Private Equity – Venture Capital (PE-VC) firms invested over $5.67 Billion (across 299 deals) in Indian companies during the period July to September 2025, shows data from Venture Intelligence, a research service focused on private company financials, transactions, and their valuations. (Note: These figures include Venture Capital type investments, but exclude PE investments in Real Estate).
The investment amount represents a 26% decline over the $7.63 Billion (across 339 deals) invested in the same period during 2024. Deal volume in Q3’25 fell by 12% compared to Q3’24.
The latest quarterly figures however ticked up by 6% in value terms (and 15% in volume terms) when compared to the immediate previous quarter (which witnessed $5.35 Billion being invested across 261 deals).
Q3’25 witnessed 15 mega deals ($100 M+ rounds) worth $2.78 Billion, compared to 20 such investments (worth $5.08 Billion) in Q3’24 and 11 such deals (worth $2.85 Billion) in the immediate previous quarter.
The largest investment in Q3’25 was ChrysCapital’s $281 million buyout of bakery chain Theobroma. The $270 million investment by WestBridge Capital and Prosus Ventures in mobility services unicorn Rapido was the second biggest deal of the quarter. This was followed by a $244 million buyout transaction in luggage and travel accessories maker VIP Industries by Multiples PE and Kedaara Capital’s $240 million investment in life sciences focused tech company Axtria. Partners Group’s acquisition of majority stake in non-banking financial company (NBFC) Infinity Fincorp Solutions $227 million was the fifth largest deal during the period.
By Industry
Led by the $270 million investment by Prosus Ventures and WestBridge in Rapido, IT & ITES companies retained the top industry slot by attracting $2.4 Billion across 168 deals. Rapido was followed by Kedaara Capital’s $240 million investment in Axtria and the $170 million investment in Fractal Analytics (by Gaja Capital, Neo Asset Management, White Oak Capital Management and others).
The BFSI industry followed next, attracting $900 million across 14 deals in Q3’25. The biggest deal in the industry was the $227 million buyout deal in Infinity Fincorp Solutions by Partners Group. This was followed by the $215 million investment by Axight Capital in publicly listed home loan provider Aadhar Housing Finance.
The Manufacturing industry attracted about $800 million across 30 deals during Q3’25. Investments in the industry were led by the $244 million buyout deal in VIP Industries, followed by $136 million investment in semiconductor manufacturer ILJIN Electronics (by ChrysCapital and InCred Alternatives). The acquisition of majority stake by India Resurgence Fund in publicly listed cement maker Shree Digvijay Cement for $112 million was the third largest deal in the industry.
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 Q3 2025 in the next few days.)
