India In Sight #104
Weekly updates on Indian private markets. Featuring 'India Tech Investments Report H12025' by Tracxn and 'PE/VC May 2025 Roundup' by EY IVCA
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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
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)
MARKET INSIGHTS & RESEARCH
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.
Check out our 100th Edition Special for the top reports so far in 2025!
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.
KPIs
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.
WEEKLY MARKET UPDATE (w/c June 23, 2025)
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