2026年私募股权与风投趋势报告 (英文版)

India’s private equity and venture capital(PE/VC) industry has continued its evolutioninto a deep, mature and globally relevant assetclass that is defined by expanding sectoralbreadth, and an increasingly resilient pool ofinvestors and entrepreneurs.The year 2025further reinforced this long-term trajectory.Despite navigating a complex globalenvironment marked by geopolitical tensions,fluctuating tariff regimes, and currencypressures, India emerged as one of the moststable and attractive private-capital destinationsworldwide. In 2025, India’s PE/VC ecosystem delivered aperformance that underscored both resilienceand renewed momentum. Investments climbedto US$60.7 billion across 1,475 deals, which isan 8% increase in value and 9% rise in volume,representing the second-highest deployment onrecord in value terms. Growth and start-upinvestments staged a meaningful recovery,while private credit continued its upward march,reaching historic highs. Buyouts moderatedduring the year. Sectoral trends reflected a blend of continuityand diversification. Financial services reclaimedthe top position, supported by strong interest inbanking, housing finance, and fintech. Realassets—comprising infrastructure and realestate—remained core investment pillars,together contributing more than one-third oftotal capital deployed. Meanwhile, technology,food and agriculture, industrial products, andautomotive sectors recorded robustyear-on-year growth, signaling a broaderdistribution of capital across both traditionaland emerging engines of the economy. Start-upactivity saw meaningful expansion as well, withIndia’s technology-led entrepreneurialecosystem continuing to demonstrate depth,scale and innovation. Exit activity remained strong, with US$32.9billion in realizations, the second-highest levelever recorded. Strategic exits drove nearly halfof all exit value, supported by a revival incorporate M&A. This exit performance—achieveddespite periods of equity-market volatility—demonstrates the strength of India’s capitalmarkets and the increasing maturity of its exitpathways across private and public routes. As India steps into 2026, the macroeconomiclandscape remains dynamic. While sustainedgeopolitical volatility, currency movements, andvaluation adjustments may prompt a measuredpace of deployment, the medium-term outlookremains optimistic. Strong GDP growthprojections, supportive monetary conditions, arobust IPO pipeline and improving trade clarityall position India as a compelling destination forglobal private capital seeking scale, stability,and long-term growth. This Trendbook provides a comprehensive anddata-driven view of the factors shaping India’sPE/VC industry. It examines emerging themes,evolving investor strategies, sector-specificmomentum, and the opportunities that lie aheadfor a market that continues to grow deeper andmore sophisticated each year. I extend my gratitude to the EY team for theirthorough research and thoughtful analysis inbringing this report together. Also, my sincere thanks to all our members,partners, and stakeholders for your continuedengagement and support. As we collectivelywork towards strengthening the ecosystem, Iinvite you to remain active participants inIVCA’s initiatives and contribute to shaping thenext chapter of growth. Together, we cancontinue to build a vibrant, and future-readyPE/VC landscape for India. Ashley MenezesChairperson, IVCAPartner and COO - ChrysCapital The year 2025 was a true testament to theresilience and maturity of the Indian PE/VClandscape. Investor sentiment was shaped by aconfluence of global and domestic factors,including India’s key political developments, theimplications of the US electionoutcome inNovember 2024, persistent geopoliticaltensions, and the volatility in tariff policiesunder the Trump administration. These werecompounded by measures from the central bankin India to manage inflation and interest rates,as well as the Indian rupee touching its weakestlevels, all of which contributed to a cautiousdeployment environment. Despite these headwinds, PE/VC activity in Indiaremained robust, recording the second-highestinvestment value on record at US$60.7 billionacross 1,475 deals, marking 8% and 9% year-on-year growth in value and volume, respectively.This strong performance amidst globaluncertainty underscores the resilience of India’seconomic fundamentals. Sectors such as financial services,infrastructure, real estate, technology ande-commerce continued to dominate the PE/VClandscape, together accounting for72%of totalinvestments, consistent with the previous year.These sectors were also the top five in 2024,with only a positional shift between financialservices and infrastructure. Infrastructure,which held the top spot last year, slipped tosecond place in 2025, while financial servicesmoved up from second to become the leadingsector this year. Within these top sectors, financial services, realestate and technology registered year-on-yeargrowth, wherea