India’s edtech startup ecosystem has grown over the past decade, driven by rising demand for online learning and a gradual shift toward digital education. Per Datalabs, more than 5,600 edtech startups founded by over 5,300 founders have raised upwards of $11 Bn cumulatively between 2014 and 2024, with 146 acquisitions as capital and users concentrate around fewer platforms. Bengaluru accounts for $6.9 Bn of that capital, ahead of Mumbai at $2.6 Bn and Delhi NCR at over $1.1 Bn.
The recent trend is the sharper story. Edtech funding fell to $249 Mn in 2025, an eight-year low and a 56% drop year-on-year, across just 31 deals, down from 48 in 2024. That sits well below the $568 Mn raised in 2024, which had itself nearly doubled 2023’s $283 Mn, and far below the 172 deals recorded at the 2021 peak. Capital now flows selectively into test prep and online certification rather than K-12; certification platforms drew $216 Mn and test prep $212 Mn in 2024, while K-12 took just 9.4% of that year’s funding. K-12 still accounts for more than half of all edtech capital raised over the decade, so the cumulative leader and the 2024 laggard are the same segment seen at two points in its cycle.
BYJU’S remains the most-funded Indian startup in the category at $6.3 Bn, followed by Eruditus ($1.24 Bn) and FSTC ($1.05 Bn), yet the ecosystem has produced only one public listing to date, PhysicsWallah. This ranking orders the top 30 companies by total funding raised, per Datalabs, topped by BYJU’S ($6.3 Bn), Eruditus ($1.24 Bn), FSTC ($1.05 Bn), Unacademy ($838.5 Mn) and upGrad ($766.91 Mn).
