Press release

23 Apr 2024 Mumbai, IN

April 2024 recorded US$4.4 billion in PE/VC investments across 98 deals, 35% decline Y-o-Y: EY-IVCA report

Mumbai, 23 April 2024: According to the IVCA-EY monthly PE/VC roundup, PE/VC investments in April 2024 were 4% lower than March 2024 in value terms. The number of deals recorded 14% growth.

Press contact
EY India

Multidisciplinary professional services organization

Related topics Private equity

Show resources

  • IVCA_EY Monthly PEVC Roundup April 2024

  • Buyout investments were the highest deal type in April 2024, accounting 47% of the total PE/VC investments in April 2024.
  • Software attracted significant investment, totaling US$16 billion over the last five years, with 697 deals recorded.
  • Open market exits were highest at US$716 million across nine deals and accounted for 79% of all exits by value in April 2024.
  • Financial services emerged at the top in April 2024 on value at US$1.8 billion in PE/VC investments across 17 deals.

Mumbai, 23 April 2024: According to the IVCA-EY monthly PE/VC roundup, PE/VC investments in April 2024 were 4% lower than March 2024 in value terms. The number of deals recorded 14% growth.

Vivek Soni, Partner and National Leader, Private Equity Services, EY said, “April 2024 recorded US$4.4 billion in PE/VC investments, 4% lower than March 2024 and 35% lower than April 2023. The number of deals in April 2024 was higher by 56% y-o-y.

In April 2024, pure play PE/VC investments reached US$3.5 billion, 4% lower compared to April 2023 and 12 % higher than March 2024 (US$3.1 billion). The number of deals was higher by 73% y-o-y (83 deals in April 2024 vs. 48 deals in April 2023). However, investments in real estate and infrastructure asset class in April 2024 (US$894 million) declined by 71% y-o-y (US$3.1 billion in April 2023) and 38% compared to March 2024 (US$1.5 billion).

Buyout investments were the highest deal type in April 2024 at US$2.1 billion, accounting for 47% of the total PE/VC investments in April 2024. This was followed by growth investments at US$884 million. From a sector point of view, financial services was the top sector in April 2024, recording US$1.8 billion followed by real estate (US$849 million).

PE/VC exits were at US$907 million across 21 deals in April 2024, a 43% decline y-o-y. (US$1.6 billion in April 2023). Open market exits accounted for 79% of all exits by value in April 2024 (US$716 million).

Technology sector has been one of the favored sectors by PE/VC investors, accounting for 12% of the total PE/VC investments made during the last five years (January 2019 to April 2024). Software segment has attracted the highest value of PE/VC investments, followed by IT consulting and services and ITeS. The ongoing digital transformation across industries is fueling the demand for technology driven solutions, attracting the attention of PE/VC investors. Please see our spotlight section for more details.

Deal momentum has increased in the first four months of the year, with 390 deals in 2024 compared to 283 deals in 2023, a growth of 38%. However, total value of PE/VC investments has declined by 12% compared to the same period of 2023. The value of large deals (<US$100 million) has also decreased by 21% during the same period. PE/VC investors continue to remain cautious due to global uncertainties, geopolitical tensions, and the ongoing Indian general elections. We expect the PE/VC activity to remain subdued till the outcome of the general elections is determined.”


PE/VC investments in April 2024 (US$4.4 billion) were lower by 4% than March 2024 and 35% lower than April 2023 (US$6.8 billion). In terms of number of deals, April 2024 (98 deals) recorded a 14% growth compared to March 2024 (86 deals).

In April 2024, there were nine large deals (deals of value greater than US$100 million) worth US$3.1 billion, marking a 48% decrease compared to April 2023 (US$6 billion across 11 deals). Notably, the largest deal involved Macquarie's US$1.5 billion investment in Vertelo.

Buyout investments had the largest share in April 2024 with US$2.1 billion invested across five deals, compared to US$783 million invested in April 2023 (across four deals), a 162% growth in value on a y-o-y basis. Growth investments were the second largest, with US$884 million invested across 16 deals in April 2024, a decline by 76% compared to US$3.8 billion across 11 deals in April 2023. Start-up investments were third highest in April 2024 (US$756 million across 54 deals) with a 11% growth compared to April 2023 (US$679 million across 37 deals). In terms of number of deals, April 2024 recorded a growth of 46% y-o-y. Private investments in public equity (PIPE) saw a decline of 67% in April 2024, with US$411 million invested across seven deals, compared to US$1.2 billion invested across four deals in April 2023. Lastly, credit investments stood at US$311 million across 16 deals compared to US$314 million across seven deals in April 2023, recording a decline of 1%.

From a sector point of view, financial services emerged at the top in April 2024 on value at US$1.8 billion in PE/VC investments across 17 deals, followed by real estate (US$849 million), healthcare (US$489 million), and E-Commerce (US$341 million). These sectors collectively accounted for 79% of total PE/VC investments in April 2024.

Spotlight: PE/VC investment trends in the technology sector (services and software)

The Technology sector has been the second-largest sector for pure-play PE/VC investments over the last five years, following financial services (from 2019 to April 2024). The sector has received a total of US$37.4 billion across 805 deals. PE/VC investments in 2021 were the highest ever for the sector, reaching US$17.5 billion. IT consulting and services recorded an investment of US$14.9 billion, commanding the largest share at 67% of overall investments. This was followed by ITeS (US$5.9 billion) accounting for 27%. In Software, the volatility in revenue growth and funding has been more pronounced than technology services. However, the fundamental unit economics of enterprise technology space remain intact as digital transformation spend across the globe grows, albeit at a slower pace. India's position as a one of the leading regions in the B2B software market remains steadfast and promising as several unicorns and emerging players continue disrupting sub-verticals at a global stage.

Shivani Nagpaul, Partner, Technology Investment Banking, EY said, “The IT services sector has grappled with a series of seismic shifts over the last few years including sharp rise in digital transformation spend post pandemic to subsequent demand slump, geopolitical aberrations shaking global delivery models, heightened competition from insourcing (GCCs), and impact from new technologies like GenAI. Indian-heritage companies have demonstrated remarkable resilience amid these market dislocations to capture market share and grow faster. In the current macroeconomic environment, next generation of companies would displace incumbents by leveraging and sharing efficiency gains from GenAI, building deep specialization in high demand digital and cloud technologies, and developing domain expertise through sharp focus on strategic verticals.

Digital native mid-market players operating in hotspots of AI/ML, data & cloud engineering, digital product engineering, and cybersecurity continue to demonstrate top quartile growth even as discretionary spending slows. Players that reach critical scale (US$50 million - US$200 million) have attracted both buyout and growth investments, underwritten by buy-and-build playbook as the platform leverages tuck-in acquisitions to fill white spaces and augment organic growth.

While large deals have slowed notably in 2023, momentum is emerging in 2024 as several scaled assets reach the end of their holding cycle. The segment would also be supported by a deep and mature public market. Both large and mid/small cap Indian IT companies now trade at a material premium to their global counterparts and could not only prompt some of the largest IPOs in the sector in near term but also catalyse other buyouts/take privates.”


  • In April 2024 recorded 21 exits worth US$907 million, compared to US$1.6 billion in April 2023 across 15 deals.
  • Open market exits were the highest in April 2024 at US$716 million across nine deals, followed by secondary exits worth US$107 million.
  • The largest exit in April 2024 was Bain Capital selling a 1.08% stake in Axis Bank for US$428 million.


  • April 2024 recorded total fundraise of US$1.9 billion, compared to US$194 million raised in April 2023.
  • US$1.7 billion raised by Kedaara was the largest fundraise in April 2024.

- Ends -

Show resources

Notes to Editors

About EY

EY exists to build a better working world, helping create long-term value for clients, people and society and build trust in the capital markets.

Enabled by data and technology, diverse EY teams in over 150 countries provide trust through assurance and help clients grow, transform, and operate.

Working across assurance, consulting, law, strategy, tax and transactions, EY teams ask better questions to find new answers for the complex issues facing our world today.

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data, and a description of the rights individuals have under data protection legislation are available via EY member firms do not practice law were prohibited by local laws. For more information about our organization, please visit

This news release has been issued by EYGM Limited, a member of the global EY organization that also does not provide any services to clients.

About IVCA

The Indian Private Equity & Venture Capital Association (IVCA) is the apex body promoting the Alternative Investment Funds (AIFs) in India and promotes stable, long-term capital flow (Private Equity (PE), Venture Capital (VC) and Angel Capital) in India.

With leading VC/ PE firms, institutional investors, banks, corporate advisers, accountants, lawyers and other service providers as members, it serves as a powerful platform for all stakeholders to interact with each other. Being the face of the industry, it helps establish high standards of governance, ethics, business conduct and professional competence. With a prime motive to support the ecosystem, it facilitates contact with policy makers, research institutions, universities, trade associations and other relevant organizations. Thus, support entrepreneurial activity, innovation, and job creation.