India’s startup funding market may have seen fewer deals this year, but the money is still flowing disproportionately to Bengaluru.
Startups in the city raised $4.4 billion in the first nine months of 2026, nearly as much as the $4.8 billion raised by Mumbai, Gurugram, Noida, Delhi and Hyderabad combined, according to Tracxn’s India Tech - 9M 2026 Report , as reported by the Times of India .
The data, covering funding between January 1 and September 21, shows Bengaluru continuing to dominate India’s startup funding map even as the overall number of funding rounds has fallen.
Bengaluru accounted for 43% of India’s tech funding in 9M 2026, up from 38% in the same period last year. Funding in the city rose 22% from $3.6 billion in 9M 2025, the Times of India reported.
The city also raised more than the next three funding centres combined. Mumbai attracted $1.8 billion, Gurugram $1.6 billion and Noida $660 million during the period.
Fewer deals, bigger cheques
The broader funding market tells a different story. India recorded 1,134 funding rounds in the first nine months of 2026, down sharply from 1,838 in the year-ago period.
Yet total funding increased to $10.3 billion from $9.7 billion, according to the Tracxn data cited by the Times of India .
The divergence suggests that while startups are raising money through fewer transactions, larger rounds are lifting the overall funding pool.
Bengaluru was a major beneficiary of that trend. CRED raised $540 million, while Rapido and Sarvam raised $240 million and $234 million, respectively. KreditBee raised $220 million, followed by udaan at $160 million and Emergent at $130 million.
Rideriver, Slice, Navi and Pixxel also raised at least $100 million each during the period.
Gurugram catches up
Mumbai remained the second-largest funding hub, raising $1.8 billion compared with $1.6 billion a year earlier. Its share of India's tech funding rose to 18% from 16%.
Neysa's $600 million Series B was Mumbai's biggest round, followed by Yotta's $150 million and Weaver's $103 million, the Times of India reported.
Gurugram, however, recorded the sharpest jump among the major centres. Funding more than doubled to $1.6 billion from $741 million, taking its share to 16% from 8%.
A large part of that increase came from Nxtra's $1 billion private-equity round. Hygenco also raised $105 million.
Delhi loses ground, Hyderabad gains
Noida raised $660 million, slightly below the $693 million it attracted in 9M 2025.
Delhi saw a much steeper decline. Funding fell to $446 million from $1.4 billion, while its share of the country's funding dropped to 4% from 15%.
Hyderabad moved in the opposite direction, with funding rising to $298 million from $202 million.
Pune's funding fell to $184 million from $448 million, while Chennai remained flat at $181 million. Ahmedabad saw funding decline to $64.9 million from $135 million.
The city-wise numbers show that India's startup funding market remains concentrated around a few established hubs. Bengaluru alone accounted for more than two-fifths of the funding raised across the country's top 10 startup centres in the first nine months of 2026, according to the Tracxn data cited by the Times of India .
