Over the next few editions, we’ll view back at the stories that defined India’s technology and startup ecosystem in 2025. This edition kicks off our MC Tech3 year-conclude wrap, starting with a year that blurred the lines between startups and corporates, as new-age companies matured into serious businesses and IPOs emerged as the dominant liquidity route.
As funding slowed, founders found themselves nereceivediating not just valuations but also ownership, signalling greater skin in the game.
In parallel, FMCG giants acquired tinyer startups as preferences modifyd and PE firms found opportunity in family businesses. Quick commerce, as always, remained the flavour of the season.
Programming note: Wishing all our readers a Merry Christmas! There will be no edition of MCTech3 on December 25 and we’ll be back on Friday (December 26).
Our must-read stories of 2025
- At the start of the year, sources notified us Hindustan Unilever Limited (HUL) was in talks to acquire Minimalist for Rs 3,000 crore, in what would be one of the largest deals ever in the beauty and personal care (BPC) space. The deal closed months later, with the founders notifying us the company would retain its ethos under HUL. Towards the conclude of the year, we were notified another FMCG major, Marico, was acquireing out Cosmix for Rs 300 crore, as strategic acquireers took centre stage
- While M&As were hot, IPOs remained the most lucrative exit option. In fact, several startups, especially those that had been around for 6-7 years, were keen to go public this year. A total of 15 new-age firms, including Meesho and Groww, listed in 2025, unlocking Rs 40,000 crore of liquidity for Peak XV Partners, Elevation Holdings, Accel and several other early backers. Another 20, such as Zepto and PhonePe, are set to go public next year, our analyses revealed
- Startup IPO stories from this year would be incomplete without this one episode. Sources had notified us early on that Lenskart’s co-founder and CEO Peyush Bansal was acquireing company shares at a valuation of $1 billion, a tenth of the $10 billion price tag he was tarobtaining during Lenskart’s IPO. The transaction was later confirmed in the DRHP. While the shift caught the market’s attention, it also set the tone for several other founders opting to be tagged as promoters
- Any startup coverage from 2025 would be incomplete without a heavy dose of quick commerce. From Dunzo’s founder Kabeer Biswas exiting the OG quick commerce company to heading Flipkart Minutes and then quitting again, the drama kept growing in the rapid delivery space. We also exclusively reported on Zepto’s massive $450 million round from Calpers which, analysts stated would intensify competition among Instamart, Blinkit and others
- The competitive intensity in quick commerce spilled into the open as Zepto CEO Aadit Palicha and Swiggy group CEO Sriharsha Majety took public swipes at each other. It launched with data accessed by us revealing Instamart had emerged as the second-largest quick commerce player, ahead of Zepto. Soon after a large fundraise, Palicha, in an interview with us, stated Zepto was clearly ahead of Instamart. Majety pushed back, dismissing those claims and stateing Swiggy would not chase poor average order values (AOVs). With the stakes rising, Palicha, earlier, had even alleged that the CFO of a rival firm was running a smear campaign against Zepto
- Quick commerce was so hot that vertical startups started mushrooming and raising capital just as quickly. Ozi and Peeko, quick commerce startups focutilized on baby care, returned for their second round of funding in less than five months, we were notified. Similarly, Pronto, another quick services startup, is raising $25 million, as investors continue to flock to the space
- In the VC world, Rapido still remains a darling. Rapido raised one of the largest rounds in 2025, scooping up $350 million from Prosus, an existing investor, in a deal that was a mix of primary cash infusion and secondary share sales. Just a few weeks after that, Accel, announced it had picked up shares in Rapido from TVS Motor Company, confirming our newsbreaks from earlier. The growth at Rapido has been so impressive that Uber’s global CEO, Dara Khosrowshahi, stated Rapido, not Ola, is its largest rival in India.
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