2026年印度风险投资报告

Warm currents in cold seas: VC/growth funding accelerates as broader private capital markets slow. About the authors Key contacts SriwatsanKrishnan in Mumbai(sriwatsan.k@bain.com)Aditya Shukla in Mumbai(aditya.shukla@bain.com)Prabhav Kashyap in New Delhi(a.prabhavkashyap@bain.com)Aditya Muralidhar in Bengaluru(aditya.muralidhar@bain.com)Khushbu Gupta in Mumbai(khushbu.gupta@bain.com) Sriwatsan Krishnanis a partner in Bain & Company’s Mumbai office. He is a leader in theIndia Private Equity and Alternative Investors practice. Aditya Shuklais a partner in Bain & Company’s Mumbai office. He leads the India PrivateEquity and Alternative Investors practice. Prabhav Kashyapis a partner in Bain & Company’s New Delhi office. He is a leader in theIndia Private Equity and Alternative Investors practice. Aditya Muralidharis an associate partner in Bain & Company’s Bengaluru office. He is aleader in the India Private Equity and Alternative Investors practice. For media queries: Sitara Achreja(sitara.achreja@bain.com) Khushbu Guptais a senior manager in Bain & Company’s Mumbai office and part of theIndia Private Equity and Alternative Investors practice. Acknowledgments We deeply thank the Bain India team—Tina Jain, Trishla Vats, andSneha Choudhary—for their notable contributions, in-depth research,and analytical rigor. We also wish to thank the Bain Capability Networkteam (Vikas Sharma, Pooja Ghai, Akshit Jain, Priyanshi Agrawal,Arsheya Srivastava, and Ayan Bindra) and the editorial team (includingShelza Khan, Emily Gref, Melissa Blevins, and Jennifer Rubio)—for theirsupport. Definition: Classification of venture capital (VC)/growth investments Table of contents 1Executive summary 2India VC deal landscape11 4Investor base and fund-raising32 5Perspectives on exit landscapes40 6Key shifts in the start-up ecosystem and 2026+ outlook The quick commerce (Q-commerce) rush of last year was replaced by focused interest inverticalized platforms offering curated assortments and tighter supply chains acrosscategories such as fashion, food, and baby care. Capital continued to flow to scaleddirect-to-consumer (D2C) brands in higher-margin segments, with investors prioritizingretention-led growth and disciplined unit economics. India’s venture capital (VC)/growth equity market continued its upward trajectory in 2025,reaching approximately $16 billion and logging its second consecutive year of growth.This performance was especially notable against the backdrop of softer deploymentacross private capital overall. Unlike 2024, when volume largely drove the rebound, 2025 saw more balanced growthacross deal volume and average deal size. Larger ($100+ million) funding roundsrebounded, particularly in software/software-as-a-service (SaaS) and fintech, and $250+million deals doubled year over year. Small and mid-stage activity held firm, withinvestors focusing on innovation in artificial intelligence (AI), consumer tech, and fintech. Fintech posted one of the year’s strongest rebounds, with deal value more than doublingyear over year. While payments made up the largest transaction segments, investorsalso expanded into subsectors with more predictable monetization models. For example,wealthtechemerged as a key theme, supported by increased adoption of India’s digitalpublic infrastructure (DPI) rails, rising household savings, and a growing preference forgoal-based investing, particularly among the mass and mass affluent segments. Consumer tech entered a more measured phase. There were fewer mega-deals in 2025than in 2024, but the sector still recorded higher deal activity compared to 2023. Funding in software/SaaS increased approximately 1.5x year over year. Matureincumbents from the 2021–22 cycle returned to the market, backed by geographicexpansion and AI-led product evolution. Younger AI-and generative AI-native business-to-business (B2B) companies also gained traction, particularly in vertical applications. Insectors such as banking, financial services, and insurance (BFSI) and healthcare, usecases moved beyond pilots toward production-scale automation in underwriting,compliance, revenue cycle management, and workflow augmentation. Fund-raising saw a significant increase. Capital raised by VC/growth equity fundsdoubled year over year, reaching approximately $5.4 billion, driven by a surge in $100+million vehicles. Thematic focus sharpened around AI,deeptech, climate, space, andindustrial technology, signaling a broadening of India’s venture ambition. India’s VC/growth ecosystem continued to mature, marked by disciplined capitaldeployment, increased comfort with exit pathways, tighter governance, and clearervisibility into durable value creation. Resilient consumption, sustained public capex, andincreased digital infrastructure spending supported this momentum. These conditions forsteady, disciplined expansion are expected to remain intact. Exit value held steady overall, but the composition shifted. IPO-led liq