·  Maharashtra's tech ecosystem saw an 8% funding increase from H2 2024, driven by strong early-stage activity.

·  Retail tech funding surged 109%, while transportation & logistics tech soared 280% over the previous half.

·  Mumbai accounted for 64% of the state’s funding; one new unicorn and two IPOs marked key milestones.

Maharashtra's technology ecosystem saw a half-yearly funding of $1.4 billion in the first six months of 2025, as per Tracxn's Maharashtra Tech H1 2025 Funding Report. That is an 8% boost from $1.26 billion seen in H2 2024 and mildly improving to a 1% rise from $1.34 billion in H1 2024, reflecting an overall steady yet mildly enhancing climate for investments. The expansion was spurred mainly by robust early-stage investing and several high-ticket deals despite the limited formation of unicorns.

The report shows mixed trends by funding stages. Seed-stage investment amounted to $129 million, a 22% increase from H2 2024 but a 38% decrease from H1 2024. Early-stage funding increased substantially to $698 million, a 65% increase compared to H2 2024 and a 76% increase from the same period the previous year. Late-stage funding decreased to $524 million, down 28% from H2 2024 and 29% from H1 2024.

Among industries, retail, transport & logistics tech, and enterprise applications were the top contributors. Retail tech attracted $463 million, a 109% rise from H2 2024 and a 29% rise from H1 2024. Transport and logistics startups experienced a huge spike, raising $378 million 280% higher than in H2 2024 and 199% more than in the same period last year. Enterprise applications brought in $321 million, showing a modest drop of 6% from H2 2024 and 18% from H1 2024.

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H1 2025 saw two large funding rounds over $100 million: GreenLine with $275 million in Series A, and Infra. Market with $222 million in a Series F round. Both transactions were focused on transportation, logistics, and real estate tech. There was only one new unicorn formed during the period, as opposed to zero in either half of 2024, while ArisInfra and ATC Group had IPOs.

On the mergers and acquisitions front, the ecosystem witnessed 12 transactions in H1 2025, marginally lower than 20 transactions in H2 2024 and 13 in H1 2024. Most prominent among them was Magma General Insurance's acquisition by DS Group and Patanjali Ayurved for $516 million, followed by Zaggle's acquisition of Dice in a deal worth $14.3 million.

City-wise, Mumbai was still the top startup hub in the state, with 64% of the total funding. Thane was far behind Mumbai in the investment inflow. The most active investors by stage were also highlighted by the report. Blume Ventures, LetsVenture, and Venture Catalysts were at the top of the aggregate charts, and Venture Catalysts, Z47, and Rainmatter led at the seed stage. Early-stage deals were led by Bessemer Venture Partners, Lightspeed, and Evolvence India, while the most active late-stage investors were Accel, Tiger Global, and Iron Pillar. Of overseas players, Belgium-based Sofina and Singapore-based Mars Growth Capital also made significant late-stage investments.

In brief, Maharashtra's technology ecosystem continued to be on a roll in H1 2025, driven by strong early-stage action and calculated big-ticket investments. Even with the sequential reduction in seed and late-stage investments, the impressive expansion in retail and logistics technology reflected a change in investor sentiments. Led by Mumbai, a newly emergent unicorn, and two IPOs, the state remains an integral engine in India's startup and technology story of growth.