Private Equity – Venture Capital (PE-VC) firms invested $33 Billion (across 1,164 deals) in Indian companies in 2025, almost exactly as that invested in 2024 (across 1,263 deals), according to data from Venture Intelligence, a research service focused on private company financials, transactions, and their valuations. (Note: These figures exclude PE investments in Real Estate).
2025 witnessed 9.2% fewer mega deals ($100 M+ rounds) at 69 deals (worth $21.3 Billion), compared to 76 such investments (worth $21.6 Billion) in 2024. The $1.6 Billion investment in Haldiram Snacks – by Temasek, Alpha Wave Global and other investors – was the largest PE-VC investment in 2025. This was followed by the $1 Billion fund raise by TCS HyperVault – the data center subsidiary of Tata Consultancy Services (TCS) – from TPG and the similarly sized buyout of housing finance provider Sammaan Capital by Abu Dhabi-based International Holding Co. The $862 million investment in publicly-listed private sector lender IDFC First Bank by Warburg Pincus and ADIA; the $704 million investment in Federal Bank by Blackstone through preferential issue completed the Top 5 deals of 2025.
2025 saw Six “Unicorn” companies (VC-funded startups valued at $1 Billion or more) being created, compared to five in 2024 . Overall, Unicorn companies in India attracted $4.12 Billion worth of investments in 2025, also flat compared to the previous year.
By Industry
IT & ITeS companies accounted for $13.1 Billion of the total PE-VC investment pie in 2025, an increase of 15% when compared with 2024 (which saw $11.4 Billion being invested). The $600 Million secondary investment in UPI services provider PhonePe by General Atlantic topped the tech investments table, followed by the $450 million investment led by California Public Employees’ Retirement System (CalPERS) in quick commerce provider Zepto.
The BFSI industry attracted $5.4 Billion during 2025 – a 23% increase from the $4.4 Billion raised during the previous year. The BFSI industry accounted for 3 our of the top 5 PE-VC investments during 2025 – starting with the $1 Billion control transaction in Sammaan Capital followed by the investments in IDFC FIRST Bank ($862 million) and Federal Bank ($704 million).
Manufacturing companies that attracted $3.2 Billion worth of investments in 2025, pipped Healthcare companies, to take the third slot witnessing a 18% YoY increase compared to the $2.7 Billion invested in 2024. Manufacturing industry investments in 2025 were led by the $244 million buyout of publicly listed luggage manufacturer VIP Industries (by a consortium of buyers led by Multiples PE), followed by Synergy Capital’s $225 million acquisition of the metallurgical coke making plant at Mundra from Saurashtra Fuels and the $176 million investment in publicly listed Shree Digvijay Cement (through a secondary transaction) by India Resurgence Fund.
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 2025 in the next few days.)
