This page is Kalpway’s record of the Indian startup funding rounds we reported in 2025: 3 rounds, 3 of them with a disclosed amount, plus 1 related deal that was not a startup funding round. It replaces our individual reports from that period, which now redirect here.
What this is not. It is not a complete count of Indian startup funding for the period. It records what Kalpway covered, which is a subset of the market. Anyone publishing a market total owes you a definition of what they counted; ours is at the foot of this page.
Correction: a round that should not have been here
Corrected 11 October 2026. This register originally listed a $28.6 million Series A by Maki, carried over from a Kalpway report of 17 January 2025. Maki — formally Maki People — is headquartered in Paris, France, and was founded there in 2021. It is not an Indian startup, and the round should never have appeared in Kalpway’s Indian funding coverage.
The round itself was real: $28.6 million led by Blossom Capital, with DST Global and existing investors Frst, GFC and Picus Capital, announced on 15 January 2025. What was wrong was treating it as Indian. The company’s chief executive was relocating to New York to open a US office at the time, which is the likeliest source of the original error.
The row has been removed from the table below and the 2025 round count reduced from four to three. We are recording the correction here rather than deleting the evidence of it.
The rounds
Amounts appear exactly as reported at the time, in the currency the original announcement used. Oldest first.
| Reported | Company | Amount | Stage | Lead investor | Sector |
|---|---|---|---|---|---|
| 2025-11-27 | Tijori Finance | $5 million / approx. Rs 45 crore | — | Zerodha | Stock analytics data intelligence |
| 2025-11-29 | Ripplr | $45 million / roughly Rs 400-410 crore | Series C | SBI | Distribution-as-a-service supply chain |
| 2025-12-02 | Finfactor | $15 million | Series A | WestBridge Capital | Open finance account aggregation |
Where the original reports need a caveat
Re-reading this archive turned up figures the original coverage hedged, or that do not add up. We are leaving them visible rather than quietly tidying them away:
- Tijori Finance (2025-11-27): Rupee figure approximate; launch year hedged as 2016/2017
- Ripplr (2025-11-29): Reported $30-32M primary plus $10M secondary does not sum to $45M; $230-250M valuation
- Finfactor (2025-12-02): Prior $2.5M raise July 2022 noted; no cumulative total given
Related deals that were not startup funding rounds
These were filed under funding news at the time. They are different kinds of event, and counting them as venture rounds would inflate any total.
| Reported | Company | What it was | Amount | Detail |
|---|---|---|---|---|
| 2025-12-02 | Wakefit | Financial results | Not disclosed | H1 FY26: Rs 724cr revenue, Rs 35.5cr PAT; RHP filed, Rs 377.2cr fresh issue |
Method, and why there is no total
What is counted. Every round Kalpway published a report on during 2025, one row per company. Where a single report covered several companies, each company gets its own row.
What is not counted. Rounds we did not cover. Acquisitions, IPO steps, listed-company placements, VC fund closes and results announcements are listed separately and excluded from the round count.
Why there is no aggregate figure. These amounts mix dollars and rupees, reported on different dates at different exchange rates, and several are hedged in the original source. Adding them would produce a number we could not defend if you asked how we arrived at it. A total you cannot check is worse than no total.
Verification status. Every figure is as reported at the time of our original coverage. These rows have not been re-verified against company filings or announcements, and some of the originals relied on secondary reporting. Treat this as a record of what was reported, not as confirmed transaction data. Our data methodology explains the labels we use.
This register consolidates 5 individual Kalpway reports from 2025, one of which has been withdrawn — see the correction above. The original articles redirect here. Compiled 11 October 2026.
For current coverage, see Kalpway Funding News. For how the process works, read our guide to how startup funding works in India.
