2026年印度私募股权与风投趋势报告（英文版）-

Private

EquityandVenture

CapitalTrendbook2026P

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dTOCTable

ofcontentsP3TB137#y104ForewordP3TB140#y1

1A

brief

review

of2025P3T

4

#y47PE/VCinvestmentsby

sector3P3T

44#y81Tax

andregulatoryupdates5P3T

46#y92AppendicesP3TB139#y06PrefaceP3TB141#y21Keytrends

of20252P3T

43#y69Exits:KeytrendsP3T

45#y88GlossaryofacronymsP3T

47#y102ContactsIndia’sprivateequityandventure

capital(PE/VC)industry

has

continued

its

evolutioninto

a

deep,mature

and

globally

relevant

assetclass

that

is

defined

by

expanding

sectoralbreadth,and

an

increasingly

resilient

pool

ofinvestors

and

entrepreneurs.The

year2025

furtherreinforcedthislong-termtrajectory.Despitenavigatinga

complexglobalenvironmentmarkedbygeopoliticaltensions,fluctuatingtariffregimes,andcurrencypressures,

Indiaemergedasone

ofthe

moststableandattractiveprivate-capitaldestinations

worldwide.In2025,India’s

PE/VCecosystem

delivered

aperformancethatunderscoredboth

resilienceand

renewed

momentum.

Investments

climbedto

US$60.7

billion

across

1,475deals,which

isan8%increase

invalue

and

9%

rise

in

volume,representing

the

second-highest

deployment

on

record

in

value

terms.Growth

and

start-upinvestmentsstagedameaningfulrecovery,while

privatecreditcontinueditsupward

march,

reachinghistorichighs.

Buyouts

moderatedduringtheyear.Sectoraltrendsreflectedablend

of

continuityand

diversification.

Financial

services

reclaimedthetopposition,supportedbystrong

interest

inbanking,housing

finance,and

fintech.

Realassets—comprising

infrastructure

and

realestate—remained

core

investment

pillars,togethercontributingmorethanone-thirdoftotal

capital

deployed.Meanwhile,technology,

foodandagriculture,industrial

products,and

automotivesectorsrecordedrobustyear-on-year

growth,signaling

a

broaderdistributionofcapitalacrossboth

traditionaland

emerging

engines

of

the

economy.Start-upactivity

saw

meaningful

expansion

as

well,withIndia’stechnology-ledentrepreneurialecosystemcontinuingtodemonstratedepth,

scale

and

innovation. Page

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Exit

activity

remained

strong,with

US$32.9billion

in

realizations,the

second-highest

leveleverrecorded.Strategicexitsdrove

nearly

halfof

all

exit

value,supported

by

a

revival

incorporate

M&A.Thisexit

performance—achieved

despiteperiodsofequity-marketvolatility—demonstratesthestrengthofIndia’s

capitalmarketsandtheincreasingmaturityof

its

exitpathways

across

private

and

public

routes.As

India

steps

into2026,the

macroeconomiclandscape

remainsdynamic.Whilesustainedgeopoliticalvolatility,currencymovements,and

valuationadjustmentsmayprompt

a

measuredpaceofdeployment,themedium-term

outlookremains

optimistic.Strong

GDP

growthprojections,supportivemonetaryconditions,a

robust

IPOpipelineandimproving

trade

clarityall

position

India

as

a

compelling

destination

forglobal

private

capital

seeking

scale,stability,andlong-term

growth.ThisTrendbook

providesacomprehensiveanddata-driven

view

of

the

factors

shaping

India’sPE/VC

industry.

It

examines

emerging

themes,evolvinginvestorstrategies,sector-specificmomentum,andtheopportunitiesthatlie

ahead

foramarketthatcontinuesto

grow

deeper

andmore

sophisticated

each

year.Iextendmygratitudetothe

EY

team

for

theirthoroughresearchandthoughtfulanalysis

inbringingthisreporttogether.Also,my

sincere

thanks

to

all

our

members,partners,andstakeholdersforyourcontinuedengagement

and

support.As

we

collectivelyworktowardsstrengtheningtheecosystem,

Iinviteyoutoremainactive

participants

inIVCA’s

initiatives

and

contribute

to

shaping

thenext

chapter

of

growth.Together,we

cancontinuetobuildavibrant,andfuture-readyPE/VC

landscapefor

India.Ashley

MenezesChairperson,

IVCAPartnerandCOO-

ChrysCapitalPage

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dSectorssuchasfinancial

services,infrastructure,realestate,technologyande-commerce

continued

to

dominate

the

PE/VClandscape,together

accounting

for

72%of

totalinvestments,consistentwiththepreviousyear.

These

sectors

were

also

the

top

five

in2024,withonlyapositionalshift

between

financial

servicesandinfrastructure.Infrastructure,which

held

the

top

spot

last

year,

slipped

tosecond

place

in2025,while

financial

servicesmoved

up

from

second

to

become

the

leadingsectorthisyear.Within

these

top

sectors,financial

services,realestate

and

technology

registered

year-on-yeargrowth,whereasinfrastructureande-commercesaw

a

decline

in

investment

activity.

Beyond

thetopfive,othersectorsexperiencednotablechurn.

Food

and

agriculture,retail

andconsumerproducts,automotive,industrialproducts,pharmaceuticalsandaerospaceanddefense

recordedgrowth

compared

to

last

year,while

healthcare,

telecommunications,logisticsandtransportation,mediaandentertainmentand

educationsawadeclinein

investment

activity.PE/VC

exits

in2025also

registered

the

second-highest

exit

value,totaling

US$32.9

billion,surpassed

only

by

the

peak

of

US$39.6

billion

in2021andrepresenteda

17%

increase

over2024(US$28.2

billion),despite

a

10%decline

inexit

volume,which

fell

to257deals

in2025from285deals

in2024.The

year2025was

a

true

testament

to

theresilience

and

maturity

of

the

Indian

PE/VClandscape.

Investorsentimentwasshapedby

a

confluenceofglobalanddomestic

factors,including

India’s

key

political

developments,theimplications

of

the

US

election

outcome

inNovember2024,persistent

geopoliticaltensions,andthevolatilityintariffpoliciesunder

the

Trump

administration.These

werecompounded

by

measures

from

the

central

bankin

India

to

manage

inflation

and

interest

rates,aswellasthe

Indian

rupeetouchingits

weakestlevels,all

of

which

contributed

to

a

cautiousdeploymentenvironment.Despitetheseheadwinds,

PE/VCactivity

in

Indiaremained

robust,recording

the

second-highestinvestment

value

on

record

at

US$60.7

billionacross

1,475deals,

marking8%and9%

year-on-year

growth

in

value

and

volume,respectively.

Thisstrongperformanceamidst

globaluncertainty

underscores

the

resilience

of

India’s

economicfundamentals. Page

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Thereporthighlightstheevolvingstrategies

andapproachesadopted

by

PE/VCinvestorsin

response

toshiftingmarketdynamics.Thedataanalyzedinthis

report

highlights

thefollowingtrends:1.Investmentscontinue

to

rise:

PE/VCinvestmentactivitymaintained

anupward

trajectory

in2025,with

totalinvestment

value

rising8%year-on-year(US$60.7billion),supported

largely

by

astrongreboundin

growth

andcreditinvestments.

Deal

activity

alsostrengthened,withthenumber

oftransactions

increasing9%year-on-year,marking

the

highest

deal

count

everrecorded(1,475deals).

Growthinvestmentsledthe

momentum,registeringa56%increase

in

deal

volume(282deals),while

the

start-up

segment

sawa

19%rise(767deals).

In

contrast,

otherinvestment

categories—credit,buyout,and

PIPEdealsexperienceda

decline

comparedto

the

previous

year.2.Sectoralallocation

mostlyin

line

with

the

previousyear:

The

top

five

sectors

of2024

continued

todominate

PE/VC

investments

in2025,maintainingtheirleadershippositions

inoveralldealactivity.

Financial

services

emerged

as

the

largestsector,moving

up

from

second

place

lastyear,whileinfrastructureslippedtothesecond

position.

Real

estate,technology

ande-commerce

retained

their

positions

as

thethird,fourth,andfifthlargestrespectively.

Collectively,these

top

five

sectorsaccounted

for72%of

total

investments,broadly

consistent

with

the

previous

year’s

concentration

levels.

Notably,sixsectors—financialservices,real

estate,foodandagriculture,automotive,industrial

products

and

aerospace

anddefense—achievedall-timehigh

investmentlevels

in

2025.3.Realassets

helped

hold

the

fort:

Real

assets(infrastructure

and

real

estate)rebounded

in2025,recording

a

2%

growthafter

an8%

decline

in

2024.

Pure-play

PE/VCinvestmentsgrewby

12%,moderating

from

the

15%growth

recordedin

the

previous

year

and

continued

tocontributemeaningfullytooverall

investmentmomentum.4.PE/VCexitscontinued

to

rise

forthe

third

consecutiveyear

PE/VCexitssurgedtothesecond-highest

in2025,totaling

US$32.9billion

across257exits.

Strategic

exits

rebounded,growing211%year-on-year

to

reach

US$16billion,accounting

for48%of

total

exits

during

theyear.5.Fundraisingactivitytouched

a

record

high

Fundraising

activity

surged

in2025,reaching

an

all-time

high

of

US$23.2

billion,a

significant

increase

from

US$9.8

billionraised

in

the

previous

year.

The

number

of

fundraises

also

hit

a

historicpeak,rising35%year-on-year

to

123fundraises,markingthehighest

annualcounttodate.Page

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dStart-up1,2798061,107835860Buyout335412,459229Credit33593896281136PIPrandtotal3,8466,1065,982120129130Source:

EYanalysisofVCCEdge

dataPE/VC

exitsExitactivitystartedonasubduednote;withJanuary2026recording

exitsat

72%

lowerthanthose

in

December

2025

and

8%higher

than

January2025.Exhibit

BExitsValue

US$

millionNumber

of

deals2025(Dec)2025(Jan)2026(Jan)2025(Dec)2025(Jan)Secondary331503-48-162278308252Strategic51902143511716352122Buyback-67--1-5441,912503122711OutlookPE/VCinvestmentsPE/VCinvestmentsin2026beganwitharelatively

mutedstart,

withJanuary

2026

investments37%

lower

invaluecompared

to

December2025and36%lower

than

January

2025.Exhibit

AFactorsthat

may

leadtoa

cautious

approachin

2026:1.Challengingyearahead:Theyear

2026

isexpectedtobeanotherchallengingyear

with

itsownsetofcomplexitiesandseveral

uncertaintiesyettofullyunfold.Atthetimeofwritingthisreport,while

the

Supreme

Court

in

the

US

hasstruckdownthehighertariffsimposed

under

the

Trumpadministration,reducingdutieson

Indianexportsfrom25%to

18%,thesubsequentimplicationsandoperationalguidelinesarestill

awaited.These

developments

may

influenceinvestor

confidence

in

the

near

term.That

said,

theeasingoftariffswillhelp

reduce

uncertainty,

supportexportcompetitiveness,andimproveforeign-exchangeinflows.2.Marketvolatilityalso

remains

a

concern:

TheincreaseinSecuritiesTransaction

Tax(STT)announced

in

the

Union

Budget2026triggeredimmediateturbulencein

Indianequities,InvestmentsValue

US$

millionNumber

of

dealsDealtype12026(Jan)2025(Dec)2025(Jan)2026(Jan)

2025(Dec)2025(Jan)1

Growthcapital

referstoinvestmentincompaniesolderthan

10

years;

Start-up

refers

to

investments

incompanies

lessthan

10

years

old,

Buyouts

referstocontroltransactions(>50%stake). Page

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-2026(Jan)Source:

EYanalysisofVCCEdge

dataIPOGrandtotalDealtypeOpen

marketGrowth4,0151,4251,879332419impacting

valuations,exit

timing,and

the

pace

ofPE/VCdeployment.3.Persistentgeopoliticaltensions:The

rising

global

conflictscontinuetoweighonsentiment,impacting

delayed

decision

making.The

recentIran-Israel-US

conflict

can

potentially

have

asignificantinflationaryimpacton

hydrocarbonprices,which

can

be

detrimental

to

India’smacroeconomichealth.4.Corporateearnings:Theearnings

performanceinearly2026has

been

moderate,

with

growthconcentrated

in

sectors

such

as

financial

services,IT,healthcare

and

industrials,while

energy,metals,mining

and

telecom

lagged.Thisdivergenceledtoacorrection

across

broadermarketsegmentsandcontributedtocontinued

record

FII

selling

over

the

past

few

months.5.Rupeedepreciation:The

continued

FIIselling

hasimpacted

and

created

a

currency

pressurethroughout2025,with

levels

touchingINR92/US$,heightened

fears

of

furtherweakeningandcreatedarisk-averse

mood

amongforeigninvestors.6.Valuationgap:Additionally,thewideningbid–ask

spread

has

slowed

deal

closures.

Volatility

inpublic

markets

and

sharp

corrections

in

mid

capand

small

cap

indices

is

yet

to

materially

reducesellers’valuation

expectations,while

buyers-havemaintained

discipline.This

mismatch

created

awide

valuation

gap,resulting

in

slowertransactionclosures.Positivedriversthatwill

boost

investor

confidencein

2026:Looking

ahead,several

micro

and

macro-economicfactorssupportacautiouslyoptimisticoutlookfor

2026.1.StrongGDPgrowth:

India’s

GDP

growth

isprojected

at

around7%,as

highlighted

in

theGoldmanSachsforecast—placingthecountry

amongtheworld’sfastest-growingmajoreconomiesandreinforcingconfidence

in

itsmedium-termexpansiontrajectory.2.Reductionin

repo

rates:The

RBI’s

cumulative125bps

repo

rate

reduction

in2025,combinedwith

inflation

expected

to

hold

near

the4%

target,provides

a

stable

and

favorable

environment

tocapitaldeployment.3.Capex:The

government’s

sustained

commitmenttopubliccapitalexpenditureis

another

criticaldriver.With

capex

at

INR12.2lakh

crore

in

theFY27

Budget,policy

continues

to

focus

oninfrastructure,and

manufacturing—areas

that

not

onlypromoteeconomicactivity

butalso

unlockrobustpipelinesforprivate

equity

and

infrastructureinvestors.4.Strong

IPOpipeline:This

will

lead

tostrengtheningexitvisibility,akeyconsideration

for

PE/VCinvestorssupportingmonetizationopportunitiesandrecyclecapital

back

into

newinvestments.5.India-US

tariff

deal:A

framework

for

an

InterimAgreement

was

reached

in

February2026,targetingtariffreductionsonIndian

exportsto18%andaddressing

keysectors

likepharmaceuticals,textiles,and

precious

metals,following

a

period

of

high

tariff

disputes.This

hastobeseenin

light

of

the

US

Supreme

Court

ruling

onthelegalityofthe

Tariffsand

the

eventualworkaround

available

to

India.While

details

areyettoemerge,thedirectionandthe

reductionofTariffsto

18%is

positive.Thesingle

largestfactorimpactinginvestor

riskappetitefor

Indiaexposureintheshorttermis

thecurrent

conflict

in

the

Middle

East

and

its

impact

onglobalcrudeoiland

LNG

prices.While

the

mediumtolong

term

outlook

for

India

and

the

Indian

PE/VCecosystemispositive,inthe

short

term,

investors

andsellers

will

continue

to

exercise

caution

as

theimplicationsofthisconflicton

Indiaarebeing

better

understood.We

believethatthecurrentconfluenceof

geo-politicalfactorswillcontinuetoraise

businessrisk

premiumsduring2026.This

heightened

volatility

is

expected

toreduce

trading

multiples

of

mid-cap

and

small-capcompanies

and

potentially

slow

down

the

IPO

market.We

project

Indian

PE/VCinvestmentstopick

up

pacein2026as

the

factors

highlighted

above

reduce

thebid-ask

spread

between

investors

and

sellers,accelerating

deal

closures.We

hopeyouenjoy

readingthisyear’sTrendbook.Vivek

SoniPartnerandNational

LeaderPrivate

EquityServices,

EY

Indiavivek.soni@in.ey.comPage9C

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brief

reviewof2025contributed36%of

total

PE/VC

investments

in

2025.Despite

the

increase

in

value,deal

activity

moderatedslightly,with

transactions

declining

by3%to

259deals

in2025compared

with267

deals

in

theprevious

year.The

moderation

in

real

assets

dealvolume

was

offset

by

a

pickup

in

pure-playinvestments,which

recorded

a

12%growth

both

invalue

and

volume

to

reach

US$39.1

billion

(1,216deals)in2025,up

from

US$35

billion

in2024(1,086deals).

Pure-play

investments

accounted

for

anexpanded64%shareoftotal

PE/VC

investmentsin2025,compared

with62%

in2024.In

terms

of

sectoral

allocation,financial

services,infrastructureandrealestatewerethe

largestrecipients

of

capital,each

attracting

over

US$10billion

in

investments.These

were

followed

bytechnology,e-commerce,food

and

agriculture,healthcare,retailandconsumerproducts,

automotive,

industrialproductsandpharmaceuticals,all

of

whichrecorded

over

US$1

billion

in

investments

during

theyear.

From

a

deal

count

perspective,financial

servicesledthemarketwiththe

highest

number

oftransactions,followedbytechnology,real

estate,e-commerce,food

and

agriculture,retail

andconsumer

productsandinfrastructure,eachofwhichregistered

more

than

100deals

during

the

year.The

number

of

large

deals(deals

greater

thanUS$100million)remained

consistent

with

theprevious

year

at

126in2025.Mega

deals

(greaterthan

US$1

billion)also

remained

at

four

transactions.Within

the

large-deal

spectrum,activity

in

the

US$500million–US$1billion

category

increased

from

15dealsin2024to

18in2025,while

deals

in

the

US$100million–US$500million

bracket

saw

a

marginal

declinefrom

107to

104transactions.Overall,large

dealsaccountedfor

US$41.2billionin2025—an

8%

increaseover

US$38.1billion

in

the

previous

year.

Of

this,US$100million–US$500million

segment

recordedUS$20.6billion,US$500

million–US$1

billioncategory

recorded

US$14.3billion,and

mega

dealsrecorded

US$6.2

billion.The

investment

trends

in2025

mirrored

those

since2022,with

heightened

activity

in

the

first

half

of

theyear

followed

by

a

slowdown

in

the

latter

half.Thefirst

half

attracted

PE/VC

investments

of

US$31.8billion,while

the

second

half

saw

investments

ofUS$28.9billion

as

investors

exercised

increasedcautionamidstrisinggeopoliticalconflicts.Since2021,

PE/VC

activity

in

India

has

transitionedfrom

three

different

cycles:a

post

pandemic

surge

in2021,a

correction

in2022-23

and

a

volume-ledrecovery

in2024-2025.PE/VC

investments

in

Indiareached

an

all-time

high

in2021,

with

US$77.5

billiondeployed—representinga61%yearonyearsurge.

Thispeak

was

followed

by

a

two-year

correction,

withinvestments

declining29%in2022to

US$55.3

billion,and

a

further3%in2023to

US$53.4

billion.

Notably,while

the

number

of

deals

fell

sharply

by31%

in

2023,

reflectingheightenedcautionamidglobal

monetarytightening,thecorrespondingdeclineininvestmentvalue

was

far

more

measured.

This

divergence

signalsthatinvestorsremainedwillingto

back

larger,higher

convictionopportunitiesdespitebroaderrisk

aversion.

2024witnessed

a

recovery,with

investments

rising5%to

US$56.1billion,

strengthening

further

in

2025to

US$60.7

billion—an8%yearonyear

increase,supportedlargelybygrowthdeals,

start-up

funding,and

the

continued

expansion

of

credit

investments.

Incontrast,buyout

activity

saw

a

significant44%decline,indicating

a

shift

in

deal

mix.

Excluding

theabnormal2021

peak,annual

PE/VC

investmentsaveraged

US$56.4

billion

between2022and2025,anoticeable

rise

from

the

US$34.8

billion

averageduring2016–2020.Over

the

last

five

years,deal

activity

in

India

hasmaintainedanupwardtrajectory,withtheexceptionof

a

temporary

decline

in2023.

Between

2021

and2025,the

market

averaged

1,252deals

per

year,representinga60%increasecomparedto

an

averageof782deals

recorded

between2016

and2020.

Inlinewithbroaderinvestment

patterns,growth

andstart-up

deal

activity

increased

year-on-year,whilePIPE,buyout

and

credit

transactions

softened

in

2025compared

to2024.Start-up

investments

remainedthe

most

active

segment,registering

767

deals

in2025,a

19%year-on-yearincrease.

Growthinvestments

followed,with282deals,reflecting

a

56%increase

over

the

previous

year.Credit

investmentssecured

third

rank

with239deals,

marking

a

23%decline

from311deals

in

2024.

PIPE

transactionsrecorded

138deals(a

13%year-on-yeardrop),whilebuyout

deals

totaled49,representing

a

16%

decline.In

terms

of

asset-class

activity,

real

assets-backedinvestments(infrastructureandrealestate)registered

a2%increase

in

value,

rising

from

US$21.1billion

in2024to

US$21.6

billion

in

2025,and Page

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k2

0

2

6PE/VCinvestmentsPure-play

PE/VCinvestments

-byvalue(US$

billion)Pure-play

PE/VCinvestments

-bynumber

ofdealsContributiontooverall

PE/VC64%62%

investments-

byvalue(US$

billion)Contributiontooverall

PE/VCinvestments(by

value)Large

deals-by

value

(US$

billion)41.238.18%%Contributiontooverall

PE/VC68%68%

Contribution

to

overall

PE/VC

deals9%9%Deal

type(US$

billion)GrowthCreditStart-upBuyoutPIPETotal16.913.327%14.110.830%13.510.035%9.517.0-44%6.75.034%60.756.18%CTo