Indian startup funding slips to $969 Mn in November despite IPO rush

After a steady October that ranked as the second highest funded month of the year, Indian startups fell short of the $1 billion mark in November as the market did not see any sizeable rounds. MoEngage’s $100 million raise was the only headline number, while most companies recorded smaller cheques. The month, however, drew attention for a different reason, with Lenskart, Groww, PhysicsWallah, Pine Labs and Capillary Technologies making their market debuts and shifting the conversation toward startup listings.

According to data compiled by TheKredible, Indian startups raised a total of $969 million across 108 deals in November. Growth and late-stage funding accounted for $695 million from 26 deals, while early-stage funding contributed $274 million through 74 deals. Meanwhile, 8 rounds of funding remained undisclosed.

[M-o-M and Y-o-Y trend]

November closed with $969 million in funding. In comparison, October delivered $1.73 billion, making it the second highest month of the year after January’s $1.76 billion. Across the first 11 months of 2025, Indian startups crossed the $1 billion monthly mark on five occasions. On a year on year basis, November 2025 was nearly identical to November 2024, which saw $970 million.

[Top 10 growth-stage deals]

Growth stage funding in November was led by MoEngage with a $100 million Series F round. Finnable, Candi Solar and Yubi Group followed with deals ranging from $58.5 million to $46.3 million. Ripplr, Spacewood, Ace International, Square Yards, AgroStar and Isprava Group rounded out the top ten with funding between $45 million and $28.4 million. The list showed activity across fintech, cleantech, supply chain, proptech and agritech.

[Top 10 early-stage deals]

Early stage funding in November was led by Giga, which raised $61 million in a Series A round. Tetr College, Pidge and 3ev Industries followed with deals between $18 million and $13 million across edtech, logistics and electric mobility. Brandworks Technologies, Redrob, Zinit, MindTalk, Pibit AI and Mirana Toys completed the top ten list with funding in the range of $11 million to $7 million.

[Mergers and acquisitions]

November recorded a mix of strategic and capability driven acquisitions across the startup landscape. Zupee added Nucanon to bolster its tech stack, while PB Health and Unnati Agri picked up Fitterfly and Gramophone to deepen presence in healthtech and agritech. Spinny moved toward acquiring GoMechanic as part of its mobility expansion. AI and software firms were active as well, with VideoDB, Icertis and Xoriant bringing in specialised teams and products through smaller transactions. Vyapar and Black Gold Recycling also made selective buys aimed at strengthening their operational and product lines.

[City and Segment wise deals]

Bengaluru led city wise funding in November with 45 deals that brought in $446.53 million or 46.07%. Delhi NCR followed with 20 deals worth $178.77 million contributing 18.45%. Mumbai recorded 20 deals as well, raising $144.17 million which accounted for 14.88%. Pune saw 6 deals totalling $43.26 million or 4.46%, while Chennai registered 3 deals with $75.30 million representing 7.77% of the overall funding.

Fintech led the segment wise charts in November with $202.57 million raised across 13 deals, accounting for 20.90% of the total funding. AI followed with $104.49 million from 13 deals, contributing 10.78%. E-commerce recorded 14 deals worth $90.75 million or 9.36%. Funding in F and B reached $39 million from 5 deals, while healthtech saw $31.80 million across 8 deals, representing 3.28% of the overall capital raised during the month.

[Series-wise deals]

Series A rounds led the month with $186.48 million across 16 deals and contributed 19.24% of the total capital. Seed stage companies closed 34 deals worth $69.30 million or 7.15%. Pre Series A startups secured $25.27 million from 12 deals, while Pre seed firms raised $9.98 million through 11 deals. Undisclosed rounds added $75.10 million and accounted for 7.75% of the overall funding in November.

[Layoffs, shutdowns, departures and key hires]

November was among the most impact-heavy months, with Porter and Junglee Games together laying off around 650–700 employees. Agritech startup BharatAgri also shut down operations citing multiple challenges. In total, the month recorded six startup exits and over 24 major executive appointments. For the full breakdown, click here.

[Trends]

IPO momentum builds as more startups prepare to go public: Following four significant listings in November, late-stage startups are increasingly looking to public markets for liquidity. December is expected to see new debuts from Meesho, Wakefit, Aequs and others.

Debt funding rises to 23% in Nov: Debt emerged as a major capital source in November, making up 23% of total funding. With equity rounds staying selective, more startups leaned on venture debt and credit-based instruments to manage runway and maintain operational stability.

Proposed CarTrade–CarDekho deal shelved: CarTrade Tech and CarDekho have mutually called off their proposed acquisition discussions. The development highlights a pause in large-scale consolidation within the auto-tech sector.