Year in review: Late-stage deals hushed by loud IPO buzz

India’s late-stage startup funding slipped in 2025 compared to last year as a busy IPO calendar squeezed private market transactions for companies.Total capital flowing via private rounds from Series C to Series F and beyond, fell to $3.5 billion as of December 1 this year from $4.03 billion in 2024, after reaching $3.4 billion the year before, according to data from Venture Intelligence.

The decline in late-stage funding comes at a time when several new-age, venture-backed companies including Lenskart, Groww, PhysicsWallah and Ather Energy made…