Private Equity – Venture Capital (PE-VC) firms invested $31.1 Billion (across 1,021 deals) in Indian companies in 2024, marginally lower (by 5 per cent) compared to the $32.9 Billion (across 993 deals) in 2023, reports Venture Intelligence, a research service focused on private company financials, transactions, and their valuations. (The figures exclude PE investments in Real Estate).

The year 2024 witnessed 74 mega deals ($100 M+ rounds) worth $20.7 Billion, compared to 75 such investments worth $23.2 Billion in 2023. The $2.5 Billion acquisition of the Indian business of telecom infrastructure provider American Tower Corporation (ATC) by Brookfield was the largest PE-VC investment in 2024. This was followed by the $1.3 Billion fund raise by Quick-Commerce unicorn Zepto – across three tranches (in June, August and November) and the $900 Million majority stake acquisition in the Chennai, India- and USA-based IT Services firm Altimetrik by TPG Capital and KKR’s $840 million acquisition of the Bengaluru-based medical devices maker Healthium Medtech. The $554 Million acquisition of Shriram Housing Finance Ltd (SHFL) by Warburg Pincus completed the Top 5 deals of 2024

2024 saw five “Unicorn” companies (VC-funded startups valued at $1 Billion or more) being created, compared to two in 2023. Overall, Unicorn Startups in India attracted $356 Million worth of investments in 2024, up by 22 per cent compared to the previous year (which saw $291 Million invested in Unicorn Startups).

By Industry

IT & ITeS companies accounted for $10.8 Billion of the total PE-VC investment pie in 2024, an increase of 13 per cent when compared with 2023 (which saw $9.6 Billion being invested). The $1.3 Billion investment raised by quick commerce firm Zepto topped the table, followed by the $900 million acquisition of Altimetrik by TPG Capital.

The BFSI industry attracted $4.4 Billion during 2024 – which is a 20% increase from the $3.6 Billion raised during the previous year. The $554 Million majority stake acquisition of Shriram Housing Finance by Warburg Pincus led the industry table followed by the $408 million minority stake acquisition of Aavas Financiers by CVC Capital Partners and $400 million secondary investment in Vastu Housing Finance Corp by 360 ONE, Creation Investments, Norwest, Others, TA Associates.

The Healthcare & Life Sciences industry saw $3.7 Billion worth of investments in 2024 – a 34.2% decrease compared to the $5.6 Billion invested in 2023. Healthcare investments in 2024 was led by the $840 Million acquisition of Healthium Medtech by KKR, followed by $300 million investments in Baby Memorial Hospital (by KKR) and in Apollo 247 (by Advent International), the report said.