Indian start-ups secure $1.65B funding in February—up 20% from January
What's the story
Indian start-ups collectively raised $1.65 billion in February 2025, according to data from Tracxn.
This is a significant 19.5% increase from the total funding of $1.38 billion raised in January 2025.
However, it is a decline compared to the $2.06 billion raised in February 2024 on a year-on-year basis.
The median valuation during February 2025 stood at $83.2 million.
City highlights
Bengaluru and Mumbai emerge as top funding cities
Bengaluru, aka India's start-up capital, attracted $353 million with a median round size of $2 million.
Mumbai also made its mark, securing a total funding of $102 million but with a higher median round size of $5 million.
These two cities continue to lead the way in India's vibrant start-up ecosystem.
Top fundraisers
Oxyzo and Udaan lead February funding rounds
Fintech firm Oxyzo led the funding pack in February by raising ₹100 crore in conventional debt.
Close on its heels was online B2B platform Udaan, which closed a Series G equity funding round of $75 million led by M&G Plc.
Other notable fundraisers for the month included SpotDraft, Cashfree Payments, Zeta, and Geniemode among others.
Acquisitions
February 2025 sees notable business acquisitions
February 2025 also saw some major business acquisitions. Head Digital Works acquired Adda52 parent Deltatech Gaming for ₹491 crore.
Bengaluru-based SaaS firm Perfios took over fraud detection platform Clari5, while Motilal Oswal Alternate Investment Advisors secured a majority stake in Megafine Pharma for ₹460 crore.
A total of 16 IPOs were listed in February 2025, with a median market capitalization of $26.5 million. Some of the notable listings included Hexaware, AJAX, Ken India, Dr. Agarwal's Eye Hospital and Royal Arc.