Despite a surge of IPO activity, India’s startup funding failed to hit the $1 billion mark in November 2025, according to a report. The ecosystem raised $969 million across 108 deals, with growth and late-stage funding contributing around $695 million (26 deals) and early-stage rounds making up the remaining $274 million (74 deals).

Key Highlights

• Indian startups raised $969 million in November, marking a sharp funding slowdown despite active IPO markets.
• Bengaluru led with 45 deals, while fintech topped sectors, attracting over $200 million in investments.

October had brought in about $1.73 billion, making it the second-highest month for funding this year, which underlines how November marked a clear slowdown. One of the few large deals in November was MoEngage’s $100 million Series F; most other rounds were smaller.

City-wise, Bengaluru dominated with 45 deals worth roughly $446.5 million (about 46 % of the total). Delhi-NCR followed with 20 deals totaling $178.8 million, and Mumbai also recorded 20 deals with $144.2 million in funding. By sector, fintech led the haul with $202.6 million raised across 13 deals, AI startups pulled in $104.5 million, and e-commerce raised around $90.8 million.

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The report also noted increased activity in debt funding, which made up about 23 % of the total in November, suggesting some equity-round caution among investors. In short: while the Indian startup ecosystem remains active — especially with several companies pursuing public listings — November’s tally signals a moderation in funding momentum.