19 Apr 2025, Sat

PE-VC Investments drop 57% month-on-month to less than $1 Billion in Feb 2023; Exits drop by a third

Private Equity-Venture Capital (PE-VC) investments in Indian companies dipped to less than $1 Billion ($900 million across 45 transactions) during the Month of February 2023, shows data from Venture Intelligence, a research service focused on private company financials, transactions, and their valuations.

The deal value represents a 57% decline compared to the immediate previous month (which saw $2.1 Billion being invested across 76 deals) and an over 85% decline from February 2022 (which saw $6.3 Billion being invested across 127 deals). (Note: These figures include Venture Capital type investments, but exclude PE investments in Real Estate). The latest monthly figures take the total PE-VC investments during 2023 to $3 Billion (across 121 deals)

PE-VC Investments in India
Period No. of Deals Amount ($B)
2023 YTD* 121 3.0
2022 1271 46.6
Feb/2023 45 0.9
Jan/2023 76 2.1
Feb/2022 127 6.3
Source: Venture Intelligence
Note:* Data as of February 28,2023

PE-VC Investments in India (M-o-M)
Month No. of Deals Amount ($B)
2022
Jan 141 5.2
Feb 127 6.3
Mar 153 4.9
Apr 118 6.0
May 108 3.5
Jun 124 4.4
Jul 86 3.2
Aug 105 2.0
Sep 86 1.7
Oct 81 2.9
Nov 77 3.4
Dec 65 3.2
2023 YTD*
Jan 76 2.1
Feb 45 0.9
Note:* Data as of February 28,2023
Source: Venture Intelligence

Mega Deals

February witnessed 4 PE investments worth $100 million or more, compared to 6 mega deals in the previous month and 17 such transactions in February 2022

Mega PE-VC Deals ($100M+ Deals)
Month No. of Deals Amount ($B)
Feb/2023 4 0.4
Jan/2023 6 1.2
Feb/2022 17 5.0
Source: Venture Intelligence

Top PE-VC Investments In India
Company Sector Investor Amount ($M)
Feb/2023
Tl Clean Mobility Automobiles (Electric Vehicles – Two Wheelers) Multiples PE, Others 145
Freshtohome E-Commerce (Consumer Shopping – Sea Food) Mount Judi Ventures, Iron Pillar, Amazon, InvestCorp Group, Ascent Capital, Investment Corporation of Dubai, Others 104
Gram Power Mobile App (Energy Management) I Squared Capital 100
PhonePe Online Services (Payments – UPI) Ribbit Capital, TVS Capital, Tiger Global 100
Acceldata Enterprise Software (SaaS – Data Observability) March Capital, Insight Venture Partners, Others 50
Ushur Enterprise Software (SaaS – Artificial Intelligence – Bots – CRM) Pentland Ventures, 8VC, Aflac Ventures, Iron Pillar, Others 50
Pan Health Wellness Motilal Oswal 49
Note:* Data as of February 28,2023
Source: Venture Intelligence

Exits Witness Decline

PE-VC firms harvested $600 million across 10 exit deals during February 2023- a decline of about 33% compared to the immediate previous month (which saw 15 deals worth $900 million). 

PE-VC Exits in India
Period No. of Deals Amount ($B)
2023 YTD* 25 1.5
2022 227 17.8
Feb/2023 10 0.6
Jan/2023 15 0.9
Feb/2022 10 0.6
Source: Venture Intelligence
Note: *Data as of February 28,2023

The above data is sourced from the Venture Intelligence PE-VC Deal Database, India’s first and most comprehensive database of Private Equity-Venture Capital transactions.

For more details, login to the Venture Intelligence PE-VC Deals database or Email your Contact Coordinates to [email protected] to set up a trial. 

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