India’s technology companies raised $10.3 billion in the first nine months (9M) of 2026, up 7% from $9.7 billion during the same period last year, even as the number of funding rounds fell 38% to 1,134, according to the India Tech 9M 2026 Report by Tracxn Technologies.
The total funding was also 3% higher than the $10 billion raised in the first nine months of 2024. The report covers equity funding, exits and unicorn activity in India’s technology ecosystem from January 1 to September 21, 2026.
The fall in deal volumes came as funding shifted towards larger transactions. India recorded 18 funding rounds of $100 million or more during the period. The largest 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.
Funding patterns varied across stages. Seed funding declined 37% to $698 million, while early-stage funding increased 27% to $4.2 billion. Late-stage funding remained broadly stable at $5.4 billion.
The number of first-time funded companies also fell 30% to 338, while Series A and later rounds declined 23% to 409.
Enterprise Infrastructure recorded the fastest growth among sectors, with funding rising 436% to $1.6 billion from $292 million a year earlier. Enterprise Applications funding increased 49% to $3.5 billion, while FinTech funding rose 13% to $2.2 billion.
AI Infrastructure was the most-funded business segment, receiving $1.2 billion. It was followed by Digital Lending at $799 million and Payments at $773 million.
India added six new unicorns in 9M 2026, compared with four during the same period in 2025. New unicorns raised an average of $101 million before their unicorn round, compared with $205 million in 9M 2025.
The average time taken to reach unicorn status from Series A also fell to 4.9 years from 6.6 years.
India recorded 29 IPOs in the first nine months of 2026, unchanged from the previous two years. There were 91 acquisitions, down from 131 a year earlier.
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 during the period.
The average time from first funding to an 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 largest funding hub, accounting for 43% of total funding at $4.4 billion. Mumbai followed with $1.8 billion, while Gurugram raised $1.6 billion, with its share doubling to 16% from 8% a year earlier. Noida and Delhi accounted for $660 million and $446 million, respectively.