India tops global private capital exits with $27.9 bn in 2024: GPCA report

Notable exits in 2024 included EQT and Temasek selling O2 Power to JSW Neo Energy for $1.5 billion, Swiggy raising $1.3 billion via an initial public offering (IPO) and providing exits to 360 ONE

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Private investors pulled out maximum funds from India when compared to the rest of the world in 2024 as they sold $27.9 billion via 224 exits in their bid to capitalise on high valuations and ample liquidity in public markets, according to a report from Global Private Capital Association (GPCA).

 

Public market exits accounted for $19.1 billion, the highest since 2008.

 

Notable exits in 2024 include EQT and Temasek selling O2 Power to JSW Neo Energy for $1.5 billion, Swiggy raising $1.3 billion via IPO and providing exits to 360 ONE, Alpha Wave Global, Kotak, Amansa Capital and others, Advent International selling Bharat Serums to Mankind Pharma, Vishal Megamart raising $943m via IPO providing exits to Kedaara Capital and Partners Group, and Blackstone exiting Mphasis via block trade for $806m.

 

According to GPCA India’s exit performance outpaced Central and Eastern Europe (CEE), which recorded $11.9 billion in exits, and the West Asia where exits totalled $4 billion.

 

Despite the robust exit activity, private capital investment in India declined 17 per cent year-on-year to $22.7 billion in 2024, in contrast to other global markets. The slowdown was primarily driven by weaker infrastructure and private credit deals, though venture capital bucked the trend, rising 37 per cent to $10 billion, stated the report.

 

The consumer goods & services and financial services sectors saw heightened investor interest, growing 39 per cent and 73 per cent year-on-year, respectively. Large financing rounds for e-commerce delivery services such as Zepto, lenders such as HDFC Credila, and Shriram Finance contributed to this momentum.

 

Meanwhile, fundraising for India also dipped 7.4 per cent to $8.7 billion, across 65 funds, with private equity being the only asset class to experience growth. This was led by Kedaara Capital raising $1.73 billion for its fourth fund, and ChrysCapital securing $700 million for a continuation fund for the retention of its National Stock Exchange (NSE) stake.