Private Equity and Venture Capital Trendbook 2025 (EY)

Summary

• In 2024, Indian PE/VC investments reached US$56 billion, reflecting a 5% uptick year-on-year across an all-time high of 1,352 deals.p.14
• Buyout transactions grew 39% in value to reach US$16.8 billion in 2024, climbing from US$12 billion in 2023.p.14
• Total PE/VC exits rose 7% year-on-year to US$26.7 billion across 282 deals, with open market exits accounting for a record US$12.9 billion.p.15
• Start-up investments rebounded by 13% to reach US$10 billion across 645 deals, led by e-commerce which attracted US$3.1 billion.p.28
• Fundraising by India-focused GPs declined to US$10.4 billion across 95 funds in 2024, down from US$15.9 billion in 2023.p.17

Key insights

1. Infrastructure remained the leading sector for PE/VC investments in 2024, securing US$12.1 billion across 117 deals.p.43
2. Buyouts accounted for 30% of total PE/VC investments in 2024, driven by 36 large deals exceeding US$100 million.p.20
3. Growth investments fell 21% year-on-year to US$13.4 billion, primarily due to a 62% reduction in deals exceeding US$500 million.p.23
4. Open market exits maintained dominance for the third consecutive year, accounting for 48% of total exit value in 2024.p.7
5. PE-backed IPO listings experienced a 130% surge in OFS value, recording US$3.3 billion across 40 listings.p.15
6. Hyperlocal and B2C segments propelled e-commerce start-up investments, with KiranaKart Technologies (Zepto) raising US$1.4 billion.p.28
7. Pure-play PE/VC investments saw a 10% year-on-year increase to reach US$35 billion across 1,085 deals.p.14
8. The real estate sector recorded a historic high of US$8.8 billion in PE/VC investments across 150 deals in 2024.p.51