VC deal value surged 35%, driven by a 3.8x rise in late-stage (Series E+) rounds
FinTech BizNews Service
Mumbai, 8 May 2025: 360 ONE Wealth, in association with VCCEDGE, has unveiled the
eighth edition of the India Invests (i2) Report for FY 2024–25. The comprehensive report
offers a deep dive into India’s private equity (PE), venture capital (VC), startup, M&A, and
exit landscape, uncovering trends, sectoral shifts, and investor sentiment across the
ecosystem.
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.
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
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.”
Click to download the full report: https://360one.docsend.com/v/yx6yb/indiainvests25
