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India Venture Capital Report 2026 (Bain & Company)

ReportBain & CompanyJanuary 202658 pages87 min readOriginal source
Key number
16 billion $
VC/growth investments in 2025 p.6
Largest segment
65%
Public market share of exit value p.42
What changed
2 x
India-focused fund-raising vs 2024 p.10

Summary

  • India’s venture capital (VC)/growth equity market reached approximately $16 billion in 2025, logging its second consecutive year of growth.p.6
  • Transaction volumes reached 1,400 deals in 2025, with an average deal size of $11.5 million.p.9
  • Funding in software/SaaS increased approximately 1.5x year over year, with mature platforms returning to the market.p.7
  • Fintech deal value rebounded 2.2x over 2024 levels, led by scaled platforms and wealthtech deals.p.9
  • Public market exits accounted for over 65% of total exit value in 2025, anchored by five $100+ million IPOs.p.42
  • Strategic sales staged a sharp recovery to above $1 billion in value after a subdued 2024.p.10

Key insights

  1. VC/growth investments in India rose 1.2x in 2025, defying an overall 18% decline in broader private equity and venture capital activity.p.12
  2. Scaled VC/growth deals worth $250+ million doubled in India, rising from four in 2024 to eight in 2025.p.12
  3. Fintech deal value grew 2.2x in 2025, supported by large transactions in companies like PhonePe and Groww.p.9
  4. Wealthtech deal value grew ~5x compared to 2024, driven by digital public infrastructure adoption and formalized household savings.p.27
  5. Leading venture capital firms and private equity/growth investors deployed a greater share of capital in 2025, representing ~40% of total VC/growth investments.p.34
  6. Average fund size for India-focused fund-raises increased by over 35%, from ~$50 million to ~$68 million.p.38
  7. Fintech and consumer tech continued to anchor exit activity, accounting for over 60% of overall exit value in 2025.p.43
  8. Indian stock market indices grew by 8%–10% over CY 2025, sustaining strong momentum for IPO exits.p.46

Topics and entities

Corporate venture capitalDeep tech investmentIPOs and listingsM&A and exitsPrivate equityStartup ecosystemsStartup fundingVenture capitalWealthtechAccelBain & CompanyBlume VenturesElevation CapitalGeneral AtlanticGrowwLightspeedNexus Venture PartnersPeak XVPhonePeSecurities and Exchange Board of IndiaZepto

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