Enterprise Applications accounted for the largest share of acquisitions, led by demand for cloud and AI solutions. Bengaluru was the busiest hub with 35 deals, ahead of Mumbai with 19, Gurugram with 11, and Delhi with 9. Peak XV Partners and Elevation Capital were among the most active investors in exit deals, leading 14 and 8 rounds respectively.
IPO activity remained robust, with 26 companies going public during this period. Notable listings included Urban, DevX, BlueStone, and iCodex. Real Estate and Construction Tech, along with Enterprise Applications, accounted for six IPOs each, while Energy Tech contributed five, underscoring rising demand for clean energy solutions. Investors such as Accel, Hero MotoCorp, and Saama Capital were active participants, recording 12, 8, and 8 IPO exits respectively.
India also saw the creation of four new unicorns in 9M 2025, compared with five in 2024 and one in 2023. The countest now counts 122 unicorns in total, of which 22 have already exited through IPOs or acquisitions, signaling greater maturity in the ecosystem. Bengaluru continues to dominate with 53 unicorns, followed by Gurugram with 20 and Mumbai with 18. Retail and Enterprise Applications have emerged as the leading unicorn sectors by cumulative equity funding, raising $34.9 billion and $18.9 billion respectively. On the profitability front, Zerodha stood out with $1.2 billion in revenue and $663 million in profit in FY 2023–24, the Tracxn report declared.
Bengaluru startups accounted for the largest share of funding at 31 percent, with Delhi following at 18 percent. LetsVenture, AngelList, and Accel were named as the top all-time investors. Inflection Point Ventures, Venture Catalysts, and Antler dominated seed-stage deals, while Peak XV Partners, Vertex Ventures, and Accel led early-stage activity. At the late stage, Premji Invest, Sofina, and SoftBank Vision Fund emerged as the most active investors, reveals the report.
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