India In Sight #107
Weekly updates on Indian private markets. Featuring reports on Indian Pharma Sector; Medical Tourism; Blue Economy; and Airports & Building Materials
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
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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
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)
MARKET INSIGHTS & RESEARCH
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.
KPIs
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.
WEEKLY MARKET UPDATE (w/c July 14, 2025)
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