Abhishek Sinha
Mumbai, December 8, 2025 — Private equity and venture capital (PE/VC) investments in India have climbed to their highest level in a decade, underscoring renewed optimism in the country’s long-term economic prospects. A fresh report by financial services firm Equirus Capital shows that investors closed 1,761 deals between January and November 2025, surpassing the previous peak of 1,726 deals recorded in 2021. For ten consecutive years, India has consistently delivered more than 1,000 PE/VC transactions annually, highlighting the growing depth and maturity of its investment landscape.
PE/VC Deal Activity (Calendar Year)
| Year | No. of Investments |
|---|---|
| 2015 | 1397 |
| 2016 | 1364 |
| 2017 | 1073 |
| 2018 | 1031 |
| 2019 | 1157 |
| 2020 | 1130 |
| 2021 | 1726 |
| 2022 | 1530 |
| 2023 | 1381 |
| 2024 | 1170 |
| 2025 (Jan–Nov) | 1761 |
Source: Equirus Capital
Deal Activity Accelerates Sharply in 2025
According to the report, investment momentum has picked up dramatically this year. PE/VC firms have already deployed 50% more capital in the first 11 months of 2025 than during the whole of 2024. This surge has been fuelled by large fundraises and substantial exits from earlier funds, enabling investors to recycle capital into new opportunities.
Investment Value Rises 54%
Beyond the increase in deal numbers, the value of investments has also jumped. PE/VC inflows have touched $34 billion so far in 2025, up 54% from the $22 billion recorded in 2024. Average deal size has expanded as well, rising from $34.4 million in 2024 to $41.6 million in 2025, signalling stronger conviction across investor classes.
Wider Participation Across Deal Bands
Smaller transactions continue to form the backbone of activity, with deals up to $10 million contributing over 30% of volumes over the past five years. Meanwhile, mid-sized transactions in the $10–25 million and $25–50 million ranges have grown sharply—together now accounting for over 40% of deal share in 2025, up from just over 20% in 2020. This reflects rising investor interest in scalable, early-growth companies.
IT and Consumer Discretionary Lead the Pack
Technology and consumer discretionary businesses remain the top sectors for PE/VC inflows. Together, they have attracted more than half of the investment value and volume in 2025, mirroring India’s rapid digital adoption and robust domestic consumption trends.
Stronger Exits Underscore Market Maturity
The report also points to the resilience of India’s capital markets. More than 60% of exits in 2025 have been driven by public market avenues such as IPOs and block deals, providing investors with reliable liquidity pathways.
