PE/VC roundup April 2025

A snapshot of PE/VC activity during April 2025

According to the EY-IVCA monthly PE/VC roundup, private equity and venture capital investments in India declined by 20% in April 2025 compared to March 2025in value terms.

Investments

PE/VC investments in April 2025 totalled US$4.7 billion, 6% lower than the US$4.9 billion recorded in April 2024. This was also 20% lower than the US$5.9 billion recorded in March 2025. The number of deals in April 2025 declined by 4% year-on-year, with 108 deals compared to 113 in April 2024, while remaining consistent with the deal count in March 2025 (108 deals).

April witnessed nine large deals totalling US$3.6 billion, reflecting a 7% increase in value compared to April 2024 (US$3.3 billion) and a 26% decline compared to March 2025 (US$4.8 billion). These accounted for 77% of overall PE/VC investments in April 2025. The largest was Capital Edge’s US$1 billion investment in Nexgen Energia.

Start-up investments accounted for the largest share of PE/VC activity in April 2025, with US$1.8 billion deployed—an 80% increase in value over April 2024 (US$980 million). Credit investments ranked second, with US$1.1 billion invested in April 2025, up 20% from US$956 million in April 2024. PIPE investments reached US$914 million, marking a 146% year-on-year increase (US$371 million in April 2024). Growth investments totaled US$686 million, 20% higher than April 2024 (US$571 million). Buyout investments were the smallest segment at US$150 million, representing a 93% decline from US$2.1 billion in April 2024.

From a sector perspective, infrastructure led the way in April 2025 with US$2.4 billion across 10 deals, followed by financial services with US$1.1 billion. Together, these two sectors accounted for 75% of overall PE/VC investments.

PE/VC trends in retail and consumer products

India’s retail and consumer sector continues to attract significant PE/VC interest. Since 2015, sector has recorded US$18.8 billion across 530 deals. Notably, 76%—amounting to US$14.3 billion across 346 deals—has come in the past five years (since 2020).

The sector recorded its highest-ever annual investment in 2020, with US$6.7 billion deployed—marking a 587% year-on-year increase. This spike was primarily due to a US$6.4 billion investment in Reliance Retail Ventures. The company also received a furtherUS$1.8 billion from various investors in 2023.

Growth investments have been the most preferred strategy in the space, accounting for 64% of the sector’s investments since 2020, i.e. US$9.2 billion—of which Reliance Retail Ventures alone attracted US$8.2 billion. Start-up investments followed, totaling US$2.1 billion.

Among categories, supermarkets/hypermarkets led with US$8.3 billion across 21 deals, representing 58% of overall PE/VC investments. Personal care and homecare followed at US$2.7 billion.

Since 2020, the retail and consumer sector has recorded US$3.6 billion across 93 exits. Open market exits contributed 74% of this value, amounting to US$2.7 billion.

The Indian retail and consumer landscape has undergone considerable transformation over the past decade, evolving from traditional marketplaces to a hybrid model of physical and digital platforms.

This shift is reshaping consumer behavior, with greater demand for convenience, broader product choices and competitive pricing. Hyperlocal and supermarket formats are witnessing steady growth, while increased household incomes and rising awareness around wellness are driving demand in personal care, especially for natural and organic products. This momentum is expected to sustain continued PE/VC interest in the sector.

Exits

April 2025 recorded 12 exits worth US$489 million, compared to US$1 billion across 24 exits in April 2024 and US$1.6 billion across 15 exits in March 2025. (Deal values were disclosed for only five of the 12 exits recorded during the month).

Secondary exits were the highest in April 2025, totaling US$218 million across four deals and accounting for 45% of total exit value.

The largest exit during the month was Edelweiss’s sale of Adhunik Power and Natural Resources to Davidson Kempner for US$146 million.

Fundraise

April 2025 recorded total fundraises of US$1.1 billion, compared to US$2.8 billion in April 2024 and US$894 million in March 2025.

The month’s largest fundraise came from A91 Partners, which secured US$665 million to invest in growth-stage companies across India, with a focus on consumer businesses, healthcare, financial services and technology.