PE/VC roundup November 2025

A snapshot of PE/VC activity during November 2025

According to the EY-IVCA monthly PE/VC roundup, private equity and venture capital investments in India increased by 4% in November 2025 compared to October 2025 in value terms.

Investments

PE/VC investments in November 2025 reached US$5.6 billion, marking a 31% year-on-year (y-o-y) increase from November 2024 (US$4.3 billion) and a 4% month-on-month (m-o-m) increase from October 2025 (US$5.4 billion). The number of deals also increased to 113 in November 2025, representing a 12% y-o-y increase from November 2024 (101 deals) and a 4% m-o-m increase compared to October 2025 (109 deals).

November 2025 recorded 10 large deals totaling US$3.8 billion, reflecting a 16% increase in value compared to November 2024 (US$3.3 billion) and a 3% increase compared to October 2025 (US$3.7 billion). Large deals accounted for 68% of overall PE/VC investments in November 2025. The largest deal of the month was Brookfield acquiring a 100% stake in Ecoworld, a 7.7 million sq. ft. Grade A office campus in Bengaluru, for US$1.5 billion.

Buyout investments accounted for the largest share of PE/VC activity in November 2025, with US$2.1 billion deployed, a 37% increase in value over November 2024 (US$1.6 billion). Start-up investments ranked second, with US$1.7 billion invested in November 2025, an increase of 56% from US$1.1 billion in November 2024. Growth investments recorded US$811 million, 106% higher than the amount recorded in November 2024 (US$394 million). Credit investments reached US$754 million in November 2025 compared to US$606 million in November 2024. PIPE deals were the smallest segment at US$194 million, 70% lower than the value recorded in November 2024 (US$642 million).

From a sector perspective, real estate led in November 2025 with US$3.7 billion, followed by infrastructure with US$531 million and financial services with US$484 million. Together, these sectors accounted for 84% of overall PE/VC investments in November 2025.

PE/VC trends in pure-play buyouts

Over the past few years, the buyout investment strategy has gained significant momentum within the broader Indian PE/VC landscape. We have witnessed an increasing number of buyouts complemented by large deal sizes despite uncertainties and geopolitical tensions.

Buyout transactions have evolved from targeting small companies to large-cap deals, with some involving the acquisition of control in long-standing businesses with strong growth potential.

Since 2020, buyouts have secured the third rank among investment strategies after start-up (US$80.6 billion) and growth (US$76.8 billion) for PE/VC investors, recording a cumulative value of US$47.5 billion across 174 deals. This accounts for 19% of overall PE/VC investments in the pure-play PE asset class. Compared to buyouts in real estate and infrastructure asset classes, pure-play buyouts were higher by 34% in value terms (US$35.5 billion across 151 deals).

After an all-time high for buyouts in 2021 (US$18 billion), a 79% year-on-year decline was observed in 2022. However, buyouts rebounded in 2023, registering a 98% growth to reach US$7.4 billion compared to US$3.8 billion in 2022. Buyouts in 2025 (US$4.1 billion till November) have accounted for 43% of buyout investments in the previous year (US$9.6 billion).

In the pure-play asset class, buyouts have accounted for 12%, 27%, 10%, 23%, 27% and 12% of overall pure-play PE/VC investments each year from 2020 to 11M2025. This growing trend highlights the preference of PE/VC investors for buyouts as an investment strategy. Some of the key PE funds involved in buyout deals include Blackstone, Advent, BPEA EQT, Warburg, CVC, TPG, PAG and KKR.

From a sector perspective, the technology sector dominated both in terms of value and volume (US$20.1 billion across 35 deals). Financial services followed with buyouts totaling US$6.9 billion, while pharmaceuticals ranked third at US$4.7 billion. Together, these sectors accounted for 67% of overall buyouts since 2020. Other sectors included healthcare (US$4.7 billion), industrial products (US$4 billion) and retail and consumer products (US$1.5 billion).

Overall, the buyouts trend in India reflects the increasing maturity of the PE/VC market and growing investor confidence in identifying and unlocking value not only in established businesses but also in high-potential early-stage companies.

Exits

November 2025 recorded 23 exits worth US$3.2 billion compared to US$3.7 billion across 15 exits in November 2024 and US$827 billion across 16 exits in October 2025. (The deal values were not available for 10 of the 23 exits recorded in November 2025.)

Exits through IPO were the highest in November 2025, totaling US$1.5 billion across seven IPOs and accounting for 46% of total exit value.

The largest exit during the month was Peak XV, Tiger Global and others selling a 9% stake in Billionbrains Garage Ventures (Groww) for US$626 million.

Fundraise

November 2025 recorded total fundraises of US$2.4 billion compared to US$1.1 billion in November 2024 and US$1.8 billion in October 2025.

The largest fundraise of the month was India Deep Tech Alliance raising US$850 million to help Indian deep-tech start-ups across domains, including space, semiconductors, artificial intelligence and robotics.