Despite macroeconomic headwinds, India’s investment activity displayed remarkable resilience. FY 2024–25 saw a resurgence in private equity deals, with a 10% rise in value and stable deal volumes. This growth was driven by a clear preference for scalable B2B business models, especially in the healthcare and industrial sectors.
Startups also saw a strong rebound, with VC deal value jumping 35% and a significant uptick in late-stage funding. Notably, Zepto’s $1.3 bn+ fundraise and Access Healthcare’s $1.4 bn deal were among the standout transactions. B2B-led startups continued to attract larger cheques, reflecting sustained confidence in enterprise-focused innovations.
In M&A, India witnessed a sharp 40% rise in deal volume, supported by domestic consolidation and a 53% increase in outbound deal activity, reflecting Indian corporates’ global ambitions. Utilities led the charge in deal value, while the IT sector retained the top spot in deal count.
However, private equity exits witnessed a steep decline—exit volumes halved and value fell 67%. Open Market routes dominated, although the rising share of M&A exits indicated investors pivot toward more stable exit avenues amidst market volatility.
Yatin Shah, Co-founder of 360 ONE & CEO of 360 ONE Wealth, said, “India’s investment ecosystem is undergoing a healthy recalibration. Domestic flows into the Alternatives space have picked up meaningfully. Family offices, UHNIs and HNIs are steadily increasing allocations to private market strategies—signalling a broader acceptance of these as core portfolio holdings. FY25 was a year of quiet conviction. Investors were selective, strategic, and focused on long-term value. The building blocks for a strong vintage are already in place, and we believe FY26 will carry forward the momentum with greater clarity and purpose. This edition of India Invests offers a deeper perspective on the direction of private capital in India.”
Key Highlights:
Private Equity (PE) Investments:
· Deal volumes rose 4% YoY while deal value increased by 10%, reflecting growing investor confidence.
· B2B models dominated with 51% of deal volume, especially in Industrials and Healthcare.
· Karnataka led in deal volume; Maharashtra topped deal value at $8.8 bn.
Venture Capital (VC):
· VC deal value surged 35%, driven by a 3.8x rise in late-stage (Series E+) rounds
· Series E+ accounted for 49% of total VC deal value, reflecting growing investor appetite for mature startups
· Angel/Seed deals made up 52% of total investment volume
· Average VC deal size rose to $28 million, while PE deal sizes declined, indicating diverging strategies
Startups:
· Growth-stage funding surged to $6.3 bn—more than double the previous year—while late-stage investments more than tripled to $1.4 bn
· Startup funding value rose 35% YoY, signalling greater investor focus on scale-ready ventures
· E-commerce led in deal value at $3.5 bn, driven by Zepto; HealthTech value quadrupled, led by Access Healthcare
Mergers & Acquisitions (M&A):
· M&A deal volume rose 40% YoY and deal value grew 32%
· Domestic deals remained the mainstay of India’s M&A landscape, rising 51% over FY 2023-24
· Maharashtra continued to be the leading state for M&A activity in FY 2024-25, retaining its top spot by both deal count and value
Private Equity Exits:
· Exit value fell 67%, with Open Market exits accounting for 95% of the total disclosed exit value
· M&A exits gained ground, accounting for one in three PE exits as Open Market exits fell 45% amid rising volatility
Click to download the full report: https://360one.docsend.com/v/yx6yb/indiainvests25
About 360 ONE Wealth:
360 ONE Wealth, a part of the 360 ONE group, is among the leading wealth management firms in India. 360 ONE is the investment and financial advisor to 7500+ relevant families in the High-Net-Worth (HNW) and Ultra-HNW segments, with an AUM of more than INR 5,81,000 crores (~USD 68 bn). It is the first pure wealth management company to be listed on the leading stock exchanges in India.
360 ONE Wealth advises clients to preserve, protect and grow their wealth and legacy. This is consistently achieved through rigorous research and an unparalleled team of product experts across diverse asset classes, ensuring the highest standards of financial stewardship. With this unique proposition, the firm is truly able to align with clients’ interests, to be on the same side of the table.
To know more about us, visit: https://www.360.one/wealth
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