Early-stage activity drove the month, accounting for 73.6 per cent of total investments, while seed-stage rounds contributed the remaining 26.4 per cent.
India’s pharma and healthcare funding for November 2025 closed at $38.6 million across 10 rounds, marking a steep 71.14 per cent drop from October.
Despite the monthly decline, funding still rose 34.22 per cent compared with November 2024, offering a marginal year-on-year uptick.
Early-stage activity drove the month, accounting for 73.6 per cent of total investments, while seed-stage rounds contributed the remaining 26.4 per cent. No late-stage or growth-stage transactions were recorded.
Among major deals, Pandorum led the month with a $10.0 million raise, followed by Mindtalk at $7.3 million. ImmunitoAI secured $6.1 million, while HRS Navigation and Morphie closed $5.0 million each.
Investor participation remained selective. Inflexor backed a round for Morphie, Gujarat Venture Finance invested in HRS Navigation, and Rainmatter supported a round for Praan.
With funding levels falling more than 71 per cent month-over-month, November emerged as one of the slowest months this year, underscoring continued caution in India’s healthcare investment cycle.
