March 2025

• Private equity investors invested USD 4,254 MM in 88 deals in March 2025 as compared to USD 2,151 MM in 72 deals in March 2024.
• Average deal size was USD 55 MM in March 2025 as compared to USD 33 MM in March 2024.
• In March 2025, Consumer, Financial Services and Infrastructure witnessed highest activity in terms of deal values accounting for about 40%, 15% and 11% respectively of the total Private Equity investments.
• Top deals of the month were:
  • USD 1,600 MM by Temasek, Alpha Wave and IHC in Haldiram’s
  • USD 510 MM by Bain Capital in Manappuram Finance
  • USD 485 MM by CPPIB and OTPP in National Highways Infra Trust (NHIT)
  • USD 163 MM by Actis in Stride Climate Investments
  • Investment by TPG Rise and others in Siemens Gamesa
  • Investment by TA Associates in Nous Infosystems
• Private equity exits stood at USD 434 MM in March 2025 as compared to USD 1,780  MM in March 2024.
• Top exits of the month were:
  • USD 170 MM by KKR in J.B. Chemicals & Pharmaceuticals via Secondary Sale
  • USD 163 MM by Macquarie Asset Management in Stride Climate Investments via PE to PE
  • USD 101 MM by Affirma Capital in TBO Tek via Secondary Sale
  • Exit by Affirma Capital in Tirupati Medicare via PE to PE

February 2025

• Private equity investors invested USD 1,515 MM in 82 deals in February 2025 as compared to USD 1,888 MM in 83 deals in February 2024.
• Average deal size was USD 20 MM in February 2025 as compared to USD 25 MM in February 2024.
• In February 2025, Technology, Healthcare and Aviation witnessed highest activity in terms of deal values accounting for about 41%, 36% and 9% respectively of the total Private Equity investments.
• Top deals of the month were:
  • USD 394 MM by KKR in Healthcare Global Enterprises (HCG)
  • USD 200 MM by Multiples in Qburst
  • USD 135 MM by Premji Invest, 360 One and Claypond Capital in Akasa Air
  • USD 78 MM by consortium of investors in ToneTag
  • USD 75 MM by M&G and Lightspeed in Udaan
  • USD 54 MM by a consortium of investors in SpotDraft
  • USD 53 MM by Motilal Oswal Alternates in Megafine Pharma
  • USD 50 MM by a consortium of investors in Geniemode
• Private equity exits stood at USD 2,601 MM in in February 2025 as compared to USD 3,025 MM in February 2024
• Top exits of the month were:
  • USD 1,006 MM by Carlyle in Hexaware Technologies via IPO
  • USD 580 MM by CVC Capital Partners in Gujarat Titans via Strategic Sale
  • USD 394 MM by CVC Capital Partners in Healthcare Global Enterprises (HCG) via PE to PE
  • USD 249 MM by TPG and Temasek in Dr Agarwal’s Healthcare via IPO
  • USD 220 MM by Blackstone in EPL via Strategic Sale
  • Undisclosed Amount by NIIF, BII and Eversource in Ayana Renewable Power via Strategic Sale

January 2025

• Private equity investors invested USD 4,192 MM in 107 deals in January 2025 as compared to USD 3,610 MM in 76 deals in January 2024.
• Average deal size was USD 46 MM in January 2025 as compared to USD 55 MM in January 2024.
• In January 2025, Business Services, Technology and Infrastructure witnessed highest activity in terms of deal values accounting for about 36%, 18% and 15% respectively of the total Private Equity investments.
• Top deals of the month were:
  •  ~USD 1,450 MM by New Mountain Capital in Access Healthcare
  • USD 640 MM by KKR, OTPP and Trust Investment Advisors in Highways Infrastructure Trust
  • ~USD 425 MM by Bain Capital in Dhoot Transmissions
  • USD 350 MM by Kedaara Capital in Impetus Technologies
  • USD 200 MM by Everstone Capital in Wingify
  • Investment by Carlyle in Roop Automotives and Highway Industries
  • Investment by PAG in Pravesha Industries
• Private equity exits stood at USD 264 MM in January 2025 as compared to USD 847 MM in January 2024.
• Top exits of the month were:
  • USD 118 MM by a consortium of investors in Minimalist via Strategic Sale
  • USD 65 MM by ADQ in Biocon Biologics via Buyback
  • USD 58 MM by Orbimed in Laxmi Dental via IPO

December 2024

• Private equity investors invested USD 28.1 BN in 943 deals in 2024 as compared USD 31.1 BN in 761 deals in 2023.
• Average deal size was USD 33 MM in 2024 as compared to USD 46 MM in 2023.
• In 2024, Technology, Financial Services and Consumer Tech witnessed the highest activity in terms of deal values accounting for 19%, 17% and 15% respectively of the total Private Equity investments.
• Top deals of the month were:
  • USD 1.3 BN by a consortium of investors in Zepto
  • USD 950 MM by Temasek in VFS Global
  • USD 911 MM by GIC and BCI in Data Infrastructure Trust
  • USD 900 MM by TPG in Altimetrik
  • USD 843 MM by KKR in Healthium
  • USD 800 MM by EQT in GeBBS Healthcare
  • USD 698 MM by Warburg Pincus in Shriram Housing Finance
• Private equity exits stood at USD 26.5 BN in 2024 as compared to USD 17.8 BN in 2023
• Top exits of the month were:
  • USD 1.5 BN by GIC in IRB Infrastructure Trust via Secondary Market
  • USD 1.5 BN by EQT and Temasek in O2 Power via Strategic Sale
  • USD 1.5 BN by Advent International in Bharat Serums and Vaccines via Strategic Sale
  • USD 1 BN by Carlyle, General Atlantic and Ares in PNB Housing Finance via Secondary Market
  • USD 959 MM by Warburg Pincus in Kalyan Jewellers via Secondary Market
  • USD 964 MM by Kedaara Capital and Partners Group in Vishal Mega Mart via IPO
  • USD 843 MM by Apax Partners in Healthium via PE to PE

November 2024

• Private equity investors invested USD 3,016 MM in 82 deals in November 2024 as compared to USD 855 MM in 57 deals in November 2023
• Average deal size was USD 40 MM in November 2024 as compared to USD 18 MM in November 2023
• In November 2024, Industrials, Consumer Technology and Agri & Allied witnessed highest activity in terms of deal values accounting for about 33%, 25% and 12% respectively of the total Private Equity investments
• Top deals of the month were:
  • USD 350 MM by Alpha Wave in Advanta Enterprises
  • USD 350 MM by Motilal Oswal AMC and a consortium of investors in Zepto
  • USD 300 MM by British International Investment, Norwegian Climate Investment Fund and Norway pension company KLP in EnerGrid
  • USD 250 MM by TA Associates in Vee Healthtek
  • USD 153 MM by ChrysCapital and a consortium of investors in Healthkart
  • Undisclosed amount by PAG in Manjushree Technopack
• Private equity exits stood at USD 2,104 MM in November 2024 as compared to USD 748 MM in November 2023
• Top exits of the month were:
  • USD 294 MM by EQT in Sagility
  • USD 274 MM by Carlyle in PNB Housing Finance
  • USD 221 MM by a consortium of investors in Swiggy
  • USD 125 MM by True North in Niva Bupa
  • USD 119 MM by Peak XV in Healthkart
  • Undisclosed amount by Advent International in Manjushree Technopack

October 2024

• Private equity investors invested USD 2,356 MM in 93 deals in October 2024 as compared to USD 3,628 MM in 87 deals in October 2023.
• Average deal size was USD 32 MM in October 2024 as compared to USD 49 MM in October 2023.
• In October 2024, Business Services, Consumer Technology and Financial Services witnessed highest activity in terms of deal values accounting for about 42%, 22% and 13% respectively of the total Private Equity investments.
• Top deals of the month were:
  • USD 950 MM by Temasek in VFS Global
  • USD 178 MM by ADIA and a consortium of investors in Purplle
  • USD 150 MM by the Rise Fund and a consortium of investors in Eruditus
  • USD 135 MM by Avataar Venture Partners, Sofina, and others in Finova Capital
  • USD 96 MM by a consortium of investors in OneSource Specialty Pharma
  • USD 95 MM by Gaja Capital and Lok Capital in Weaver Services
• Private equity exits stood at USD 773 MM in October 2024 as compared to USD 1,191 MM in October 2023
• Top exits of the month were:
  • ~USD 600 MM by CPPIB in NSE
  • ~USD 110 MM by Zodius (Avendus) in OfBusiness

September 2024

• Private equity investors invested USD 2,780 MM in 82 deals in September 2024 as compared to USD 1,819 MM in 66 deals in September 2023.
• Average deal size was USD 34 MM in September 2024 as compared to USD 32 MM in September 2023.
• In September 2024, Technology, Consumer Technology and Financial Services witnessed highest activity in terms of deal values accounting for about 46%, 17% and 14% respectively of the total Private Equity investments.
• Top deals of the month were:
  • USD 800 MM by EQT in GeBBS Healthcare Solutions
  • USD 270 MM by EQT in Indostar Home Finance
  • USD 226 MM by OMERS in Interise Trust
  • USD 210 MM by consortium of investors in in Physics Wallah
  • USD 200 MM by consortium of investors in Rapido
  • USD 125 MM by Warburg Pincus and SoftBank in Whatfix
• Private equity exits stood at USD 2,461 MM in September 2024 as compared to USD 1,425 MM in September 2023.
• Top exits of the month were:
  • USD 800 MM by ChrysCapital in GeBBS Healthcare Solutions via a PE to PE transaction to EQT
  • USD 259 MM by TPG in Five Star Business Finance via Secondary Market
  • USD 226 MM by Allianz Capital Partners in Interise Trust via a PE to PE transaction to OMERS
  • USD 201 MM by Peak XV in Five Star Business Finance via Secondary Market
  • USD 186 MM by Peak XV in Indigo Paints via Secondary Market
  • USD 101 MM by Peak XV in Prataap Snacks via a Strategic Sale to Authum Investment and Infrastructure Limited and Mr.Madhusudan Kela

August 2024

• Private equity investors invested USD 2,207 MM in 73 deals in August 2024 as compared to USD 3,003 MM in 64 deals in August 2023.
• Average deal size was USD 32 MM in August 2024 as compared to USD 57 MM in August 2023.
• In August 2024, Consumer Tech, Consumer and Financial Services witnessed highest activity in terms of deal values accounting for about 21%, 20% and 20% respectively of the total Private Equity investments.
• Top deals of the month were:
  • USD 340 MM by consortium of investors in Zepto
  • USD 334 MM by MUFG in DMI Finance
  • ~USD 290 MM by Warburg Pincus in Ebco
  • USD 275 MM by IFC, ADB and DEG in Fourth Partner Energy
  • USD 150 MM by Just Climate in Continuum Green Energy
  • USD 107 MM by consortium of investors in Bluestone
• Private equity exits stood at USD 1,843 MM in August 2024 as compared to USD 1,872 MM in August 2023.
• Top exits of the month were:
  • ~USD 606 MM by Warburg Pincus in Kalyan Jewellers via Secondary Market 
  • USD 214 MM by KKR in India Grid Trust via Secondary Market
  • USD 147 MM by TPG in Tata Technologies via Secondary Market
  • USD 145 MM by GEF Capital in Premier Energies via IPO
  • USD 127 MM by General Atlantic in PNB Housing Finance via Secondary Market
  • USD 100 MM by Warburg Pincus in MedPlus Health via Secondary Market

July 2024

• Private equity investors invested USD 1,939 MM in 72 deals in July 2024 as compared to USD 3,498 MM in 72 deals in July 2023.
• Average deal size was USD 29 MM in July 2024 as compared to USD 56 MM in July 2023.
• In July 2024, Healthcare, Financial Services & Power & Power Ancillary witnessed highest activity in terms of deal values accounting for about 27%, 26% & 15% respectively of the total Private Equity investments.
• Top deals of the month were:
  • USD 400 MM by TA Associates in Vastu Housing Finance
  • USD 300 MM by KKR in Baby Memorial Hospital
  • USD 225 MM by Platinum Equity in Inventia Healthcare
  • USD 200 MM by Brookfield in Leap Green Energy
  • USD 134 MM by Actis in Nxt-Infra Trust
• Private equity exits stood at USD 2,345 MM in July 2024 as compared to USD 2,316 MM in July 2023.
• Top exits of the month were:
  • USD 1,496 MM by Advent International in Bharat Serums and Vaccines via a Strategic Sale to Mankind Pharma
  • USD 308 MM by Carlyle in PNB Housing Finance via Secondary Market
  • USD 131 MM by EQT in RBL Bank via Secondary Market
  • USD 109 MM by CPPIB in Delhivery via Secondary Market

June 2024

• Private equity investors invested USD 2,985 MM in 63 deals in June 2024 as compared to USD 3,027 MM in 78 deals in June 2023.
• Average deal size was USD 49 MM in June 2024 as compared to USD 47 MM in June 2023.
• In June 2024, Technology, Consumer Tech and Financial Services witnessed highest activity in terms of deal values accounting for about 34%, 33% and 11% respectively of the total Private Equity investments.
• Top deals of the month were:
  • USD 900 MM by TPG in Altimetrik
  • USD 665 MM by consortium of investors in Zepto
  • USD 200 MM by Temasek and Fidelity in Lenksart
  • USD 174 MM by Kotak Alternate Asset Managers in Matrix Pharma to acquire Viatris’ API Business
  • USD 148 MM by OTPP in Kogta Financial
  • USD 120 MM by ADIA in Purplle
• Private equity exits stood at USD 2,897 MM in June 2024 as compared to USD 1,713 MM in June 2023.
• Top exits of the month were:
  • USD 807 MM by Blackstone in Mphasis via Secondary Market
  • USD 705 MM by GIC in IRB Infrastructure Trust via Secondary Market
  • USD 183 MM by Olympus Capital in Aster DM Healthcare via Secondary Market
  • USD 101 MM by WestBridge Capital in AU Small Finance Bank via Secondary Market

May 2024

• Private equity investors invested USD 2,826 MM in 69 deals in May 2024 as compared to USD 3,406 MM in 73 deals in May 2023
• Average deal size was USD 45 MM in May 2024 as compared to USD 52 MM in May 2023
• In May 2024, Healthcare, Financial Services and Technology witnessed highest activity in terms of deal values accounting for about 44%, 24% and 18% respectively of the total Private Equity investments.
• Top deals of the month were:
  •  USD 843 MM by KKR in Healthium Medtech
  •  USD 555 MM by Warburg Pincus in Shriram Housing Finance
  •  USD 175 MM by KKR in Infinx
  • USD 120 MM by Morgan Stanley Private Equity Asia and InvAscent in Maiva Pharma
  • USD 105 MM by GIC, Meritech Capital in Atlan
  • USD 102 MM by Quadria Capital in NephroPlus
  • USD 100 MM by ChrysCapital in Centre for Sight
  • USD 100 MM by Xponentia Capital, A91 Partners and 360 One Asset in Sedemac
• Private equity exits stood at USD 2,295 MM in May 2024 as compared to USD 732 MM in May 2023
• Top exits of the month were:
  • USD 843 MM by Apax Partners in Healthium Medtech via PE to PE
  • USD 241 MM by Blackstone in Aadhar Housing Finance via IPO
  • USD 173 MM by Carlyle in Yes Bank via Secondary Market
  • USD 129 MM by Warburg Pincus in Apollo Tyres via Secondary Market
  • USD 115 MM by TPG in RR Kabel via Secondary Market
     

April 2024

• Private Equity investors invested USD 1,841 MM in 85 deals in April 2024 as compared to USD 4,633 MM in 51 deals in April 2023.
• Average deal size was USD 25 MM in April 2024 as compared to USD 99 MM in April 2023.
• In April 2024, Healthcare, Technology and Financial Services witnessed highest activity in terms of deal values accounting for about 45%, 22% and 13% respectively of the total Private Equity investments.
• Top deals of the month were: 
  • USD 298 MM by Advent International in Apollo HealthCo
  • USD 200 MM by NIIF in iBus Network
  • USD 135 MM by General Atlantic in Ujala Cygnus
  • USD 120 MM by Investcorp in NSEIT
  • USD 84 MM by Lighthouse in Parsons Nutritionals
  • Investment by Warburg Pincus in Appasamy Associates
• Private equity exits stood at USD 1,127 MM in April 2024 as compared to USD 1,597 MM in April 2023.
• Top exits of the month were:
  • USD 429 MM by Bain Capital in Axis Bank via Secondary Market Sale
  • USD 277 MM by ADV Partners in Arjas Steel via Strategic sale
  • USD 168 MM by Temasek in Medica Synergie via Strategic sale
  • USD 110 MM by CPPIB in Delhivery via Secondary Market Sale

March 2024

• Private Equity investors invested USD 2,151 MM in 72 deals in March 2024 as compared to USD 1,606 MM in 47 deals in March 2023
• Average deal size was USD 33 MM in March 2024 as compared to USD 34 MM in March 2023
• In March 2024, Power & Power Ancillary, Infrastructure, and Technology witnessed highest activity in terms of deal values accounting for about 25%, 20% and 17% respectively of the total Private Equity investments
• Top deals of the month were:
  • USD 500 MM commitment by GIC in Power Transmission JV with Sterlite Power
  • USD 438 MM by CPP Investments and OTPP in National Highway Infra Trust
  • USD 230 MM by Advent International and Multiples in Svatantra Microfin
  • USD 103 MM by Lightspeed and Stepstone Group in Pocket FM
  • SD 80 MM by OTPP in Perfios
  • USD 78 MM by Convergent Finance and Samara Capital in Agro Tech Foods
• Private Equity exits stood at USD 1,780 MM in March 2024 as compared to 
       USD 1,523 MM in March 2023
• Top exits of the month were:
  • USD 810 MM by GIC in IRB Infrastructure Trust via Strategic Sale
  • USD 300 MM by ChrysCapital in Mankind Pharma via Secondary Market Sale
  • USD 238 MM by Olympus Capital in Aster DM Healthcare via Secondary Market Sale
  • USD 164 MM by Kedaara and Partners Group in Aavas Financiers via Secondary Market Sale
  • USD 143 MM by Warburg Pincus in IDFC First Bank

February 2024

• Private equity investors invested USD 1,888 MM in 83 deals in February 2024 as compared to USD 1,007 MM in 39 deals in February 2023.
• Average deal size was USD 25 MM in February 2024 as compared to USD 27 MM in February 2023.
• In February 2024, Infrastructure, Technology and Financial Services witnessed highest activity in terms of deal values accounting for about 48%, 14% and 10% respectively of the total Private Equity investments.
• Top deals of the month were:
  • USD 911 MM by GIC and BCI in Data Infrastructure Trust
  • USD 133 MM by Mubadala, Kotak PE and Avendus in Avanse Financial Services
  • USD 100 MM by TPG NewQuest, IFC, Mirae Asset and others in Shadowfax
  • USD 95 MM by Avataar Ventures and existing investors in Capillary Technologies
• Private equity exits stood at USD 3,025 MM in February 2024 as compared to USD 60 MM in February 2023.
• Top exits of the month were:
  • USD 800 MM by Brookfield in Data Infrastructure Trust via PE to PE Sale
  • USD 478 MM by KKR and CPPIB in Indus Towers via Secondary Market Sale
  • USD 353 MM by Warburg Pincus in Kalyan Jewellers in Secondary Market Sale
  • USD 292 MM by Temasek in PB Fintech (PolicyBazaar) in Secondary Market Sale
  • USD 189 MM by Fairfax India in NSE
  • USD 187 MM by BPEA EQT in CMS Info Systems via Secondary Market Sale

January 2024

• Private equity investors invested USD 855 MM in 57 deals in November 2023 as compared to USD 2,977 MM in 58 deals in November 2022
• Average deal size was USD 46 MM in 2023 as compared to USD 47 MM in 2022
• In 2023, Power & Power Ancillary, Healthcare and Tech witnessed the highest activity in terms of deal values accounting for 20%, 17% and 16% respectively of the total Private Equity investments
   
• Top deals of the year were:
  • USD 2.5 BN by Temasek and TPG in Manipal Health Enterprises
  • USD 1.8 BN by QIA, KKR and ADIA in Reliance Retail Ventures
  • USD 1.5 BN by GIC in Genus Power Infrastructure and its Smart Metering Projects Platform
  • USD 1.4 BN by BPEA EQT and ChrysCapital in HDFC Credila Financial Services
  • USD 1.0 BN by Brookfield Renewable in Avaada Group
  • USD 1.0 BN by Blackstone in Care Hospitals
  • USD 700 MM by GIC, ADIA and others in Greenko Energy Holdings
  • USD 660 MM by BPEA EQT in Indira IVF
  • USD 650 MM by General Atlantic, TVS Capital, Tiger Global and others in PhonePe
  • USD 530 MM by Blackstone in International Gemological Institute
• Private equity exits stood at USD 17.8 BN in 2023 as compared to USD 13.3 BN in 2022
• Top exits of the year were:
  • USD 1.4 BN by Tiger Global in Flipkart via Strategic Sale
  • USD 1.3 BN by BPEA EQT in Coforge via Secondary Market
  • USD 1.0 BN by TPG Asia VI in Manipal Health Enterprises via PE to PE 
  • USD 745 MM by CPPIB in Kotak Mahindra Bank via Secondary Market
  • USD 713 MM by Bain Capital in Axis Bank via Secondary Market
  • USD 700 MM by TPG in Care Hospitals via PE to PE 
  • USD 600 MM by Blackstone in Sona BLW Precision Forgings via Secondary Market
  • USD 517 MM by TA Associates in Indira IVF via PE to PE 
  • USD 450 MM by Blackstone in IBS Software via PE to PE
  • USD 415 MM by NIIF in Manipal Health Enterprises via PE to PE