Private Equity/Venture Capital Deal Volumes at 10-Yr High in 2025
Indian PE/VC activity rode the momentum in the last decade with over $275 billion raised across 13,000 deals
Chennai: Private equity and venture capital (PE/VC) deals have surged to a 10-year high in 2025. In terms of investment value, it is up 54 per cent in 2025 to date compared to last year.
Between January and November 2025, 1,761 deals were made against 1170 deals in 2024. By surpassing the previous record of 1,726 deals in 2021, 2025 saw the highest number of deals in 10 years. India has consistently recorded over 1,000 PE/VC deals every year for the past 10 years.
Indian PE/VC activity rode the momentum in the last decade with over $275 billion raised across 13,000 deals.
Alongside the rise in deal count, investment value has also moved up. In 2025 to date $34 billion in PE/VC investments were recorded a 54 per cent increase over the $22 billion deployed in 2024. This momentum is attributed not only to more deals but also to the rise in average deal size, which grew from $34.4 million in 2024 to $41.6 million in 2025, finds Equirus Capital.
However, in the past decade, yearly investment value has been the highest in 2021, followed by 2022 and 2020.
Mid-market deals of $10–25 million and $25–50 million have been expanding their share significantly from over 20 per cent in 2020 to over 40 per cent in 2025. Small deals account for 30 per cent of the deals.
The IT and consumer discretionary sectors remain the biggest beneficiaries, attracting over 50 per cent of total PE/VC investments in 2025 both by value and volume. Their dominance underscores India’s digital transformation and rising domestic consumption.
Further, primary markets have been increasingly providing exit to PE/VC funds. Over 60 per cent of the exit volume in 2025 was made possible by public markets either by way of IPOs or block deals. However, exits remained fewer in 2025 compared to last year. Between CY19-CY23, Financial Services, IT, Consumer Discretionary, Healthcare and Industrials formed 93 per cent of the deal exit volume.
“With large new funds being raised by PE firms on the back of record number of exits in previous funds, we believe India has shown its resilience as a market that offers financial investors multiple viable routes for exit once they have managed to scale up and grow their investee companies," said Bhavesh Shah, Managing Director and Head Investment Banking, Equirus Capital.