India In Sight #103
Weekly updates on Indian private markets. Featuring special report by Avendus on 'How Single Specialties are carving their own path in Indian Healthcare'
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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
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)
MARKET INSIGHTS & RESEARCH
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!
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.
KPIs
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.
WEEKLY MARKET UPDATE (w/c June 16, 2025)
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