India's private equity and venture capital (PE-VC) investments bounced back after two years of contraction, to reach $43 billion across 1,600 deals in 2024, as per a report. According to a report by Bain & Company in collaboration with Indian Venture and Alternate Capital Association (IVCA), this 9% on-year growth was driven by VC and growth investments, while PE deals held steady, valued at about $29 billion.
India also led in Asia Pacific in terms of exits in 2024, with $33 billion in value, a 16% increase compared to the previous year, as investors looked to capitalise on strong public markets to realise returns on mature investments.
Public market exits became the dominant route for investors in 2024, increasing their contribution to the total exit value from 51% in 2023 to 59%. This resulted from a significant rise in IPO activity and successful block trades. The market saw 33 IPOs, up from 23 the previous year.
Financial services saw a robust growth of approximately 25%, driven by NBFCs, especially in affordable housing finance, with 14 deals including seven $100 million+ transactions in 2024.
ET had reported in March that growth-stage deals in the fintech sector have attracted more than $550 million of capital in 2025, with some more deals being in the final stages of closing. This was after subdued investments during 2023 and 2024, when only around $1.3 billion each was invested in the fintech space.
Domestic fundraising soared in 2024, the report stated. Kedaara Capital closed its largest-ever fund at approximately $1.7 billion, while ChrysCapital is said to have raised a record $2.1 billion.
"The market's evolution towards larger, more sophisticated deals, coupled with robust exit opportunities, indicates a maturing PE-VC ecosystem in India," noted Ashish Kumar, associate partner at Bain & Company.
"The rise of buyouts, record domestic fundraises, and renewed exit momentum—reflected in $33 billion worth of exits—signal a market that is becoming more mature and better aligned for long-term growth," Rajat Tandon of IVCA said of the India market.
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Public market exits became the dominant route for investors in 2024, increasing their contribution to the total exit value from 51% in 2023 to 59%. This resulted from a significant rise in IPO activity and successful block trades. The market saw 33 IPOs, up from 23 the previous year.
Financial services saw a robust growth of approximately 25%, driven by NBFCs, especially in affordable housing finance, with 14 deals including seven $100 million+ transactions in 2024.
ET had reported in March that growth-stage deals in the fintech sector have attracted more than $550 million of capital in 2025, with some more deals being in the final stages of closing. This was after subdued investments during 2023 and 2024, when only around $1.3 billion each was invested in the fintech space.
Domestic fundraising soared in 2024, the report stated. Kedaara Capital closed its largest-ever fund at approximately $1.7 billion, while ChrysCapital is said to have raised a record $2.1 billion.
"The market's evolution towards larger, more sophisticated deals, coupled with robust exit opportunities, indicates a maturing PE-VC ecosystem in India," noted Ashish Kumar, associate partner at Bain & Company.
"The rise of buyouts, record domestic fundraises, and renewed exit momentum—reflected in $33 billion worth of exits—signal a market that is becoming more mature and better aligned for long-term growth," Rajat Tandon of IVCA said of the India market.
