2025年三季度印度市场快照

Contents PitchBook Data, Inc. MMarket overview Nizar TarhuniExecutive Vice President of Research andMarket Intelligence CCommentary Paul CondraGlobal Head of Private Markets ResearchKyle StanfordDirector of Research, US Venture CPrivate markets HVC deal activity6 MVC exit activity Institutional Research Group EVC fundraising activity9 Analysis Melanie TngResearch Analyst, APAC Private Capitalmelanie.tng@pitchbook.com VPE fundraising activity Data Charlie FarberManager, Data Analysis VCorporate acquisition activity14 Oscar AllawayData Analyst Adi GeorgeAssociate Data Analyst pbinstitutionalresearch@pitchbook.com Published on December 15, 2025 Additional country snapshots will be released throughoutthe year. View the latest snapshots below: Q32025AustraliaMarket SnapshotQ2 2025 Hong Kong Market SnapshotQ2 2025 Singapore Market Snapshot Note: All data in this report is as of September 30,2025 unless noted otherwise. Market overview Commentary With this edition, we update our coverage of India. Our Country Snapshot series provides an overview of both macroeconomic and microeconomic trends inthe region, covering various countries across Europe and Asia. We look at how both public and private data points trended in Q3 2025. Market backdrop Nevertheless, over a longer horizon, India’s VC landscape remainsstructurally attractive. The country continues to benefit from rapid under the Trump administration, a softer rupee, and weak consumerdemand weighed on sentiment. Even so, benchmark indexes recovered digitization, expanding cloud adoption, and a strong engineering talentbase. Policy initiatives, including the IndiaAI Mission, the semiconductorincentive scheme, and expanded credit support for micro, small, andmedium enterprises (MSMEs) , will further strengthen the backdrop for Private equity India’s PE market remained resilient in 2025. Through Q3 2025, themarket recorded 217 deals, surpassing deal activity in the same period of2024. Exit activity also improved after a muted stretch, with Q3 marking aclear inflection following the decline seen since Q4 2024. Notableoutcomes included public listings such as Waaree Energies, Vishal Mega Low inflation, fading global uncertainty, and the start of rate cuts arerestoring liquidity back into the system. Policy momentum is alsosupportive. Measures such as the government’s overhaul of the Goods Mart, and International Gemological Institute, reaffirming the role of reduce business frictions, reinforcing efforts to sustain domesticinvestment. have demonstrated strong liquidity and investor appetite for largeconsumer, industrial, and energy-transition-linked offerings, allowing PE-backed companies to price IPOs effectively. Corporate balance sheets supports exit visibility for PE-and VC-backed companies, while rupeevolatility highlights the growing importance of domestic LP capital infunding the next stage of market growth. As liquidity improves and the IPO route. Additionally, India’s macro stability continues to attractglobal allocators looking for comparatively low-volatility deployment Looking ahead, a decline in interest rates could stimulate activity acrossyield-oriented sectors such as infrastructure, energy, and real estate,where long-duration cash flows become more attractive in a lower-rate Venture capital prolonged softness reflects a combination of global and domesticpressures, such as higher interest rates through much of 2023 and 2024, and capital-expenditure-driven expansion, helping revive segments of the Within this broader slowdown, stage-level trends have diverged. Venturegrowth saw a decline in its share of total deal value, largely because thepool of companies able to justify late-stage valuations has narrowed.Several marquee unicorns, such as Byju’s and Dunzo, faced operationalchallenges, prompting investors to re-assess the risk profile of scaling-stage businesses. At the same time, a handful of late-stage financingsgenerating a steady supply of PE-ready assets, from manufacturingplatforms benefiting from “China+1” diversification to services businessesscaling through technology adoption.Combined with improving exit visibility and ample domestic liquidity,these trends suggest that India’s PE market is positioned for continuedsteady activity into 2026. Early-stage held up relatively well, with seed and Series A roundsincreasing as a share of total deal count in 2025, supported by aresurgence of founder formation in AI, deep tech, and software as aservice. This resilience reflects the availability of unspent capital raised Fundraising, however, remains a challenge, with 2025 funding levelsunlikely to exceed those of 2024. LPs remain cautious following mark-to-market corrections in global portfolios, and many are prioritizing re-ups Private markets Private markets VC deal activity VC deal activity VC exit activity VC fundraising activity PE deal activity PE deal activity PE exit activity PE fundraising