Private Equity – Venture Capital (PE-VC) firms invested over $5.3 Billion (across 248 deals) in Indian companies during Q2’25, shows data from Venture Intelligence, a research service focused on private company financials, transactions, and their valuations. The Q2’25 investment amount represents a 43% fall over the $9.3 Billion (across 275 deals) invested in the same period during 2024. (Note: These figures exclude PE investments in Real Estate).
The fall in deal value is also similar when compared to the immediate previous quarter (Jan-Mar 2025), which witnessed $9.6 Billion being invested across 271 deals, Deal volumes in Q2’25 decreased by 10% compared to Q2’24 and 8% compared to the immediate previous quarter.
The latest quarterly numbers take the PE-VC investment figures for the first 6 months of 2025 to $14.9 Billion (across 519 deals) which is 10% lower compared to the same period in 2024 (which saw $16.6 Billion being invested across 542 deals).
Q2’25 witnessed 12 mega deals ($100 M+ rounds) worth $3 Billion, compared to 25 such investments (worth $6.6 Billion) in Q2’24 and 21 such deals (worth $6.9 Billion) in the immediate previous quarter.
The largest PE-VC investment in Q2’25 was the $878 Million investment in a publicly listed IDFC FIRST Bank by Warburg Pincus and ADIA. Goldman Sachs investing $600 Million in Jubilant Bhartia Group (to support the acquisition of Coke’s India bottling unit) was the second biggest deal of the quarter. This was followed by $202 Million investment in personal finance unicorn Groww by GIC and Iconiq Capital. The $200 million investment in hyperlocal logistics unicorn Porter by Kedaara Capital, Vitruvian Partners and Wellington Management was the fourth largest deal. The $175 million investment in animal pharma player Felix Pharmaceuticals by Advent International and a similar amount in IKF Finance by Motilal Oswal Alternates, Norwest and other investors completed the top five investments for the period.
By Industry
Led by the $200 million investment led by GIC and Iconiq Capital in Groww, IT & ITES emerged as the top industry for the quarter by attracting $1.8 Billion across 134 deals. The Groww investment was followed by $200 Million investment in logistics tech company Porter and the $120 million investment in ecommerce groceries unicorn Jumbotail (by SC Ventures and Invus Group).
The BFSI industry came in next, attracting $1.34 Billion across 16 deals in Q2’25. Deals in the industry were led by the Warburg Pincus led $872 Million preferential allotment in IDFC FIRST Bank. This was followed by the $175 Million equity in IKF Finance and the $94 million rights issue of Fusion Microfinance (by Warburg Pincus and Creation Investments).
Venture Intelligence is India’s longest-serving provider of data and analysis on Private Company Financials, Transactions (private equity, venture capital, and M&A) & their Valuations in India.
(Venture Intelligence Subscribers will be mailed detailed reports of the PE-VC action during Q2 2025 in the next few days.)
