New Delhi, June 16 -- India's mid-stage edtech startups are finding no takers. Once the darlings of investors in 2021, Indian edtech firms-especially in the series A to C stages-are now struggling to raise fresh funds or secure strategic buyers, Mint has learnt.

Startups at these stages recorded just three deals totalling $9 million so far in 2025-a staggering drop from $852 million across 50 deals in 2021-according to data provider Venture Intelligence, on the back of slowing demand for online learning and adjacent edtech models post-pandemic.

As venture capital dries up, many of these companies are increasingly turning to larger peers for potential mergers or acquisitions to survive and scale. "We're witnessing a surge in M&A interest...