In 2025, venture capital firms were open to new funds, but startup funding was slower than in previous years, especially for late-stage companies. However, 22 Indian startups managed to raise more than $100 million each, showing that investors are still backing strong and scalable business models. Big VC firms like Accel and Nexus Venture Partners closed new funds this year to prepare for future investments.
Zepto first in funding
Quick commerce unicorn Zepto was one of the biggest winners of 2025. The company continued to raise money through multiple rounds, taking its valuation to $7 billion. In October, ZEPTO raised $459 million in a round led by the California Public Employees Retirement System. Earlier in the year, it raised $400 million from Motilal Oswal Financial Services and smaller amounts from other investors. ZEPTO remained the most active fundraiser even as overall deal activity slowed.
EVs and clean mobility attract strong interest
Despite overall weak funding in climate technology, electric vehicle (E.V) and clean mobility startups have attracted significant investment. In March, EV maker Erisha E Mobility raised $1 billion in a Series D round from a UAE-based industrial investor. The company said it will use the money to expand globally, build EVs and support green energy projects.
Electric fleet solutions have also gained attention as e-commerce and quick commerce have fueled demand for clean last-mile delivery. Vertalo, backed by Macquarie Asset Management, has secured $405 million, making it one of the largest EV deals of the year.
Sustainable and green businesses shine
There have been several large investments in the sustainability sector. Care Patricia and Mitsui & Co. have raised $350 million to develop low-carbon cooling solutions across Asia.
Meanwhile, Greenline Mobility Solutions, part of the Essar Group, has raised $275 million to develop green logistics infrastructure, including LNG, EV trucks and charging stations. Nikhil Kamath also participated in an investment of $20 million.
Pre-IPO and late-stage deals
A number of startups have raised large sums ahead of their IPO plans. Infra.Markets raised around $222 million as it prepares for a Rs 5,000 crore IPO. Online investment platform Grow raised $202 million before listing on Indian stock exchanges in November.
Other notable fundraisers include Spinny, which raised around $170 million, and JumboTails, which entered the unicorn club by raising $120 million.
While there were fewer big-ticket deals compared to 2024, strong sectors such as quick commerce, electric vehicles, clean mobility and pre-IPO-ready startups have shown that they can still raise large VC rounds. With firms like Accel, Nexus, and A91 sitting on fresh capital, investors expect funding activity to pick up again in 2026, especially as early-stage deals show signs of recovery.
