India In Sight #100
Our 100th edition features a special section with the top private market and research reports of 2025!
Scroll below to the end for the ‘100th edition special section’ featuring the top reports in 2025!
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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
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)
MARKET INSIGHTS & RESEARCH
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.
KPIs
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.
WEEKLY MARKET UPDATE (w/c May 26, 2025)
🎉100th EDITION SPECIAL🎉
TOP REPORTS IN 2025 - OUR BEST PICKS
Private Markets & Deals
India Private Credit Deals and Rankings FY24/25 (Octus India)
The Global Venture Debt report (Stride Ventures)
India Growth Equity Report 2025 (Praxis and IVCA)
PE/VC Roundup 2024 (IVCA-EY)
Riding the wealth wave (ValueQuest)
India’s Ultra-HNIs (Kotak Private Wealth)
Indian family offices (PWC)
Indus Valley Annual Report 2025 (Blume Ventures)
Annual Dealtracker 2024 (Grant Thornton)
India tech unicorns & exits (Orios Venture Partners)
Industry Research
India’s defense sector report (Nuvama)
How India shops online 2025 (Bain)
Indian Media & Entertainment industry (EY & FICCI)
Indian CRDMO sector (BCG & IPSO)
Food and Food Processing Industry (Brickwork)
Auto components sector report (BCG & ACMA)
India Story
India @2047 (Bain)
The Great India Unlock (Arkam Ventures)
The India Flipbook (Capitalmind)
Union Budget 2025-26 Analysis (PRS Legislative Research)
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