Mumbai: Private equity and venture capital activity in India has hit a decade high, with financial investors closing 1,761 deals between January and November 2025, according to a report released on Tuesday. The previous record stood at 1,726 deals in 2021, reflecting growing confidence in India’s long-term economic trajectory.
Equirus Capital, which published the report, said India has consistently crossed 1,000 PE/VC deals annually for ten consecutive years, showcasing the robustness and maturity of its investment ecosystem. Along with the surge in deal volume, investment value also rose substantially. So far in 2025, PE/VC funds have deployed $34 billion — a 54 per cent jump from $22 billion invested in 2024. The average deal size increased from $34.4 million last year to $41.6 million this year.
Bhavesh Shah, Managing Director and Head of Investment Banking at Equirus Capital, said PE/VC investments in the first 11 months of 2025 have already exceeded full-year 2024 levels by 50 per cent. He added that strong fundraising by PE firms and record exits in earlier funds underscore India’s reliability as a market offering multiple attractive exit routes once companies scale.
While smaller deals under $10 million accounted for over 30 per cent of activity in the past five years, mid-market transactions between $10–25 million and $25–50 million have expanded sharply, rising from 20 per cent of share in 2020 to over 40 per cent in 2025. The IT and consumer discretionary sectors continued to dominate, drawing more than half of total PE/VC investment by both value and volume, driven by India’s digital push and rising consumer demand.
