PE-VC investment in India steady at $33 bn in 2025 as mega deals slip

Private equity and venture capital investment held at about $33 billion in 2025, even as deal volumes dipped. IT and BFSI led, while manufacturing overtook healthcare in deal value

Private equity and venture-capital firms invested about $33 billion in Indian companies in 2025, spread across 1,164 deals, roughly matching investment levels a year earlier, according to preliminary data from Venture Intelligence.

 

Deal volume dipped slightly from 1,263 transactions in 2024. The figures exclude private-equity investments in real estate.

 

Mega deals in India, funding rounds of $100 million or more, fell 9.2 per cent in 2025, with 69 deals totalling $21.3 billion, down from 76 deals worth $21.6 billion in 2024.

 

The largest private-equity and venture-capital investment in 2025 was the $1.6 billion funding of Haldiram Snacks by Temasek, Alpha Wave Global, and other investors. That was followed by TCS HyperVault’s $1 billion raise from TPG, and a $1 billion buyout of housing finance firm Sammaan Capital by Abu Dhabi-based International Holding Co. Other top deals included Warburg Pincus and ADIA’s $862 million investment in IDFC First Bank and Blackstone’s $704 million preferential share purchase in Federal Bank.

 

India added six new “unicorns” in 2025, venture-backed startups valued at $1 billion or more, up from five in 2024. Investment in these high-value startups remained largely unchanged, with $4.12 billion flowing into Indian unicorns during the year, roughly matching 2024 levels.

 

IT and ITeS companies accounted for $13.1 billion of the total PE-VC investment pie in 2025. This was an increase of 15 per cent when compared with 2024 (which saw $11.4 billion being invested). The $600 million secondary investment in fintech firm PhonePe by General Atlantic topped the tech investments table. This was followed by the $450 million investment led by California Public Employees’ Retirement System (CalPERS) in quick commerce provider Zepto.

 

The BFSI industry attracted $5.4 billion during 2025, a 23 per cent increase from the $4.4 billion raised during the previous year. The BFSI industry accounted for 3 out of the top 5 PE-VC investments during 2025, starting with the $1 billion control transaction in Sammaan Capital, followed by the investments in IDFC FIRST Bank ($862 million) and Federal Bank ($704 million).

 

Manufacturing companies attracted $3.2 billion in 2025, an 18 per cent increase from $2.7 billion in 2024. This growth helped the sector overtake healthcare to claim the third spot in investment rankings. The largest deal was a $244 million buyout of publicly listed luggage maker VIP Industries by a consortium led by Multiples PE. Synergy Capital followed with a $225 million acquisition of a metallurgical coke plant at Mundra from Saurashtra Fuels. This was followed by a $176 million secondary investment in publicly listed Shree Digvijay Cement by India Resurgence Fund.