Mega funding ($100 Mn and above) trends in 2025 unravelled a tale of contradictions. While Indian startups witnessed a dramatic contraction in mega deal activity, the average capital deployed per startup rose.

As per Inc42’s ‘Annual Indian Startup Trends Report, 2025’, only 18 mega rounds (exceeding $100 Mn) materialised this year, down 25% compared to 24 such rounds last year.

These mega deals raked in 32% ($3.5 Bn) of the total funding ($11 Bn) raised by Indian startups in 2025. In contrast, late stage giants lapped up $4.6 Bn from mega deals in 2024.

Notably, IPO-bound quick commerce major Zepto continued to top the charts this year too, bagging $450 Mn in a single sweep in October. Adtech giant InMobi ($350 Mn), martech platform MoEngage ($280 Mn), conversation automation giant Uniphore ($260 Mn), and healthtech platform Innovaccer ($275 Mn, including debt) were some of the biggest mega deals of 2025.

The year also........

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