India In Sight #101
Weekly updates on Indian private markets. Featuring 'Global Critical Minerals Outlook 2025' by International Energy Agency and reports on IPO markets in India.
We are Ambassador Capital Partners, an investment firm with a focus on private credit and private equity.
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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
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)
MARKET INSIGHTS & RESEARCH
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!
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.
KPIs
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.
WEEKLY MARKET UPDATE (w/c June 2, 2025)
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