India’s VC fundraising machine roared back in 2025, clocking a record $12.1 billion across 81 new funds—a 39% surge from 2024’s $8.7 billion. This capital deluge, fueled by 15 blockbuster IPOs that minted $1.7 billion in VC gains, signals a maturing ecosystem where exits are recycling liquidity faster than ever. Yet, with fintech snagging 16% …