【贝恩IVCA】2025年印度私募股权市场分析报告_56页_8mb

India Private Equity and Venture Capital Report 2025: Summary

Overview

India's PE-VC market rebounded in 2024 after two years of contraction, with investments totaling ~$43 billion, a ~9% increase year-over-year. The rebound was driven primarily by VC and growth investments, which rose ~40% to ~$14 billion, while PE dealmaking held steady at ~$29 billion. India solidified its position as the Asia-Pacific region's second-largest PE-VC destination, accounting for ~20% of total investment, driven by growing investor confidence in macroeconomic stability.

Deal Activity

• VC Growth: Deal volumes surged from 880 in 2023 to 1,270 in 2024, with consumer tech funding increasing ~2x to ~$6 billion.
• PE Stability: Despite subdued deal closures due to valuation mismatches, PE investments remained steady amid buoyant public markets.
• Buyout Focus: Buyouts rose to ~51% of PE deal value, with funds acquiring controlling stakes in high-quality assets across IT/ITeS, healthcare, and infrastructure sectors.

Fundraising

India remains a priority for PE-VC fundraising, with domestic funds raising record capital (e.g., ChrysCapital's $2.1 billion fund) and global investors increasing commitments. However, competition intensified, with the number of active funds growing ~65% since 2016, and limited partners prioritizing past performance for follow-on funding.

Sector Focus

Key sectors included real estate/infrastructure (largest sector, ~16% share), IT/ITeS (~300% growth), financial services (~25% growth), and healthcare (~80% deal volume growth). Real estate and infrastructure saw a ~70% deal value surge, led by the American Tower India deal. Healthcare investments were driven by medtech and pharma CDMOs.

Exit Trends

Exit activity jumped ~16% to ~$33 billion, with public markets shining (~59% of exit value). IPOs surged ~2.2x to ~$4 billion, and public market sales (block/bulk trades) grew 20%. Sectors like financial services and healthcare dominated exits.

2025 Outlook

The outlook is cautiously optimistic, supported by robust GDP growth, cooling inflation, and favorable policies, but risks include global trade tensions and rupee depreciation. Key focus areas for 2025 include financial services, healthcare, consumer/retail, and real estate. Aging assets and public market corrections are expected to accelerate deal closures.

Challenges

• Increasing competition from global funds and higher LP expectations for performance.
• Global uncertainties, such as US tariffs and continued rupee depreciation, may temper investment momentum.
• Sector-specific risks, including regulatory changes and market saturation in certain areas.

Sources: Based on Bain & Company's analysis from the report, with data from sources like Preqin, PitchBook, and market interviews.