India’s technology ecosystem attracted $10.3 billion in funding during the first 9 months of 2026, marking a 7% increase from $9.7 billion in the same period last year. However, the number of funding rounds dropped 38% to 1,134, according to the India Tech 9M 2026 Report by Tracxn Technologies.
The funding was also 3% higher than the $10 billion raised in 9M 2024. The report covers equity funding, exits and unicorn activity from January 1 to September 21, 2026.
The decline in deal volumes was driven by a shift towards larger transactions. India recorded 18 funding rounds worth $100 million or more. These included Nxtra’s $1 billion private-equity round for data-centre expansion, Neysa’s $600 million Series B and CRED’s $540 million Series H.
Seed funding fell 37% to $698 million, while early-stage funding rose 27% to $4.2 billion. Late-stage funding remained broadly stable at $5.4 billion. First-time funded companies declined 30% to 338, while Series A and later rounds fell 23% to 409.
Enterprise Infrastructure recorded the fastest sector growth, with funding jumping 436% to $1.6 billion from $292 million. Enterprise Applications funding rose 49% to $3.5 billion, while FinTech funding increased 13% to $2.2 billion.
AI Infrastructure led funding among business segments at $1.2 billion, followed by Digital Lending at $799 million and Payments at $773 million.
India added 6 new unicorns in 9M 2026, compared with 4 in 9M 2025. New unicorns raised an average of $101 million before their unicorn round, down from $205 million in 9M 2025. The average time to reach unicorn status from Series A also fell to 4.9 years from 6.6 years.
India recorded 29 IPOs, unchanged from the previous 2 years, while acquisitions declined to 91 from 131. Fractal Analytics led the IPOs with a $1.7 billion market capitalisation, followed by Molbio Diagnostics at $973 million and Amagi at $858 million. Shiprocket also listed.
The average time from first funding to IPO fell to 8.5 years from 13.7 years, while the average time to acquisition declined to 6.9 years from 14.7 years.
Bengaluru remained the top funding hub with $4.4 billion, or 43% of total funding. Mumbai raised $1.8 billion and Gurugram $1.6 billion, with its share doubling to 16% from 8%. Noida and Delhi raised $660 million and $446 million, respectively.
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