India Private Equity Report 2018 (Bain & Company)

Summary

• India's real GDP growth remained stable at 7.1% in FY 2017, primarily driven by growth in services and manufacturing.p.5
• Total private equity deal value in India reached $26.4 billion in 2017 across 682 deals, representing the highest investment value in a decade.p.8
• India-focused fund-raising grew by 48% in aggregate to $5.7 billion in funds raised during 2017.p.7
• Dry powder carried by India-focused private equity funds remained steady at approximately $9 billion.p.7

Key insights

1. The top 15 private equity deals in India accounted for almost 50% of the total deal value in 2017.p.8
2. Consumer technology and BFSI were the main investment sectors, together representing more than 50% of total deal value in 2017.p.8
3. India's median EV/EBITDA multiple on M&A transactions reached 12.8 times in 2017, surpassing the Asia-Pacific median of 11.5 times.p.8
4. Sovereign wealth funds and pension funds participated in nearly 20% of total private equity deal value in India during 2017.p.8
5. Average deal size for transaction values exceeding $10 million increased by 95% since 2016.p.23
6. Public market sales, including IPOs, accounted for 50% of the private equity exit volume in 2017.p.9
7. Institutional investors set aside a fund target of more than $2.5 billion dedicated to acquiring distressed assets in India.p.7