IVCA Conclave 2025: India Growth Equity Report Launched by IVCA & Praxis Global

Mumbai, February 12th, 2025: The Indian Venture and Alternate Capital Association (IVCA) and Praxis Global Alliance have jointly launched the India Growth Equity Report 2025 at the prestigious IVCA Conclave 2025 in Mumbai. The report provides a comprehensive analysis of India’s growth investment landscape, highlighting evolving private investments trends and future outlook.

In 2024, total investments surged to ~US$ 60B across 1,595 deals, with an average deal size of ~US$ 38M reflecting steady investor confidence. Sustained growth stage investments momentum at ~US$ 10B with record high volume, adding 150+ growth deals since 2023. While fundraising from growth stage funds declined to ~US$ 3B, the share of growth-focused fundraising has increased to highest 5- year share of 29% in overall fundraising. Furthermore, as exits from growth stage investments rise, much of it is driven public market exits corresponding to 60% of the overall exits value. As the outlook for growth deals and fundraising is expected to rise in 2025, funds are increasingly focusing on value creation with increased participation with portfolio companies via operating teams and setting up continuation funds to realize maximum value. Furthermore, investors expect robust growth deal activity and continued growth in Consumer apps & platforms, SaaS/AI, Ecommerce & listing platforms, and BFSI sectors in 2025.

Speaking at the launch of the report, Madhur Singhal, Managing Partner, Private Capital at Praxis Global Alliance said, “The India Growth Equity Report 2025, launched at IVCA Conclave, highlights a thriving private capital landscape with second highest deal activity ever—US$ 60B invested in 2024, with growth investments at ~US$ 10B with 380+ growth stage investments, a 60% increase in growth stage deal volume. Key sectors in growth investment include Consumer apps & platforms, SaaS/AI, Ecommerce & listing platforms, and BFSI. While the fundraising from growth-focused funds declined, exits from growth stage investments hit ~US$ 4B, fueling a ~33% rise from 2023. There is a significant growth investment opportunity with a US$ 600B funding demand for potential Indian companies and only ~10% of active firms securing investor backing. In 2025, strong deal activity, fundraising is expected to grow with sustained momentum for exits, further complementing India’s evolving growth investment ecosystem. Moreover, nowadays, it has been observed that public market returns have moderated, leading to more realistic valuations and increasing optimism for higher deal activity in the private market in the coming year.”

Speaking at the launch of the report, Rajat Tandon, President, IVCA said “India’s economic resilience and sustained growth present a compelling case for increased participation from both domestic and global investors. While sectors like Consumer app & platforms and Ecommerce & listing platforms continue to mature in growth stage funding, the real opportunity lies in unlocking growth capital for homegrown businesses — family-run enterprises and industries that have traditionally been hesitant to embrace private or alternate capital. From FMCG giants to manufacturing companies — access to patient, long-term capital is key to scaling operations and driving India’s industrial and economic transformation. IVCA remains committed to fostering a dynamic investment landscape that supports businesses across sectors, ensuring growth capital serves as development capital for a thriving and self-sustaining economy.”