THERE HAS BEEN an 8 per cent rise in investment by private equity-venture capital firms in Indian companies in the first three months of 2025. They invested over USD 7.9 billion (across 270 deals) in Indian companies during the first three months of 2025. The investment represents a 8 per cent rise over the USD 7.3 billion (across 264 deals) invested in the same period during 2024 Deal volumes in Q1 of 2025 increased by two per cent compared to Q1 of 2024 and also were up by three per cent compared to the immediate previous quarter, according to data from Venture Intelligence. These figures include Venture Capital type investments, but exclude PE investments in Real Estate.
The first quarter of 2025 witnessed 18 mega deals (USD 100 M+ rounds) worth USD 5.1 billion, compared to 10 such investments (worth 4.6 billion) in Q1 of 2024 and 20 such deals (worth 4.9 billion) in the immediate previous quarter. The largest investment in Q1 ’25 was the USD508 million investment in a publicly-listed NBFC gold loan company Manappuram Finance by Bain Capital. KKR acquiring a controlling stake in hospital chain Healthcare Global for USD 400 million was the second biggest deal of the quarter. This was followed by a 350 million investment in data analytics and AI (artificial intelligence) solutions provider Impetus Technologies by Kedaara Capital. The USD 275 million investment of primary and secondary in SaaS focused healthcare unicorn Innovaccer by B Capital Group, M12 and others was the fourth biggest deal. E-Commerce platform Meesho’s closing of a USD270 million tranche as part of its ongoing funding round (from Peak XV Partners, Tiger Global, WestBridge, Think Investments, Mars Growth Capital and others) completed the top five investments for the period.
Led by the 350 million investment led by Kedaara Capital in Impetus Technologies, IT & ITES emerged as the top industry for the quarter by attracting USD 3.8 billion across 149 deals. This Impetus investment was followed by USD 275 million investment in healthtech unicorn Innovaccer and the USD 270 million investment in e-commerce unicorn Meesho by Mars Growth Capital, Peak XV Partners, Think Investments, Tiger Global, WestBridge Capital and other investors.
The Healthcare & Life Sciences industry came in next, attracting USD1.1 billion across 28 deals in Q1 ’25. Deals in the industry were led by KKR’s USD 400 million acquisition of Bangalore-based hospital chain HealthCare Global. This was followed by the USD 123 million investment in Delhi-based pharma company Tirupati Medicare and USD109 million investment in Chennai-based diagnostic service provider Neuberg Diagnostics.
The FMCG industry attracted about USD1 billion across 20 deals during Q1 of 2025. Investments in the industry were led by USD 29 million investment in Mumbai-based skincare brand Foxtale by Z47 (formerly Matrix Partners India), Kae Capital, Panthera Growth Partners and others. This was followed by USD23 million investment in cosmetics brand Pilgrim by Anicut Capital, Mirabilis Investment Trust, Narotam Sekhsaria Family Office, Vertex & Others and USD16 million in Mumbai-based healthy snacks seller The Whole Truth by Peak XV Partners, Sauce VC, Sofina, Z47.
