Private equity and venture capital activity in India recorded an inflow of USD 5.3 billion in October 2025, according to the latest EY–IVCA monthly update. This represents a 9% increase compared with the same month last year.
Deal Activity Trends
A total of 102 deals were registered during the month, lower than both the 112 deals recorded in October 2024 and the 145 transactions seen in September 2025.
Vivek Soni, Partner and National Leader, Private Equity Services at EY, noted the decline in deal volume but highlighted the recovery in investment value.
Pure PE/VC inflows reached a 13-month high of USD 5 billion, marking an 81% rise year-on-year, while investments in real estate and infrastructure sharply contracted by 86%.
Breakdown by Investment Type
Key investment categories performed as follows:
- PIPE (Private Investment in Public Equity): USD 2.1 billion, nearly 10 times higher than the previous year
- Startup investments: USD 2 billion, rising 175% year-on-year
- Growth capital: USD 810 million
- Buyouts: USD 227 million, largely unchanged
- Credit investments: USD 189 million, declining 90%
Large transactions remained a major contributor, with nine deals worth USD 3.7 billion accounting for roughly 70% of the total. The most significant was International Holding Company’s USD 1-billion investment for a 43.46% stake in Sammaan Capital.
Sector Highlights
Financial services attracted the highest share of investments at USD 2.9 billion. Other key sectors included:
| Sector | Investment Value |
| Financial Services | USD 2.9 billion |
| E-Commerce | USD 715 million |
| Technology | USD 455 million |
Combined, these sectors accounted for 77% of the total investment value during the month.
Exit and Fundraising Activity
PE/VC exits slowed significantly, totalling USD 640 million across 14 transactions, down from USD 1.1 billion in October 2024 and USD 2.6 billion in September 2025. Open-market deals contributed USD 234 million, or 37% of exit value.
The largest exit was Advent International’s USD 186 million sale of a 2% stake in Aditya Birla Capital.
Despite slower exits, fundraising improved considerably, reaching USD 1.8 billion versus USD 209 million a year earlier. HSBC led with a USD 1-billion fund aimed at financing early- and late-stage startups.
Summary
- PE/VC investments totalled USD 5.3 billion across 102 deals in October.
- PIPE and startup deals led inflows, while credit and infrastructure investments declined.
- Financial services, e-commerce, and technology sectors represented the bulk of investment value.
- Exits dropped sharply, but fundraising saw substantial growth, including a major USD 1-billion commitment from HSBC.
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