IPO Rush Steals the Spotlight as Startup Funding Slips to $969 Mn in November

November turned out to be a month of contrasts for India’s startup ecosystem. Even as stock exchanges buzzed with ringing bells and celebratory debuts, venture funding quietly softened, slipping below the billion-dollar mark. The slowdown came right after a strong October—one of the best months of the year—yet the market mood remained anything but dull.

The real action shifted from private markets to public ones. With Lenskart, Groww, PhysicsWallah, Pine Labs and Capillary Technologies finally making their long-awaited entries into the public markets, the conversation in November was less about who raised how much and more about who was listing next. For the first time in recent years, IPO momentum overshadowed venture capital.

But beneath that excitement, the funding numbers told a more measured story.

Funding Falls to $969 Mn, Misses the Billion-Dollar Threshold

According to data compiled by TheKredible, Indian startups raised $969 million across 108 deals in November 2025.

A closer look at the distribution shows:

• Growth & Late-Stage Funding: $695 million from 26 deals

• Early-Stage Funding: $274 million from 74 deals

• Undisclosed rounds: 8 deals

The dip becomes clearer when compared month-on-month.
October saw $1.73 billion, making it the second-highest funded month of the year after January’s $1.76 billion.

Interestingly, on a year-on-year comparison, the numbers remained steady:
November 2024 recorded $970 million—nearly identical to November 2025.

MoEngage Leads the Growth-Stage Roster

Only one company managed to break into the nine-figure range in November: MoEngage, with its $100 million Series F round, which became the month’s headline deal.

The rest of the growth-stage landscape remained moderate. The top deals included:

• Finnable – $58.5 million

• Candi Solar – $47.7 million

• Yubi Group – $46.3 million

• Ripplr – $45 million

• Spacewood – $43.6 million

• Ace International – $40.8 million

• Square Yards – $36.1 million

• AgroStar – $33.2 million

• Isprava Group – $28.4 million

Even though the cheque sizes were smaller compared to previous months, the mix of fintech, cleantech, supply chain, proptech and agritech reaffirmed investor confidence across diverse sectors.

Early-Stage Funding Stays Resilient

While the late-stage curve softened, early-stage activity stayed healthy. Startups at the seed and Series A level continued to attract investor attention.

The largest early-stage deal came from:

• Giga, which raised $61 million in its Series A round

Other notable early-stage raises included:

• Tetr College – $18 million

• Pidge – $16 million

• 3ev Industries – $13 million

• Brandworks Technologies – $11 million

• Redrob – $10.2 million

• Zinit – $9.25 million

• MindTalk – $8.2 million

• Pibit AI – $7.6 million

• Mirana Toys – $7 million

The spread reflected strong interest in AI, edtech, logistics, deeptech, consumer brands and mobility.

M&A Activity Driven by Strategy, Not Scale

November saw several acquisitions—many of them strategic rather than large-scale consolidation moves.

Key transactions included:

• Zupee acquiring Nucanon to augment its technology stack

• PB Health buying Fitterfly, strengthening capabilities in healthtech

• Unnati Agri acquiring Gramophone, enhancing its agritech footprint

• Spinny progressing toward acquiring GoMechanic, signalling a bigger mobility play

• VideoDB, Icertis, and Xoriant making capability-led acquisitions in AI and software

• Vyapar and Black Gold Recycling completing selective buys for product and operational expansion

The pattern made one thing clear: startups are focusing on targeted capabilities instead of large consolidation bets.

Bengaluru Dominates, Fintech Leads Sector-Wise Funding

Bengaluru maintained a clear lead as India’s startup capital.

City-wise funding in November:

• Bengaluru: 45 deals | $446.53M | 46.07%

• Delhi NCR: 20 deals | $178.77M | 18.45%

• Mumbai: 20 deals | $144.17M | 14.88%

• Pune: 6 deals | $43.26M | 4.46%

• Chennai: 3 deals | $75.30M | 7.77%

Sector-wise funding:

• Fintech: $202.57M (20.90%)

• AI: $104.49M (10.78%)

• E-commerce: $90.75M (9.36%)

• F&B: $39M

• Healthtech: $31.80M

Fintech bounced back to take the top slot, while AI continued to show meaningful traction.

Series A Takes the Lead; Seeds Stay Active

Funding by stage showed a clear tilt toward early-stage momentum:

• Series A: $186.48 million across 16 deals (19.24%)

• Seed: 34 deals totalling $69.30 million

• Pre-Series A: $25.27 million across 12 deals

• Pre-seed: $9.98 million from 11 deals

• Undisclosed rounds: $75.10 million

Series A remained the level where investor conviction was strongest, even as larger rounds stayed selective.

Layoffs, Shutdowns and Leadership Changes Add to a Mixed Month

Despite the IPO excitement, November also delivered some difficult news:

• Porter and Junglee Games together laid off 650–700 employees

• BharatAgri shut operations, citing internal challenges

• Six startup exits were recorded

• More than 24 major CXO appointments were made across the ecosystem

The developments signalled ongoing recalibration within companies focusing on profitability and efficiency.

Three Trends Defined November

1. IPO Momentum Accelerates

With five notable listings in the month and more expected in December—including Meesho, Wakefit and Aequs—public markets have emerged as a strong liquidity pathway for late-stage startups.

2. Debt Funding Rises to 23%

Debt accounted for nearly a quarter of November’s total funding, highlighting how startups are turning to venture debt and credit lines to extend runway without heavy dilution.

3. CarTrade–CarDekho Deal Called Off

The proposed acquisition between CarTrade Tech and CarDekho was mutually shelved, marking a pause in large auto-tech consolidation discussions.

November 2025 may not have delivered billion-dollar funding, but it offered something more telling—a view of an ecosystem in transition. As startups walk toward public markets, debt becomes more mainstream, and M&A leans toward strategic capability building, India’s startup story is entering a new phase.

It is no longer just about how much capital is being raised. It’s about how companies are maturing, where they are heading, and what they are preparing for next.