Indian Startups November Funding Insights

After a consistent October that marked the second highest funded month of the year, Indian startups struggled to reach the $1 billion target in November, as there were no significant funding rounds. MoEngage’s $100 million raise stood out as the sole notable figure, while most of the funding activities involved smaller amounts. This month, however, gained attention for a different reason, with companies like Lenskart, Groww, PhysicsWallah, Pine Labs, and Capillary Technologies making their market debuts, thus shifting the conversation towards startup listings.

According to data collected from various sources, Indian startups collectively secured $969 million across 108 deals in November. Of this, growth and late-stage funding made up $695 million from 26 deals, whereas early-stage funding consisted of $274 million from 74 deals. Additionally, 8 rounds of funding did not disclose their amounts.

Month-over-Month and Year-over-Year Trends

November concluded with $969 million in funding. In comparison, October had generated $1.73 billion, positioning it as the second highest month of the year, following January’s $1.76 billion. Over the first 11 months of 2025, Indian startups managed to surpass the $1 billion monthly mark on five occasions. Comparing year-on-year, November 2025 was nearly identical to November 2024, which recorded $970 million.

Top 10 Growth-Stage Deals

The growth-stage funding landscape in November was led by MoEngage with a $100 million Series F round. Following closely were Finnable, Candi Solar, and Yubi Group, whose deals ranged from $58.5 million to $46.3 million. The list was completed by Ripplr, Spacewood, Ace International, Square Yards, AgroStar, and Isprava Group, with funding between $45 million and $28.4 million. This indicated activity across various sectors including fintech, cleantech, supply chain, proptech, and agritech.

Top 10 Early-Stage Deals

Early-stage funding highlighted Giga, which acquired $61 million in a Series A round. Tetr College, Pidge, and 3ev Industries followed suit with deals ranging from $18 million to $13 million, covering areas such as edtech, logistics, and electric mobility. Brandworks Technologies, Redrob, Zinit, MindTalk, Pibit AI, and Mirana Toys rounded off the top ten list with funding between $11 million and $7 million.

Mergers and Acquisitions

November witnessed a mix of strategic and capability-driven acquisitions across the startup ecosystem. Zupee brought Nucanon on board to strengthen its technology offerings, while PB Health and Unnati Agri acquired Fitterfly and Gramophone to enhance their positions in healthtech and agritech. Spinny aimed to acquire GoMechanic as part of its mobility expansion efforts. AI and software companies were also proactive, with VideoDB, Icertis, and Xoriant acquiring specialized teams and products through smaller transactions. Vyapar and Black Gold Recycling also engaged in selective acquisitions aimed at bolstering their operations and product lines.

City and Segment-wise Deals

In terms of funding by city, Bengaluru dominated with 45 deals amounting to $446.53 million, representing 46.07% of the total. Delhi NCR followed with 20 deals worth $178.77 million, contributing 18.45%. Mumbai also recorded 20 deals, raising $144.17 million, which made up 14.88%. Pune saw 6 deals totalling $43.26 million or 4.46%, while Chennai recorded 3 deals with $75.30 million, accounting for 7.77% of the overall funding.

Segment-wise, fintech led with $202.57 million from 13 deals, making up 20.90% of the total funding. AI was next, attracting $104.49 million from 13 deals, accounting for 10.78%. E-commerce recorded 14 deals worth $90.75 million, representing 9.36%. Funding in food and beverage reached $39 million across 5 deals, while healthtech saw $31.80 million through 8 deals, constituting 3.28% of the funding raised that month.

Series-wise Deals

Series A rounds topped the month with $186.48 million from 16 deals, contributing 19.24% of the total capital. Seed stage companies closed 34 deals valued at $69.30 million or 7.15%. Pre-Series A startups garnered $25.27 million from 12 deals, while Pre-seed firms raised $9.98 million through 11 deals. Undisclosed rounds added $75.10 million, making up 7.75% of the overall funding for November.

Layoffs, Shutdowns, Departures and Key Hires

November marked one of the more impactful months, with Porter and Junglee Games collectively terminating approximately 650-700 employees. The agritech startup BharatAgri ceased operations, citing various challenges. In total, the month registered six startup exits and over 24 significant executive appointments. Further details are available here.

Trends

IPO momentum increases as more startups aim to go public: Following four notable listings in November, late-stage startups are increasingly considering public markets for liquidity. December is anticipated to bring new debuts from Meesho, Wakefit, Aequs, and others.

Debt funding rises to 23% in November: Debt has emerged as a substantial source of capital in November, making up 23% of total funding. With equity rounds being more selective, a growing number of startups have turned to venture debt and credit-based instruments to sustain their operations and financial stability.

Proposed CarTrade–CarDekho deal called off: CarTrade Tech and CarDekho have mutually decided to cancel their proposed acquisition discussions. This development indicates a slowdown in large-scale consolidation within the auto-tech sector.