PE/VC Investments in India reach 88% of 2024 levels as 2025 nears close: EY-IVCA Report

• Buyout investments (US$2.1 billion) were the highest deal type in November 2025, followed by start-up investments (US$1.7 billion).
• PE/VC exits in November 2025 were at US$3.2 billion, a 11% decrease y-o-y
• Real estate was the top sector in November 2025, recording US$3.7 billion

Mumbai, 23 December 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.

Vivek Soni, Partner and National Leader, Private Equity Services, EY India said, “November 2025 recorded US$5.6 billion in PE/VC investments, a 31% year-on-year increase (US$4.3 billion in November 2024) and a 4% month-on-month increase (US$5.4 billion in October 2025). The number of deals increased to 113 in November 2025, a 12% year-on-year increase (101 deals in November 2024) and a 4% month-on-month increase (109 deals in October 2025).

Pure-play PE/VC investments in November 2025 (US$1.4 billion) decreased by 60% compared to November 2024 (US$3.5 billion). Investments in the real estate and infrastructure asset class increased nearly fivefold (460%) to US$4.2 billion in November 2025 from US$747 million in November 2024. Compared to October 2025, pure-play PE/VC investments were down by 72% from US$5.1 billion, while real estate and infrastructure investments were up by 1,336% from US$291 million. In terms of the number of deals, pure-play investments increased by 1% year-on-year, whereas real estate and infrastructure deals were up by 73% year-on-year.

In November 2025, Buyout deals were the highest at US$2.1 billion, followed by start-up investments at US$1.7 billion. From a sector point of view, real estate was the top sector in November 2025, recording US$3.7 billion in investments, followed by infrastructure (US$531 million).

PE/VC exits stood at US$3.2 billion across 23 deals in November 2025, 11% lower than in November 2024 (US$3.7 billion). Exits through IPO accounted for 46% of the total exit value (US$1.5 billion).

Buyouts enable PE/VC investors to acquire controlling stakes in companies, allowing them to make strategic decisions and turn around underperforming businesses. The acquisition of controlling stakes in well-established companies with strong fundamentals offers superior risk-adjusted returns to PE/VC investors. This is why, despite global headwinds and uncertainties, buyouts are emerging as a preferred strategy for large PE/VC investors. Please see the spotlight section for more details.

As 2025 draws to a close, PE/VC investments in 2025 have reached 88% of last year’s levels (US$49.3 billion in 11M2025 versus US$56.2 billion in the previous year) and are expected to close broadly in line with, or marginally below, last year’s total. Given the global and domestic headwinds, such as geopolitical tensions, tariff uncertainties under the Trump administration and the Rupee’s depreciation, investment activity has been pretty robust. The recent repo rate cut by the RBI and the resilient GDP growth point towards attractive growth opportunities, positioning PE/VC investors to capitalize on the next phase of India’s growth cycle. However, valuations continue to remain elevated and the bid-ask spread between sellers and investors continues to be the main impediment to faster PE/VC deal closures.  We remain cautiously optimistic and look forward to the US-India FTA, which could potentially help reset investor risk appetite.”

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.

Notes to Editors

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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.