India, Feb. 5 -- For nearly two decades, India's startup story has centred around three cities - Bengaluru, Delhi NCR, and Mumbai - which have concentrated most of the country's capital, talent, and ambition.

Together, they attracted the bulk of venture funding and became default launchpads for founders. In fact, according to Inc42's Annual Indian Startup Trends Report 2025, Delhi leads the Indian ecosystem in producing the most listed technology startups.

But, realities are changing now. Funding activity in the Mumbai & Delhi NCR regions slowed, with investments either falling or staying flat. Not just this, regions like Hyderabad, Pune and Jaipur are being seen as the upcoming startup hubs.

According to Inc42's investor survey, 2025,...