2026年印度私募股权与风投趋势报告（英文版）-

PrivateEquityandVentureCapital

Trendbook2026

TOC

Private

Capital

Venture

and

Tableof

contents

P3TB137#y1

04

Foreword

P3TB140#y

11

Abriefreviewof

2025

P3T4#y

47

PE/VC

investments

bysector

3

P3T44#y

81

Taxand

regulatory

updates

5

P3T46#y

92

Appendices

P3TB139#y

06

Preface

P3TB141#y

21

Keytrendsof

2025

2

P3T43#y

69

Exits:

Keytrends

P3T45#y

88

Glossaryof

acronyms

P3T47#y

102

Contacts

Page4PrivateEquityandVentureCapitalTrendbook2026

India’sprivateequityandventurecapital

(PE/VC)industryhascontinueditsevolution

intoadeep,matureandgloballyrelevantassetclassthatisdefinedbyexpandingsectoral

breadth,andanincreasinglyresilientpoolofinvestorsandentrepreneurs.Theyear2025furtherreinforcedthislong-termtrajectory.

Despitenavigatingacomplexglobal

environmentmarkedbygeopoliticaltensions,

fluctuatingtariffregimes,andcurrency

pressures,Indiaemergedasoneofthemost

stableandattractiveprivate-capitaldestinationsworldwide.

In2025,India’sPE/VCecosystemdelivereda

performancethatunderscoredbothresilience

andrenewedmomentum.Investmentsclimbed

toUS$60.7billionacross1,475deals,whichisan8%increaseinvalueand9%riseinvolume,

representingthesecond-highestdeploymentonrecordinvalueterms.Growthandstart-up

investmentsstagedameaningfulrecovery,

whileprivatecreditcontinueditsupwardmarch,reachinghistorichighs.Buyoutsmoderated

duringtheyear.

Sectoraltrendsreflectedablendofcontinuity

anddiversification.Financialservicesreclaimedthetopposition,supportedbystronginterestinbanking,housingfinance,andfintech.Real

assets—comprisinginfrastructureandreal

estate—remainedcoreinvestmentpillars,

togethercontributingmorethanone-thirdoftotalcapitaldeployed.Meanwhile,technology,foodandagriculture,industrialproducts,andautomotivesectorsrecordedrobust

year-on-yeargrowth,signalingabroader

distributionofcapitalacrossbothtraditional

andemergingenginesoftheeconomy.Start-upactivitysawmeaningfulexpansionaswell,withIndia’stechnology-ledentrepreneurial

ecosystemcontinuingtodemonstratedepth,scaleandinnovation.

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Exitactivityremainedstrong,withUS$32.9

billioninrealizations,thesecond-highestlevel

everrecorded.Strategicexitsdrovenearlyhalfofallexitvalue,supportedbyarevivalin

corporateM&A.Thisexitperformance—achieveddespiteperiodsofequity-marketvolatility—

demonstratesthestrengthofIndia’scapital

marketsandtheincreasingmaturityofitsexitpathwaysacrossprivateandpublicroutes.

AsIndiastepsinto2026,themacroeconomic

landscaperemainsdynamic.Whilesustained

geopoliticalvolatility,currencymovements,andvaluationadjustmentsmaypromptameasuredpaceofdeployment,themedium-termoutlookremainsoptimistic.StrongGDPgrowth

projections,supportivemonetaryconditions,arobustIPOpipelineandimprovingtradeclarityallpositionIndiaasacompellingdestinationforglobalprivatecapitalseekingscale,stability,

andlong-termgrowth.

ThisTrendbookprovidesacomprehensiveand

data-drivenviewofthefactorsshapingIndia’s

PE/VCindustry.Itexaminesemergingthemes,evolvinginvestorstrategies,sector-specific

momentum,andtheopportunitiesthatlieaheadforamarketthatcontinuestogrowdeeperandmoresophisticatedeachyear.

IextendmygratitudetotheEYteamfortheirthoroughresearchandthoughtfulanalysisinbringingthisreporttogether.

Also,mysincerethankstoallourmembers,

partners,andstakeholdersforyourcontinuedengagementandsupport.Aswecollectively

worktowardsstrengtheningtheecosystem,Iinviteyoutoremainactiveparticipantsin

IVCA’sinitiativesandcontributetoshapingthenextchapterofgrowth.Together,wecan

continuetobuildavibrant,andfuture-readyPE/VClandscapeforIndia.

AshleyMenezes

Chairperson,IVCA

PartnerandCOO-ChrysCapital

Page6PrivateEquityandVentureCapitalTrendbook2026

Theyear2025wasatruetestamenttothe

resilienceandmaturityoftheIndianPE/VC

landscape.Investorsentimentwasshapedbyaconfluenceofglobalanddomesticfactors,

includingIndia’skeypoliticaldevelopments,theimplicationsoftheUSelectionoutcomein

November2024,persistentgeopolitical

tensions,andthevolatilityintariffpolicies

undertheTrumpadministration.Thesewere

compoundedbymeasuresfromthecentralbankinIndiatomanageinflationandinterestrates,

aswellastheIndianrupeetouchingitsweakestlevels,allofwhichcontributedtoacautious

deploymentenvironment.

Despitetheseheadwinds,PE/VCactivityinIndiaremainedrobust,recordingthesecond-highestinvestmentvalueonrecordatUS$60.7billion

across1,475deals,marking8%and9%year-on-yeargrowthinvalueandvolume,respectively.Thisstrongperformanceamidstglobal

uncertaintyunderscorestheresilienceofIndia’seconomicfundamentals.

Sectorssuchasfinancialservices,

infrastructure,realestate,technologyand

e-commercecontinuedtodominatethePE/VClandscape,togetheraccountingfor72%oftotalinvestments,consistentwiththepreviousyear.Thesesectorswerealsothetopfivein2024,

withonlyapositionalshiftbetweenfinancialservicesandinfrastructure.Infrastructure,

whichheldthetopspotlastyear,slippedto

secondplacein2025,whilefinancialservicesmovedupfromsecondtobecometheleadingsectorthisyear.

Withinthesetopsectors,financialservices,realestateandtechnologyregisteredyear-on-year

growth,whereasinfrastructureande-commercesawadeclineininvestmentactivity.Beyondthetopfive,othersectorsexperiencednotable

churn.Foodandagriculture,retailand

consumerproducts,automotive,

industrialproducts,pharmaceuticals

andaerospaceanddefenserecorded

growthcomparedtolastyear,whilehealthcare,telecommunications,logisticsand

transportation,mediaandentertainmentandeducationsawadeclineininvestmentactivity.

PE/VCexitsin2025alsoregisteredthesecond-highestexitvalue,totalingUS$32.9billion,

surpassedonlybythepeakofUS$39.6billionin2021andrepresenteda17%increaseover

2024(US$28.2billion),despitea10%declineinexitvolume,whichfellto257dealsin2025

from285dealsin2024.

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Thereporthighlightstheevolvingstrategiesand

approachesadoptedbyPE/VCinvestorsinresponsetoshiftingmarketdynamics.

Thedataanalyzedinthisreporthighlightsthefollowingtrends:

1.Investmentscontinuetorise:

PE/VCinvestmentactivitymaintainedanupwardtrajectoryin2025,withtotal

investmentvaluerising8%year-on-year(US$60.7billion),supportedlargelybyastrongreboundingrowthandcredit

investments.Dealactivityalso

strengthened,withthenumberof

transactionsincreasing9%year-on-year,markingthehighestdealcountever

recorded(1,475deals).

Growthinvestmentsledthemomentum,

registeringa56%increaseindealvolume

(282deals),whilethestart-upsegmentsawa19%rise(767deals).Incontrast,other

investmentcategories—credit,buyout,andPIPEdealsexperiencedadeclinecomparedtothepreviousyear.

2.Sectoralallocationmostlyinlinewiththepreviousyear:

Thetopfivesectorsof2024continuedtodominatePE/VCinvestmentsin2025,

maintainingtheirleadershippositionsinoveralldealactivity.

Financialservicesemergedasthelargest

sector,movingupfromsecondplacelast

year,whileinfrastructureslippedtothe

secondposition.Realestate,technologyande-commerceretainedtheirpositionsasthe

third,fourth,andfifthlargestrespectively.

Collectively,thesetopfivesectors

accountedfor72%oftotalinvestments,

broadlyconsistentwiththepreviousyear’sconcentrationlevels.

Notably,sixsectors—financialservices,realestate,foodandagriculture,automotive,

industrialproductsandaerospaceand

defense—achievedall-timehighinvestmentlevelsin2025.

3.Realassetshelpedholdthefort:

Realassets(infrastructureandrealestate)reboundedin2025,recordinga2%growthafteran8%declinein2024.

Pure-playPE/VCinvestmentsgrewby12%,moderatingfromthe15%growthrecordedinthepreviousyearandcontinuedto

contributemeaningfullytooverallinvestmentmomentum.

4.PE/VCexitscontinuedtoriseforthethirdconsecutiveyear

PE/VCexitssurgedtothesecond-highestin2025,totalingUS$32.9billionacross257exits.

Strategicexitsrebounded,growing211%year-on-yeartoreachUS$16billion,

accountingfor48%oftotalexitsduringtheyear.

5.Fundraisingactivitytouchedarecordhigh

Fundraisingactivitysurgedin2025,

reachinganall-timehighofUS$23.2billion,asignificantincreasefromUS$9.8billion

raisedinthepreviousyear.

Thenumberoffundraisesalsohitahistoricpeak,rising35%year-on-yearto123

fundraises,markingthehighestannualcounttodate.

Outlook

PE/VCinvestments

PE/VCinvestmentsin2026beganwitharelativelymutedstart,withJanuary2026investments37%lowerinvaluecomparedtoDecember2025and36%lowerthanJanuary2025.

ExhibitA

Investments

ValueUS$million

Numberofdeals

Dealtype

1

2026(Jan)

2025(Dec)

2025(Jan)

2026(Jan)2025(Dec)

2025(Jan)

Growth

1,879

4,015

1,425

24

33

19

Start-up

1,279

806

1,107

83

58

60

Buyout

335

41

2,459

2

2

9

Credit

335

938

962

8

11

36

PIPE

18

306

30

3

25

6

Grandtotal

3,846

6,106

5,982

120

129

130

Source:EYanalysisofVCCEdgedata

PE/VCexits

Exitactivitystartedonasubduednote;withJanuary2026recordingexitsat72%lowerthanthoseinDecember2025and8%higherthanJanuary2025.

ExhibitB

Exits

ValueUS$million

Numberofdeals

Dealtype

2026(Jan)

2025(Dec)

2025(Jan)

2026(Jan)

2025(Dec)

2025(Jan)

Secondary

331

503

-

4

8

-

IPO

162

278

308

2

5

2

Strategic

51

902

143

5

11

7

Openmarket

-

163

52

1

2

2

Buyback

-

67

-

-

1

-

Grandtotal

544

1,912

503

12

27

11

Source:EYanalysisofVCCEdgedata

Factorsthatmayleadtoacautiousapproachin2026:

1.Challengingyearahead:Theyear2026is

expectedtobeanotherchallengingyearwithitsownsetofcomplexitiesandseveraluncertaintiesyettofullyunfold.Atthetimeofwritingthis

report,whiletheSupremeCourtintheUShas

struckdownthehighertariffsimposedundertheTrumpadministration,reducingdutiesonIndianexportsfrom25%to18%,thesubsequent

implicationsandoperationalguidelinesarestillawaited.Thesedevelopmentsmayinfluence

investorconfidenceinthenearterm.Thatsaid,theeasingoftariffswillhelpreduceuncertainty,supportexportcompetitiveness,andimprove

foreign-exchangeinflows.

2.Marketvolatilityalsoremainsaconcern:TheincreaseinSecuritiesTransactionTax(STT)

announcedintheUnionBudget2026triggeredimmediateturbulenceinIndianequities,

1Growthcapitalreferstoinvestmentincompaniesolderthan10years;Start-upreferstoinvestmentsincompanieslessthan10yearsold,Buyoutsreferstocontroltransactions(>50%stake).

Page8PrivateEquityandVentureCapitalTrendbook2026

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impactingvaluations,exittiming,andthepaceofPE/VCdeployment.

3.Persistentgeopoliticaltensions:Therisingglobalconflictscontinuetoweighonsentiment,

impactingdelayeddecisionmaking.TherecentIran-Israel-USconflictcanpotentiallyhavea

significantinflationaryimpactonhydrocarbonprices,whichcanbedetrimentaltoIndia’s

macroeconomichealth.

4.Corporateearnings:Theearningsperformanceinearly2026hasbeenmoderate,withgrowth

concentratedinsectorssuchasfinancialservices,IT,healthcareandindustrials,whileenergy,

metals,miningandtelecomlagged.This

divergenceledtoacorrectionacrossbroadermarketsegmentsandcontributedtocontinuedrecordFIIsellingoverthepastfewmonths.

5.Rupeedepreciation:ThecontinuedFIIsellinghasimpactedandcreatedacurrencypressure

throughout2025,withlevelstouching

INR92/US$,heightenedfearsoffurther

weakeningandcreatedarisk-aversemoodamongforeigninvestors.

6.Valuationgap:Additionally,thewideningbid–askspreadhassloweddealclosures.Volatilityin

publicmarketsandsharpcorrectionsinmidcapandsmallcapindicesisyettomateriallyreducesellers’valuationexpectations,whilebuyers-havemaintaineddiscipline.Thismismatchcreateda

widevaluationgap,resultinginslowertransactionclosures.

Positivedriversthatwillboostinvestorconfidencein2026:

Lookingahead,severalmicroandmacro-economicfactorssupportacautiouslyoptimisticoutlookfor2026.

1.StrongGDPgrowth:India’sGDPgrowthis

projectedataround7%,ashighlightedintheGoldmanSachsforecast—placingthecountryamongtheworld’sfastest-growingmajor

economiesandreinforcingconfidenceinitsmedium-termexpansiontrajectory.

2.Reductioninreporates:TheRBI’scumulative

125bpsreporatereductionin2025,combined

withinflationexpectedtoholdnearthe4%target,providesastableandfavorableenvironmentto

capitaldeployment.

3.Capex:Thegovernment’ssustainedcommitmenttopubliccapitalexpenditureisanothercritical

driver.WithcapexatINR12.2lakhcroreinthe

FY27Budget,policycontinuestofocuson

infrastructure,andmanufacturing—areasthatnotonlypromoteeconomicactivitybutalsounlock

robustpipelinesforprivateequityandinfrastructureinvestors.

4.StrongIPOpipeline:Thiswillleadto

strengtheningexitvisibility,akeyconsiderationforPE/VCinvestorssupportingmonetization

opportunitiesandrecyclecapitalbackintonewinvestments.

5.India-UStariffdeal:AframeworkforanInterim

AgreementwasreachedinFebruary2026,

targetingtariffreductionsonIndianexportsto

18%andaddressingkeysectorslike

pharmaceuticals,textiles,andpreciousmetals,

followingaperiodofhightariffdisputes.ThishastobeseeninlightoftheUSSupremeCourtrulingonthelegalityoftheTariffsandtheeventual

workaroundavailabletoIndia.Whiledetailsareyettoemerge,thedirectionandthereductionofTariffsto18%ispositive.

Thesinglelargestfactorimpactinginvestorrisk

appetiteforIndiaexposureintheshorttermisthe

currentconflictintheMiddleEastanditsimpacton

globalcrudeoilandLNGprices.WhilethemediumtolongtermoutlookforIndiaandtheIndianPE/VC

ecosystemispositive,intheshortterm,investorsandsellerswillcontinuetoexercisecautionasthe

implicationsofthisconflictonIndiaarebeingbetterunderstood.

Webelievethatthecurrentconfluenceofgeo-politicalfactorswillcontinuetoraisebusinessriskpremiums

during2026.Thisheightenedvolatilityisexpectedtoreducetradingmultiplesofmid-capandsmall-cap

companiesandpotentiallyslowdowntheIPOmarket.WeprojectIndianPE/VCinvestmentstopickuppacein2026asthefactorshighlightedabovereducethebid-askspreadbetweeninvestorsandsellers,

acceleratingdealclosures.

Wehopeyouenjoyreadingthisyear’sTrendbook.

VivekSoni

PartnerandNationalLeader

PrivateEquityServices,EYIndia

vivek.soni@

PagePrivateEquityandVentureCapitalTrendbook2026

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Page12PrivateEquityandVentureCapitalTrendbook2026

PE/VCinvestments

Since2021,PE/VCactivityinIndiahastransitioned

fromthreedifferentcycles:apostpandemicsurgein2021,acorrectionin2022-23andavolume-led

recoveryin2024-2025.PE/VCinvestmentsinIndia

reachedanall-timehighin2021,withUS$77.5billiondeployed—representinga61%yearonyearsurge.Thispeakwasfollowedbyatwo-yearcorrection,with

investmentsdeclining29%in2022toUS$55.3billion,andafurther3%in2023toUS$53.4billion.Notably,whilethenumberofdealsfellsharplyby31%in2023,reflectingheightenedcautionamidglobalmonetary

tightening,thecorrespondingdeclineininvestment

valuewasfarmoremeasured.Thisdivergencesignalsthatinvestorsremainedwillingtobacklarger,higherconvictionopportunitiesdespitebroaderriskaversion.2024witnessedarecovery,withinvestmentsrising

5%toUS$56.1billion,strengtheningfurtherin2025toUS$60.7billion—an8%yearonyearincrease,

supportedlargelybygrowthdeals,start-upfunding,andthecontinuedexpansionofcreditinvestments.Incontrast,buyoutactivitysawasignificant44%

decline,indicatingashiftindealmix.Excludingthe

abnormal2021peak,annualPE/VCinvestments

averagedUS$56.4billionbetween2022and2025,anoticeablerisefromtheUS$34.8billionaverage

during2016–2020.

Overthelastfiveyears,dealactivityinIndiahas

maintainedanupwardtrajectory,withtheexception

ofatemporarydeclinein2023.Between2021and

2025,themarketaveraged1,252dealsperyear,

representinga60%increasecomparedtoanaverageof782dealsrecordedbetween2016and2020.In

linewithbroaderinvestmentpatterns,growthand

start-updealactivityincreasedyear-on-year,while

PIPE,buyoutandcredittransactionssoftenedin2025comparedto2024.Start-upinvestmentsremained

themostactivesegment,registering767dealsin

2025,a19%year-on-yearincrease.Growth

investmentsfollowed,with282deals,reflectinga56%increaseoverthepreviousyear.Creditinvestments

securedthirdrankwith239deals,markinga23%

declinefrom311dealsin2024.PIPEtransactions

recorded138deals(a13%year-on-yeardrop),whilebuyoutdealstotaled49,representinga16%decline.

Intermsofasset-classactivity,realassets-backed

investments(infrastructureandrealestate)

registereda2%increaseinvalue,risingfromUS$21.1billionin2024toUS$21.6billionin2025,and

contributed36%oftotalPE/VCinvestmentsin2025.Despitetheincreaseinvalue,dealactivitymoderatedslightly,withtransactionsdecliningby3%to259

dealsin2025comparedwith267dealsinthe

previousyear.Themoderationinrealassetsdeal

volumewasoffsetbyapickupinpure-play

investments,whichrecordeda12%growthbothin

valueandvolumetoreachUS$39.1billion(1,216

deals)in2025,upfromUS$35billionin2024(1,086deals).Pure-playinvestmentsaccountedforan

expanded64%shareoftotalPE/VCinvestmentsin2025,comparedwith62%in2024.

Intermsofsectoralallocation,financialservices,

infrastructureandrealestatewerethelargest

recipientsofcapital,eachattractingoverUS$10

billionininvestments.Thesewerefollowedby

technology,e-commerce,foodandagriculture,

healthcare,retailandconsumerproducts,automotive,industrialproductsandpharmaceuticals,allofwhich

recordedoverUS$1billionininvestmentsduringtheyear.Fromadealcountperspective,financialservicesledthemarketwiththehighestnumberof

transactions,followedbytechnology,realestate,

e-commerce,foodandagriculture,retailand

consumerproductsandinfrastructure,eachofwhichregisteredmorethan100dealsduringtheyear.

Thenumberoflargedeals(dealsgreaterthan

US$100million)remainedconsistentwiththe

previousyearat126in2025.Megadeals(greater

thanUS$1billion)alsoremainedatfourtransactions.Withinthelarge-dealspectrum,activityintheUS$500million–US$1billioncategoryincreasedfrom15dealsin2024to18in2025,whiledealsintheUS$100

million–US$500millionbracketsawamarginaldeclinefrom107to104transactions.Overall,largedeals

accountedforUS$41.2billionin2025—an8%increaseoverUS$38.1billioninthepreviousyear.Ofthis,

US$100million–US$500millionsegmentrecordedUS$20.6billion,US$500million–US$1billion

categoryrecordedUS$14.3billion,andmegadealsrecordedUS$6.2billion.

Theinvestmenttrendsin2025mirroredthosesince2022,withheightenedactivityinthefirsthalfoftheyearfollowedbyaslowdowninthelatterhalf.The

firsthalfattractedPE/VCinvestmentsofUS$31.8billion,whilethesecondhalfsawinvestmentsof

US$28.9billionasinvestorsexercisedincreasedcautionamidstrisinggeopoliticalconflicts.

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Exhibit1:PE/VCinvestments

PE/VCinvestments(US$billion)

20252024Growth

60.756.18%

PE/VC

investments

Numberofdeals1,4751,3539%

39.135.012%

Pure-playPE/VCinvestments-byvalue(US$billion)

1,2161,08612%

Pure-playPE/VCinvestments-bynumberofdeals

ContributiontooverallPE/VC

64%62%

Overviewby

assetclass

investments-byvalue(US$billion)

Realestate/Infrastructure

investments-bynumberofdeals

259

267

-3%

36%38%

ContributiontooverallPE/VCinvestments(byvalue)

Largedeals-byvalue(US$billion)41.238.18%%

ContributiontooverallPE/VC

68%68%

Largedeals

(>US$100m)

ContributiontooverallPE/VCdeals9%9%

Dealtype

(US$billion)

Growth

Credit

Start-up

Buyout

PIPE

Total

16.9

13.3

27%

14.1

10.8

30%

13.5

10.0

35%

9.5

17.0

-44%

6.7

5.0

34%

60.7

56.1

8%

Topsectors

(US$billion)

C

Financialservices

Infrastructure

Realestate

ContributiontooverallPE/VCinvestments

11.9

9.0

33%

11.1

12.4

-10%

10.5

8.7

20%

55%

54%

Source:EYanalysisofVCCEdgedata

Page14PrivateEquityandVentureCapitalTrendbook2026

Exhibit2:Keyhighlights-investments

PE/VCinvestments

US$60.7b

Upby8%y-o-y

(US$56.1bin2024)

1,475deals

Upby9%y-o-y(1,353dealsin2024)

Topdeal

AresSSG,Morgan

Stanley,Temasekand

othersinvestingUS$2.1billioninPorteast

Investment(ShapoorjiGroup)

StatewithmaximumdealsKARNATAKA

recordedthehighest

numberofdeals(344),followedby

MAHARASHTRA(336deals)

Strategy

Approach

Topsectors

Growth:US$16.9b

Upby27%y-o-y

(US$13.3bin2024)

Financialservices:

US$11.9b

Upby33%y-o-y(US$9bin2024)

Pure-play:US$39.1b

across1,216deals,Upby12%y-o-y(US$35bacross1,086dealsin2024)

Credit:US$14.1b

Upby30%y-o-y

(US$10.8bin2024)

Infrastructure:

US$11.1b

Downby10%y-o-y(US$12.4bin2024)

Realassets(REand

Infra):US$21.6bacross259deals,Upby2%

Start-up:US$13.5b

Upby35%y-o-y

(US$10bin2024)

y-o-y(US$21.1bacross267dealsin2024)

Realestate:US$10.5b

Upby20%y-o-y

(US$8.7bin2024)

Buyout:US$9.5b

Downby44%y-o-y(US$17bin2024)

ContributiontooverallPE/VC:

1.Pure-play:64%

2.Realassets:36%

PIPE:US$6.7b

Downby34%y-o-y(US$5bin2024)

Largedeals:US$41.2b

across126deals,Upby8%y-o-y(US$38.1b

across126dealsin2024)

Source:EYanalysisofVCCEdgedata

80,000

60,000

40,000

20,000

-

Exhibit3:TotalPE/VCinvestments

1,600

1,400

1,200

1,000

800

600

400

200

0

1,475

1,353

1,274

1,277

880

77,543

60,699

56,148

55,273

53,437

20212022202320242025

Value(US$m)#ofdeals

Source:EYanalysisofVCCEdgedata

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Exhibit4:PE/VCinvestments:Splitacrossassetclasses

80,000

5,406

5,447

60,000

11,135

12,394

8,738

8,996

10,466

14,478

6,856

40,000

8,512

66,690

20,000

39,098

39,421

35,016

30,447

-

20212022202320242025

PE/VCinvestments(othersectors)(US$m)Realestate(US$m)Infrastructure(US$m)

Source:EYanalysisofVCCEdgedata

Page16PrivateEquityandVentureCapitalTrendbook2026

PE/VCexits

Barring2022,India’sexitactivityhaslargely

maintainedanupwardtrajectory,withmostyears

recordingpositiveyearonyeargrowth.Theyear

2021markedahistoricpeak,deliveringUS$39.6

billioninexitsacross279transactions,drivenby

buoyantcapitalmarketsandlowriskpremiums.Thismomentumwasinterruptedin2022,whenexitvaluedeclinedby54%toUS$18.3billion.However,the

activityreboundedpost2022,withexitsconsistentlyexceedingUS$20billionannually—US$24.9billionin2023,US$28.2billionin2024,andUS$32.9billionin2025—resultinginanaverageannualexitvalueof

US$28.8billionover2021–2025.Intermsofvolume,exitcountsdisplayedadecliningtrendyear-on-year,exceptin2023,whichstoodoutwith305exits,the

highestnumberofexitsever.

Ifwelookatexitsbytypein2025,strategicexits

recordeda211%growthyear-on-yearandreached

US$15.9billionacross82exits,onaccountof

Temasek’slargeexitfromSchneiderElectricIndiafor

US$6.4billion,thelargestexitoftheyear.Thiswas

followedbyopen-marketexitswhichrecordedUS$9billion,a30%decreaseyear-on-yearandPE-backed

IPO’swhichrecordedUS$3.9billion(across42IPOs),agrowthof18%year-on-year.Secondaryexitssawade-growthof41%comparedtopreviousyear(US$3.9billionacross57exitsin2025vs.US$6.7billion

across53exits).

Predominantly,PE/VCexitactivitywasobservedin

industrialproducts(US$6.8billion),financialservices(US$5.8billion),infrastructure(US$5billion),

pharmaceuticals(US$3billion),technology(US$2.5billion),realestate(US$2.4billion)andhealthcare(US$2billion),e