With three months nonetheless remaining in 2025, India’s startup ecosystem has already seen extra fund launches than in the whole earlier yr. Within the first 9 months, buyers launched funds value over $9 Bn, surpassing the $8.7 Bn variety of 2024.

The third quarter alone accounted for over $2.5 Bn in new funds, unfold throughout 25 buyers, with 17 of those funds particularly focusing on early stage startups, in accordance to Inc42’s Indian Tech Startup Funding Report Q3 2025. Regardless of the surge in fund launches, startup fundraising remained muted in the identical interval, with Indian startups elevating simply over $2.1 Bn throughout 240 offers between July 1 and September 28, down 38% from $3.4 Bn raised in Q3 2024.

A better have a look at the funding knowledge in 2025 reveals a transparent shift in capital allocation. The majority of funding is transferring towards early stage startups, whereas late stage main investments have remained comparatively subdued, indicating a give attention to youthful corporations with excessive long-term progress potential.

Supporting this development, 58% of the 80 buyers surveyed by Inc42 for ‘Indian Startup Investor Survey, Q3 2025’ mentioned they really feel extra optimistic about early stage ventures. Most respondents mentioned they anticipate early stage startups to outperform different segments in 2026.

Accel India, A91 Companions, Bessemer Enterprise Companions, and 360 ONE Asset are among the many VC corporations that launched early stage funds this yr. 

Talking on the launch of its INR 500 Cr early-stage fund in Might, Abhishek Nag, senior fund supervisor and technique head at 360 ONE Asset, mentioned, “With our early stage technique, we intention to bridge the white house between India’s strong micro-VC ecosystem and the big world funds.”

In 2025, practically 60% of recent fund launches have been focused at seed and Collection A rounds. This emphasis on early stage offers mirrored within the investor sentiment. As per the survey, angel, pre-seed, and seed stage startups are anticipated to seize 58% of investments in 2026. 

Progress stage ventures are projected to account for 36%, whereas late stage and pre-IPO rounds are anticipated to stay marginal at round 3%. Buyers cited the high-growth potential of younger startups as a key driver, with backing extending past capital to mentorship, strategic steering, and market entry.

Latest fund launches spotlight this development. Rohit Bafna-led early stage accelerator 888VC launched its maiden INR 175 Cr ($19 Mn) alternate funding fund (AIF) to again startups in AI, deeptech, and sustainability. 

Earlier, early and progress stage targeted Atomic Capital closed its first fund at INR 400 Cr crore, whereas micro VC Zeropearl VC wrapped up its maiden fund at INR 159 Cr in September.

Knowledge from Q3 2025 exhibits a 7% YoY soar in distinctive investor rely to 676, with a sequential improve of 4.3% from the earlier quarter, suggesting continued investor curiosity in India’s startup ecosystem at the same time as broader funding traits average.

With that, listed here are the highest 10 funds of 2025 as per their fund measurement: 

Mumbai-based progress stage funding agency A91 Companions introduced the ultimate shut of its fund that has the very best corpus amongst all of the funds launched within the yr. 

The agency which counts Go Digit, Aye Finance, Sugar Cosmetics and Atomberg amongst its portfolio corporations closed its third fund at $665 Mn in April. 

With its third fund, A91 companions aimed to spend money on small and mid-sized corporations, together with sectors reminiscent of shopper, monetary providers, healthcare, manufacturing and know-how, Worldwide Finance Company (IFC) mentioned final month. 

For A91 Companions third fund, it mentioned that the fund is anticipating to take a position between $10 Mn and $50 Mn in 15 corporations.

Based in 2018, A91 Companions is an funding agency that focuses on India’s shopper, know-how, monetary providers, and healthcare sectors. 

US-based VC agency Accel raised $650 Mn for its eighth India fund initially of the yr. The agency mentioned that the capital was secured from 131 undisclosed buyers.

The Silicon Valley-based funding agency, which counts Moneyview, Flipkart, Swiggy and Moglix amongst its unicorn portfolio, beforehand raised $650 Mn in its commitments in the direction of the seventh fund, the Accel India VII, in March 2022. 

Accel first arrived in India in 2005, beginning with the Accel India Enterprise Capital Fund in 2008 value $10 Mn.

Multiples Alternate Asset Administration (Multiples) marked the ultimate shut of its $430 Mn continuation fund in one among India’s largest-ever portfolio transactions in personal fairness house in Might. 

In keeping with the agency, the deal was “oversubscribed” and was led by 4 world institutional buyers – HarbourVest Companions, Hamilton Lane, LGT Capital Companions and TPG NewQuest.

Based in 2009 by Renuka Ramnath, Multiples claims to manage over belongings beneath administration (AUM) value $3 Bn and has invested in about 35 personal corporations until date. 

It has backed the likes of ACKO, Delhivery, Dream Sports activities and MoEngage together with others. The PE agency goals to spend money on progress and late stage startups with a median ticket measurement between $15 and $50 Mn. 

VC agency Elevation Capital launched a late stage fund, Elevation Holdings, with a corpus of $400 Mn to again startups trying to go public in August.

The agency, which counts the likes of FirstCry, ixigo, Meesho, and Paytm in its portfolio, goals for long-term partnership with corporations which have the potential to carry out effectively within the public markets publish itemizing. 

It plans on backing 10 to fifteen startups that are eyeing a public itemizing within the subsequent 3 years. The ticket measurement is between $20 Mn to $50 Mn. The brand new fund has already made funding in used-car market Spinny. 

L Catterton’s India-focussed shopper fund marked its first shut at $200 Mn final month and plans on investing in mid-market shopper companies in India. 

The VC agency intends to mark the ultimate shut of the fund at $400 Mn, with an extra greenshoe choice of $200 Mn. 

It’s mentioned to have acquired commitments from World Financial institution’s Worldwide Finance Company (IFC) and a few purchasers of Kotak Personal, the personal banking and wealth administration division of Kotak Mahindra Financial institution. 

Whereas Sanjiv Mehta is at present the manager chairman of L Catterton of India, Anjana Sasidharan and Vikram Kumaraswamy are the co-heads of India arm operations. 

Healthcare-focussed HealthKois launched a $300 Mn fund in June to again early and growth-stage startups with an extra green-shoe choice of $100 Mn.

With the fund, the VC agency is focusing on investments in sectors like healthtech, life sciences, medtech, healthcare supply and local weather well being sectors. It goals to again 13 to 16 corporations with a median ticket measurement of $7-25 Mn.

Based in 2016, the VC agency operates two two funding automobiles specifically, HealthQuad Fund I and HealthQuad Fund II. It counts the likes of HealthifyMe, BeatO and Medikabazaar amongst its portfolio. 

US-based enterprise capital agency Bessemer Enterprise Companions closed its second India-focussed fund with a corpus of $350 Mn to assist early stage startups in March.

With the fund, the VC agency plans to spend money on startups throughout sectors like AI-enabled providers and SaaS, fintech, digital well being, shopper manufacturers and cybersecurity.  Vishal Gupta and Anant Vidur Puri, companions at Bessemer’s Bengaluru workplace, shall be on the helm of the funding technique and spend money on probably the most promising entrepreneurs, the agency mentioned.

Commenting on the brand new fund, Gupta informed Inc42, “Our preliminary investments are primarily on the early stage, and we allocate a portion of our funds to take part in follow-on rounds in our portfolio corporations as we proceed to assist them by way of their progress.”

Avendus’ Future Leaders Fund III (FLF III) marked its first shut in January, securing INR 850 Cr from main home household places of work and establishments. Registered as a category-II AIF with SEBI, the fund targets INR 1,500 Cr, with an extra inexperienced shoe of INR 1,500 Cr. 

FLF III plans 12–14 investments in sectors together with monetary providers, healthcare, know-how, shopper items, and manufacturing, with common ticket sizes of INR 150–300 Cr. 

Following the success of FLF I and II—which backed corporations like Lenskart, Juspay, and SBI Normal Insurance coverage—the fund is finalising its first healthcare funding, persevering with its technique of backing high-growth, market-leading companies.

Healthcare-focused personal fairness agency Quadria Group launched HealthQuad Fund III with a goal corpus of $300 Mn together with a $100 Mn inexperienced shoe choice in June.

HealthQuad was launched in 2016 as a separate funding car inside Quadria to give attention to early-growth healthcare improvements. 

The fund will again 13-15 startups working within the healthtech sector, together with AI- primarily based healthcare fashions, digital therapeutics , ambulatory care fashions, enterprise SaaS fashions and level of care gadgets, amongst others, HealthQuad founder and funding committee member Sunil Thakur informed Inc42.

“HealthQuad Fund III will predominantly spend money on India, with small discretionary allocation to Southeast Asia,” Thakur mentioned. 

Pre-IPO funding alternative focussed Bharat Worth Fund (BVF) introduced the primary shut of its third funding fund at INR 1,250 Cr (round $144 Mn) in January. 

The fund, with a goal corpus of INR 2,500 Cr (round $289 Mn), features a greenshoe choice of INR 1,000 Cr and is anticipated to be closed by mid this yr.

The fund is being managed by The Wealth Firm Pvt Ltd. It claims to have marked the primary shut of its third fund inside 45 days whereas constructing on its fund elevating trajectory.

BVF goals to allocate the raised capital throughout varied sectors and in addition plans to spend money on resilient and asset backed companies.

Via BVF, the fund will goal mid-market, high-growth enterprises with revenues between INR 300 Cr and INR 1,000 Cr, the assertion added.

[Edited by Akshit Pushkarna]