India In Sight

India In Sight #109

Wed, 06 Aug 2025 16:19:43 GMT

We are Ambassador Capital Partners, an investment firm with a focus on private credit and private equity.
In the spirit of making Indian private markets more accessible and transparent to global LPs and GPs, we have launched ‘India In Sight’ – consolidating and curating relevant information and insights from Indian private markets including trends, key deals, fundraises, KPIs, and top tier research
Search, screen, filter, and save - all reports at one spot! Subscribe to India In Sight Library
Subscribe to receive the newsletter every week in your inbox! Stay informed, stay ahead!
Key reports in this edition:
India’s FMCG contract manufacturing by KPMG
Railway freight portfolio diversification in India by PWC
Indian Aerospace Manufacturing sector report by ValueQuest
Trump’s surprise 25% reciprocal tariffs on India by Goldman Sachs
Technology Trends Outlook 2025 by McKinsey

KEY DEALS

Equity

SAFE, a cybersecurity firm based in US and India, raised c.$70 million in its Series C funding round led by Avataar Ventures. Other investors include Susquehanna Asia VC, NextEquity Partners, and Prosperity7 Ventures. (July 31, 2025)
The Sleep Company, a sleep solution startup, to raise c.$12 million in its Series D funding round led by Saffron Investments, Carillon Investments and Infinity Partners. (July 31, 2025)
Zetwerk, an IPO-bound B2B e-commerce unicorn, raised c.$70 million from its promoters through a newly formed entity, Creovate Innovation. (July 30, 2025)
Jashvik Capital, a mid-market PE firm, invested c.$46 million in Marg ERP, an ERP and inventory management software. (July 30, 2025)
[Expected] KKR, TPG, Kedaara Capital, and Multiples PE are looking to acquire a majority stake in Sensa Core Medical Instrumentation, a medical device manufacturer at an estimated c.$300 million valuation. (July 29, 2025)

Credit

Omaxe, a real estate developer, raised c.$58 million in debt from Oaktree Capital, to repay debt and develop ongoing projects through issuance of NCDs. (July 29, 2025)
Navi Technologies, a financial services company, raised c.$20 million through debt funding from its founder and PhillipCapital. (July 28, 2025)

KEY FUNDS AND FUNDRAISES

Inflection Point Ventures, an angel investment platform, launched its maiden fund IPV International, with a target corpus of c.$110 million. (July 31, 2025)
Neo Asset Management, an asset management arm of Neo Group, marked the first close for its secondaries fund at c.$235 million. (July 31, 2025)
W Health Ventures launched its second fund with a target corpus of c.$70 million to invest in healthcare startups. (July 30, 2025)

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Reports

KPMG’s report on ‘India’s FMCG contract manufacturing’ outlines that the sector is undergoing a major shift, evolving from a fragmented, low-margin industry into a strategic, innovation-driven segment with public market potential—mirroring the success of Pharma CDMOs. Key growth drivers include the rise of D2C brands, increasing outsourcing by FMCG majors, export-oriented manufacturing with global compliance, and a shift toward premium and clean-label products.
PWC’s report on ‘Railway freight portfolio diversification in India’ highlights that Indian Railways moved 1,588 MT of freight in FY24, with plans to double this to 3,000 MT by 2027 and raise its modal share from ~27% to 45% by 2030. There is need to diversify into lightweight & high-growth sectors (10-17% p.a. growth but 10% freight share), such as FMCG, consumer durables, automobiles, and pharma vs heavy sectors.
ValueQuest’s report on ‘Indian Aerospace Manufacturing sector’ underscores strong rebound in sector with domestic passenger traffic reaching 134M in FY24 and projected to cross 150M in FY25. The sector saw a 21% YoY growth in passenger traffic and a 4% rise in average fares. International traffic surged by 23% YoY. Robust demand, expanding capacity, and improving yields point to a positive near-term outlook.
Goldman Sachs’s report on ‘Trump’s surprise 25% “reciprocal” tariffs on India’ highlights that the 25% “reciprocal” tariff on all imports could significantly impact Indian exports. India is among the top five Asian economies most exposed to such tariffs, particularly in sectors like auto parts, pharma, and textiles, thus adding to existing external risks for India, potentially affecting trade, investor sentiment, and stock markets.
KPMG’s report on ‘Building Public-Private synergies for heritage conservation’ outlines that heritage tourism contributes ~2.5% to tourism GDP and is projected to reach $57B by 2033 at 7% CAGR. The report emphasises adaptive reuse via PPPs—turning heritage sites into boutique hotels, cultural centres, and museums.
McKinsey’s report on ‘Technology Trends Outlook 2025’ identifies 15 key technology trends, with genAI, applied AI, and cloud computing in focus for innovation and investment momentum. Globally, $8T+ has been invested across these domains since 2020. Frontier technologies such as quantum computing and space tech are gaining traction, while digital trust and bioengineering are critical emerging priorities.

Articles

VC funding for Indian startups in July 2025 fell to a year-low of $621M, down 42% YoY and 41% from June, largely due to the absence of large-value deals (none over $50M). While the number of deals rose to 102, the low ticket sizes reflect investor caution amid macro uncertainty and evolving AI trends. Read more.
SEBI is proposing stricter norms for appointing independent third-party reviewers of green debt securities to align with ESG bond standards. The move aims to strengthen reviewer independence, mitigate conflicts of interest, and enhance transparency and credibility through better certifications. Read more.
India’s steel industry is poised for significant growth, with consumption expected to triple by 2050, making green steel a strategic priority. Rising demand is fueled by decarbonization goals, emerging tech, and supportive policies. Embracing green steel will support India’s climate goals. Read more.
India's stock market is under pressure as new US tariffs—the highest in Asia—and scrutiny over Russian energy imports add to concerns about slowing growth and weak corporate earnings. These factors are prompting FIIs to exit in favor of more appealing markets like Hong Kong and South Korea. Read more.
India's rural economy is booming, driven by improved agricultural output, government support, and rising cash flows. Rural consumption is outpacing urban demand, unemployment is falling, and tractor sales are set to hit record highs. FMCG growth and small manufacturer expansion highlight the rural sector's growing contribution to GDP. Read more.
The growing share of BRICS+ in global GDP, trade, and population signals a shift toward a more multilateral global economic order. By 2024, BRICS+ merchandise exports rival those of the G7, reflecting this shift. The New Development Bank is poised to enhance infrastructure financing across BRICS+. Read more.

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RBI Monetary Policy Committee (MPC) has kept key interest rates unchanged at 5.50% and the real GDP growth for FY26 is projected at 6.5%. RBI Governor said that measures are being taken to support growth amid geopolitical tensions.
India's GST collections rose 7.5% YoY to $23.0B in July 2025, up from $21.7B in June. This follows April’s record-high collection of $27.8B, reflecting continued momentum in tax revenue growth.
India's fiscal deficit widened to $33.0B in Q1 FY26, driven by a sharp rise in capital and revenue spending. While net tax revenues declined, non-tax revenues rose significantly due to a central bank dividend. The June deficit reversed the earlier surplus, reflecting increased fiscal pressure.

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WEEKLY MARKET UPDATE (w/c August 01, 2025)

Thank you for reading India In Sight!
Read our other editions here.

Disclaimer:
The content provided on this platform contains references and links to external sources, including articles, reports, websites, images, or videos. We do not own or claim copyright over the content found in these external sources. The ownership and rights of the content belong to the original creators.
This post and the information presented are intended for informational purposes only. The views expressed herein are the author’s alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The author and affiliated persons and companies assume no liability for this information and no obligation to update the information or analysis contained herein in the future.

India In Sight #108

Wed, 30 Jul 2025 18:09:47 GMT

We are Ambassador Capital Partners, an investment firm with a focus on private credit and private equity.
In the spirit of making Indian private markets more accessible and transparent to global LPs and GPs, we have launched ‘India In Sight’ – consolidating and curating relevant information and insights from Indian private markets including trends, key deals, fundraises, KPIs, and top tier research
Search, screen, filter, and save - all reports at one spot! Subscribe to India In Sight Library
Subscribe to receive the newsletter every week in your inbox! Stay informed, stay ahead!
Key reports in this edition:
PE/VC 1H and June 2025 Roundup by EY IVCA
What’s Market in Indian PE deals by Khaitan & Co
The Resilient Reset of India’s Microfinance Sector by Avendus
Global Capability Centres 2025 by Dhruva Advisors
Crypto investing in India by HDFC Securities
Healthcare BPO sector report by Aditya Birla Capital
Indian Wealth Management sector report by Bernstein

India In Sight Library

KEY DEALS

Equity

[Expected] Multiples Equity, an alternate asset management company, looking to acquire a c.32% stake in VIP Industries, a luggage and travel accessories maker, from Piramal family. The transaction would trigger an open offer to buy additional 26% and hence awaiting CCI approval. (July 27, 2025)
EatClub, a cloud kitchen operator, to raise c.$22 million from Tiger Global, A91 Partners, and 360 One. (July 25, 2025)
Netrasemi, a semiconductor startup, raised c.$13 million from Zoho and Unicorn India Ventures. (July 24, 2025)
[Exit] Canada Pension Plan Investment Board (CPPIB) to sell its c.49% stake in the investment platform with The Phoenix Mills, a real estate and mall developer, for c.$631 million, to be paid in four tranches over 3 years. (July 24, 2025)
SuperK, a branded supermarket chain, raised c.$12 million in its Series B funding round led by 3STATE Ventures and Mithun Sancheti (CaratLane founder). (July 24, 2025)
Gupshup, a conversational AI platform, raised c.$60 million in equity and debt funding from Globespan Capital Partners and EvolutionX Debt Capital. (July 23, 2025)
Kumar Vibe Properties, a real estate firm, raised c.$13 million from Nisus Finance for the development of its projects in Mumbai and Pune. (July 23, 2025)
[Exit] Bain Capital sold c.3.7% stake in 360 ONE WAM, a wealth management firm, for c.$200 million through an open market transaction. (July 22, 2025)
Composio, an agentic AI startup, raised c.$25 million in a funding round led by Lightspeed. Other investors include Elevation Capital, Together Fund, and angel investors. (July 22, 2025)
[Expected] IndusInd Bank is looking to raise c.$3.5 billion through equity and debt instruments. (July 23, 2025)

KEY FUNDS AND FUNDRAISES

Yali Capital, a VC firm, marked a final close of its first deeptech fund at c.$100 million. (July 25, 2025)
Motilal Oswal Alternates marked the final close of its sixth real estate fund at c.$230 million. (July 23, 2025)
Amicus Capital, a domestic PE fund, marked the final close of its second fund at c.$214 million, exceeding its initial target of c.$200 million. (July 23, 2025)

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Reports

EY IVCA’s ‘PE/VC Monthly Roundup’ report shows that in 1H2025, India recorded $26.4B in PE/VC investments—down 19% YoY but up 11% from 2H2024. Pure-play PE/VC funding dipped 3% YoY to $18.3B, while real estate and infrastructure investments fell sharply by 40% YoY. However, compared to 2H2024, both segments showed modest recovery. Start-up investment deals emerged as the highest at $6.8B, followed by growth investments at $6.5B.
Khaitan & Co’s report on ‘India’s PE market and deals’ highlights that the Indian PE market showed resilience in 2024–2025, with strong activity in infrastructure, tech, and financial services. Large deals led by foreign funds saw a rise, with a preference for minority stakes and increased PE-backed IPOs and exits. ESG focus and the use of Singapore arbitration for disputes also gained prominence.
Avendus’ report on ‘The Resilient Reset of India’s Microfinance Sector’ highlights a strong post-COVID recovery, with the sector growing at a 27% CAGR since FY21 to reach $44B in FY24. Key drivers include improved borrower behavior, regulatory clarity, and strong rural credit demand. NBFC-MFIs now command 42% market share, up from 31% in FY21. The top 10 MFIs account for over 75% of the segment’s AUM.
Dhruva Advisors’ report ‘Global Capability Centres 2025’ highlights the continued growth of GCCs in India, with over 1,580 centres employing more than 1.9M professionals and contributing ~$46B to exports. India remains a top destination due to talent availability, digital maturity, and cost efficiency. Emerging GCC trends include increased focus on ESG, GenAI integration, and hybrid work models.
HDFC Securities’ report on ‘Crypto investing in India’ highlights that crypto investing is growing in India, driven by youth, HNIs, and global momentum, but faces world’s harshest tax regimes — 30% tax on gains and 1% TDS on transactions. While Bitcoin outperformed traditional assets with a 10Y CAGR of 82% vs. 11% for Nifty 500, systemic risks like custody issues, cyberheists, & lack of SEBI/RBI oversight persist.
Aditya Birla Capital’s report on ‘Healthcare BPO’ highlights India’s growing role in the $300B+ global healthcare outsourcing market, driven by cost efficiency, skilled workforce, and digital adoption. The Indian Healthcare BPO sector is expected to grow at a 12–14% CAGR, with segments like medical billing, claims processing, and telehealth support seeing strong demand. India’s advantage lies in scale, time-zone alignment, and tech-enabled delivery, making it a strategic hub for global healthcare operations.
Bernstein’s report on ‘Indian Wealth Management sector’ projects strong growth for India’s wealth management industry, with AUM expected to rise at a 15%+ CAGR over FY24–30, driven by HNIs, financialization of assets, and digital adoption. The market remains fragmented, offering scope for consolidation. Fee-based advisory and alternates are gaining traction, with RIAs and tech platforms reshaping engagement.

Articles

India’s credit ecosystem is evolving from traditional collateral-based lending to a data-driven, inclusive framework enabled by Digital Public Infrastructure (DPI). Initiatives like Account Aggregator, OCEN, and the forthcoming Unified Lending Interface (ULI) are enhancing credit delivery efficiency. Read more.
Estimating disinvestment receipts for FY26 is challenging due to multiple variables. The $5.5B target includes various monetization routes beyond traditional disinvestment. Profitability is not a primary criterion in privatisation decisions. Read more.
IPO fundraising in H1 2025 surged 45% YoY to c.$5.3B, despite global uncertainties, driven by larger deal sizes as the number of IPOs fell to 24 from 36. This points to a rise in average issue size. Experts expect the IPO market to remain cautiously optimistic in H2 2025. Read more.
Government is exploring AI-driven solutions to resolve persistent delays in the National Single Window System for investors. Industry concerns over processing bottlenecks have prompted DPIIT to evaluate AI enhancements to streamline multiple-clearance applications and status tracking. Read more.

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India’s rural economy is witnessing robust growth, driven by better agricultural output, government support, and rising rural consumption—now outpacing urban demand. Unemployment is falling, tractor sales are set to hit record highs, and FMCG and small manufacturers are seeing faster expansion in rural areas.
India’s employment scenario has improved notably, with the number of employed individuals rising from 4.7B in FY18 to 6.4B in FY24. The Labour Force Participation Rate and Worker Population Ratio also increased, while overall and youth unemployment rates declined.
Following the RBI’s repo rate cut, public sector banks have reduced lending and deposit rates more sharply than private banks. Lending rates on fresh loans dropped significantly, while some public banks lowered savings deposit rates to their lowest levels since deregulation.
India’s debt grew at a slower pace than GDP between FY21 and FY23, indicating improved debt sustainability. The Centre’s debt-to-GDP ratio declined from its pandemic peak to 57.93% in FY23. Better debt repayment also allowed more borrowings to be directed toward productive expenditure.
India’s economy held steady in June–July despite global uncertainties, buoyed by a favorable monsoon, strong services performance, and moderate industrial growth. CPI inflation remained below 4% for the fifth consecutive month, driven by declining food prices.
Below is a quick snapshot of the services sector performance from the latest RBI bulletin July 2025.

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India In Sight Library

WEEKLY MARKET UPDATE (w/c July 21, 2025)

Thank you for reading India In Sight!
Read our other editions here.

Disclaimer:
The content provided on this platform contains references and links to external sources, including articles, reports, websites, images, or videos. We do not own or claim copyright over the content found in these external sources. The ownership and rights of the content belong to the original creators.
This post and the information presented are intended for informational purposes only. The views expressed herein are the author’s alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The author and affiliated persons and companies assume no liability for this information and no obligation to update the information or analysis contained herein in the future.

India In Sight #107

Tue, 22 Jul 2025 15:30:29 GMT

We are Ambassador Capital Partners, an investment firm with a focus on private credit and private equity.
In the spirit of making Indian private markets more accessible and transparent to global LPs and GPs, we have launched ‘India In Sight’ – consolidating and curating relevant information and insights from Indian private markets including trends, key deals, fundraises, KPIs, and top tier research
Search, screen, filter, and save - all reports at one spot! Subscribe to India In Sight Library
Subscribe to receive the newsletter every week in your inbox! Stay informed, stay ahead!
Key reports in this edition:
Heal in India: Catalysing medical and wellness tourism by KPMG
Indian pharma: Biotech, CDMO and GLP-1 by Fident AMC
Navigating India's blue economy landscape by KPMG
Edu fintech: sector note by Entrackr
Airports: Shaping India’s next phase of economic growth by CBRE
Building materials: sector note by Axis Securities
Real Estate investment snapshot Q2 2025 by Colliers

India In Sight Library

KEY DEALS

Equity

IFC invested c.$20 million as equity funding in Transvolt Mobility, an EV fleet platform. (July 18, 2025)
Altum Credo, a housing finance company, raised c.$12 million in its ongoing Series C funding round from British International Investment. (July 18, 2025)
Milky Mist, a dairy company, to raise c.$42 million in its pre-IPO funding round. The names of the investors and other financial details were not disclosed. (July 18, 2025)
Truemeds, an online health platform, raised c.$20 million in its ongoing Series C funding round from Peak XV Partners, in addition to the $44 million raised in March from Accel. (July 16, 2025)
R for Rabbit, a D2C baby products brand, raised c.$13 million in its Series B funding round led by Filter Capital and 3one4 Capital. (July 16, 2025)
ChrysCapital acquired c.90% stake in Theobroma Foods, a dessert and bakery chain, for c.$285 million from its promoters and ICICI Ventures. (July 15, 2025)
Fractal Analytics, an AI analytics firm, raised c.$170 million via a secondary transaction, at an estimated valuation of c.$2.4 billion. (July 15, 2025)
PayU, a digital payments platform, raised c.$36 million from Prosus, its parent company, ahead of its IPO. (July 15, 2025)

Credit

Zetwerk, a B2B e-commerce unicorn, raised c.$9 million in debt funding from JM Financial, ahead of its IPO. (July 17, 2025)
Embassy Office Parks REIT, a domestic commercial REIT, is looking to raise c.$230 million through issuance of 5-year corporate bonds. (July 16, 2025)

KEY FUNDS AND FUNDRAISES

EQT secured c.$11.4 billion in commitments for its new Asia-focused buyout fund and marked the first close in April 2025. The fund has a target corpus of c.$14.5 billion. (July 18, 2025)
Northpoint Capital, a solo GP investment firm, raised c.$150 million from global endowment funds, foundations, fund-of-funds and institutional investors for its debut fund. (July 18, 2025)
Amara Partners, a PE fund by ex-M&M PE head, launched its debut fund with a target corpus of c.$100 million. (July 16, 2025)

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Reports

KPMG’s report on ‘Medical tourism in India’ projects India’s medical tourism to grow from $18B in 2025 to $58B by 2035 (CAGR 12.3%), driven by a unique blend of affordable modern care and holistic AYUSH-based treatments. The ‘Heal in India’ initiative aims to position India as a global healthcare hub by integrating digital platforms, AYUSH visa frameworks, and accredited infrastructure.
Fident AMC’s inaugural edition on ‘Indian pharma sector’ explores structural megatrends, focusing on Biotech (Novel drug discovery), CDMO, and GLP-1 drugs. India’s biotech sector is seeing rising innovation with NCE assets in development. CDMO players are benefiting from global outsourcing trends and innovator partnerships. The GLP-1 market offers a massive $50B+ opportunity, with Indian companies eyeing exports and generics as patents expire in 2026–2040.
KPMG’s report on ‘Navigating India's blue economy landscape’ values India’s blue economy at $110B—poised for exponential growth, with a vision to contribute 4–5% to national GDP. Relevant sectors are fisheries, offshore energy, shipping, marine biotech, and tourism. India ranks 3rd in fish production and 4th in ship recycling. Key priorities include green ports, deep-sea mining, marine spatial planning, and blue finance.
Entrackr’s report on ‘Edu Fintech’ notes that India's edtech sector has slowed dramatically, with only $1.2B raised since 2024 (vs $6B raised during COVID-19), while loan-focused edu-fintech startups captured over 35% ($424M). Leap Finance ($165M), Avanse ($117M), and Auxilo ($48M) led funding, reflecting investor confidence in education financing solutions amidst rising education costs.
CBRE’s report on ‘Airports’ highlights the government’s push for large-scale airport modernization and greenfield projects to meet rising passenger and cargo demand, projecting significant capacity growth over the next decade. The report notes strong private sector participation through PPP models, increasing foreign investment, and strategic regional airport development under schemes like UDAN.
Axis Securities’ sector update on ‘Building materials’ highlights that the sector is expected to grow at a 12–14% CAGR over FY24–27, with premiumisation, urbanisation, and rising disposable income acting as key demand drivers. Sub-segments like pipes, tiles, plywood, wires & cables are benefiting from both volume growth and margin expansion. Companies with strong brand equity, efficient distribution, and a shift toward organised play are favorably positioned.
Colliers’ ‘Real Estate investment snapshot’ notes that India’s real estate sector attracted $1.7B in investments in Q2 2025 (up 29% QoQ, down 33% YoY). Domestic investments surged 32% YoY to $0.6B, with residential and mixed-use assets accounting for over 55% of total inflows. Mixed-use projects gained traction with >20% share of H1 2025 inflows, up from 7% in H1 2024.

Articles

India’s bond market is witnessing a strong momentum, growing at a 25% CAGR over the past decade, with a sharp acceleration post-2020. In 2024, listed bond issuances crossed $111B, and for the first time, non-PSU issuances outpaced PSU issuances, reflecting enhanced credit strength of private players and rising investor appetite for stable, fixed-income returns. Read more.
India’s deeptech ecosystem welcomed the 1 lakh crore ($12B) Research Development and Innovation (RDI) scheme, aimed at addressing the critical shortage of patient capital. The proposed deeptech Fund of Funds is expected to mirror the existing startup FoF structure. Read more. [Paywall]
PE firms are increasingly eyeing regional consumer brands in India, amid muted growth among larger players. Investors are favoring minority stake deals, with recent fundraises highlighting strong confidence in the segment. Read more.
India’s alternative investment market is set for accelerated growth as family offices, corporates, and institutional investors increasingly seek avenues offering higher returns with lower volatility. Read more.
Active mutual funds saw robust equity purchases of $5.3B in June 2025—their highest in five months—while total equity inflows reached $3.5B. This aggressive buying led to a decline in cash holdings, which dropped to 5.3% of AUM, the lowest level recorded in calendar year 2025 so far. Read more.

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CRISIL projects India’s CPI inflation to average 4% in FY25, down from 4.6% last year, aided by a favorable monsoon and easing commodity prices. GDP growth is expected at 6.5% and the inflation downtrend may lead to a repo rate cut, but global volatility remains a concern for capital flows and currency stability.
India’s retail inflation fell to 2.1% in June 2025, its lowest since January 2019, primarily due to a steep drop in food prices. This marks the fifth straight month CPI inflation has stayed below the RBI’s 4% target, strengthening the case for further monetary easing.
India appears to be entering a ‘Goldilocks’ phase—marked by stable growth and low inflation. The RBI is weighing further rate cuts, while GDP growth holds firm at 6.5%, driven by resilient domestic consumption. A potential trade deal with the US could further uplift export momentum and reinforce stability.
HSBC reports that India's economic growth may be bottoming out. While global trade uncertainties pose a risk, sustained government spending, increased private investments, and real estate recovery are expected to drive medium-term investment growth. India's GDP grew 7.4% in Q4FY25.

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India In Sight Library

WEEKLY MARKET UPDATE (w/c July 14, 2025)

Thank you for reading India In Sight!
Read our other editions here.

Disclaimer:
The content provided on this platform contains references and links to external sources, including articles, reports, websites, images, or videos. We do not own or claim copyright over the content found in these external sources. The ownership and rights of the content belong to the original creators.
This post and the information presented are intended for informational purposes only. The views expressed herein are the author’s alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The author and affiliated persons and companies assume no liability for this information and no obligation to update the information or analysis contained herein in the future.

India In Sight #106

Tue, 15 Jul 2025 15:28:06 GMT

We are Ambassador Capital Partners, an investment firm with a focus on private credit and private equity.
In the spirit of making Indian private markets more accessible and transparent to global LPs and GPs, we have launched ‘India In Sight’ – consolidating and curating relevant information and insights from Indian private markets including trends, key deals, fundraises, KPIs, and top tier research
Search, screen, filter, and save - all reports at one spot! Subscribe to India In Sight Library
Subscribe to receive the newsletter every week in your inbox! Stay informed, stay ahead!
Key reports in this edition:
Secured Growth for Housing Finance companies by Bernstein
Asset management: SIP drives the structural shift by Investment Trust of India
India’s future arenas: Engines of growth and dynamism by McKinsey
India EMS: Sunrise Sector by JPMorgan
Cables & Wires sector report by JM Financial
The New Paradigm in Indian Housing by CBRE

India In Sight Library

KEY DEALS

Equity

[Exit] Manipal Health, a multispeciality hospital chain, acquired Sahyadri Hospitals, a Maharashtra focused hospital chain, for c.$750 million from Ontario Teachers Pension Plan (2.6x MOIC on exit). (July 10, 2025)
Arteria Tech, a SaaS and financing platform, raised c.$12 million from ICICI Ventures, the investment arm of ICICI Bank. (July 10, 2025)
Credit Wise Capital, a vehicle and MSME focused NBFC, raised c.$24 million from Trident Growth Partners, a growth-stage PE firm. (July 08, 2025)
Khetika, a clean-label food company, raised c.$18 million in a new funding round led by the Narotam Sekhsaria Family Office and Anicut Capital. (July 07, 2025)
Infinity Fincorp, an MSME focused NBFC, raised c.$230 million from Partners Group (majority stake acquisition) with participation from existing shareholder, Jungle Ventures. (July 10, 2025)
[Expected] PC Jewellers, a jewellery retailer, is looking to raise c.$60 million in equity from its promoters and Capital Ventures to prepay its loan. (July 10, 2025)
[Expected] Zepto, an Indian grocery and food delivery startup, is looking to raise c.$450–$500 million in a new funding round at a valuation of c.$7 billion. (July 09, 2025)
[Expected] Kedaara Capital to acquire a stake in Porter, a on-demand logistics-turned-unicorn. The exact financial details were not disclosed. (July 08, 2025)
[Expected] Square Yards, a proptech platform, is looking to raise c.$235 million through an IPO at a valuation of c.$1.5–2 billion. (July 07, 2025)

Credit

Varthana Finance, an education-focused NBFC, raised c.$19 million in debt funding from BlueEarth Capital, ResponsAbility, and Franklin Templeton via ECBs and NCDs. (July 09, 2025)

KEY FUNDS AND FUNDRAISES

NIIF (National Investment and Infrastructure Fund), a quasi-sovereign infra fund, to mark its first close for its Private Markets Fund (PMF II) at c.$700-million. NIIF is also launching its Master Fund II with a target corpus of c.$4 billion. (July 10, 2025)
IndiGo Ventures, the corporate VC arm of IndiGo, marked the first close of its maiden fund at c.$50 million. The fund has a target corpus of c.$70 million. (July 09, 2025)

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Reports

Bernstein’s report on ‘Housing finance companies’ highlights a sustained structural upcycle. Housing credit is expected to grow at a 12–14% CAGR over the next five years, supported by rising homeownership and favorable interest rates. Large banks are gaining market share with strong balance sheets and digital distribution, while NBFCs face rising cost pressures and competition.
The Investment Trust of India’s report on ‘Asset management’ highlights India’s AMC industry as a high-growth structural story, with mutual fund AUM expected to grow at ~17% CAGR, reaching c.$1.2T by FY30. The shift from physical to financial savings, regulatory support, and deepening SIP culture are driving this growth. Digital platforms and fintechs are further disrupting distribution.
McKinsey’s report on ‘India’s engines of future growth’ identifies 11 high-potential sectors that could add $2.5–3T to India’s GDP by 2030, including electronics, green energy, e-commerce, and digital infra. These arenas could attract significant investment. India’s demographic dividend, rising consumption, and digital backbone are the critical enablers, which need targeted policy support and private participation.
JP Morgan’s report on ‘India EMS: Sunrise Sector’ highlights EMS as a “Sunrise Sector” with ~25% revenue CAGR potential through FY28, driven by tailwinds like import substitution, PLI schemes, and global supply chain diversification. The sector is expected to reach $100B+ by FY28, with increasing contribution from high-margin segments like IoT, wearables, and automotive electronics.
JM Financial’s report on ‘Cables & Wires’ projects 11–13% revenue CAGR over FY25–30, driven by rising demand from housing, infra, power capex, and exports. The sector is expected to grow by 2x+ by 2030, with increasing organized play (share rising to 82% by FY30). Key drivers include real estate upcycle, renewable energy, and industrial automation.
CBRE’s report on ‘The New Paradigm in Indian Housing’ highlights 10 key trends - the market is witnessing a structural shift driven by rising home ownership sentiment, regulatory reforms, and increasing demand in Tier II and III cities. Key insights include the growing preference for larger homes (50% new launches are 3BHK+), a surge in gated community developments, and the rise of branded residences and plotted developments.
Carnelian’s report on ‘Insider selling’ presents a counter-thesis and challenges the blanket perception that insider or promoter selling is a red flag. ~70% of companies with insider sales in the past decade delivered positive stock returns, with ~15% achieving 30%+ CAGR. Promoter sales often stem from valid reasons like diversification, regulatory compliance, succession planning, or personal needs.

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India’s startup exit landscape saw a record-breaking 2024, with IPOs driving 68% of all PE/VC exits and generating $15.5B in value. However, strategic M&A activity is gaining ground in 2025, with $2.5B in deals in just five months. Read more.
India’s IPO boom could add $2–3T in market value over the next decade. IPOs have already raised ~$6B in 2025, including HDB Financial’s $1.5B listing, with several large offerings like ICICI Prudential AMC in the pipeline. Read more.
India has lagged behind in climate tech with innovation and funding remaining weak outside EVs, hindered by low consumer demand, lack of regulatory push, and a "free-rider" mindset among both companies and nations. Read more.
India’s AI landscape in 2025 is transitioning from experimentation to scaled deployment, driven by its rich digital public infrastructure, expanding rural connectivity, and an increasingly AI-native workforce. Despite being 12th globally in AI funding, India ranks among the top 4 ecosystems in research output and startup activity. Read more.
India’s data centre (DC) capacity is projected to double to 2.4 GW by FY28, with annual additions accelerating to 300–350 MW, driven by rising data consumption, AI adoption, and cloud demand. Total investment pipeline is estimated at $18-23B. Read more.
Overseas investors repatriated a record c.$98B from India in FY25, up from $88B in FY24, driven by increased FDI inflows and debt investments. RBI data also shows higher returns from forex reserves and rising outbound investments by Indian firms. Read more.
Fixed-income investments provide Gen-Z investors with stability and predictable returns, making them a valuable part of a diversified portfolio. Experts recommend using mutual funds, aligning investments with interest rate cycles, and adopting SIPs for disciplined growth. Read more.

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India’s economic growth may be stabilizing, supported by conducive interest rates, ample liquidity, easing crude oil prices, and expectations of a normal monsoon. Although global trade uncertainties remain a concern, factors like robust government expenditure, rising private investment, and a recovering real estate sector are likely to fuel medium-term growth.
Indian businesses stand to unlock c.$10T in economic value by 2035 by adopting domain-led models that solve real human and industrial challenges. This shift promotes cross-sector innovation in fields like manufacturing, construction, and healthcare.
The concerns of a slowdown in private capex might not hold as investments remain active across sectors. Healthy corporate balance sheets, low leverage, and strong access to capital markets are key drivers supporting the ongoing private investment cycle.

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The content provided on this platform contains references and links to external sources, including articles, reports, websites, images, or videos. We do not own or claim copyright over the content found in these external sources. The ownership and rights of the content belong to the original creators.
This post and the information presented are intended for informational purposes only. The views expressed herein are the author’s alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The author and affiliated persons and companies assume no liability for this information and no obligation to update the information or analysis contained herein in the future.

India In Sight #105

Tue, 08 Jul 2025 14:57:25 GMT

We are Ambassador Capital Partners, an investment firm with a focus on private credit and private equity.
In the spirit of making Indian private markets more accessible and transparent to global LPs and GPs, we have launched ‘India In Sight’ – consolidating and curating relevant information and insights from Indian private markets including trends, key deals, fundraises, KPIs, and top tier research
Search, screen, filter, and save - all reports at one spot! Subscribe to India In Sight Library
Subscribe to receive the newsletter every week in your inbox! Stay informed, stay ahead!
Key reports in this edition:
Indian Startup H1-2025 by Entrackr
Pre-Seed funding landscape in India by Eximius Venture
3D Printing in Healthcare by Kalaari Capital
Power Transmission & Distribution (T&D) sector report by InVed
Insurance sector thematic report by HDFC
India Market Outlook - June 2025 by Morgan Stanley

India In Sight Library

KEY DEALS

Equity

Bambrew, a producer of sustainable packaging materials, raised c.$10 million in its latest Series B funding round led by Ashok Goel (ex-MD, Essel Propack) and Enrission India Capital, a Japan-based VC firm. (July 02, 2025)
AppsForBharat, a parent company of devotional platform Sri Mandir, raised c.$20 million in its Series C funding round led by Susquehanna Asia Venture Capital. Other investors include Fundamentum, Elevation Capital, and Peak XV Partners. (July 01, 2025)
Eeki, a sustainability focused agritech startup, raised c.$7 million from Sixth Sense Ventures. (July 01, 2025)
Jumbotail, a B2B marketplace for food and groceries, raised c.$120 million in its funding round led by SC Ventures and Artal Asia. (June 30, 2025)
Aukera, a lab-grown diamond jewellery brand, secured a commitment of c.$15 million in its Series B funding led round by Peak XV. Other investors include Fireside, Sparrow Capital, Prath Ventures, and Alteria Capital. (June 30, 2025)

Credit

InCred Finance, InCred Group’s lending arm, raised a debt funding of c.$47 million from Morgan Stanley and Nippon Life India. InCred Capital, its parent company, also infused c.$5 million in equity funding. (July 03, 2025)
FincFriends, an NBFC, raised c.$12 million in debt funding from NBFCs and NCDs, which saw the participation of IBL Finance, InCred Financial, Real Touch Finance, and Western Capital Advisors. (July 01, 2025)
Infra.Market, a B2B construction materials marketplace, raised an additional c.$50 million in debt financing from Mars Growth Capital ahead of its IPO. (June 30, 2025)

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Reports

Entrackr’s report ‘Indian Startup H1-2025’ outlines that Indian startups raised $6.7B in H1 2025 across 550+ deals. Growth and late-stage deals dominated with $5.1B (148 deals), while early-stage rounds saw $1.5B in funding. Fintech saw highest investment with $1.5B. Notable activity included 5 new unicorns, 10 $100M+ late-stage deals with a surge in IPO activities.
Eximius Venture’s report on ‘Pre-Seed funding landscape in India’ notes that India’s pre-seed funding ecosystem saw deal activity rising by 10.5% in 2023 despite a broader slowdown. 50K+ startups now exist, and key sectors attracting early capital include fintech, healthtech, deep tech, and consumer. Cheque sizes range from $50-500K, with growing interest from global investors and second-time founders.
Kalaari Capital’s report on ‘3D Printing in Healthcare’ highlights that the medical 3D printing market is expected to grow to $11B by 2032, driven by innovations in personalized prosthetics, implants, bioprinted tissues, and drug delivery. With over 300K patients awaiting organ transplants in India and a 90% mismatch rate in cities like Mumbai, 3D bioprinting offers a path to address this gap.
InVed’s report on ‘Power Transmission & Distribution (T&D) Sector’ expects investments to rise from $5.9B in FY24 to $14.1B by FY30. The need to integrate 500 GW of renewable energy by 2030, reduce AT&C losses (~15%), and modernize an aging grid is driving this surge, with shifting focus from generation to grid infra. c.$9B worth of tenders already floated under the revamped DISCOM scheme.
HDFC’s thematic report on ‘Insurance sector’ projects life insurance premiums to rise from $96B in FY24 to $200B+ by FY33 (11% CAGR), and non-life premiums to grow from $42B to $130B+ (13% CAGR). Strong tailwinds exist—like underpenetration (4% vs global avg. of 7%) and favorable demographics. Key drivers include rising affluence, regulatory push (IRDAI’s “Insurance for All” by 2047), and improved distribution.
Standard Chartered’s ‘India Market Outlook’ for June 2025 remains optimistic, with GDP growth projected at 6.7% for FY26, driven by strong investment momentum, controlled inflation (~4.5%), and robust manufacturing and infrastructure activity. Key sectoral trends include opportunities in banking, capital goods, autos, and consumption.
Motilal Oswal’s report on ‘The Crossover Quarter’ expects India to deliver a steady Q1FY26 performance, with Nifty 50 PAT likely to grow by 10% YoY, led by BFSI, autos, and capital goods. Revenue growth for the quarter is estimated at ~7% YoY, with EBITDA rising ~11% and margins expanding by ~40 bps. Autos and banks will drive earnings growth, while sectors like oil & gas and IT may face headwinds.
PWC’s report on ‘Eight years of GST’ highlights strong progress, with average monthly collections doubling from FY18 to FY25, peaking at $27.9B in April 2025—a 12.6% YoY rise. E-invoicing, AI-based audits, and real-time data integration have driven this growth. Key reforms include operationalising the GST Appellate Tribunal, clarifying tax rules, and launching a GST waiver scheme to reduce litigation.

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In H1 2025, VC funding in Indian startups rose by 9% YoY to c.$5B across 410 deals (vs 418 deals in H1 2024), signaling a modest recovery. Early-stage activity remained robust, suggesting a return to normalized funding levels. Read more.
In FY25, Indian corporates increasingly turned to capital markets, with total resource mobilisation rising by 32.9% to c.$185B. Fundraising was led by debt instruments, esp. private placements, with strong equity activity. Read more.
Alternative Investment Funds (AIFs) are playing an increasingly critical role in India's real estate sector by bridging funding gaps for land acquisition and project completion, enabling faster project launches, timely delivery, and growing investor interest. Read more.
Indian investors are increasingly turning to bonds as a stable and diversified investment option, supported by the rise of digital platforms and growing retail participation. Corporate bond issuance is on the rise, but India’s corporate debt market still holds significant untapped potential. Read more.
India’s luxury market is expected to grow from $75B in 2022 to $200B by 2030, driven by cultural richness, rising affluence beyond metros, and demand for authentic, values-led brands. Hospitality and weddings present untapped avenues for experiential luxury, offering India a unique opportunity. Read more.
India’s retail real estate is evolving from transactional spaces to immersive, experience-driven destinations. Malls and high streets are becoming hubs for entertainment, with entertainment zones now occupying ~15% of tenant mixes. Focus is on flexible layouts, interactive experiences, and brand story. Read more.
The Motor Vehicle Aggregator Guidelines 2025 officially legalized dynamic pricing for ride-hailing platforms like Ola, Uber, and Rapido—allowing fares up to 2x during peak hours and 50% discounts in off-peak times, while base fares remain state-regulated. Drivers to earn ~80% of fares on their own vehicles and 60% when using aggregator-owned ones. Read more.
India is emerging as a global hub for AI deployment through its vast services sector, deep talent pool, and rapidly expanding GCC network. India needs to invest heavily in talent, research, and innovation to improve in AI. Read more.

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New private sector project announcements in India dropped to a four-quarter low in Q1 FY26. However, overall investments more than doubled YoY to $41B, led by Odisha. Slowdown in project count were driven by tariff uncertainties and weak domestic demand, which have tempered capacity expansion plans.
Industrial production fell to nine-month low of 1.2% in May 2025. Core sector growth also slumped to a nine-month low of 0.7% in May vs 1% in April 2025.
Gross GST collections doubled in five years to reach an all-time high of c.$260B in the 2024-25 fiscal year, vs $133B in FY21 (up ~10% YoY). In eight years, the number of registered taxpayers under GST went up from 650K in 2017 to 15M+.
India needs to sustain an average nominal GDP growth of 10% annually to realize its Viksit Bharat vision by 2047. Upcoming interim trade deal with the US will reduce uncertainty and open up greater market access for Indian businesses.

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Disclaimer:
The content provided on this platform contains references and links to external sources, including articles, reports, websites, images, or videos. We do not own or claim copyright over the content found in these external sources. The ownership and rights of the content belong to the original creators.
This post and the information presented are intended for informational purposes only. The views expressed herein are the author’s alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The author and affiliated persons and companies assume no liability for this information and no obligation to update the information or analysis contained herein in the future.

India In Sight #104

Tue, 01 Jul 2025 14:00:58 GMT

We are Ambassador Capital Partners, an investment firm with a focus on private credit and private equity.
In the spirit of making Indian private markets more accessible and transparent to global LPs and GPs, we have launched ‘India In Sight’ – consolidating and curating relevant information and insights from Indian private markets including trends, key deals, fundraises, KPIs, and top tier research
Search, screen, filter, and save - all reports at one spot! Subscribe to India In Sight Library
Subscribe to receive the newsletter every week in your inbox! Stay informed, stay ahead!
Key reports in this edition:
India Tech - H12025 by Tracxn
PE/VC May 2025 Roundup by EY IVCA
India’s CRO and CDMO sectors by Goldman Sachs
Plastic pipes: Industry report by Motilal Oswal
The rise of the Indian Defence Sector by ValueQuest
Indian textile: Industry report by Intelsense

India In Sight Library

KEY DEALS

Equity

Eggoz, a consumer brand for eggs, raised c.$15 million in its Series C round led by Gaja Capital. Other investors include IvyCap Ventures and Redbright Partners. (June 27, 2025)
Raphe mPhibr, a drone manufacturer, secured c.$100 million in one of the largest deals in the drone-tech space, led by General Catalyst. Other investors include Think Investments, Amal Parikh, and family offices. (June 26, 2025)
Wiom, an internet services company, raised c.$40 million in a new funding round led by Bertelsmann India Investments and Accel. Other investors include Prosus, Promaft Partners, and RTP Global. (June 26, 2025)
ShopOS, an e-commerce tech startup, raised c.$20 million in a funding round led by 3STATE Ventures, Binny Bansal’s investment firm. (June 26, 2025)
GIVA, an omnichannel fine jewellery brand, raised c.$62 million in its Series C funding round led by Creaegis. Other investors include Premji Invest, Epiq Capital, and Edelweiss Discovery Fund. (June 25, 2025)
Kalpataru, a real estate developer, raised c.$83 million in its anchor investor round from GIC, GSS Opportunities Investment, SBI MF, ICICI Prudential MF, SBI General Insurance, Aditya Birla Sun Life, and 360 ONE WAM ahead of its IPO. (June 24, 2025)
GoKwik, an e-commerce enablement platform, raised c.$13 million in a growth-stage funding round led by RTP Global, Peak XV Partners and Z47. (June 24, 2025)
Nithin and Nikhil Kamath, Zerodha co-founders, acquired a minority stake in InCred Holdings for c.$30 million. (June 23, 2025)

Credit

Bank of India is looking to raise c.$2.3 billion through the issuance of infra bonds to fund its infrastructure projects in this fiscal year. (June 26, 2025)
Mumbai International Airport (MIAL), a subsidiary of Adani Airports, secured a commitment of c.$750 million from Apollo Global to refinance its existing debt via 4-year senior secured notes. (June 24, 2025)

KEY FUNDS AND FUNDRAISES

Amicus Capital, an India-focused growth capital fund, marked the final close of its second fund at c.$214 million, exceeding its target corpus of c.$200 million. (June 23, 2025)

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Reports

Tracxn’s report ‘India Tech - H12025’ outlines that $4.8B was raised in H1 2025 (down 19% vs H2 2024; down 25% vs H1 2024). Seed stage saw $452M in funding in H1 2025 (down 23% vs H2 2024; down 44% vs H1 2024). Early stage saw $1.6B in funding (down 6% vs H2 2024; down 16% vs H1 2024). Late stage witnessed $2.7B funding in H1 2025 (down 25% vs H2 2024; down 27% vs H1 2024).
EY IVCA’s ‘PE/VC Monthly Roundup’ report shows that May 2025 recorded $2.4B in PE/VC investments, down 68% vs May 2024 and 53% lower vs April 2025. Deal count was down 24% YoY. Start-up investments were the highest deal type, followed by growth investments. PE/VC exits in May 2025 were at $1B, with open market exits accounting for 77% of exits. Financial services was the top sector in May 2025, recording $758M.
Goldman Sachs’ report on ‘India’s CRO and CDMO sectors’ highlights strong tailwinds from the China+1 strategy, with Indian firms gaining share in global pharma outsourcing. The Indian CDMO market is expected to grow at a 13% CAGR over FY24–30 to reach $19B, aided by cost advantages, skilled talent, and USFDA-compliant facilities. The market is fragmented with top 10 players holding ~22% market share.
Motilal Oswal’s report on ‘Plastic pipes industry’ highlights robust growth driven by increasing real estate activity, GoI’s infra push, and strong demand in water management, plumbing, and agri. The industry is expected to reach c.$8B by FY28 at 11% CAGR (vs c.$5B in FY23). Organized players are gaining market share due to superior branding and distribution, now holding ~67% of the market vs. ~60% in FY20.
ValueQuest’s report on ‘The rise of the Indian Defence Sector’ highlights India’s rapidly evolving defence sector, driven by policy reforms like DAP-2020, growing private participation, and a $141B+ capex pipeline over the next 5 years. Defence spending stands at ~2.5% of GDP, with rising focus on indigenization and exports.
Intelsense’s report on ‘Indian textile industry’ highlights that the sector contributes 2.3% to India’s GDP, with exports projected to reach $100B and home textiles expected to grow at ~9% CAGR to reach $23B+ by 2032. India benefits from China+1 tailwinds and favorable FTAs with the UK and US, while trade restrictions on Bangladesh are creating import substitution opportunities.
PWC’s report on ‘Supply Chain of the Future’ highlights that in 2024, global supply chain disruptions led to a $1.6T revenue loss. The report recommends embedding four pillars—connectivity (real-time visibility using AI/IoT), resilience (diversified nodes & digital twins), responsiveness (touchless planning & AI-driven agility), and sustainability. 50%+ firms improved profitability by 3%+ through responsiveness investments.
Colliers’ ‘India Office Micro Market Insights’ focuses on 15 high-activity micro markets that drive 65% of office demand and 76% of supply across top 7 cities. In 2024, India saw a record 67M+ sq ft of office space demand, with Q1 2025 already clocking 16M sq ft in Grade A leasing. Flex space demand grew at a 54% CAGR (2020–2024). 73% of GCC leasing and 67% of large deals (100K+ sq ft) came from these markets.

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Articles

PE investments in India’s real estate sector dropped 41% YoY to $1.7B in H1 2025, spread across 12 deals versus 24 last year, largely due to global economic headwinds. However, the office segment stood out, attracting $706M, up 22% from the previous year. Read more.
India’s ultra-rich families are increasingly embracing diversified and riskier investment strategies, with a rising focus on global markets, private equity, and venture capital. This shift is fueling the growth of the family office ecosystem, alongside greater emphasis on governance and succession planning. Read more.
Family offices in India are increasingly allocating capital to private equity, venture capital, and long-short funds to pursue high-growth, risk-adjusted returns. Tax efficiency, regulatory clarity, and digital innovation are key factors shaping their evolving investment strategies. Read more.
Indians downloaded ~8.5B mobile games in FY 2024–25, making India the world’s top market by volume—yet in-app revenues reached only ~$400M , highlighting a significant monetisation gap. Despite this, India’s gaming ecosystem—with over half a billion gamers—shows clear monetisation potential. Read more.
Indian fintechs have a major opportunity to unlock billions in global trade by building digital currency corridors using CBDCs—cutting cross-border bank fees and accelerating payments through faster, more cost‑efficient routes. Central bankers should engage fintech directly to fully embed CBDCs. Read more.
Facility Management (FM) plays a critical role in advancing the circular economy within the real estate sector. FM can drive sustainability by influencing design for reuse, adopting circular procurement, optimizing waste and resource management, and leveraging digital tools like BIM and smart systems. Read more.

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India's private consumption hit a 20-year high at 61.4% of GDP in FY25, driven by a rural demand rebound and strong spending momentum. Despite a slight dip in investment, robust exports and lower imports supported balanced and resilient economic growth.
Banking sector credit growth is expected to recover in FY26, driven by the RBI’s rate cuts. After slowing to ~10% in April 2025, credit growth is projected to rise to 13–13.5% this fiscal, aided by a revival in private capex, despite a slowdown in lending to NBFCs and the retail segment.
Below is a quick snapshot of the services sector performance from the latest RBI bulletin June 2025.

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WEEKLY MARKET UPDATE (w/c June 23, 2025)

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Disclaimer:
The content provided on this platform contains references and links to external sources, including articles, reports, websites, images, or videos. We do not own or claim copyright over the content found in these external sources. The ownership and rights of the content belong to the original creators.
This post and the information presented are intended for informational purposes only. The views expressed herein are the author’s alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The author and affiliated persons and companies assume no liability for this information and no obligation to update the information or analysis contained herein in the future.

India In Sight #103

Wed, 25 Jun 2025 13:22:44 GMT

We are Ambassador Capital Partners, an investment firm with a focus on private credit and private equity.
In the spirit of making Indian private markets more accessible and transparent to global LPs and GPs, we have launched ‘India In Sight’ – consolidating and curating relevant information and insights from Indian private markets including trends, key deals, fundraises, KPIs, and top tier research
Search, screen, filter, and save - all reports at one spot! Subscribe to India In Sight Library
Subscribe to receive the newsletter every week in your inbox! Stay informed, stay ahead!
Key reports in this edition:
Single Specialties Hospitals in Indian Healthcare by Avendus
Green Hydrogen Whitepaper by Krishna Heda
Mutual Fund Insight – July 2025 by Value Research
Advancing India’s EO/IR Capabilities by EY
India’s Logistics & Ports by Axis Capital
Automotive pulse of India by KPMG

India In Sight Library

KEY DEALS

Equity

Partners Group, a Swiss private equity firm, acquired a majority stake c.65% in Infinity Fincorp Solutions, an NBFC focused on microloans against property, from True North for c.$230 million. (June 20, 2025)
Mahaveer Finance, an NBFC, raised c.$24 million in its first venture round led by Elevation Capital. (June 19, 2025)
CLR Facility Services, an integrated facility management company, raised c.$15 million from British International Investment. (June 18, 2025)
Oben Electric, an e-motorcycle manufacturer, raised an additional c.$6 million in its extended Series A round, taking its total Series A funding to c.$12 million and overall capital raised to c.$24 million. (June 18, 2025)
Blackstone acquired South City Mall in Kolkata for c.$376 million from South City Projects, a real estate development company formed by major business families in Kolkata. (June 17, 2025)
[Exit] True North sold its entire c.7.3% stake in Zydus Wellness, a consumer wellness company, for c.$100 million to PPFAS Mutual Fund through an open market transaction. (June 17, 2025)
UGRO Capital, an NBFC, acquired Profectus Capital, another NBFC for c.$165 million in an all-cash deal. (June 17, 2025)
Aspora, a fintech startup, raised c.$53 million in its Series B funding co-led by Sequoia and Greylock. Other investors include Quantum Light Ventures, Hummingbird Ventures, Soma Capital, Global Founders Capital and Y Combinator. (June 16, 2025)

Credit

[Expected] Tilaknagar Industries, an alcohol producer, is looking to raise c.$500 million via NCDs to fund the acquisition of Imperial Blue, a whisky brand, from Pernod Ricard. (June 19, 2025)

KEY FUNDS AND FUNDRAISES

Campus Fund, a venture capital firm, launched its third fund with a target corpus of c.$100 million, to invest in student run startups. (June 21, 2025)
HealthQuad, a healthcare focused fund, launched its third fund with a target corpus of c.$300 million, to focus on investing in disruptive, tech-enabled healthcare models in India. (June 17, 2025)
Steptrade Capital, a financial services provider, marked the first close of its third small and micro cap focused fund with a target corpus of c.$120 million. (June 17, 2025)
Motilal Oswal Alternates’s India Business Excellence Fund V secured a commitment of c.$60 million for its new fund from IFC to invest in mid-market companies in India. (June 17, 2025)

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Reports

Avendus’ report on ‘Single Specialties in Indian Healthcare’ outlines that single specialty hospitals contribution increased from ~20% of total Indian private healthcare revenue in 2019 to 30% in 2024, reaching $15B (of total private market of $50B), at a CAGR of 19%. By 2028, the share is expected to increase to 40% and the single specialty healthcare market size to be around $31B (of total $79B private), at a CAGR of 20%.
This private report on ‘Green Hydrogen’ details that India is rapidly advancing its green hydrogen ambitions, targeting 5 MTPA production by 2030. Production costs remain high at ~$6/kg, ~40% above global benchmarks. India’s electrolyser market is projected to reach $78B by 2050 and the broader green hydrogen market to hit $340B.
Value Research’s ‘Mutual Fund Insight – July 2025’ highlights a robust surge in the Indian MF industry, with total AUM reaching $722B+, up 35% YoY. SIP inflows hit a record $2.6B in June 2025, up 24% YoY. Equity MFs attracted c.$55B in net inflows during Q1FY26, led by sectoral/thematic and midcap funds.
EY’s report on ‘Advancing India’s EO/IR Capabilities’ provides an overview of India’s rapidly evolving electro-optical and infrared (EO/IR) surveillance ecosystem. It highlights the strategic integration of EO/IR systems across land, air, sea, and space for defence, intelligence, disaster response, and ESG. India’s EO/IR market (currently at $4.3B), is projected to grow over $15B by 2029.
Axis Capital’s report on ‘India’s Logistics & Ports’ underscores a steady recovery in logistics demand, with freight volumes rising 6% YoY in Q1FY26. Container traffic grew 8% YoY, while Indian Railways saw 5% growth in originating freight. Major ports posted a 7% YoY increase in cargo, led by petroleum, coal, and containers. Medium-term volume CAGR of 6–7% is to be expected.
KPMG’s report on ‘Automotive pulse of India’ highlights a strong FY25 for India’s auto sector, with total vehicle registrations reaching 26M units and retail sales growing 6.5% YoY. PV exports were up 14.6% YoY, and the EVs crossed 2M sales in CY24, led by 2-wheelers with 30% growth. India is aiming for $55B in passenger car market size by 2027 and a 30% EV penetration by 2030.
CareEdge’s report on ‘China’s Curbs on Rare Earth Elements’ highlights that China controls 70% of global production and 90% of processing of seven rare earth elements (REEs). India, dependent on China for nearly 90% of its REE-based magnets, faces severe supply chain risks in the auto sector, especially for EVs and high-end ICE vehicles. India is responding by exploring alternative suppliers.

Check out our 100th Edition Special for the top reports so far in 2025!

100th Edition Special

Articles

India is poised to unlock $1.7–2T in revenue by 2030 across 18 high-growth “arenas”—ranging from EVs and AI to semiconductors and renewables, driven by innovation, large market size, and sustained investments. Read more.
India’s real estate sector remained resilient in FY2024-25, recording ~$7B in transactions, led by PE inflows and a surge in residential sales across key cities. Office leasing rebounded while investors favored Grade A, ESG-compliant assets with focus on tech adoption, AI and blockchain. Read more.
In June 2025, promoters and PE/VC investors sold stakes worth $4.7B+, driven by large block deals. While capital is shifting toward real estate and alternative assets, domestic institutional investors are supporting the market. Concerns over stretched valuations remain. Read more. [Paywall]
India is the world’s largest plastic waste producer at 9.3M tons p.a. AI is a powerful tool in tackling plastic pollution—enhancing sorting accuracy, enabling high-purity recycling (96%+), supporting biodegradable material innovation, and aiding compliance tracking through drones & satellites. Read more.
India’s data centre (DC) sector is witnessing a massive boom, with DC capacity projected to grow ~40% YoY in 2025 to ~1,760 MW, driven by surging digital demand, AI, IoT, and 5G with strong backing from government, policies, global hyperscalers, and long-term investments. Read more.
India’s construction sector is poised to become the world’s third-largest by 2025 with focus on sustainable practices. Green buildings offer lower operating costs, higher asset valuations, rental premiums, and access to green financing. Green construction is becoming essential for long-term value, regulatory compliance, and market competitiveness. Read more.

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India’s economic ascent to the world’s fifth-largest economy, with potential to surpass Japan, marks a significant milestone. However, low per capita income highlights untapped potential for broader prosperity.
India's gross direct tax collections rose to $64B+ in FY26, reflecting a ~5% growth YoY. Advance tax receipts grew 3.9%, while net collections saw a slight dip due to a sharp rise in tax refunds.
India climbed to 15th place in global FDI rankings in 2024, despite a slight decline in inflows to $27.6B. It remains South Asia’s top FDI destination and a key hub for greenfield investments, especially in digital services, which attracted $54B from 2020 to 2024.
India’s economy grew by 6.5% in FY25, led by services and construction, despite a slight slowdown. Retail inflation hit its lowest since August 2019, and the fiscal deficit target was maintained. The RBI’s repo rate cut and CRR adjustments aim to enhance liquidity and support investment.

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Disclaimer:
The content provided on this platform contains references and links to external sources, including articles, reports, websites, images, or videos. We do not own or claim copyright over the content found in these external sources. The ownership and rights of the content belong to the original creators.
This post and the information presented are intended for informational purposes only. The views expressed herein are the author’s alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The author and affiliated persons and companies assume no liability for this information and no obligation to update the information or analysis contained herein in the future.

India In Sight #102

Tue, 17 Jun 2025 14:12:14 GMT

We are Ambassador Capital Partners, an investment firm with a focus on private credit and private equity.
In the spirit of making Indian private markets more accessible and transparent to global LPs and GPs, we have launched ‘India In Sight’ – consolidating and curating relevant information and insights from Indian private markets including trends, key deals, fundraises, KPIs, and top tier research
Search, screen, filter, and save - all reports at one spot! Subscribe to India In Sight Library
Subscribe to receive the newsletter every week in your inbox! Stay informed, stay ahead!
Key reports in this edition:
PE/VC Monthly Roundup by EY IVCA
Catalysing value creation in Indian GCCs by PWC
Asia Pacific Hospitality Insights 2025 by Colliers
Rare earth magnets sector report by Nuvama
Implementing AI governance framework for central banks by PWC

India In Sight Library

KEY DEALS

Equity

Billionbrains Garage Ventures, the parent firm of Groww, raised c.$200 million in its Series F funding round led by GIC and ICONIQ Capital. (June 13, 2025)
Knest Manufacturers, a construction technology company, raised c.$35 million from Lighthouse Funds. (June 11, 2025)
FlexiLoans, an SME lending platform, raised c.$44 million in its Series C funding round led by Fundamentum, Accion Digital, Nuveen, BII and Maj Invest. (June 11, 2025)
[Exit] TA Associates, a private equity firm, sold its entire c.1.26% stake in AU Small Finance Bank for c.$85 million through an open market transaction. (June 10, 2025)
CRED, a fintech unicorn, raised c.$72 million in a fresh funding round from GIC, RTP Global and Sofina at an estimated down valuation of c.$3.5 billion (45% down vs c.$6.4 billion earlier) ahead of its potential IPO launch. (June 10, 2025)
Birla Estates, a wholly-owned subsidiary of Aditya Birla Real Estate, raised c.$50 million from International Finance Corporation (IFC) for two of its residential projects in Pune and Thane. (June 09, 2025)
[Expected] Snapmint, a buy now pay later startup, is looking to raise an estimated c.$40 million from General Atlantic (deal yet to be finalized). (June 11, 2025)
Rapido, a mobility firm now entering food delivery, to raise c.$15 million from Nexus Ventures as part of its extended Series E round at an estimated valuation of c.$1 billion. (June 10, 2025)
Mizuho Financial Group to acquire KKR’s stake in Avendus Capital for c.$700 million, taking its total ownership to c.70%. (June 09, 2025)

Credit

Zype, a fintech platform, secured c.$4 million in debt funding from Xponentia Capital via issuance of NCDs. (June 12, 2025)

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Reports

EY IVCA’s ‘PE/VC Monthly Roundup’ report shows that April 2025 saw $4.7B in PE/VC investments, down 6% YoY and 20% lower vs March 2025 while deal count fell by 4% YoY. The pure-play PE/VC investments in April 2025 reached c.$2B (down 51% YoY), offset by 175% YoY rise in investment in real estate and infra deals to $2.7B. PE/VC exits stood at $489M (12 deals), with secondary exits accounting for 45% of total exits.
PWC’s report on ‘Catalysing value creation in Indian GCCs’ highlights the evolving role of GCCs in India (~3,000 with 1.9M+ professionals), from cost centres into innovation-driven hubs, contributing value at a CAGR of ~10% during FY20–24 and are projected to deliver ~12% CAGR during FY25–29. Bridging certain operational gaps could unlock an additional 3–4% CAGR, pushing total value creation to ~15%.
Colliers report on ‘Asia Pacific Hospitality Insights 2025’ highlights a strong post-pandemic recovery in the region’s hotel sector, with RevPAR surpassing 2019 levels by 6.6% in Q1 2024. Key drivers are surging tourism, events, and easing visa norms. Hotel transaction volume in 2023 reached c.$10B, with Japan, Australia, and South Korea leading investment activity.
Nuvama’s sector update on ‘Rare earth magnets’ analyzes China’s export restrictions on rare earth elements (REEs), especially those used in rare earth magnets (REMs) critical for electric vehicles (EVs). China controls 90% of REE processing and 68% of REM production globally, creating potential supply shocks, with impact on Indian EVs as well.
PWC’s report on: ‘Implementing AI governance framework for central banks’ emphasises the urgent need for a structured, risk-sensitive approach to deploying AI in public financial institutions, proposing a governance framework—including AI tools, interdisciplinary committees, and monitoring—to ensure ethical and transparent AI use.

Check out our 100th Edition Special for the top reports so far in 2025!

100th Edition Special

Articles

SEBI proposes shifting co-investments from Portfolio Management Services (PMS) to new Co-Investment Vehicles (CIVs) under AIF Category I and II PE/VC funds. While this aims to streamline co-investment processes, it has sparked concerns over regulatory clarity, potential double taxation, and restricted capital access for startups. Read more. [Paywall]
India's ₹2,000 Cr IndiaAI mission has enlisted four domestic startups to develop foundational AI models and infrastructure via centralised compute support. Experts stress the need for a sovereign AI strategy to ensure India’s long-term competitiveness and technological independence. Read more. [Paywall]
India’s real estate and BFSI sectors have evolved from a funding-driven relationship to a strategic partnership, where financial institutions are both funders and users of high-quality real estate. Increased investments in major cities, rising adoption of REITs, and advanced financing tools are driving sectoral maturity, transparency, and resilience. Read more.
RBI’s latest repo rate cut (lowered to 5.5%), its lowest point in ~3 years—benefits the affordable and middle-income segments (homes in the ₹50–65 lakh and ₹70 lakh–₹1 crore range), boosting real estate sales and demand. Read more.
To enable a meaningful green transition, finance must be realigned with climate goals through systemic changes. India's draft climate finance taxonomy is a step forward, categorizing sectors under mitigation, adaptation, and transition pathways to guide impactful investments. Read more.

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Lending rates are expected to fall by ~30 bps after RBI’s recent rate cut. The immediate impact will be seen on loans linked to the external benchmark lending rate (EBLR), which make up ~60% of the loan book of All Scheduled Commercial Banks (ASCBs).
CareEdge Ratings highlights a decline in India’s household savings, which fell to 18.1% of GDP in FY24—marking the third consecutive year of reduction—while financial liabilities continued to rise. However, rural India shows signs of resilience with improving wage growth and recovering demand.
India’s private consumption showed slight slowdown as it grew at 5.9% in Q4FY25, while government consumption saw a decline. High-frequency indicators offer a mixed view—non-oil imports have improved, but auto sales and power demand remain sluggish.

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WEEKLY MARKET UPDATE (w/c June 9, 2025)

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Disclaimer:
The content provided on this platform contains references and links to external sources, including articles, reports, websites, images, or videos. We do not own or claim copyright over the content found in these external sources. The ownership and rights of the content belong to the original creators.
This post and the information presented are intended for informational purposes only. The views expressed herein are the author’s alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The author and affiliated persons and companies assume no liability for this information and no obligation to update the information or analysis contained herein in the future.

India In Sight #101

Wed, 11 Jun 2025 08:54:05 GMT

We are Ambassador Capital Partners, an investment firm with a focus on private credit and private equity.
In the spirit of making Indian private markets more accessible and transparent to global LPs and GPs, we have launched ‘India In Sight’ – consolidating and curating relevant information and insights from Indian private markets including trends, key deals, fundraises, KPIs, and top tier research
Search, screen, filter, and save - all reports at one spot! Subscribe to India In Sight Library
Subscribe to receive the newsletter every week in your inbox! Stay informed, stay ahead!
Key reports in this edition:
Global Critical Minerals Outlook 2025 by International Energy Agency
Mastering Retail Entertainment by CBRE
Rewriting the GCC Playbook by BCG
India Equity Strategy Playbook by Morgan Stanley
IPOs in India –FY 2025 by KPMG
IPO market update - June 2025 by Axis Capital
Monetary policy: First cut Twin boosters by CRISIL

India In Sight Library

KEY DEALS

Equity

Goldman Sachs provided c.$600 million to Jubilant Bhartia Group through the issuance of convertible preference shares, for its c.40% stake acquisition in Coca-Cola's Indian bottling unit for c.$1.5 billion. (June 6, 2025)
Gaja Capital raised c.$15 million in a pre-IPO round from SBI Life, HDFC Life, Enam, and Jagdish Master at an estimated valuation of c.$190 million. Gaja Capital will be the first listed PE fund in India. (June 6, 2025)
Syfe, a digital wealth management platform, raised c.$80 million in its Series C funding round led by two UK family offices. Other investors include Unbound and Valar Ventures. (June 5, 2025)
Stable Money, a wealthtech startup, raised c.$20 million in a funding round led by The Fundamentum Partnership Fund. Other investors include Matrix Partners, RTP Global, and Lightspeed India. (June 3, 2025)
Udaan, a B2B e-commerce platform, raised c.$114 million in its Series G round led by M&G Investments and Lightspeed. (June 2, 2025)
Snitch, a D2C menswear brand, raised c.$40 million in its Series B funding round led by 360 ONE Asset to enter quick commerce channels. Other investors include IvyCap Ventures and SWC Global. (June 2, 2025)
True North and Krishnan Ramachandran (Niva Bupa MD & CEO) sold c.10% combined stake in Niva Bupa Health, a health insurer company, for c.$175 million through open market transactions. (June 2, 2025)
[Expected] Yes Bank is looking to raise c.$880 million in equity capital and c.$1 billion through debt instruments in FY 2026. (June 4, 2025)
[Expected] Medibuddy, a health-tech firm, looking to raise c.$130 million in a pre-IPO round. (June 6, 2025)

Credit

KKR invested c.$600 million in debt funding in Manipal Group, a hospital chain, to support its expansion and growth plans. (June 2, 2025)

KEY FUNDS AND FUNDRAISES

HealthKois, a healthcare-focused VC firm by HealthQuad Group leaders, launched its new fund with a target corpus of c.$300 million to invest in early and growth-stage startups. (June 6, 2025)
Inflexor Ventures, an early-stage VC firm, is targeting the first close of its third fund with a target corpus of c.$150 million by the end of Q2 FY26. (June 6, 2025)
Meenakshi Group, a Hyderabad-based realty and clean energy infra developer, launched Meenakshi Alternates, its maiden Cat-II AIF with a target corpus of c.$82 million (c.20% sponsor commitment) to invest in real estate across top-tier cities in India. (June 2, 2025)

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Reports

IEA’s comprehensive report on ‘Global Critical Minerals Outlook 2025’ highlights that global investment in critical minerals surged by 10% in 2023, following a 30% jump in 2022. Demand for minerals like lithium, cobalt, nickel, and rare earths is being driven by the clean energy transition, yet supply chains remain concentrated—three countries control 90%+ of global refining for key minerals.
CBRE’s report on ‘Mastering Retail Entertainment’ explores the rise of the "experience economy" driven by entertainment formats like family centers (FEC), theme parks, and AR/VR venues—indoor FECs now drive 15–20% of mall footfalls, while destinations like Imagicaa attract 1.6M annual visitors. Millennials and Gen Z, with rising disposable incomes and a social media-driven lifestyle, are key drivers.
BCG’s report on ‘Rewriting the GCC Playbook’ outlines 1,600+ GCCs in India employing 1.7M people (~50% of the global GCC market). With rising demand from sectors like BFSI, healthcare, and retail, India’s GCC ecosystem could reach $100 billion in output by 2030. Key shifts include GCCs moving up the value chain, with focus on AI, cloud, ESG, CX, cybersecurity and IP creation.
CRISIL’s report on ‘Monetary policy: First cut Twin boosters’ highlights RBI’s aggressive monetary easing, with a 50 bps repo rate cut (now at 5.50%) and a planned 100 bps CRR cut by December 2025—injecting c.$29B of durable liquidity. The policy stance was shifted to ‘neutral’ as inflation eased to 3.2% in April–May and is forecasted at 3.7% for FY26, with GDP growth expected at 6.5%.
Morgan Stanley’s ‘India Equity Strategy Playbook’ presents a cautiously optimistic view on Indian equities. While valuations appear elevated, the report argues that strong macro fundamentals, a resilient earnings outlook, and structural reform momentum justify continued investor interest. Key sectors like financials, manufacturing, and digital economy are expected to lead earnings growth.
KPMG’s report on ‘IPOs in India –FY 2025’ lists that India saw 80 mainboard IPOs in FY25, (vs 76 in FY24), with c.$13B raised (51% via Offer-for-Sale), with c.$12B raised in Q2. QIB oversubscription averaged 102x, and retail 35x, led by sectors like Industrials and Financial Services. The IT and telecom sectors delivered the highest listing-day gains at 43%, while average gains across large issues stood at ~30%.
Axis Capital’s ‘IPO market update - June 2025’ gives a detailed & comprehensive overview of the Mainboard IPO market in India driven along with subscription, listing and overall gains, anchor investment trends and teasers of the upcoming IPOs.
BCG’s ‘India Economic Monitor’ highlights a strong macro outlook, with Q4 FY24 GDP growth at 7.4%, driven by investment recovery and robust construction activity. Inflation remained stable at 4.8%, while the manufacturing PMI stayed above 55 for the 20th straight month. Credit growth stood at 16.3% YoY, and FDI inflows rose 14% YoY to $81B. India continues to be the fastest growing major economy.

Check out our 100th Edition Special for the top reports so far in 2025!

100th Edition Special

Articles

Specialised Investment Funds (SIFs) launched by SEBI, aim to bridge the gap between MFs and PMS by offering flexible, regulated structures for sophisticated investors. SIFs can invest in everything from stocks and bonds to real estate and private equity with a minimum of ₹10 lakh (INR 1M) of investment. Read more.
The RBI’s surprise 50 bps rate cut to 5.50% has provided relief to fintech lenders hit by a sharp slowdown in unsecured credit, as inflation fell to 3.7%, below the 4% target. Industry recovery is expected only by Q2–Q3, with many players shifting toward secured lending and adopting a cautious stance. Read more.
Investor sentiment is now expected to shift positively toward defence tech and drone companies. The Drone Federation of India is pushing for stronger collaboration with the govt. to enhance R&D funding, develop a technology roadmap, and improve supply chain resilience and auditing. Read more.
HSBC to inject $4B into its private credit funds with the aim of building a $50B+ private credit fund within five years. Read more.

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India has achieved significant progress in poverty reduction, with c.270M people escaping extreme poverty between 2011–12 and 2022–23, despite an upward revision in the global poverty line. Spending inequality has narrowed, signaling more inclusive growth across the country.
RBI’s May 2025 survey shows steady urban consumer confidence, with the Current Situation Index slightly easing to 95.4. However, optimism about the future has improved, as the Future Expectations Index climbed to 123.4. Easing inflation concerns are driving this positive outlook.
RBI’s latest survey indicates a slight improvement in household sentiment toward inflation. The survey highlights that while expectations for near-term inflation have eased, concerns over food prices persist.
Singapore retained its position as India’s largest FDI source for the seventh consecutive year, contributing c.$15B of the total $81B+ inflows in FY 2024–25, driven by its status as a global financial hub, favorable tax treaties, and its role as a gateway to invest in fast growing sectors in India.
The central government is likely to have an additional $9.4B+ in fiscal space for spending in FY2026, beyond the Budget Estimates, driven by stronger GDP growth and a higher-than-expected dividend payout from the RBI.

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WEEKLY MARKET UPDATE (w/c June 2, 2025)

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Read our other editions here.

Disclaimer:
The content provided on this platform contains references and links to external sources, including articles, reports, websites, images, or videos. We do not own or claim copyright over the content found in these external sources. The ownership and rights of the content belong to the original creators.
This post and the information presented are intended for informational purposes only. The views expressed herein are the author’s alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The author and affiliated persons and companies assume no liability for this information and no obligation to update the information or analysis contained herein in the future.

India In Sight #100

Tue, 03 Jun 2025 12:10:09 GMT

Scroll below to the end for the ‘100th edition special section’ featuring the top reports in 2025!
We are Ambassador Capital Partners, an investment firm with a focus on private credit and private equity.
In the spirit of making Indian private markets more accessible and transparent to global LPs and GPs, we have launched ‘India In Sight’ – consolidating and curating relevant information and insights from Indian private markets including trends, key deals, fundraises, KPIs, and top tier research
Search, screen, filter, and save - all reports at one spot! Subscribe to India In Sight Library
Subscribe to receive the newsletter every week in your inbox! Stay informed, stay ahead!
Key reports in this edition:
India: The Future of Production 2025 by 3one4 Capital
India NBFC Sector Roundup – FY25 by BCG
Banking Sector Roundup – FY25 by BCG
FII Comeback–May 2025 by Ionic Wealth
Data center growth prospects in India by Colliers

India In Sight Library

KEY DEALS

Equity

Dhan, an online stock trading platform, raised c.$200 million in a funding round led by ChrysCapital to become a unicorn. Other investors include Alpha Wave, MUFG, and Sunil Mittal's family office. (May 29, 2025)
Snitch, an omnichannel menswear brand, raised c.$33 million led by 360 One Asset. Other investors include SWC Global and IvyCap Ventures. (May 29, 2025)
Snabbit, an on-demand home services app, secured c.$19 million in its Series B funding round led by Lightspeed. Other investors include Elevation Capital and Nexus Venture Partners. (May 29, 2025)
Saarathi Finance, an NBFC, raised c.$56 million in its Series A round led by TVS Capital Funds, Lok Capital, Evolvence, Paragon Partners along with other individual investors. (May 28, 2025)
CRED, a fintech unicorn, to raise c.$75 million led by GIC at an enterprise valuation of c.$3.5 billion. (May 27, 2025)
Citykart, a fashion retailer, raised c.$63 million in its Series B funding round co-led by TPG NewQuest and A91 Partners in a mix of primary and secondary transactions. (May 27, 2025)
Slikk, a 60-minute fashion delivery startup, raised c.$10 million in its Series A round led by Nexus Venture Partners and Lightspeed. (May 27, 2025)
Fleetx.io, a SaaS-based fleet and logistics management platform, raised c.$13 million in its Series C round led by Indiamart InterMESH and BEENEXT. (May 27, 2025)

Credit

LIC invested c.$590 million in Adani Ports via 15 year NCDs at a coupon rate of c.8%. (May 30, 2025)
Jubilant Bhartia Group is looking to raise c.$670 million through the issuance of NCDs to acquire c.40% stake in Hindustan Coca-Cola Holdings in an estimated c.$1.5 billion deal. (May 30, 2025)

KEY FUNDS AND FUNDRAISES

L Catterton, backed by LVMH, launched its India-focused fund, with a target corpus of c.$600 million. The fund will target to invest in sectors like food and beverage, healthcare, and retail. (May 28, 2025)
Quadria Capital, a healthcare-focused private equity firm, marked the final close of its third fund at c.$1 billion, exceeding its original target of c.$800 million. (May 27, 2025)
Multiples Alternate Asset Management, a private equity firm, raised c.$430 million for its continuation fund to extend its investment in three portfolio companies — Vastu Housing Finance, Quantiphi, and APAC Financial Services. (May 27, 2025)

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Reports

3one4 Capital’s report ‘India: The Future of Production 2025’ highlights India’s transformation into a global manufacturing hub. India's manufacturing GVA is expected to reach $1T by FY28 ($1T in exports by 2030). Key sectors include electronics, EVs, semiconductors and precision engineering. India’s rising competitiveness is fueled by robust digital infrastructure, lower labor costs, and deep startup integration.
BCG’s ‘India NBFC Sector Roundup – FY25’ highlights a strong growth momentum, with NBFCs’ AUM rising 20% YoY to c.$517B with ~15% grot, led by personal loans and gold loans. NIM remained stable at 6.1%, but rising funding costs and increased credit costs (from 1.3% to 1.5%) could pressure profitability. Asset quality remained steady with GNPA at 3.1%, while restructured book declined to 0.6% of AUM.
BCG’s ‘Banking Sector Roundup – FY25’ highlights robust performance across Indian banks, with total deposits reaching c.$2.7T (up 11% YoY), net advances growing to c.$2.1T (up 12% YoY) and 16% YoY growth in PAT (led by PSU banks with a 26% surge). Gross NPAs dropped to 2.2% in FY25 from 5.8% in FY22, reflecting better asset quality. Digital payments surged—UPI volumes grew 42% YoY, while debit card transactions fell 29%. NBFCs outpaced banks in credit growth (20% vs. 12%).
Ionic Wealth report on ‘FII Comeback–May 2025’ highlights a strategic shift in foreign investor behavior, with FIIs now holding stakes in 80% of Nifty 500 stocks (vs. just 20% two decades ago), but owning only ~20% of Indian equities—well below the EM average of 30%. India’s combination of high consumption (6% CAGR), capex (7% CAGR), and superior RoEs (34% of firms >20%) reinforces its long-term FII attractiveness.
Colliers’ report on ‘Data center growth prospects in India’ projects India’s capacity to grow at a CAGR of 40%, reaching 1.4 GW by FY28 from 0.8 GW in FY24. Mumbai and Chennai lead in current capacity. Over $17B in investments is expected by FY28, with hyperscalers accounting for over 70% of demand.
PWC’s report on ‘Nextgen technologies for food processing sector’ highlights how advanced technologies like AI, IoT, robotics, and blockchain are revolutionizing India's food processing industry ($535B market by 2025-26) with innovations in smart packaging, supply chain traceability, and quality control automation. Schemes like PLIs and Mega Food Parks, with startup and FPO involvement are critical.

Articles

Promoters and major shareholders are cashing out amid a strong stock market rebound, selling over c.$5.8B worth of shares this month alone. Experts expect this trend to continue, driven by improved market sentiment, easing global uncertainties, and upcoming fundraising plans by several firms. Read more.
The proposed Income Tax Bill, 2025 introduces a ‘forex fluctuation benefit’ allowing NRIs (excluding FIIs) to pay significantly lower long-term capital gains (LTCG) tax on the sale of unlisted Indian equity. If implemented, NRIs could see up to 72% lower LTCG tax vs the current law. Read more.
Several late-stage startups are turning to interim private credit ahead of their IPOs to buy out early investors, aiming to present cleaner cap tables and enhance valuations at listing. [Paywall] Read more.
Institutional investors and family offices remain cautious about increasing their exposure to gold as they allocate just 1% of their portfolios to gold and precious metals. This reflects a persistent underweighting despite gold's perceived strategic value. Read more.
Indian government bond yields are on track for a third consecutive monthly decline in May, supported by RBI’s continued liquidity infusion and expectations of a rate cut on June 6. Focus has shifted to the upcoming bond auction and GDP data for January–March. Read more.
Valuations remain stretched in the Indian equity markets. Some experts suggest that investors could consider to rotate out of overvalued stocks and shift towards financials (NBFCs and capital market firms) —which are better positioned to outperform amid the current interest rate environment. Read more.

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India’s FDI inflows rose to c.$81B in FY2024-25, marking a 14% YoY increase. The services sector was the top recipient, followed by computer software and hardware. Over the last eleven years, India has attracted c.$750B in FDI.
India’s economy grew 7.4% in the March quarter, surpassing expectations and lifting FY25 growth to 6.5%. The expansion was fueled by a rebound in investment and robust construction activity, despite weak urban demand and global headwinds.
India’s manufacturing sector must grow at an annual rate of 15% to raise its GDP contribution from the current 17% to 25% by 2047, if it is to become a $30T economy and achieve its "Viksit Bharat" vision. The push aims to position manufacturing as a key driver of long-term economic transformation.

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WEEKLY MARKET UPDATE (w/c May 26, 2025)

🎉100th EDITION SPECIAL🎉

TOP REPORTS IN 2025 - OUR BEST PICKS

Thank you for reading India In Sight!
Read our other editions here.

Disclaimer:
The content provided on this platform contains references and links to external sources, including articles, reports, websites, images, or videos. We do not own or claim copyright over the content found in these external sources. The ownership and rights of the content belong to the original creators.
This post and the information presented are intended for informational purposes only. The views expressed herein are the author’s alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The author and affiliated persons and companies assume no liability for this information and no obligation to update the information or analysis contained herein in the future.

India In Sight #99

Wed, 28 May 2025 09:40:34 GMT

We are Ambassador Capital Partners, an investment firm with a focus on private credit and private equity.
In the spirit of making Indian private markets more accessible and transparent to global LPs and GPs, we have launched ‘India In Sight’ – consolidating and curating relevant information and insights from Indian private markets including trends, key deals, fundraises, KPIs, and top tier research
Search, screen, filter, and save - all reports at one spot! Subscribe to India In Sight Library
Subscribe to receive the newsletter every week in your inbox! Stay informed, stay ahead!
Key reports in this edition:
India market outlook report by Standard Chartered
India Investments Market Monitor Q1 2025 by CBRE
RBI’s Liquidity Support by Front Wave Research
Mutual Funds in April 2025 by Axis Bank
AI in Insurance by KPMG

India In Sight Library

KEY DEALS

Equity

ALT CARBON, a deeptech startup, raised c.$12 million in a seed funding round, from Lachy Groom, Shastra VC and other angel investors. (May 22, 2025)
InsuranceDekho, an insurance agency, acquired RenewBuy, an insurance and financial products consulting platform, through a share swap, valuing the combined entity at c.$870 million. (May 21, 2025)
CureBay, a tech-first hybrid healthcare platform, raised c.$21 million in a new funding round led by Bertelsmann India. Other investors include BII and Elevar Equity. (May 20, 2025)
CloudSEK, an AI-powered predictive cybersecurity platform, raised c.$19 million from India and US based investors including Tenacity Ventures, Commvault, Inflexor Ventures, MassMutual Ventures and Prana Ventures. (May 20, 2025)
Euler Motors, a commercial EV producer, raised c.$75 million in its Series D funding round led by Hero MotoCorp and BII. (May 19, 2025)
[Expected] Fleetx.io, a SaaS-based fleet and logistics management platform, to raise c.$12 million in its Series C round led by existing investors. (May 21, 2025)
Stable Money, a wealthtech startup, raised c.$20 million in a funding round led by The Fundamentum Partnership Fund. Other investors include Matrix Partners, RTP Global, and Lightspeed India. The funding is expected to give a 2x+ jump in valuation vs its earlier $15 million round in February. (May 23, 2025)

Credit

Ola Electric Mobility to raise c.$200 million in debt, in one or more tranches on a private placement basis or other methods. (May 22, 2025)
SBI to raise c.$3 billion via senior unsecured notes in FY2026. (May 21, 2025)
Ugro Capital, an NBFC, to raise c.$150 million through a combination of preferential allotment of compulsorily convertible debentures and rights issue. Samena Capital committed c.$60 million for the transaction. (May 21, 2025)

KEY FUNDS AND FUNDRAISES

Dvara KGF, an NBFC focused on remote rural regions, raised c.$10 million in debt funding from social impact investor BlueOrchard Microfinance Fund. (May 25, 2025)
ASK Property Fund, a real estate-focused fund of the Blackstone-backed ASK Group, marked the first close of its luxury housing projects focused fund at c.$60 million (target corpus of c.$120 million). (May 22, 2025)
Axis Asset Management marked the final close of its Axis Structured Credit fund at c.$87 million (vs its target hard cap of c.$150 million). (May 22, 2025)
360 ONE Asset launched a sector-agnostic venture capital fund with a target corpus of c.$60 million. (May 22, 2025)
Schema Ventures launched its maiden early stage fund with a target corpus of c.$20 million. (May 21, 2025)
247VC, an early-stage venture capital firm, launched its first India-focused fund with a target corpus of c.$30 million. (May 20, 2025)

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Reports

Standard Chartered’s ‘India market outlook report’ shares a bullish stance with the Nifty 50 hitting record highs, supported by strong FPI inflows of $5.6B in April and robust earnings momentum. GDP growth is projected at 6.7% in FY25, backed by resilient consumption and public capex. Sectors like financials, auto, and capital goods are expected to lead. Inflation remains under control at 4.9%.
CBRE’s ‘India Investments Market Monitor Q1 2025’ outlines India’s real estate investment inflows at $2.9B in Q1 2025, (up 74% YoY, 13% QoQ). Land / dev sites and built-up office assets saw ~74% of the inflows, with developers leading at ~46% share. Bengaluru, Mumbai, and Delhi NCR made up ~67% of the inflows, while ~52% of land deals were for residential projects. 70% inflows from domestic players.
Front Wave Research’s note on ‘RBI’s Liquidity Support’ shares that the markets are anticipating a record $35B dividend from the RBI, driven by forex trading gains, higher interest on FX reserves, and robust domestic income. The 10-year G-Sec yield has already dropped to 6.2%. Sectors likely to benefit include PSU banks, NBFCs, infra, and consumption as foreign capital is returning to Indian markets.
Axis Bank’s report on ‘Mutual Funds in April 2025’ highlights that India’s MF AUM reached $820B+ in April 2025, (up 6.5% vs March). Equity AUM grew 3.8%, driven by flexi-cap and small-cap funds, while debt funds rose 8.5%, with money market and ultra-short funds leading. Cash category surged 29.3%, mainly via liquid and overnight funds. ETFs saw 75% MoM jump in net sales, while passives grew modestly.
KPMG’s report on ‘AI in Insurance’ outlines how AI is reshaping the global insurance industry across three phases—Enable, Embed, and Evolve. 85%+ of insurance executives believe in AI’s competitive advantage, yet only 19% have a fully integrated AI strategy. Insurers report up to 20% ROI from AI investments, with opportunities in claims automation, predictive underwriting & customer personalization.

Articles

India has overtaken Japan to become the world’s fourth-largest economy with a GDP of $4T as per latest IMF data. India could become the third-largest economy within 3 years. Read more.
India’s bond market has remained stable amid global turmoil, with 10-year yields dropping to 6.2%, a 20-year low. This calm is driven by RBI’s rate cuts and $100B liquidity support, boosting corporate bond issuance. However, narrowing India-U.S. yield spreads have triggered $2.4B in foreign outflows, raising inflation concerns and the possibility of a more cautious RBI stance. Read more.
India holds a multibillion-dollar opportunity to become a regional hub for AI infra and services, with major players like AWS and Microsoft committing significant investments. Government support amid data center firms pushing for streamlined policies and single-window clearances is critical. Read more.
India's defense sector is undergoing a quiet but significant transformation, driven by the Atmanirbhar Bharat push for self-reliance. Defense production rose by 174% over the past decade with indigenous systems driving demand. R&D investment, robust supply chains, and global partnerships are key. Read more.
The government concluded its FY22–25 National Monetisation Pipeline with $68B—98% of its $70B crore target. The coal ministry exceeded expectations, while Indian Railways fell short by over 81%. NITI Aayog is now preparing a revamped $120B plan for FY25–30. Read more.
India's net FDI plunged 96.5% in FY25 to a record low, largely due to major fund repatriations as investors exited through high-return IPOs. Indian companies increased overseas investments to tap into global supply chain shifts. Despite the net drop, gross inward FDI rose by 13.7%. [Paywall] Read more.

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The central government’s fiscal deficit may shrink by 20–30 bps to 4.2% of GDP, thanks to a substantial dividend payout from the RBI. This unexpected windfall offers the government room to either curb the deficit or boost spending in priority sectors.
RBI expects the domestic economy to hold up well, even as trade- and tariff-related risks intensify. Worldwide expansion is losing momentum amid prolonged trade disputes, policy uncertainty and muted consumer demand.
The government has approved an 8.25% interest rate on Employees' Provident Fund (EPF) deposits for FY 2024-25, benefiting over 70M subscribers. The rate, unchanged from FY24, will be credited after finance ministry clearance. EPF remains a popular choice for salaried individuals due to its stable returns and tax benefits.
Below is a quick snapshot of the services sector performance from the latest RBI bulletin May 2025.

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WEEKLY MARKET UPDATE (w/c May 19, 2025)

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Disclaimer:
The content provided on this platform contains references and links to external sources, including articles, reports, websites, images, or videos. We do not own or claim copyright over the content found in these external sources. The ownership and rights of the content belong to the original creators.
This post and the information presented are intended for informational purposes only. The views expressed herein are the author’s alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The author and affiliated persons and companies assume no liability for this information and no obligation to update the information or analysis contained herein in the future.

India In Sight #98

Wed, 21 May 2025 13:49:46 GMT

We are Ambassador Capital Partners, an investment firm with a focus on private credit and private equity.
In the spirit of making Indian private markets more accessible and transparent to global LPs and GPs, we have launched ‘India In Sight’ – consolidating and curating relevant information and insights from Indian private markets including trends, key deals, fundraises, KPIs, and top tier research
Search, screen, filter, and save - all reports at one spot! Subscribe to India In Sight Library
Subscribe to receive the newsletter every week in your inbox! Stay informed, stay ahead!
Key reports in this edition:
Intelligent Manufacturing - Creating value through AI by KPMG
Indian Cold Chain Industry sector report by Ambit
Indian Textiles sector report by Systematix
India – U.K. Free Trade Agreement by PL Capital
US, China or India - Which market leads the next growth wave by Ionic Wealth

India In Sight Library

KEY DEALS

Equity

[Exit] Peak XV Partners sold its share in Porter, a hyperlocal logistics startup, for an estimated c.$140 million. With an initial investment of c.$14 million, the exit marks a ~11x MOIC return for Peak XV. (May 15, 2025)
Nobel Hygiene, a disposable personal hygiene company, raised c.$20 million from Neo Asset Management, an asset management arm of Neo Group, in a mix of primary and secondary transactions. (May 15, 2025)
GIC (Viggo Investment) is targeting to acquire c.2.2% stake in Groww, a fintech unicorn, in its ongoing $200 million fundraising round, at an estimated valuation of c.$6-7 billion. (May 15, 2025)
Hocco, a premium ice cream brand, raised c.$10 million in its $20 million Series B round co-led by Chona Family Office and Sauce VC. (May 15, 2025)
1-India Family Mart, a value retail chain, raised c.$12 million in its Series D funding round from Gulf Islamic Investments, Carpediem Capital Partners, Capri Global Holdings, and promoter JP Shukla. (May 15, 2025)

Credit

Shapoorji Pallonji Group raised c.$3.3 billion via 3 year high-yielding NCDs at ~20% yield. (May 17, 2025)
Bluestone, an omnichannel jewellery retailer, raised c.$5 million in debt funding led by BlackSoil and Caspian Impact Investments ahead of its IPO. (May 14, 2025)

KEY FUNDS AND FUNDRAISES

Bat VC, a US based VC firm, launched its second fund with a target corpus of c.$100 million to invest in early-stage deeptech and artificial intelligence startups. (May 16, 2025)
Kotak Mahindra AMC marked the first close of its maiden Credit Opportunities Fund at c.$140 million, targeting emerging corporates with strategic capital. The target corpus of the fund is $240 million. (May 15, 2025)
Kriscore Capital, a venture firm focusing on early-stage Indian tech startups, marked the first close of its maiden fund at c.$6 million. The fund has a target corpus of c.$12 million. (May 15, 2025)
Actis, a leading growth markets investor in sustainable infrastructure, marked the final close of its second Actis Long Life Infrastructure Fund (ALLIF2), with a target corpus of c.$1.7 billion for investing in growth markets operating infrastructure. (May 14, 2025)
PL Capital, the asset management arm of Prabhudas Lilladher, launched its maiden performing credit fund with a target corpus of c.$60 million. (May 13, 2025)

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Reports

KPMG’s report on ‘Intelligent Manufacturing’ outlines how AI is revolutionizing the sector by improving efficiency, agility, and sustainability. While 93% of leaders believe AI is a strategic necessity, adoption remains fragmented. Leaders are now moving toward agentic AI systems that enable autonomous, self-optimizing supply chains and production processes — 96% report efficiency gains and 62% report ROI >10%.
Ambit’s report on ‘Indian Cold Chain Industry’ values the sector at $24B (2023), which is projected to grow at an 11.4% CAGR to reach $65B by 2032. Despite critical importance to sectors like agriculture, food, and pharma, it remains fragmented and underpenetrated, with <5% of perishables transported in temperature-controlled environments. Growth is being fueled by rising demand for perishables, e-commerce, government support, and increasing tech adoption.
Systematix’s sector report on ‘Indian Textiles’ expects the India–UK Free Trade Agreement (FTA) to be a game-changer for India’s textile and apparel (T&A) industry by eliminating the 8–12% import duty in the UK, positioning Indian exports on par with global peers. The textile exports to UK grew at a 6% CAGR from $1.6B in 2020 to $2.0B in 2024 (70% apparel). The FTA opens up a potential $1B export opportunity.
PL Capital’s report on ‘India – U.K. Free Trade Agreement’ cites double bilateral trade to reach $120B by 2030, eliminating tariffs on 99% of Indian exports to the UK and reducing duties on 90% of UK exports to India. Sectors like textiles, engineering goods, gems and jewelry, and seafood stand to gain significantly—with Indian apparel alone expected to see a $100–150 million export upside in the near term.
Ionic Wealth’s report on ‘US, China or India- Which market leads the next growth wave’ highlights that global markets are navigating a 90-day trade reprieve amid mixed economic signals. India stands out with strong macro indicators—leading Asia in manufacturing PMI (Jan–Mar 2025), rising GST collections, and improving consumer sentiment. Key sectors to watch include pharma, chemicals, power, paints, and consumer services.

Articles

India met with US to push forward talks on the first phase of the India-U.S. Bilateral Trade Agreement. The discussions aim to conclude this initial phase by the fall, with a focus on improving market access and addressing non-tariff barriers. Read more.
RBI is considering a relaxation of investment rules for regulated entities in AIFs, easing earlier curbs introduced to enforce financial discipline. A draft proposal recommends limiting an individual RE’s investment to 10% of an AIF scheme’s corpus, while total RE investments in a scheme would be capped at 15%. Read more.
India is planning to tighten foreign investment regulations by introducing a new category for foreign-owned and controlled entities. The move aims to enhance oversight and prevent circumvention of FDI rules, potentially impacting sectors like e-commerce and pharma. Stricter norms may apply to share transfers and corporate restructurings under the revised framework. Read more.
The designated committee has advised that the Contingent Risk Buffer (CRB) be maintained between 5.5% and 6.5% of RBI's balance sheet. Additionally, the size of the RBI’s payout to the government is influenced by the income it generates from various domestic sources. Read more.
Deeptech—covering areas like AI, quantum computing, and biotechnology—is transforming industries ranging from healthcare to manufacturing. To accelerate its development, experts suggest the government explore initiatives such as a sovereign investment company, sector-focused venture funds, and deeptech venture studios. Read more.
Deeptech startups are disrupting future with innovations in 3D-printed rockets, semiconductors, and compact nuclear reactors. In a landscape dominated by fast-growth consumer tech, these ventures are focused on long-term, strategic impact. The broader challenge lies in India's need to develop a strong product mindset and invest more in R&D to create globally scaled tech products. Read more.
India’s $220B+ chemical industry stands at a critical juncture amid global supply chain realignments and US tariff hikes. While these shifts pose risks, they also open doors for India to gain market share and tap underexplored markets like Brazil, Germany, and China. Read more.

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ICRA estimates India’s Q4 GDP growth at 6.9%, bringing FY25 growth to 6.3%—slightly below the NSO’s 6.5% forecast. The slowdown is attributed to uneven trends in private consumption and investment, alongside uncertainty around tariffs. While service exports remain robust, merchandise exports declined during the quarter.
The UN has revised India’s 2025 growth forecast down to 6.3% from 6.6%, citing trade tensions and policy uncertainty. Despite this, India is expected to remain one of the fastest-growing major economies, supported by strong domestic demand, government spending, and rising exports, particularly in defence.
India needs a stronger domestic growth strategy to sustain India’s long-term economic momentum. The IT sector has been a key driver, but agriculture needs reforms, manufacturing has shown past strength, and construction remains volatile.

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WEEKLY MARKET UPDATE (w/c May 12, 2025)

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Disclaimer:
The content provided on this platform contains references and links to external sources, including articles, reports, websites, images, or videos. We do not own or claim copyright over the content found in these external sources. The ownership and rights of the content belong to the original creators.
This post and the information presented are intended for informational purposes only. The views expressed herein are the author’s alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The author and affiliated persons and companies assume no liability for this information and no obligation to update the information or analysis contained herein in the future.

India In Sight #97

Wed, 14 May 2025 13:30:05 GMT

We are Ambassador Capital Partners, an investment firm with a focus on private credit and private equity.
In the spirit of making Indian private markets more accessible and transparent to global LPs and GPs, we have launched ‘India In Sight’ – consolidating and curating relevant information and insights from Indian private markets including trends, key deals, fundraises, KPIs, and top tier research
Search, screen, filter, and save - all reports at one spot! Subscribe to India In Sight Library
Subscribe to receive the newsletter every week in your inbox! Stay informed, stay ahead!
Key reports in this edition:
WAVES 2025: A studio called India by EY
Mapping India’s Creator Economy by BCG
Dealtracker April 2025 by Grant Thornton
Retail Level-up: The Entertainment edition by CBRE
Growth opportunities in India’s insurance sector by PWC
Financial health: Transcending from access to impact by PWC
Retrofitting Indian office spaces by CBRE

India In Sight Library

KEY DEALS

Equity

Farmley, a healthy snacking brand, raised c.$40 million in its Series C funding round led by L Catterton. Other investors include DSG Consumer Partners. (May 12, 2025)
Avammune Therapeutics raised c.$12 million in its Series A funding round co-led by Capital 2B, Shastra VC, and Kotak Lifesciences Fund. (May 12, 2025)
Sumitomo Mitsui acquired c.20% stake in Yes Bank for c.$1.6 billion. (May 10, 2025)
Oberoi Realty sold its c.22% stake in I-Ven Realty, its joint venture platform, to Alpha Wave Ventures for c.$150 million. (May 10, 2025)
Vetic, a pet care startup, raised c.$26 million in its Series C funding round led by Bessemer Ventures, LGF3, Acorn and JSW Ventures. (May 9, 2025)
Porter, an on-demand goods transport agency, raised c.$200 million in its Series F funding round led by Kedaara Capital and Wellington Management. Existing investors include Vitruvian Partners. (May 8, 2025)
Propelld, an education-focused lending platform, raised c.$30 million in its Series D funding round led by WestBridge Capital and Stellarisf. (May 8, 2025)
PB Health, a wholly-owned subsidiary of PB Fintech that plans to establish a network of hospitals, raised c.$218 million led by General Catalyst and PB Fintech. PB Fintech invested c.$62 million, General Catalyst invested c.$50 million, and the remaining c.$106 million was invested by institutional investors and HNIs. (May 8, 2025)
Routematic, an AI-powered corporate transport platform, raised c.$40 million in its Series C funding round led by Fullerton Carbon Action Fund and Shift4Good. (May 7, 2025)
Flipspaces, an interior design startup, raised c.$35 million in a funding round led by Iron Pillar. Other investors include Prudent Investment Managers and Synergy Capital Partners. (May 7, 2025)
ReNew Energy, a green energy company, secured c.$100 million from British International Investment (BII) for its solar manufacturing business in India. (May 6, 2025)
Celcius Logistics, a cold chain-focused 3P logistics company, raised c.$30 million in its Series B funding round co-led by Eurazeo and Omnivore. (May 6, 2025)
TPG Growth and Novo Holdings acquired c.35% stake in Schott Poonawalla, a JV between Serum Institute of India and Schott Pharma. The exact financial details were not disclosed. (May 6, 2025)
The Good Bug, a gut health startup, raised c.$12 million in its Series B funding round led by Susquehanna Asia VC. Other investors include Fireside and Sharrp Ventures. (May 6, 2025)
Celebal Technologies, an IT Service provider, to raise c.$15 million in its Series B funding round from InCred Growth and Norwest Venture Partners. (May 7, 2025)
[Expected] Danone, a French food group, looking to acquire additional c.30% stake in Epigamia, a homegrown Greek yoghurt and fruit-dessert maker, from Verlinvest, a Belgian PE firm. (May 12, 2025)

KEY FUNDS AND FUNDRAISES

Avendus PE marked the first close of its third private credit fund at c.$120 million. The fund has a target corpus of c.$235 million. (May 8, 2025)
Synergy Capital, a Dubai based PE fund, marked the first close of its Asia-focused private credit fund at c.$715 million. The fund has a target corpus of c.$1 billion. (May 6, 2025)

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Reports

EY’s report ‘A studio called India’ shares that India's media and entertainment (M&E) sector reached $29.4B in 2024 and is projected to grow at a 7% CAGR to till 2027. Digital media contributes 32% of M&E revenues, driven by huge base. India produces 200K+ hours of content p.a. and exports it to 100+ countries. The country’s AVP (animation, VFX, post-production) segment is growing at 13% CAGR, and the live events sector at 18% CAGR.
BCG’s report on ‘Mapping India’s Creator Economy’ outlines that ~2.5M creators influence over $350–400B in consumer spending, expected to cross $1T by 2030. Creator impact now spans beyond Gen Z and metros into Tier 2/3 cities, but only 8–10% monetise effectively. Brands plan to 2–3x influencer budgets despite ROI and authenticity concerns.
Grant Thornton’s Dealtracker April 2025 highlights 208 deals worth $4.4B—a 53% drop in value despite stable volumes. M&A activity hit a low with 69 deals worth $1.4B, while PE deals stayed strong at 139, totalling $3B. BFSI and consumer sector topped volumes while pharma and IT sectors saw major slowdowns. Early-stage funding dominated, signalling investor caution.
CBRE’s report ‘The Entertainment Edition’ shares that India’s entertainment retail sector is booming, with indoor family entertainment centres now occupying 13–15% of mall space. 73% of survey respondents prefer active experiences like bowling and amusement parks, with 90%+ willing to spend up to ₹4,000/month on such outings. Gen Z and Millennials are driving this shift, favouring malls and immersive entertainment.
PWC’s report on ‘Growth opportunities in India’s insurance sector’ outlines that the sector remains underpenetrated at just 3.7% of GDP. Health insurance is outpacing motor, growing at 12.8% CAGR (2024–28) vs life insurance at 10% p.a. Tier 2/3 cities are emerging as key markets, with just 30% coverage currently. Regulatory reforms, digitization, and tailored product offerings are expected to drive growth.
PWC’s report/survey on ‘Financial health’ highlights that 65% of India's population remains vulnerable, requiring a shift from access to financial health impact. With rising retail investments in mutual funds and alternative assets, financial service providers must leverage AI, behavioral insights, and personalized solutions to enhance financial stability, resilience, and wealth-building opportunities.
CBRE’s report on ‘Retrofitting Indian Office Spaces’ highlights the urgent need to retrofit India’s ageing office stock to meet evolving occupier expectations. Over 60% of India’s office space is more than a decade old, and ~75% of occupiers are now prioritising tech-enabled, sustainable, and employee-centric upgrades. Retrofitting can increase rental yields by 15–20% and boost tenant retention.

Articles

World Bank emphasises the need for developing countries to focus on logistics, regulatory reforms, and skilling to drive growth amid global tariff disruptions. Private sector-led investments in infrastructure and healthcare could boost job creation. Read more.
Indian benchmark 10-year yield climbed to 6.43%, driven by escalating tensions and rising US yields. The broader market also reacted negatively, with declines seen in the rupee, equities, and bonds. Read more.
Indian insurers have requested regulatory relief on counterparty exposure limits in the newly launched bond forwards market, suggesting alignment with the tenor of each trade. Most insurers await board approvals and are still setting up systems to participate in this new risk-hedging avenue. Read more.
India’s structural strengths are attracting robust capital flows, with $2–3B in HNI positions cleared recently, driving a buy-on-dip trend. Growing global interest in Indian sectors like pharma is evident. Markets have remained resilient, and India stands to benefit from increased allocations to emerging markets. Read more.

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CRISIL forecasts FY25 GDP growth at 6.5%, highlighting India’s fragile export outlook amid global tariff uncertainty, with merchandise exports flat at ~$437B in FY25, while services exports grew 13.1%. Inflation hit a multi-year low of 3.3% in March, prompting RBI to adopt an accommodative stance with 25 bps rate cuts.
India is emerging as a global leader in manufacturing and services, with the highest PMI readings globally. The Manufacturing PMI stands at 58.2 and Services PMI at 58.7, both ahead of China.
Morningstar has upgraded India’s sovereign rating to 'BBB' from 'BBB (low)', citing strong structural reforms, fiscal discipline, and consistent high growth. The upgrade reflects confidence in India’s infrastructure push, digital advancements, and resilient banking system.
RBI has doubled its gold holdings over the past four years, with gold now accounting for 11.7% of total forex reserves as of March-end. The central bank holds ~880MT of gold, with a notable rise in domestic stock.

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India In Sight Library

WEEKLY MARKET UPDATE (w/c May 05, 2025)

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Thank you for reading India In Sight!
Read our other editions here.

Disclaimer:
The content provided on this platform contains references and links to external sources, including articles, reports, websites, images, or videos. We do not own or claim copyright over the content found in these external sources. The ownership and rights of the content belong to the original creators.
This post and the information presented are intended for informational purposes only. The views expressed herein are the author’s alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The author and affiliated persons and companies assume no liability for this information and no obligation to update the information or analysis contained herein in the future.

India In Sight #96

Wed, 23 Apr 2025 08:27:53 GMT

We are Ambassador Capital Partners, an investment firm with a focus on private credit and private equity.
In the spirit of making Indian private markets more accessible and transparent to global LPs and GPs, we have launched ‘India In Sight’ – consolidating and curating relevant information and insights from Indian private markets including trends, key deals, fundraises, KPIs, and top tier research
Search, screen, filter, and save - all reports at one spot! Subscribe to India In Sight Library
Subscribe to receive the newsletter every week in your inbox! Stay informed, stay ahead!
Key reports in this edition:
Riding the wealth wave by ValueQuest
The Great Unlock: India at 2035 by Arkam Ventures
How green manufacturing is reshaping India by EY
Defense sector report by Nuvama
India consumer sector report by UBS
Liberation day: Its implications on India by KPMG

India In Sight Library

KEY DEALS

Equity

Wow! Momo, raised $15-$18 million in a bridge funding round led by Kamal Agrawal (Haldiram promoter family) and Khazanah Nasional, a Malaysian fund, with further plans to raise $75–80 million in its next funding round. (April 18, 2025)
Rayzon Solar, a solar panel manufacturer, raised c.$16 million in a new funding round led by individual investors. (April 18, 2025)
IDFC FIRST Bank, to raise c.$875 million from Warburg Pincus and the Abu Dhabi Investment Authority via preferential issue. (April 17, 2025)
Dream11’s parent company to acquire a 15% stake in Cricbuzz, a cricket media platform, for c.$50 million. (April 17, 2025)
SRV Hospitals, a multi-speciality hospital chain, secured c.$16 million in funding from InvAscent, a healthcare focused PE fund. (April 17, 2025)
OfBusiness, a B2B ecommerce startup, raised c.$12 million from Cornerstone Ventures ahead of its IPO. (April 17, 2025)
Goldman Sachs PE acquired a majority stake in PeopleStrong, a human capital management SaaS provider, for c.$150 million. (April 15, 2025)
Jupiter International, a solar cell manufacturer, raised c.$60 million from ValueQuest SCALE Fund. (April 14, 2025)
Garuda Aerospace, a drone startup, raised c.$12 million in its series B funding round led by Venture Catalysts at an estimated valuation of c.$250 million. (April 14, 2025)

Credit

Reliance is looking to raise funds through listed, redeemable NCDs on a private placement basis. (April 19, 2025)

KEY FUNDS AND FUNDRAISES

ABC Impact, an Asia-focused impact investment firm, marked the final close of its second fund at c.$600 million. (April 14, 2025)

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Reports

ValueQuest’s report ‘Riding the wealth wave’ highlights that India is witnessing a $900B wealth boom driven by ~300 billionaires and 100+ unicorns. Wealth and alternate asset managers are growing at 20–25% p.a.; alternates AUM exceeds c.$140B, growing at 25–30% CAGR. With driving ESOP monetization, financialization is accelerating. Wealth managers with full-stack offerings, strong RMs, and integrated platforms are key beneficiaries. Innovation and tech to further democratize the industry.
EY’s report on ‘green manufacturing’ highlights a $1T+ market opportunity. Sectors like steel, cement, oil & gas, and power are shifting toward low-emission production. Green hydrogen, CCUS, and alternative fuels are key levers. The green cement market ($2.3B), is growing at ~6% CAGR, while green steel and EV transitions are driving innovation. High upfront costs persist but long-term gains can be generated.
Arkam Ventures’ report ‘The Great India Unlock’ outlines that India is set to become an $8T economy by 2035 (at 6–8% CAGR), driven by tech, capital, entrepreneurship, and formalization. UPI, Aadhaar, and AA are fueling inclusion; 100M+ investors and $24B in SIPs show rising capital access. Startups are projected to hit 1M+ (up from 150K), with 50% outside metros. MSMEs face a $530B credit gap, while land tokenization could unlock $3.3T. AI and digital infra to drive productivity.
Nuvama’s report on ‘India’s defense sector’ highlights a $130B opportunity over the next five years, driven by a robust 7–8% CAGR in capital outlay. Domestic production is targeted to grow by 2-3x by FY29. Private players are expected to grow EPS at 25–40% CAGR, outpacing DPSUs. Defence Electronics will expand at 1.5–2x defence capex. India has a $100B+ DPSU pipeline and rising indigenisation (imports down to 35–40%).
UBS’s report on ‘India’s consumer sector’ expects a strong rebound in FY26, with earnings expected to grow 13% after a weak FY25. A $50B income stimulus could spur mass-market consumption. Tier-2/3 towns, easing input costs, and resilient rural demand support growth. Valuations have corrected ~30-35% since Oct’24, offering upside as the sector exits disruption cycles and benefits from structural demand revival.
KPMG’s report ‘Liberation Day’ analyzes the impact of the US's April 2025 reciprocal tariffs on India's economy. The 26% tariff on Indian goods is lower vs Vietnam (46%) and China (54%), offering India a relative advantage. Key export sectors include electrical machinery, gems and jewellery, and pharmaceuticals. Gems and chemicals face challenges, while pharma and semiconductors could benefit from tariff exemptions.

Articles

Global investors like KKR see India as a priority market, driven by its political stability and growth-oriented policies with a consumption-led economy boosting sectors like healthcare, digital infrastructure, and financial services. Read more.
Over 90% of the Indian central government’s investment outlay for FY 2024-25 is concentrated in five key sectors. Renewable power tops the list with $31B+ allocated to generate 12,555 MW. Read more.
India’s debt markets saw improved sentiment in March, driven by robust liquidity support from the RBI, moderating inflation, and a shrinking trade deficit. RBI’s proactive liquidity actions played a key role in stabilizing markets as the financial year closed. Read more.
India’s fixed-income market is supported by easing inflation and the RBI’s accommodative approach. Indian government bonds offer compelling yields relative to global peers. Gold is valuable today as a portfolio diversifier in the face of geopolitical risks and trade policy uncertainty. Read more.

India In Sight Library

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Disclaimer:
The content provided on this platform contains references and links to external sources, including articles, reports, websites, images, or videos. We do not own or claim copyright over the content found in these external sources. The ownership and rights of the content belong to the original creators.
This post and the information presented are intended for informational purposes only. The views expressed herein are the author’s alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The author and affiliated persons and companies assume no liability for this information and no obligation to update the information or analysis contained herein in the future.

India In Sight #95

Wed, 16 Apr 2025 10:55:01 GMT

We are Ambassador Capital Partners, an investment firm with a focus on private credit and private equity.
In the spirit of making Indian private markets more accessible and transparent to global LPs and GPs, we have launched ‘India In Sight’ – consolidating and curating relevant information and insights from Indian private markets including trends, key deals, fundraises, KPIs, and top tier research
Search, screen, filter, and save - all reports at one spot! Subscribe to India In Sight Library
Subscribe to receive the newsletter every week in your inbox! Stay informed, stay ahead!
Key reports in this edition:
Impact Analysis of US Reciprocal Tariff on India by FICCI
The Running Yield by Phillip Capital
India EMS sector report by Axis Capital
GLP-1s: A Weighty Affair by Nuvama
India Digital Payments Report 2H 2024 by Worldline
Sustainable packaging in the FMCG and retail by PWC

India In Sight Library

KEY DEALS

Equity

Eloelo, a social gaming and live streaming platform, raised c.$13 million in its Series B funding round led by Play Ventures. Other investors include Gameskraft Technologies, Kalaari Capital, and Waterbridge. (April 10, 2025)
Tessell, an enterprise cloud data startup, raised c.$60 million in its Series B funding round led by WestBridge Capital. Other investors include Lightspeed Venture Partners, B37.vc, and Rocketship.vc. (April 10, 2025)
Mosaic Wellness, a health and wellness startup, raised c.$20 million from Think Investment. (April 10, 2025)
Xindus, a trade-enablement startup, raised c.$10 million in a funding round led by 3one4 Capital. Other investors include Orios Venture Partners, Shastra VC and Caret Capital. (April 10, 2025)
Bose Corp, a global electronics player, invested c.$20 million in Noise, a gadget and wearable brand. (April 09, 2025)
Juspay, a payment technology company, raised c.$60 million in its Series D funding round led by Kedaara Capital. Other investors include SoftBank and Accel. (April 07, 2025)
Easebuzz, a digital payments company, raised c.$30 million in a funding round led by Bessemer Venture Partners, with plans to IPO in 2-3 years. (April 07, 2025)
Innovist, the parent company of D2C brand Bare Anatomy, raised c.$16 million in its Series B funding round led by ICICI Venture. Other investors include Mirabilis Investment Trust, Niveshaay Investment, and Sauce. (April 07, 2025)
HDFC Capital, the real estate PE arm of HDFC Group, launched a real estate development platform in partnership with Eldeco Group, a North India-based real estate developer, to develop 18 residential projects in tier II-III towns across various states, with HDFC Capital investing c.$175 million in the platform. (April 13, 2025)
Wakefit, a home furniture and sleep solutions company, is looking to raise c.$200 million ahead of its IPO. (April 10, 2025)
[Expected] Urban Company, a home services marketplace, to raise c.$60 million in primary capital via an IPO. (April 10, 2025)
[Expected] Seekho. a learning-focused OTT platform, is looking to raise c.$25-30 million from PEVC funds. (April 09, 2025)
[Expected] Bluestone, an omnichannel jewellery retailer, to raise c.$119 million via its IPO. (April 08, 2025)
[Expected] Aye Finance, a microlending platform, to raise c.$170 million via its IPO. (April 08, 2025)
[Expected] Scripbox, a wealthtech platform, is looking to raise c.$20 million at an expected valuation of c.$200 million (last round raised at c.$138 million valuation). (April 08, 2025)

KEY FUNDS AND FUNDRAISES

Expert Dojo, an early-stage VC and accelerator, raised c.$15 million to invest in Indian startups, with a target corpus of c.$100 million for its third global fund. (April 11, 2025)
Neo Asset Management, marked the first close of its second private credit fund at c.$235 million. The fund has a target corpus of c.$580 million. (April 11, 2025)

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Reports

FICCI’s ‘Impact Analysis of US Reciprocal Tariff on India’ summarizes the 26% reciprocal tariffs, impacting India’s ~$42B trade with US. Key sectors affected include marine products (esp. shrimp), honey, basmati rice, and processed foods (losing cost advantage to Latin American rivals). Relative tariff advantages in apparel, cashews, and electronics (e.g., smartphones) offer opportunities, as India faces lower duties than China, Vietnam, and Thailand. Pharma remains exempt, while steel, aluminium, and autos continue to face 25% tariffs. India engaging in bilateral talks to mitigate the impact.
Phillip Capital’s report ‘The Running Yield’ highlights easing liquidity, stable CAD (~1% of GDP), and strong forex reserves at ~$659B as supportive for Indian bond markets. INR has pulled back from 87.8 (Feb) to 85.5/USD. With RBI initiating rate cuts in Feb and another expected in April, 10-year G-Sec yields (~6.5%) and AAA corporate bonds (7.3–7.4%) offer attractive entry points.
Axis Capital’s report on ‘India EMS sector’ highlights India’s rapid rise as a global EMS hub, led by strong policy support (PLI, PMP, tax cuts) and mobiles (44% of domestic output; 59% of exports). India’s electronics output is projected to hit $500B by FY30 (30% from components). Mobiles saw 22% CAGR over FY21–25, with 99% localization in assembly but only ~15% value addition—set to rise to 40–50% through new components policy. In RACs, local value addition has risen from 30% to 70% (FY19–25), and expected to reach 90% by FY27, with PLI-driven investments.
Nuvama’s report ‘GLP-1s: A Weighty Affair’ details that GLP-1 drugs, originally used for diabetes, have rapidly emerged as a blockbuster category in obesity treatment (global market of $150–175B by 2035). India could benefit from the push for oral and generic versions. The Indian weight management market alone is expected to double to $56B by 2033, creating a opportunities for domestic pharma players.
Worldline’s report ‘India Digital Payments Report 2H 2024’ outlines that India’s digital payments ecosystem saw robust growth, led by UPI (up 42% YoY to 93.2B), with P2M volumes growing 50% and average ticket sizes declining. POS terminals reached 10M mark (23% growth), while UPI QRs grew 126% to 633M, reflecting rapid merchant adoption. Mobile app transactions jumped 41% in volume and 30% in value.
PWC’s report on ‘Sustainable packaging in the FMCG and retail’ states that India generates 26K tonnes of plastic waste daily, with only 9% globally recycled. In response, FMCG and retail players are integrating sustainable packaging aligning ESG goals with profitability and consumer expectations. ~70% of Indian consumers now prefer eco-friendly packaging.
Motilal Oswal’s report on ‘Trump tariffs’ highlights that amid global tariff risks and weak exports, FY25 Nifty EPS was cut by ~3%, though FY26 is expected to rebound with 14% earnings growth. India remains relatively less impacted by US tariffs compared to peers like China and Vietnam, and is backed by proactive policy measures including a 25bps repo rate cut, CRR reduction, and ₹1T tax stimulus.
CBRE’s ‘India Residential Market Monitor Q1 2025’ highlights that Q1 2025 saw balanced apartment sales (~66K) matching ~65K new launches. High-end and premium segments made up ~40% of total sales and ~44% of new launches, highlighting a shift toward upper-mid and premium housing. Favorable demand, RBI’s monetary easing, and narrowing EMI-to-rent gaps to drive momentum.

Articles

Indian bond yields are unlikely to remain fully insulated if US yields spike amid global uncertainty. While Indian yields may react less sharply, a significant rise in US yields (e.g., to 5%) could still lead to short-term upward pressure on Indian yields. Read more.
Fintechs and banks have appealed to end the Zero MDR regime and introduce a 0.3% fee on UPI transactions above ₹2,000 for merchants with over ₹20 lakh annual turnover. Concerns persist that such charges may eventually be passed on to consumers. [Paywall] Read more.
Gold has delivered stellar returns—33% in one year and 49% over two—but experts now advise caution. Given its role as portfolio insurance and a 30% divergence from equities, this could be the time to book profits and rebalance into other assets (equities, silver). Read more.
Gen AI is rapidly transforming digital marketing and customer engagement by enabling hyper-personalised campaigns, automated content creation, predictive analytics, and real-time multilingual communication. To fully leverage its potential, businesses must integrate gen AI with existing systems. Read more.

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Moody's revised India's 2025 growth forecast downward to 6.1%, citing risks from potential U.S. tariffs, despite a temporary pause. Sectors like gems and jewellery, medical devices, and textiles are expected to bear the brunt. RBI cut the repo rate and shifted to an accommodative stance to cushion the impact.
India’s WPI inflation is expected to ease to 2.1% in March 2025, driven by a seasonal decline in food prices, especially vegetables. While edible oil and sugar prices rose slightly, falling fuel costs are likely to support overall moderation.
Rising US tariffs have complicated the outlook for India’s economic growth. Despite signs of improvement, growth remains below target. The MPC has lowered the FY26 GDP growth forecast by 20 bps to 6.5%.
The RBI has cut the repo rate by 25 basis points to 6% and shifted its stance to 'accommodative' to support economic growth amid global uncertainties. The SDF rate now stands at 5.75% and the MSF rate at 6.25%.

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India In Sight Library

WEEKLY MARKET UPDATE (w/c April 07, 2025)

India In Sight Library

Thank you for reading India In Sight!
Read our other editions here.

Disclaimer:
The content provided on this platform contains references and links to external sources, including articles, reports, websites, images, or videos. We do not own or claim copyright over the content found in these external sources. The ownership and rights of the content belong to the original creators.
This post and the information presented are intended for informational purposes only. The views expressed herein are the author’s alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The author and affiliated persons and companies assume no liability for this information and no obligation to update the information or analysis contained herein in the future.

India In Sight #94

Tue, 08 Apr 2025 13:04:53 GMT

We are Ambassador Capital Partners, an investment firm with a focus on private credit and private equity.
In the spirit of making Indian private markets more accessible and transparent to global LPs and GPs, we have launched ‘India In Sight’ – consolidating and curating relevant information and insights from Indian private markets including trends, key deals, fundraises, KPIs, and top tier research
Search, screen, filter, and save - all reports at one spot! Subscribe to India In Sight Library
Subscribe to receive the newsletter every week in your inbox! Stay informed, stay ahead!
Key reports in this edition:
Global Venture Debt Report 2025 by Stride Ventures
India a likely Beneficiary of U.S. Tariff Realignments by GTRI
Indian Tech Start up Funding Q1 2025 by Inc42
Indian Startup Report Q1 2025 by Entrackr
Unlocking AI’s Potential in India by BCG
Emerging trends in infrastructure and transport by KPMG

India In Sight Library

KEY DEALS

Equity

Aerem Solutions, a financing provider for solar projects, raised c.$12 million in its Series A funding round led by UTEC (University of Tokyo Edge Capital Partners), a Japan-based venture firm. Other investors include BII, SE Ventures, Riverwalk Holdings, Blume Ventures, and Avaana Capital. (April 04, 2025)
Tonbo Imaging, a defense technology firm, raised c.$21 million in its Series D funding round from Florintree Advisors, Tenacity Ventures, and Export-Import Bank of India ahead of its planned IPO. (April 03, 2025)
Scapia, a travel fintech company, raised c.$40 million in its Series B round led by Peak XV Partners. Other investors include Elevation Capital, Z47, and 3State Ventures. (April 03, 2025)
Pratilipi, a digital storytelling platform, raised c.$20 million (at $100 million valuation, down from $265 million in previous round) in its Series E funding round led by Jungle Ventures. (April 03, 2025)
Infinity Fincorp, a non-bank lender, raised c.$40 million as part of its Series A funding round, led by Beams Fintech Fund, a growth-stage fintech focused PE fund. (April 02, 2025)
Spinny, a used car platform, raised c.$130 million led by Accel Leaders Fund in a mix of primary and secondary transaction, valued at c.$1.5 billion post-money. (March 31, 2025)

Credit

Piramal Finance raised c.$265 million through 3-year ECBs at c.9%. (April 03, 2025)
Chef Robotics, a creators of AI-enabled robotic systems for meal assembly, raised c.$43 million in its Series A funding round in a mix of equity ($21 million) and equipment financing debt ($22.5 million) led by Avataar Ventures. Other investor include Construct Capital, Bloomberg Beta, Promus Ventures, MFV Partners, Interwoven Ventures, HCVC, MaC Venture Capital, Red and Blue Ventures, Tau Partners, Alumni Ventures, Siddhi Capital, and BOLD Capital Partners. (April 01, 2025)

KEY FUNDS AND FUNDRAISES

InCred Alts, the asset management arm of the InCred Group, has secured c.$70 million for its maiden special situations fund from domestic and international limited partners. The fund has a target corpus of c.$120 million. (April 03, 2025)

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Reports

Stride Ventures’ ‘The Global Venture Debt report’ highlights rapid expansion of venture debt, with global deal value growing from $37.9B in 2018 to $83.4B in 2024 (14% CAGR, 20–30% of VC funding in developed markets). India’s market grew at a 58% CAGR to $1.2B, led by fintech, consumer, and cleantech sectors. Venture debt is emerging as a critical, non-dilutive financing tool complementing VC and PE, enabling startups to scale with agility and resilience.
GTRI’s report on ‘India a likely Beneficiary of U.S. Tariff Realignments’ highlights that India faces a moderate 26% tariff on most goods (25% on steel, aluminium, autos), but key sectors like pharma, semiconductors, and energy are exempt. Compared to China (54%) and Vietnam (46%), India stands to gain significantly—especially in textiles, electronics, and machinery—if it leverages this competitive edge through scale, domestic value addition, and policy reforms.
Inc42’s report on ‘Indian Tech Start up Funding’ highlights that in Q1 2025, Indian startups raised $3.1B+ across 232+ deals (up 41% YoY), though the median ticket size dropped 23% to $3M. While only six mega deals ($100M+) occurred—early-stage investments saw the highest YoY growth, with 104 seed deals totaling $188M. Fintech emerged as the top-funded sector. M&A activity up sharply with 73% YoY.
Entrackr’s report on ‘Indian Startup in Q1 2025’ outlines that Indian startups raised $3.7B (up 10% QoQ) across 277 deals, driven by large growth-stage fundraises and steady early-stage activity. M&A activity remained strong with 50 deals, led by HUL’s $350M acquisition of Minimalist. $3B was raised across 68 deals in growth/late stage. Strategic M&A and AI-driven momentum to shape the next wave.
BCG’s report on ‘Unlocking AI’s Potential in India’ highlights how AI can transform India's agriculture and healthcare. Global AI market to reach $400B by 2027, India is home to a 1.25M-strong AI talent pool. AI can address the 1:900 doctor-to-patient ratio, reduce diagnostic times by ~99%, and cut screening costs by 60%+. AI can boost productivity by 7–8% through precision farming and reduce resource use by ~28%.
KPMG’s report on ‘Emerging trends in infrastructure and transport’ outlines that with a c.$15T+ annual funding gap, governments are leaning toward asset privatization to unlock capital, following models like India’s NMP. Digital twins, AI, and IoT are now maturing to deliver real-time value, while the energy transition is shifting toward blended finance models to fund harder-to-abate sectors.

Articles

India's fixed-income market is undergoing a transformation driven by embedded finance and regulatory reforms that are making bonds more accessible to retail investors. This shift is enhancing financial inclusion and creating a more diversified funding ecosystem. Read more.
Venture debt investments in India grew just 2.5% YoY to $1.2B across 238 deals in 2024, plateauing after strong growth in previous years. Venture capital rebounded with a 20% rise to $12B. Despite the slowdown, venture debt has expanded 15x since 2018 and remains a vital tool for startups, for runway extension and pre-IPO financing. Read more.
Institutional investments in Indian real estate reached $1.3B in Q1 2025, marking a 31% YoY growth, with domestic investors leading the charge. Key segments attracting capital were office, industrial & warehousing, and residential. Major deals included Mindspace REIT in Hyderabad and Blackstone’s investment in Kolte Patil Developers. Read more.
The US's new tariffs on 60 countries may pose short-term risks to India and slightly impact GDP growth forecasts. However, experts see potential opportunities as global supply chains shift, and ongoing trade negotiations with US could help ease some of the tariff pressure. Read more. [Paywall]
Gen Z is reshaping the financial services landscape with a strong preference for digital-first yet human-assisted experiences. While 83% prefer digital platforms, they seek trust, personalization, rewards, and flexible credit solutions. Financial institutions must evolve rapidly—through personalized UX, ethical AI, and lifestyle-linked offerings. Read more.
Cyber attacks on supply chains and rising fraud underscore the importance of real-time fraud detection, collaborative intelligence, and robust compliance frameworks. Fintechs and payments participants must adopt a proactive, security-first approach to ensure trust and sustainability. Read more.

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India’s GDP growth may dip by up to 50 bps to c.6% due to the impact of US reciprocal tariffs, with EY and Standard Chartered projecting a 2–3% decline in exports to the US. However, experts believe the impact could be mitigated by boosting imports from the US, particularly in energy and advanced technology. Notably, several key sectors remain exempt from the increased tariffs.
The NPAs under Mudra loan have declined to 2.21% in FY25, including private banks, MFIs and NBFCs. Centre is looking to intensify Mudra lending for sectors such as agriculture and aquaculture in coastal areas, in light of trade challenges.
India’s services sector index declined to 58.5 in March from 59 in Feb, as a slowdown in external activity weighed on demand for Indian services.
Reciprocal tariffs could create a $37B opportunity for India as it gains competitive advantage over other countries.

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India In Sight Library

WEEKLY MARKET UPDATE (w/c March 31, 2025)

India In Sight Library

Thank you for reading India In Sight!
Read our other editions here.

Disclaimer:
The content provided on this platform contains references and links to external sources, including articles, reports, websites, images, or videos. We do not own or claim copyright over the content found in these external sources. The ownership and rights of the content belong to the original creators.
This post and the information presented are intended for informational purposes only. The views expressed herein are the author’s alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The author and affiliated persons and companies assume no liability for this information and no obligation to update the information or analysis contained herein in the future.

India In Sight #93

Thu, 03 Apr 2025 01:30:04 GMT

We are Ambassador Capital Partners, an investment firm with a focus on private credit and private equity.
In the spirit of making Indian private markets more accessible and transparent to global LPs and GPs, we have launched ‘India In Sight’ – consolidating and curating relevant information and insights from Indian private markets including trends, key deals, fundraises, KPIs, and top tier research
Search, screen, filter, and save - all reports at one spot! Subscribe to India In Sight Library
Subscribe to receive the newsletter every week in your inbox! Stay informed, stay ahead!
Key reports in this edition:
Top of the Pyramid: Decoding India’s Ultra-HNIs by Kotak Private Wealth
Indian family offices – the new investors for India’s startup ecosystem by PWC
How India shops online 2025 by Bain
Data Centre 101 by JM Financial
Indian Media & Entertainment industry report by EY & FICCI
India’s Financial Sector Assessment Program (FSAP) Report by IMF

India In Sight Library

KEY DEALS

Equity

PayMate, a B2B digital payment solutions provider, c.$30 million from Crimson Ventures. (March 29, 2025)
Pluckk, a B2C fresh produce food-tech platform, is looking to raise c.$10 million in its Series A funding round from Euro Gulf Investment. (March 28, 2025)
Smallcase, a model portfolios platform, raised c.$50 million in its Series D funding round led by Elev8 Venture Partners. Other investor include State Street, Niveshaay AIF, Faering Capital and Arkam Ventures. (March 28, 2025)
CPPIB and OTPP invested c.$485 million (c.$242 million each) in the follow-on investment round of National Highways Authority of India’s InvIT. (March 27, 2025)
Abound, a financial super-app designed for Indians in the US, raised c.$14 million in a seed funding round led by NEAR Foundation. Other investors include Circle Ventures, and Times Internet. (March 27, 2025)
Kotak Strategic Situations Fund invested c.$125 million in Tirupati Medicare, a nutraceutical contract manufacturing company, buying out Affirma Capital’s stake in the company. (March 26, 2025)
Siemens Energy to sell c.90% stake in Siemens Gamesa, its wind engineering assets in India and Sri Lanka, to a consortium led by TPG. The exact financial details were not disclosed. (March 26, 2025)
Nexthop AI, an AI infrastructure for cloud companies, raised c.$110 million in a funding round led by Lightspeed Venture Partners. Other investors include Kleiner Perkins, WestBridge Capital, Battery Ventures, and Emergent Ventures. (March 26, 2025)
Country Delight, a D2C dairy and daily essential brand, raised c.$25 million in its Series E funding round from Temasek. (March 26, 2025)
[Exit] GIC sold c.50% stake in DLF Urban, a luxury housing project in New Delhi, to DLF Home Developers, for c.$58 million. (March 25, 2025)
Grow Indigo, an agritech startup, raised c.$10 million from British International Investment for expanding sustainability programs across India. (March 25, 2025)
Actis, a global investor in sustainable infrastructure, acquired 100% stake in Stride Climate Investments, a solar generation asset portfolio, from a fund managed by Macquarie Asset Management, for an estimated c.$200 million. (March 24, 2025)
Apna Mart, an omnichannel grocery and FMCG chain, raised c.$25 million in a mix of equity and debt led by Fundamentum Fund and Accel. (March 24, 2025)
HDFC Capital, a real estate PE arm of HDFC Group, has partnered with Total Environment, a real estate developer, to set up a platform for the development of residential projects in Bengaluru for c.$150 million. (March 23, 2025)
[Expected] KKR, a global private equity firm, is looking to sell its c.10% stake in JB Chemicals, a chemicals and pharma company, for c.$300 million. (March 27, 2025)
[Expected] Groww, an online stock broking company, to raise c.$200 million ahead of its IPO, at an estimated valuation of c.$6.5 billion. (March 25, 2025)
[Expected] Zepto, a quick commerce and foodtech firm, is looking to raise c.$250 million in a pre-IPO funding round. (March 25, 2025)

Credit

Truhome Finance, a mortgage lender, raised c.$100 million in external commercial borrowing from DBS Bank and Sumitomo Mitsui. (March 28, 2025)
IREDA raised c.$110 million via Tier-II bonds at c.7.7% coupon rate. (March 25, 2025)
Curefoods, a cloud kitchen startup, is looking to raise c.$7 million in debt from BlackSoil Group and Binny Bansal (ex-Flipkart). (March 24, 2025)
Greenko Energy, a renewable energy firm, raised c.$1 billion via overseas bonds at c.7.3% coupon rate. (March 24, 2025)
Muthoot Finance raised c.$250 million from ECBs. (March 24, 2025)

KEY FUNDS AND FUNDRAISES

2am VC, an early-stage venture capital firm, launched its second fund with a target corpus of c.$25 million. (March 27, 2025)
Green Portfolio, a portfolio management service provider, launched a new fund focused on public and private equities, with a target corpus of c.$35 million. (March 26, 2025)

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Reports

Kotak Private Wealth’s report on ‘India’s Ultra-HNIs’ puts India’s UHNI population at 280K in 2023 with $2.7T in wealth, expected to grow to 430K with $4.2T by 2028. UHNIs are aggressively investing—32% in equities, 29% in real estate, 21% in debt and 18% in alternate assets with increasing interest in global assets (33% hold international investments). 5 in 10 UHNIs plan to invest more in alternative assets.
PWC’s report on ‘Indian family offices’ highlights the growing role of Indian family offices in the startup ecosystem. With the Indian fintech market projected to reach $150B by 2025 and digital payments crossing $10T by 2026, family offices are increasingly investing in sectors like AI, healthtech, and consumer platforms. Investment routes include direct funding, VC funds, angel networks, and incubators.
Bain’s report on ‘How India shops online 2025’ outlines that India’s e-retail market reached ~$60B in GMV in 2024, with 270M+ online shoppers (world’s 2nd largest user base), and is poised to reach $170–$190B by 2030 at 18%+ p.a. Three disruptive models—quick commerce (40%+ CAGR), trend-first commerce ($8–10B fashion market by 2028), and hyper-value commerce (12–15% of GMV in 2024)—are reshaping India’s online shopping behavior, especially among Gen Z and in Tier-2+ cities.
JM Financial’s report ‘Data Centre 101’ points that India’s data centre (DC) capacity surged 38% YoY in 2024 to 1.35GW, yet it accounts for just 5.5% of global capacity despite generating 20% of global data. India is projected to reach 5GW by 2030, requiring $20B in DC capex and another $60B in cloud infra. With one of the world’s lowest capex/MW and operating costs, and growing subsea cable landings, India is poised to become a global DC hub, while colocation DC could reach $100B valuation by 2030.
EY & FICCI’s report on: ‘Indian Media & Entertainment industry’ values the sector at $29B, driven by an 8.1% surge in advertising, with digital at 55% of ad spend and 32% of industry revenue. 7% CAGR growth till 2027, with digital and online gaming making up 46% of revenue. AI and GenAI are rapidly transforming media, personalization, and monetization, while regional content, live events, and bundled subscriptions are fueling consumption across India’s 750M+ screens.
Centrum’s sector note on ‘Telecom sector’ projects the global telecom sector ($3T in 2024) to reach $4T by 2028, driven by 5G, AI, and IoT adoption. ARPU, stabilizing after decades of decline, is rising in markets like India due to tariff hikes and a shift from 2G to 4G/5G. India alone saw data usage grow from 1GB/month in 2014 to 24GB in 2025. Despite mature markets nearing saturation, India offer significant growth, driven by smartphone penetration, data demand, and digital infrastructure investments.
IMF’s latest report under the Financial Sector Assessment Program (FSAP), highlights that India’s financial system has become more resilient and diverse, supported by strong economic growth and a robust response to the pandemic. The FSAP provides a comprehensive review of a country's financial sector, jointly conducted by the IMF and World Bank. Read more.
Grant Thornton’s report on ‘Equity risk premium’ estimates India’s ERP at 6.75%. From 2001–2024, Indian equities delivered a 15.2% p.a. return with a 7.6% excess over the risk-free rate, adjusted to 5.1% after accounting for valuation multiple expansion. The forward-looking model, based on Nifty 50’s expected cash flows, suggests a market return of 13.83% and an ERP of 7.04% over the 10-year risk-free rate (6.79%).

Articles

The Finance Bill 2025 introduces key changes to offshore fund management rules, simplifying compliance and making India more attractive for global fund managers. It removes the need to track indirect Indian ownership in offshore funds, focusing only on direct investments within the 5% threshold. This reduces regulatory burdens, encourages more offshore funds to operate from India, and is expected to boost the domestic fund management ecosystem. Read more.
Indian startups raised ~$2B in March 2025, vs $859M raised in the same period last year. This funding came through 82 rounds, mostly in early and late-stage deals, compared to 94 rounds and $796M in February 2025. Read more.
India is targeting a US$7–8T economy within five years, with its US$2.7T bond market playing a key role. The growing prominence of corporate bonds signals a shift toward debt-led financing. However, despite this momentum, India’s bond market still trails behind those of developed nations. Read more.
India’s quick-commerce sector is witnessing explosive growth, surpassing traditional e-commerce with delivery times under 30 minutes. Giants like Amazon and Flipkart are expanding into this space, offering everything from groceries to electronics and apparel. This rapid expansion is also fueling substantial job creation across the industry. Read more.
With tax indexation benefits no longer available, Inflation-Protected Securities (IPS) emerge as a dependable hedge. Given India’s limited use of IPS, there's significant room for growth to help investors secure stable real returns amid ongoing inflationary challenges. Read more.
The NSE’s newly launched NIFTY India Internet & E-Commerce Index aims to offer diversified exposure to online platform businesses, but critics argue that diversification may dilute returns. A liquidity-weighted approach has shown better performance, as top liquid stocks like Zomato, Swiggy, and Paytm—despite driving the sector—make up only 32% of the index. Read more.

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India's economy is projected to grow at 6.5% in FY 2025-26, with a focus on fiscal strategies that boost human capital through investments in education and healthcare and increasing social sector spending.
In its April meeting, RBI is expected to cut the repo rate by 25 bps to pivot from inflation control to supporting economic growth. Easing inflation, driven by lower food prices, has enabled RBI to focus on stimulating growth.
India’s current account deficit stood at $11.5B, or 1.1% of GDP, in Q3 of FY 2024-25—slightly higher than the $10.4B deficit recorded in Q3 FY23-24.

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WEEKLY MARKET UPDATE (w/c March 24, 2025)

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The content provided on this platform contains references and links to external sources, including articles, reports, websites, images, or videos. We do not own or claim copyright over the content found in these external sources. The ownership and rights of the content belong to the original creators.
This post and the information presented are intended for informational purposes only. The views expressed herein are the author’s alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The author and affiliated persons and companies assume no liability for this information and no obligation to update the information or analysis contained herein in the future.

India In Sight #92

Wed, 26 Mar 2025 12:16:33 GMT

We are Ambassador Capital Partners, an investment firm with a focus on private credit and private equity.
In the spirit of making Indian private markets more accessible and transparent to global LPs and GPs, we have launched ‘India In Sight’ – consolidating and curating relevant information and insights from Indian private markets including trends, key deals, fundraises, KPIs, and top tier research
Search, screen, filter, and save - all reports at one spot! Subscribe to India In Sight Library
Subscribe to receive the newsletter every week in your inbox! Stay informed, stay ahead!
Key reports in this edition:
Winning in Bharat & India: The Retail Kaleidoscope by BCG and RAI
The Consumption Chartbook by IONIC Wealth
The India Flipbook by Capitalmind
State of India's Digital Economy (SIDE) Report 2025 by ICRIER
Trump and Energy by Rystad Energy
Chemical sector report by B&K Securities

India In Sight Library

KEY DEALS

Equity

VA Tech Wabag, a water technology company, partnered with Norfund (Norway’s SWF) and other investors to invest c.$100 million and set up an investment platform focused on municipal water infrastructure. (March 21, 2025)
Stage, a regional OTT platform, raised c.$12.5 million in its series B funding round co-led by Goodwater Capital and Blume Ventures to expand content offerings into regional languages. (March 21, 2025)
Bain Capital acquired c.18% stake in Manappuram Finance, an NBFC, for c.$510 million. This transaction will trigger a mandatory open offer for the purchase of an additional 26% stake in the company. (March 20, 2025)
Alpha Wave Global, an alternate investment firm, acquired c.22% stake in I-Ven Realty, a JV of Oberoi Realty and its chairman, for c.$145 million. (March 20, 2025)
PayU, a payments and fintech business of Prosus, acquired 43.5% stake in Mindgate Solutions, a real-time payments tech company. (March 20, 2025)
Servify, a post-sales service firm, raised c.$8 million in its ongoing Series D funding round led by BEENEXT Capital and Singularity Fund at a valuation of c.$700 million. (March 20, 2025)
Navadhan, a fintech startup focused on rural India, raised c.$13 million in its series A funding round led by NabVentures (VC arm of NABARD) and Prime Ventures. (March 20, 2025)
Icertis, an enterprise contract management company, secured a commitment of c. $50 million in its series D funding round led by Meritech Capital Partners, PSP Growth and Cross Creek Advisors. (March 19, 2025)
Pilgrim, a D2C beauty brand, raised c.$24 million in a mix of primary of secondary funding from Vertex Ventures SEA, Sattva Family Office, Mirabilis, Vertex Growth Fund and Anicut Fund. (March 18, 2025)
Hero MotoCorp, a motorcycle and scooter manufacturer, to acquire c.33% stake in Euler Motors, a manufacturer of electric three wheelers, for c.$62 million. (March 20, 2025)
Arthvit 1809 Tech, a parent company of Rupicard and GoodScore, to raise c.$15-20 million in a fresh funding round led by Peak XV, Stellaris and other investors. The deal is yet to be completed. (March 17, 2025)
Nivara Home Finance, a home loan provider, raised c.$30 million in its series B round led by True North and Baring PE India. (March 17, 2025)

Credit

Shapoorji Pallonji is looking to raise c.$3.3 billion through issuance of bonds. The debt sale has secured commitments of over $4 billion from global funds like Farallon, Ares, Cerberus, Davidson Kempner, Varde and others. (March 21, 2025)
Indian Overseas Bank is looking to raise c.$1.2 billion through issuance of long-term infrastructure bonds. (March 19, 2025)
Canara Bank raised c.$470 million through issuance of tier-II bonds at a coupon rate of 7.5%. (March 18, 2025)
Otipy, a farm-to-fork company, raised $2 million in venture debt from Nuvama Asset Management, ahead of its $10 million equity round. (March 17, 2025)

KEY FUNDS AND FUNDRAISES

All in Capital, a venture capital firm, marked the first close of its second fund at c.$10 million. The fund has a target corpus of c.$24 million. (March 20, 2025)

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Reports

BCG’s report on ‘India’s retail market’ outlines 2x+ growth, reaching $2T+ by 2034, driven by rising income levels, expanding digital payments, and evolving consumer preferences. Organized retail is growing faster than the overall sector, with online penetration surging to 50%, though 58% of purchases still occur offline. Successful retailers are focusing on efficiency, premium offerings, and omnichannel strategies.
IONIC Wealth’s ‘The Consumption Chartbook’ highlights India's consumption sector (56% of GDP) is projected to double by 2034—outpacing US and China. Tax cuts are expected to boost consumption, adding 1% to GDP with Gen Z to drive $2T in annual spends by 2035. Discretionary categories like electronics, apparel, jewellery, and experiences are set to grow at 14–16% CAGR. 92% of India’s retail is still unorganized.
Capitalmind’s ‘The India Flipbook’ gives an overall macroeconomic overview - credit growth remains flat at ~11%, while unsecured loans have slowed below 10% for the first time since COVID. Despite a four-month market decline, India’s fiscal deficit was cut below 4.5%, and tax revenues remain robust, with capital expenditure focused on railways, roads, finance, and defence.
ICRIER’s ‘State of India's Digital Economy (SIDE) Report 2025’ evaluates India's digital transformation using the CHIPS framework—Connect, Harness, Innovate, Protect, Sustain. India’s digital economy was at c.$537B in FY22 (11.2% of GDP) and is projected to reach $1T by FY26. The report positions India among a select group of nations that measure the size of their digital economies using OECD-proposed methods.
B&K Securities’ update on ‘Chemical sector’ highlights that in Feb 2025, despite a 6% MoM drop in crude prices, chemical and petrochemical prices saw a notable increase. Acrylic acid prices surged by ~17% MoM, caustic soda by ~6.6%, and acetone by ~5.2%. Meanwhile, China’s pesticide production rose by 39% YoY in 2024, with soda ash up 19%. Freight rates dropped sharply benefiting margins.
Rystad Energy’s report on ‘Trump and Energy’ provides a comprehensive analysis of the early impact of the energy policies under the new administration with actions focused on deregulation and maximizing US oil and gas production. However, high tariffs on energy goods and global steel/aluminum imports have raised concerns of cost inflation, especially for low-carbon sectors.

Articles

India’s real estate market recorded an 88% surge in investments, reaching $3B in H2 2024 (among the highest in APAC), driven by by corporate expansion and booming e-commerce. Major investors like CPPIB, Blackstone, and CapitaLand are actively targeting office, logistics, retail, and hospitality assets. Read more.
RBI reports a surge in remittances, with advanced economies like US and UK now outpacing Gulf nations. White-collar Indian migrants are key drivers of remittance inflows, strengthening India’s financial stability. NRIs are increasingly investing back home, drawn by India’s robust economic growth. Read more.
With global uncertainty and equity market volatility, Indian fixed income/bonds look attractive as investors can lock in attractive yields ahead of potential RBI rate cuts, making fixed income a stable addition to portfolios. Read more.
India’s thriving startup ecosystem has transformed job seekers into job creators. India’s is influencing other nations to adopt its development model, with the country aiming to nurture 5,000 unicorns, up from 119 currently. Read more.
With its youthful, tech-savvy population, India is setting benchmarks in AI, space exploration, and biotech. Digital India, BharatNet and India AI Mission have expanded internet access, digital literacy and established a comprehensive AI ecosystem. Read more.

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Fitch Ratings’ Fy26 growth forecast remains at 6.5% as India’s limited dependence on external demand will likely insulate it from US trade policy shifts. The FY27 projection has been slightly raised to 6.3%.
India’s inflation eased from over 6% in Oct 2024 to 3.6% in Feb 2025, helping the economy navigate trade tensions and global uncertainty. Despite capital outflows, strong farm output and resilient consumption are expected to drive GDP growth of 6.7% in 2025–26.
India’s agricultural growth is expected to reach 20% over the next two years, stressing the need to make the sector more viable and employment-generating. With 65% of the rural population contributing just 12% to GDP, key initiatives like green highways, improved port connectivity, and lower logistics costs are key to boost economic efficiency.
Below is a quick snapshot of the services sector performance from the latest RBI bulletin March 2025.
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India In Sight Library
WEEKLY MARKET UPDATE (w/c March 17, 2025)

India In Sight Library

Thank you for reading India In Sight!
Read our other editions here.

Disclaimer:
The content provided on this platform contains references and links to external sources, including articles, reports, websites, images, or videos. We do not own or claim copyright over the content found in these external sources. The ownership and rights of the content belong to the original creators.
This post and the information presented are intended for informational purposes only. The views expressed herein are the author’s alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The author and affiliated persons and companies assume no liability for this information and no obligation to update the information or analysis contained herein in the future.

India In Sight #91

Tue, 18 Mar 2025 14:02:37 GMT

We are Ambassador Capital Partners, an investment firm with a focus on private credit and private equity.
In the spirit of making Indian private markets more accessible and transparent to global LPs and GPs, we have launched ‘India In Sight’ – consolidating and curating relevant information and insights from Indian private markets including trends, key deals, fundraises, KPIs, and top tier research
Search, screen, filter, and save - all reports at one spot! Subscribe to India In Sight Library
Subscribe to receive the newsletter every week in your inbox! Stay informed, stay ahead!
Key reports in this edition:
M&A deals in tech services 2024 by EY
Pulse of Fintech report H2’2024 by KPMG
Impact of GenAI on the Indian healthcare ecosystem by PWC
Why India is best placed in Asia by Morgan Stanley
India construction cost trends 2024-25 by CBRE
Intergenerational trust in family business by PWC

India In Sight Library

KEY DEALS

Equity

Zolve, a cross-border neobanking startup, secured a commitment of c.$250 million in an equity and debt funding round led by Creaegis. Other investors include HSBC, SBI Investment, GMO Venture Partners, DG Daiwa Ventures, Accel, Lightspeed, Sparta Group, and DST Global. (March 13, 2025)
Rangsons Aerospace, an aerospace and defence technology manufacturing startup, raised c.$35 million from ValueQuest Investment Advisors to boost its operational capacity and explore growth opportunities. (March 13, 2025)
Blackstone acquired c.40% stake in Kolte-Patil Developers, a real estate developer, for c.$135 million. Blackstone will additionally make an offer to acquire 26% in the company from the public shareholders. (March 13, 2025)
Purple Style Labs, an omnichannel luxury fashion platform, secured c.$40 million in its Series E funding round led by SageOne Fund, Alchemy Ventures, Bajaj Holdings, and Minerva Ventures Fund. (March 13, 2025)
Temasek, Singapore’s sovereign wealth fund, acquired a minority stake of c.10% in Haldiram Snacks, a savoury snacks producer and retailer, for c.$1 billion, at an estimated valuation of c.$10 billion. (March 12, 2025)
Scimplify, a speciality chemical manufacturing startup, secured a commitment of c.$40 million in its Series B funding round co-led by Accel and Bertelsmann Investments. (March 12, 2025)
Infinite Uptime, a provider of predictive maintenance solutions for industrial machinery, secured c.$35 million in its Series C funding round led by Avataar Ventures. Other investors include StepStone Group, LGVP, Tiger Global and GSR Ventures. (March 11, 2025)
Singularity AMC, a growth equity firm, invested c.$57 million in Bhilwara Energy, a renewable energy company. (March 10, 2025)
[Expected] Vayana Network, a trade financing startup, received its NBFC license and is looking to raise c.$20 million. (March 13, 2025)
[Expected] Danfoss Group, a Denmark based conglomerate, plans to invest $125-150 million in local bets in India over the next three years. (March 11, 2025)

Credit

Jio Finance, a wholly-owned unit of Jio Financial Services, is raising c.$115 million in debt with its maiden commercial paper (CP) issuance at a coupon rate of 7.8%. (March 13, 2025)
InCred Finance, a fintech unicorn, raised c.$30 million in debt led by Neo Group, MAS Financial Services, CredAvenue Securities. (March 13, 2025)
CityMall, a grocery-focused social e-commerce platform, raised c.$6 million in debt from Trifecta and Alteria Capital. (March 12, 2025)
Sunsure Energy, a renewable energy company backed by Partners Group, is looking to raise c.$590 million in debt funding for growth and expansion. (March 11, 2025)

KEY FUNDS AND FUNDRAISES

Bessemer Venture Partners, a US-based VC fund, marked the final close of its second India focused fund with a target corpus of c.$350 million. (March 12, 2025)

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Reports

EY’s report on ’M&A deals in tech services’ highlights that in 2024, volume reached 850+ deals (highest in 4 years). Total value surged by 4x+ from $7B in 2023 to $32B in 2024, driven by strategic bets from listed IT firms and a resurgence of PE-led roll-ups, amidst attractive take-private opportunities. PE firms dominated mid-market consolidation, esp. in cloud, cybersecurity, and digital transformation.
KPMG’s ‘Pulse of Fintech report H2’24’ outlines that in 2024, global fintech investment dropped to ~$96B across ~4,640 deals, (lowest in 7 years). H2’24 saw a further decline to ~$44B (from ~$52 in H1), though Q4’24 rebounded with $26B, signaling cautious optimism for 2025. The Americas led with $31B, while EMEA and APAC saw $7B+ and $5B+ respectively. The payments sector remained dominant ($31B), followed by digital assets ($9B) and regtech ($7B).
PWC’s report on ‘Impact of GenAI on the Indian healthcare ecosystem’ shows that India's GenAI healthcare market ($1.2B) is growing at a 20%+ CAGR to reach $4.2B by 2030. GenAI is transforming care delivery, diagnostics, drug discovery, and medical education, enhancing efficiency, patient outcomes, and operational excellence.
Morgan Stanley’s note on ‘Why India is best placed in Asia’ highlights key drivers like low goods export dependency, strong services exports ($414B p.a., 10.8% of GDP), and policy support for domestic demand. Government capex (+10.1% YoY), easing inflation (down to 4.3%) and rebounding private consumption are driving growth.
CBRE’s report on ‘India construction cost trends’ underscores that in 2024-25, the cost landscape is complex with stabilizing material prices but rising labor costs. Core material inflation is moderating, yet labor shortages and wage hikes are pushing fit-out and construction costs higher. The office fit-out sector is witnessing a surge and construction tech is gaining traction.
PWC’s report on ‘Intergenerational trust in family business’ details that effective succession requires mentorship, delegation, and governance structures, including family councils, independent boards, and transparency. By fostering institutional trust, businesses can balance legacy preservation with innovation.
Minerva Capital’s sector note on ‘Jewellery’ outlines that the market is projected to grow at a 16% CAGR from FY24 to FY28, reaching $145B, with organized players expanding and gold hallmarking now mandatory. In FY23, India consumed 562 tons of gold (~$35B), contributing 26% to global jewelry demand. Custom duties on gold and silver have been cut from 15% to 6% to boost domestic value addition.

Articles

Blackstone announced its expansion into India's infra investing and credit businesses, citing India's resilience against US tariffs and strong macroeconomic growth. With ports, airports, and roads as key focus areas, the move builds on their high-return track record in India, reinforcing its favorable investment climate. Read more.
India’s wealthy investors, including UHNWIs and HNWIs, are increasingly diversifying their portfolios by combining traditional assets like equities, debt, and real estate with alternative investments such as startups, venture capital, and AIFs. This strategic allocation enhances risk management, returns optimization, and long-term wealth preservation. Read more.
India has traditionally been classified as an emerging market (EM), attracting global investors seeking high-growth opportunities. However, with its strong demographics, digital transformation, and rising market capitalization, experts suggest India is evolving into a standalone investment destination, akin to the U.S. and China, rather than just another EM play. Read more.
India saw a record-breaking surge in deal activity in February, with 226 M&A and PE deals worth $7B+ — the highest monthly volume in three years. M&A deals alone totaled ~$5B across 85 deals, with domestic deals making up 68% of volumes and 78% of value. Read more.
With lenders pulling back from small-ticket unsecured loans, fintechs are turning to Default Loss Guarantee (DLG) agreements to share default risk and revive credit flow. While this strategy brings lending partners back, it also raises costs and squeezes profitability, making it a short-term fix rather than a sustainable solution. As unsecured lending slows, fintechs are shifting towards secured loans like loans against mutual funds. Read more.
India climbed to 39th place in the Global Innovation Index (GII) 2024, but its academia-industry R&D collaboration ranking plunged to 86th from 23rd in 2019, posing a risk to its innovation trajectory. R&D spending is at just 0.6% of GDP (vs 3.5% in U.S. and 5.4% in Israel) and government funding for partnerships are drying up. Read more.
India should focus on cost-effective AI development rather than spending billions on AI R&D. Building sector-specific AI applications (e.g., finance, healthcare, manufacturing) on vertical LLMs could be better strategy instead of competing with ChatGPT and DeepSeek. Government should invest $1B+ annually in AI, robotics, and other advanced sectors to drive long-term innovation. Read more.
India is emerging as a global AI hub, driven by its 420K+ AI professionals, high skill penetration, and cost-effective AI outsourcing. With Microsoft investing $3B in AI infrastructure and homegrown LLMs like Krutrim and BharatGPT, India is attracting global AI investments. The AI data solutions market is expected to hit $23B by 2028, reinforcing India's strategic role. Read more.
India’s ports have improved significantly. Despite port capacity doubling since 2014, challenges remain in last-mile connectivity, process inefficiencis, and reliance on foreign transshipment hubs (losing $200M+ annually). Initiatives like Sagarmala, AI-driven port automation, and transshipment hubs aim to position India as a global shipping hub. Read more.
India's cement industry faces EBITDA pressure, with margins dropping 25-30% in recent quarters, prompting a shift toward cost optimization strategies. Key focus areas include fuel procurement, logistics, and manpower costs. With new cost levers in energy, logistics, and workforce efficiency, cement players aim to boost profitability amid rising input costs and price constraints. Read more.

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India stands to benefit from the global shift to net zero, but weak climate policies could heighten economic and financial risks. Central banks are increasingly focusing on climate change's impact.
India is set to become the world’s third-largest economy by 2028, with GDP expanding from $3.5T in 2023 to $5.7T, surpassing Germany. This growth is driven by macroeconomic stability and infrastructure advancements.
The RBI reported a slowdown in net sales growth of select FDI companies to 9.3% in 2023-24, down from 20.3% the previous year, due to post-pandemic demand normalization. However, cost rationalization boosted operating profits by 20.4%, despite lower sales growth.
In 2024, China and India outperformed global trade norms, driven by developing economies and strong services trade. However, UNCTAD warns of rising protectionism and trade imbalances, amidst geopolitical tensions.

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India In Sight Library

WEEKLY MARKET UPDATE (w/c March 10, 2025)

India In Sight Library

Thank you for reading India In Sight!
Read our other editions here.

Disclaimer:
The content provided on this platform contains references and links to external sources, including articles, reports, websites, images, or videos. We do not own or claim copyright over the content found in these external sources. The ownership and rights of the content belong to the original creators.
This post and the information presented are intended for informational purposes only. The views expressed herein are the author’s alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The author and affiliated persons and companies assume no liability for this information and no obligation to update the information or analysis contained herein in the future.

India In Sight #90

Tue, 11 Mar 2025 08:15:39 GMT

We are Ambassador Capital Partners, an investment firm with a focus on private credit and private equity.
In the spirit of making Indian private markets more accessible and transparent to global LPs and GPs, we have launched ‘India In Sight’ – consolidating and curating relevant information and insights from Indian private markets including trends, key deals, fundraises, KPIs, and top tier research
Search, screen, filter, and save - all reports at one spot! Subscribe to India In Sight Library
Subscribe to receive the newsletter every week in your inbox! Stay informed, stay ahead!
Key reports in this edition:
Indian startups - February 2025 report by Entrackr’s
Indian CRDMO sector report by BCG & IPSO
Food and food processing industry report by Brickwork
Export Growth for the Auto Component Industry by BCG & ACMA
GCCs transforming India's office landscape by CBRE
The mutual funds route to Viksit Bharat @2047 by PWC
Aviation leasing and financing ecosystem at GIFT IFSC by KPMG
Value-based healthcare (VBHC) in India by PWC

India In Sight Library

KEY DEALS

Equity

Swish, a 10-minute food delivery startup, raised c.$14 million in its Series A funding round, led by Hara Global Capital and Accel India. (March 08, 2025)
Truemeds, a telehealth platform, raised c.$44 million in its Series C funding round led by Accel India. Other investors include WestBridge and Info Edge. (March 06, 2025)
Darwinbox, an HRTech startup, raised c.$140 million in a funding round led by Partners Group and KKR. Other investor include Gravity Holdings. (March 05, 2025)
Collins Aerospace, an aeronautical and defence equipment maker, invested c.$25 million for a new engineering development and test centre in Bengaluru, its largest facility outside the US. (March 05, 2025)
Veira Electronics, a contract smart TV manufacturer, raised c.$15 million from Bharat Value Fund in its pre-IPO placement round. (March 04, 2025)
InsuranceDekho, an insurtech company, raised c.$70 million in a funding round co-led by Beams Fintech Fund, MUFG and BNP Paribas. (March 04, 2025)
[Expected] Lohum, a battery tech startup, to raise c.$100 million in its series C round and another c.$100 million in pre-IPO placement round with the IPO targeted in 2027. (March 07, 2025)
[Expected] Knowledge Realty Trust, a REIT sponsored by Sattva Developers and Blackstone, is looking to raise c.$712 million through IPO. (March 07, 2025)
[Expected] Smallest.ai, an AI startup working in voice model, is looking to raise c.$10-15 million at an estimated valuation of c.$50-60 million from 3one4 Capital and Better Capital. (March 06, 2025)
[Expected] Blackstone is looking to acquire South City Mall in Kolkata for an estimated c.$400 million. (March 05, 2025)

Credit

Leap Finance, an overseas education-focused edtech platform, raised c.$100 million in debt funding from HSBC to expand its lending portfolio. (March 05, 2025)
IIFL Finance is looking to raise c.$150 million by reissuing 2028 dollar-denominated bonds at a coupon rate of 8.75% . (March 04, 2025)
Greenko Group, a renewable energy company, is looking to raise c.$1 billion through an offshore bond sale to refinance its debt maturing in May 2025. (March 03, 2025)

KEY FUNDS AND FUNDRAISES

Gravity Holdings, a London-based private investment firm, launched its maiden fund to invest in Indian technology startups with a target corpus of c.$150 million. (March 06, 2025)
Prime Venture Partners, a domestic VC firm, launched its fifth fund with a target corpus of c.$100 million. (March 05, 2025)

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Reports

Entrackr’s ‘Indian startups - February 2025 report’ outlines that startup funding declined sharply, dropping 54% MoM to $802M across 98 deals, down from $1.76B in January. Growth-stage deals dominated with $633M across 24 transactions, while early-stage funding reached $183M across 63 rounds. Fintech ($184M) and e-commerce ($157M) were the top-funded sectors.
BCG & IPSO’s report on ‘Indian CRDMO sector’ values the sector at c.$3.5B (2–3% of the global market), poised to hit $22–25B by 2035. With a 15% CAGR from 2019–2024, India benefits from competitive cost advantages, faster project start times, and increasing global demand due to supply chain diversification from China. Talent development, regulatory efficiency, and capital access are critical.
Brickwork’s report on ‘Food and Food Processing Industry’ outlines that India’s food processing industry (32% of the total food market) has grown at 7%+ CAGR from 2015-2022, supported by 100% FDI policies and government initiatives and is expected to grow at ~10% CAGR. India leads in milk, eggs, and spice production, with agricultural exports reaching $48B+ in FY24, including $11B+ billion in rice exports.
BCG & ACMA’s report on ‘Auto components sector’ highlights that exports surged to ~$21B in FY24 (up 1.4x vs FY19), driven by global OEM demand, cost advantage and domestic growth. The sector, valued at $75B with an 8% CAGR since FY14, aims for $100B in exports - electronification (40-45% of car costs by 2030), electrification (5x BEV sales growth by 2035), and lightweighting (30% weight reduction by 2030).
CBRE’s report on ‘GCCs transforming India's office landscape’ shares that GCCs are driving commercial real estate demand and reshaping workspace strategies. India hosts over 1,500 GCCs, employing 1.66M people with $46B of addition to the economy (to reach $60 billion by 2026). Office space absorption by GCCs has surged, accounting for 50-55% of total leasing in major cities.
PWC’s report ‘The mutual funds route to Viksit Bharat @2047’ highlights that India’s MF industry has grown 175% in AUM over five years, reaching $760B+ in January 2025, with SIP contributions surging sixfold to $3.1B. Only ~4% of India's population invests in mutual funds (vs 50%+ in mature markets). The report envisions 15% retail penetration by 2047, expanding AUM to $33T.
KPMG report’s on ‘Aviation leasing and financing ecosystem at GIFT IFSC’ highlights that government aims to double operational airports to 300 by 2047, while airlines have placed record aircraft orders. With $210-255 billion in aircraft investments needed over two decades, GIFT IFSC offers tax incentives and regulatory support to develop India’s aircraft leasing ecosystem (60+ aircrafts leased as of Jan 2025).
PWC’s report on ‘Value-based healthcare (VBHC) in India’ outlines that India's transition to VBHC aims to improve patient outcomes while reducing costs, moving away from the traditional fee-for-service model. With out-of-pocket expenses (OOPE) at ~40% of total health costs, VBHC focuses on preventive care, efficiency, and data-driven decision-making.
Crisil’s report on ‘Indian economy’ recaps that: India's economy faces global turbulence amid US tariff hikes and geopolitical uncertainty, with exports contracting for three months and inflation easing to 4.3% in January. The RBI cut the repo rate by 25 bps, anticipating 6.5% GDP growth in FY26.

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Corporate India is expected to raise $1.3-1.5T in debt between FY26 and FY30 for capital expenditure, working capital, and NBFC financing. ~$600B will be allocated to capex, with the infrastructure sector leading investments. Read more.
India is tackling its worst liquidity deficit with the RBI injecting $68B since late January. This is expected to create a liquidity surplus by March-end, improving interest rate transmission and supporting economic growth. Read more.
Amid a tech and VC downturn, many founders are moving on from their startups to launch new ventures, leveraging their experience and networks. AI and deeptech are emerging as key sectors, attracting entrepreneurs seeking fresh opportunities. [Paywall] Read more.
Wealth should not remain stagnant but be actively deployed for growth and progress. Experts advise investing capital wisely, not indulging in mere luxury. History shows that inheritance alone is fragile—without enterprise and purpose, fortunes can quickly fade. Read more.

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Credit growth still outpaces deposit growth, though both have slowed, with bank deposits at $2.6T and credit at $2.1T as of Feb. Sluggish deposit growth and stricter lending norms have contributed to this trend. Declining retail loans and NBFC lending have led credit rating firms to lower credit growth forecasts.
Rising inflation in India is driving up costs for essentials like nutritious food, health insurance, waste management, clean air and water, and skilled labor. Vegetable, fruit, and dairy prices are increasing, insurance premiums have risen, municipalities are imposing waste disposal fees, and a skilled labor shortage is pushing wages higher.
The RBI holds a record c.$78B in net short dollar positions, which may need to be rolled over to maintain rupee liquidity. Managing these maturities is critical, as unwinding could affect forex reserves ($640B and the credibility of spot reserves.

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WEEKLY MARKET UPDATE (w/c March 03, 2025)

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