India Private Equity Report 2026 (Bain & Company)

Summary

• India PE-VC investments declined approximately 17% year over year to about $36 billion in 2025, while VC investments grew roughly 18% to $16 billion.p.6
• Overall deal volumes increased by approximately 10% year over year, while the average deal value dropped roughly 25%.p.6
• Investments in the consumer and retail sector grew approximately 2.6x year over year, while manufacturing and industrials investment rose about 60%.p.6
• Exit value rose about 3% year over year to $34 billion despite total exit volumes falling around 30%.p.7
• Public markets remained the largest exit channel with an approximate 40% share of exit value, while strategic sales increased to about 21%.p.7
• ChrysCapital raised approximately $2.2 billion for Fund X, marking the largest domestic private equity fund-raise to date.p.6

Key insights

1. India PE-VC investments declined ~17% YOY to ~$36 billion as traditional PE fell ~33%, while VC investments grew ~18% to ~$16 billion.p.6
2. Deals under $100 million accounted for ~70% of PE deal volumes in 2025 compared to ~50% in 2024.p.6
3. Carve-outs from Indian conglomerates and control deals in family-owned businesses accounted for 40%–45% of PE buyout deal volume.p.6
4. Non-IPO public market exits declined by ~35% to ~$10 billion in 2025 from ~$15 billion in 2024.p.38
5. Strategic sales increased from ~$5.2 billion in 2024 to ~$7.4 billion in 2025, driven by sector consolidation.p.38
6. The total number of active PE funds in India increased from ~100–110 in 2016 to ~170–180 in 2025.p.35
7. Manufacturing and industrials investments grew 55% over 2024–25, supported by global supply chain diversification and PLI schemes.p.22
8. About 90% of the top 30 global funds are active in the Indian private equity market.p.35