Consumer Brands

Financial Services,
Avendus Future Consumption, Digital & Ongoing
Private Equity $350 Mn* Late Stage
Leaders Fund (FLF) III Technology, Healthcare,
Manufacturing

AI, SaaS, fintech, Digital

Bessemer Venture Fealth, Consumer Brands, Closed
Venture Capital $350 Mn Early Stage
Partners Cybersecurity

Bharat Value
Growth Stage Sector Agnostic Ongoing
Fund [Fund III] Venture Capital $289 Mn*

Cornerstone Early To SaaS Ongoing

Ventures [Fund II] Venture Capital $200 Mn*
Growth Stage

Source: Inc42 Analysis

*Including green shoe option **India is one of the investment focus areas
Fund Size: Refers to total corpus of the fund and not the amount raised in the current year
Closed: Target corpus raised | Ongoing: Started receiving tranches | Announced: Just an announcement about the fund
Data as of Mar 27, 2025 | Funds have been placed in alphabetical order
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Funds Worth $3.2 Bn+ Launched In Q1 2025 To Back

Indian Startups

Fund Name Fund Type Fund Size Stage Focus Sector Focus Status

Real Estate Technology,

Earth Fund Venture Capital $35 Mn* Early Stage Construction Tech, Announced
Cleantech, Climate Tech

Eximius Ventures Fintech, AI, SaaS, Frontier Announced

Venture Capital $30 Mn Early Stage
[Fund II] Tech, Consumer Tech

IIFL Fintech Fund Venture Capital $23 Mn Closed

Early Stage Fintech
[Fund II]

Pharmaceuticals, Biotechnology,
IXP Lifesciences Early To Growth Medical Technology, Speciality
Venture Capital $23.3 Mn Announced
Catalyst Fund Stage Chemicals, Agrotechnology,
Nutraceuticals

Medical Devices, Digital

Kotak Alt [Life Early To Growth Ongoing
Venture Capital $185 Mn Health, Consumer Wellness,
Sciences Fund] Stage Diagnostics, Delivery

Prime Venture Ongoing

Venture Capital $100 Mn Early Stage Fintech, AI, SaaS
Partners [Fund V]

Prudent Investment Early To Growth

Sector Agnostic Announced
Managers Not Available $57.8 Mn Stage

Early Stage Deeptech Announced

Riceberg Ventures Venture Capital $20 Mn

Source: Inc42 Analysis

*Including green shoe option **India is one of the investment focus areas
Fund Size: Refers to total corpus of the fund and not the amount raised in the current year
Closed: Target corpus raised | Ongoing: Started receiving tranches | Announced: Just an announcement about the fund
Data as of Mar 27, 2025 | Funds have been placed in alphabetical order
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 28

Funds Worth $3.2 Bn+ Launched In Q1 2025 To Back

Indian Startups

Fund Name Fund Type Fund Size Stage Focus Sector Focus Status

AI, Agritech, Healthcare,

SamVed Venture Capital $50 Mn Early Stage Fintech, Ecommerce, Announced
Upskilling, Consumer Brands

Fintech, EV, Consumer Products

Trifecta Capital Venture Debt Growth To Late & Services, Logistics, New-Age Ongoing
$230 Mn*
[Fund IV] Stage Manufacturing, B2B Services,
Renewable Energy, Sustainability

Enterprise SaaS, SMB Tech,

Triton Venture Capital $28 Mn* Early Stage Agentic AI, Deeptech, Ongoing
Tech-Enabled Services

Venturi Partners Consumer Brands, Retail, Announced

Venture Capital $225 Mn Growth Stage Education, Healthcare, FMCG
[Fund II]**

White Whale Ventures Venture Capital $29 Mn Late Stage Fintech, Consumer Announced

Early To Growth Enterprise Software Closed

Wipro Ventures CVC $200 Mn Solutions
Stage

Yashaa Global Early To Growth Sports Tech Announced

Venture Capital $75 Mn
Capital** Stage

Source: Inc42 Analysis

*Including green shoe option **India is one of the investment focus areas
Fund Size: Refers to total corpus of the fund and not the amount raised in the current year
Closed: Target corpus raised | Ongoing: Started receiving tranches | Announced: Just an announcement about the fund
Data as of Mar 27, 2025 | Funds have been placed in alphabetical order
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 29

Investor Sentiment Survey: Key Highlights

Of Investors Didn't Report

Any Exit In Q1 2025
55%

AI Emerge As The Top Investment

Agents Theme In 2025

Investors Are Optimistic

About India Building Its Own 76%
Sovereign AI Infrastructure

Fear US Import Restrictions Will

47% Hinder India's AI Development

Say EV Subsidy Cuts Will

Significantly Impact Sales
26%

Exit Multiple Range For Investors

2x-5x In Q1 2025

The Least Preferred AI Theme Indic

In 2025 LLMs

Source: The Pulse Of Tech Inc42’s Investor Survey, Q1 2025

Note: Based on survey of 75+ Indian startup investors (Partners & Principals)
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Most Investors Did Not Make Any Exits In Q1 2025

For those who did, exit multiples ranged from 2x to 5x
Question asked: Did you make any exits in Q1 2025?

Yes
45%

Investors
No
55%

Source: The Pulse Of Tech Inc42’s Investor Survey, Q1 2025

Note: Based on survey of 75+ Indian startup investors (Partners & Principals)
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 31

AI Agents — The Top Choice Of Indian Startup

Investors In 2025
Indic-language LLMs are no longer top investor picks, as advanced models like Grok, LLaMA,
and GPT continue to outpace them in this segment
Question asked: As an investor, which of the following artificial intelligence segments do you
believe will offer the best investment opportunities in 2025?

AI Agents

Application Layer AI

Semiconductors (CPUs
And GPUs)

Edge AI

AI Infrastructure

Data Centres

Indic Language LLMs

0% 20% 40% 60%

% of total respondents
Source: The Pulse Of Tech Inc42’s Investor Survey, Q1 2025
Note: Based on survey of 75+ Indian startup investors (Partners & Principals) | TThe percentages may exceed 100% as respondents were allowed to
select multiple options
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 32

76% Of Startup Investors Are Optimistic About India

Building Its Own Sovereign AI Infrastructure
With countries around the world embracing protectionist policies on AI technology and
hardware, the need for India to build its own sovereign AI infrastructure has never been more
urgent.
Question asked: On a scale of 1 to 10, how optimistic are you that India can build its own
sovereign AI infrastructure?

Low
19%

Moderate
5%

Investors

High
76%

Source: The Pulse Of Tech Inc42’s Investor Survey, Q1 2025

Note: Based on survey of 75+ Indian startup investors (Partners & Principals)
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Nearly Half Of Investors Believe That Hardware

Restrictions By The US Could Hinder India’s AI
Ambitions
47% of startup investors fear that restrictions on AI chips like GPUs by the US may hinder
India's ability to build frontier AI models, while 24% remain unsure
Question asked: Do you think the United States' restrictions on essential AI hardware (GPUs)
could hinder India's ability to develop its own frontier AI models?

Not Sure
24%

Yes

Investors 47%

No
29%

Source: The Pulse Of Tech Inc42’s Investor Survey, Q1 2025

Note: Based on survey of 75+ Indian startup investors (Partners & Principals)
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 34

EV Subsidy Cuts Expected To Hit Startups Harder Than

Incumbents, Say Investor
Nearly 1 in 4 investors say emerging players will be more negatively affected than incumbents
by reduced government support
Question asked: How will the Indian government's reduction of EV subsidies impact sales for
emerging startups vs. established players?

20%
% of total respondents

10%

0%
Decline In Startups More Minimal Impact I Am Not Major Positive No Impact Major Positive Incumbents /
Sales For Both Negatively On Startups Sure About Impact On Impact On Established
Affected This Startups Incumbents / Players More
Established Negatively
Players Affected

Source: The Pulse Of Tech Inc42’s Investor Survey, Q1 2025

Note: Based on survey of 75+ Indian startup investors (Partners & Principals)
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 35

Investors Say Indian Startups Will Prioritise Domestic

Growth Amid US Protectionism
45% of startup investors expect a strategic pivot to India-first expansion plans
Question asked: How might the US government's protectionist stance affect the international
growth strategies of Indian startups?

50%

40%

30%
% of total respondents

20%

10%

0%
Increased Focus On Accelerated Expansion Investment In Local R&D To I’m Not Sure Delayed Or Canceled
Domestic Opportunities In Into Alternative Interna- Reduce Dependence On About This Plans For US Market
India tional Markets (EU, USTechnologies Entry
Southeast Asia, Middle
East)

Source: The Pulse Of Tech Inc42’s Investor Survey, Q1 2025

Note: Based on survey of 75+ Indian startup investors (Partners & Principals)
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 36

New Age Stock Shock: Major Correction Hits Indian

Market In Q1 2025

Listed Organisation Sector Market Capitalisation YTD Change %

(INR Crore)

Real Estate Tech 4,698 -8%

Ecommerce 7,924 9%

Logistics 18,909 -27%

Fintech 26,676 -12%

Deeptech 154 -46%

Travel Tech 4,150 -26%

Fintech 1,865 -31%

Ecommerce 19,135 -43%

Enterprise Tech 38,250 -5%

Deeptech 1,490 -45%

Ecommerce 12,602 -8%

Source: Inc42 Analysis

Note: Year-to-date (YTD) performance for stocks traded on U.S. exchanges is calculated from January 2nd to March 28th, 2025. All others are from January 1st
to March 28th, 2025. The market capitalisation is as on 28th March 2025 | This is not an exhaustive list
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 37

New Age Stock Shock: Major Correction Hits Indian

Market In Q1 2025

Listed Organisation Sector Market Capitalisation YTD Change %

(INR Crore)

Fintech 4,611 -36%

Consumer Internet 92,899 -18%

Travel Tech 5,533 -21%

Consumer Internet 6,918 -19%

Ecommerce 167 4%

Travel Tech 99,669 -9%

Ecommerce 7,610 -6%

Enterprise Tech 9,181 4%

Consumer Internet 1,157 -22%

Media & Entertainment 8,347 -6%

Ecommerce 51,076 9%

Source: Inc42 Analysis

Note: Year-to-date (YTD) performance for stocks traded on U.S. exchanges is calculated from January 2nd to March 28th, 2025. All others are from January 1st
to March 28th, 2025. The market capitalisation is as on 28th March 2025 | This is not an exhaustive list
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 38

New Age Stock Shock: Major Correction Hits Indian

Market In Q1 2025

Listed Organisation Sector Market Capitalisation YTD Change %

(INR Crore)

Cleantech 23,377 -39%

Fintech 50,005 -21%

Fintech 72,974 -25%

Travel Tech 5,225 -39%

Enterprise Tech 1,393 -2%

Travel Tech 13,094 -32%

Fintech 558 -31%

Enterprise Tech 1,221 -31%

Travel Tech 1,335 -28%

Enterprise Tech 31 -52%

Fintech 4,832 -34%

Consumer Internet 195,149 -27%

Source: Inc42 Analysis

Note: Year-to-date (YTD) performance for stocks traded on U.S. exchanges is calculated from January 2nd to March 28th, 2025. All others are from January 1st
to March 28th, 2025. The market capitalisation is as on 28th March 2025 | This is not an exhaustive list
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 39

Methodology
Since 2015, Inc42 has been the go-to source for identifying Indian startups transforming industries and shaping
society.

"Indian Tech Startup Funding Report, Q1 2025" represents the Inc42 team's endeavor to chart and comprehend
the evolution of the Indian startup revolution from 2014 to the present day.

For this report:

Overall data in this report is from 2014 to March 26, 2025, unless mentioned otherwise.

Seed stage: Startup at angel or seed stage

Growth stage: Startups at Series A and B funding stage

Late stage: Startups at Series C or above funding stage

Unicorn refers to any digital / tech company valued at or above $1 Bn or have touched this valuation once in
their business lifecycle.

A soonicorn is any public or private digital/tech company valued at or above $200 Mn.

Our database enrichments and corrections are done on a regular basis, therefore slight variations in
funding-related data compared to previously released reports may exist.

Investor Survey Respondents Persona:

Venture Capital Firm: 61%

Venture Debt Firm: 13%
Family Office: 8%
Others: 18%
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 40

www.inc42.com

Inc42 is India’s largest tech media & informa-

tion platform on a mission to build & serve

CREDITS
India’s tech, startup & internet economy.

From breaking the latest news to discovering

the hottest startups, from spotting upcoming
trends to simplifying complex concepts, we
cover everything tech in India’s internet econ- ANALYST
omy. SANDEEP SINGH

Born in January 2015, Inc42 has become the

leading source for news & analysis on India’s DESIGNER
rapidly growing tech, startup & internet econ- ANUSHKA SHARMA
omy. Inc42, with over 40,000+ published sto- SARFAS EK
ries, 100+ research reports, 120+ conferenc-
es & events & having featured 1000s of entre-
preneurs, now reaches over 25 Mn+ tech ADDRESS
leaders & professionals every month. Inc42 Media, 59/16, 4th Floor, Jujhar Tower,
RD Marg, Kalkaji, New Delhi, Delhi 110019
Contact: [email protected]
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 41

DISCLAIMER
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