Private Capital
India's US$ 600B Growth Equity Opportunity
01 Mar 2025


Investment Thesis

  • India’s private investments’ deal activity scaled to new heights: ~US$ 60B invested across 1,595 deals in 2024
  • Sustained growth stage investments at ~US$ 10B across 388 deals in 2024 vs ~US$ 15B across 235 deals in 2023
  • Large headroom for increase as US$ 600B in growth stage funding is required by Indian companies
  • Growth deals are fiercely competed with increasing participation from early, late and buyout investors
  • Consumer app & platforms and SaaS/AI sectors were the preferred avenues for growth investment with ~US$ 3.5B
  • Exits from growth stage investments reach ~US$ 4B in 2024, 33% jump from ~US$ 3B in 2023
  • Funds are increasingly focusing on value creation with increased participation with portfolio companies
  • Fundraising activity by growth funds remains stable at US$ 3.2B with 5-year high share of 29% in total fundraising in 2024
  • Promising outlook for growth investments 2025: Exits to sustain momentum while deal activity & fundraising are poised to grow









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