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Key reports in this edition:
India Tech Unicorns & Exits 2024 by Orios Venture Partners
Life Insurance - At an inflection point by Centrum
Recycling sector report by The Investment Trust of India
Renewable Energy thematic report by Kotak
Autos & Auto Parts sector report by Jefferies
India Residential Real Estate Monitor Q4 2024 by CBRE
KEY DEALS
Equity
Infinity Fincorp, an NBFC, secured c.$15 million in funding from Jungle Ventures and Archerman Capital. (January 11, 2025)
Innovaccer, a healthcare-focused AI company, raised c.$275 million in its Series F funding round, including primary and secondary investments from B Capital Group, Banner Health, Danaher Ventures LLC, Generation Investment Management, Kaiser Permanente, and M12 (Microsoft’s venture fund). (January 10, 2025)
Neuberg Diagnostics, a super specialty diagnostics chain, raised c.$110 million from Kotak Strategic Situation Fund, ahead of its IPO. (January 10, 2025)
Harsoria Healthcare, a medical device manufacturer, raised c.$20 million from Tata Capital Healthcare Fund II, the healthcare-focused PE fund of Tata Capital. (January 09, 2025)
Oyo, a hotel and hospitality chain unicorn, raised c.$65 million from Redsprig Innovation Partners, an affiliated entity of the company’s founder Ritesh Agarwal. (January 04, 2025)
[Expected] GIVA, a fine jewellery brand, is looking to raise c.$ 80-100 million from Creaegis, a consumer-focused PE fund, at an estimated valuation of c.$500 million. (January 10, 2025)
[Expected] The Whole Truth, a D2C healthy snacks company, is looking to raise c.$25 million in its Series C funding round led by Peak XV Partners, Matrix Partners, and Sauce.VC at an estimated valuation of c.$240 million. (January 10, 2025)
[Expected] Zypp Electric, a D2C EV brand, is looking to raise an additional c.$25-30 million from investors led by Nuvama Wealth, Tribe Capital and others in its ongoing funding round. (January 09, 2025)
[Expected] BluSmart Mobility, an EV ride-hailing service, is looking to raise c.$50 million in its new Series B funding round, after it raised c.$50 million in November 2024. (January 09, 2025)
Highways Infrastructure Trust, an InvIT that manages and operates highways in India, raised c.$640 million from KKR, OTPP and Trust Investment Advisors, a merchant banking firm, to acquire two major road portfolios for an estimated valuation of c.$1.75 billion. (January 08, 2025)
Credit
Vedanta Resources is looking to raise c.$ 450 million via a 3-5-year loan facility to repay its existing debt. (January 10, 2025)
Novelis Inc, an overseas arm of Hindalco Industries, raised c.$750 million via 5-year bonds at a coupon rate of 7%. The net proceeds will repay $738 million under its revolving credit facility and the rest will strengthen the balance sheet. (January 09, 2025)
Exim Bank raised c.$1 billion from overseas investors via 10-year bonds, priced at US Treasury Yield + 100 bps, with global investor demand exceeding $2.5 billion. (January 07, 2025)
KEY FUNDS AND FUNDRAISES
ASK Property Fund, a real estate investment arm of ASK Group, launched its real estate fund focused on luxury housing, in partnership with Sotheby’s International Realty, with a target corpus of c.$120 million. (January 09, 2025)
Avendus PE launched its third private credit fund with a target corpus of c.$460 million. (January 09, 2025)
Motilal Oswal Alternates marked the final close of its sixth real estate-focused fund at c.$205 million. (January 07, 2025)
MARKET INSIGHTS & RESEARCH
Reports
Orios Venture Partners report on ‘India tech unicorns & exits’ highlights a record year for Indian tech IPOs with 13 tech startups going public out of 327 total IPOs. The market cap of listed tech companies crossed $147B, with Swiggy's $1.3B IPO leading globally. Seven new unicorns emerged, bringing the total unicorn valuation to $385B, and 370 acquisitions signalled robust exit activity.
Centrum’s report ‘Life Insurance - At an inflection point’ outlines that the sector is poised for growth, driven by rising financial savings, increasing per capita income, and demographic shifts. Private insurers continue gaining market share, with ULIPs becoming more popular due to strong equity markets. However, regulatory changes, including new surrender norms and potential restrictions on bancassurance, may pressure profitability and margins.
The Investment Trust of India’s report on ‘Recycling circling sustainability’ emphasizes India's shift toward a circular economy, driven by stringent government policies on plastic and battery waste management. The organized lead recycling market is projected to grow at a 35% CAGR, expanding from 35% to 75% market share by FY27. India's PET resin consumption is forecasted to double from 2.0 million MT in CY23 to 4.1 million MT by CY29.
Kotak’s thematic report on ‘Renewable energy’ projects India's solar sector to grow at an 18% CAGR, with capacity rising from 82GW in FY24 to 214GW by FY30, driven by utility-scale projects, rooftop solar, and government initiatives. Rising competition and overcapacity risks threaten margins for producers while integrated players with US manufacturing advantages are poised for profitability.
Jefferies’ sector report on ‘Autos & auto parts’ highlights that 2-wheelers and tractors are projected to grow at a 13–15% CAGR over FY25–27, outpacing passenger vehicles (PVs) and trucks at 5–8% CAGR. EV adoption remains slow, with 2W EV penetration expected to rise gradually to 10% by FY27, while the passenger vehicle segment faces near-term demand challenges.
CBRE’s ‘India Residential Market Monitor Q4 2024’ outlines India's robust residential real estate market with annual sales exceeding 300K units. Developers introduced 280K+ new residential units during the year. In Q4 2024, housing unit sales grew by 7% QoQ with 75K+ units, while new launches increased by 10% to c.68K units. Mid-end projects accounted for 40% of sales in 2024.
ICICI Prudential’s ‘Annual equity outlook 2025’ unpacks that while developed economies face slowdowns, Indian equity markets grew driven by strong domestic demand, government-led infrastructure spending, and sound corporate balance sheets. In 2024, Sensex rose by c.10%, with mid and small-caps delivering c.25% returns. Globally, Taiwan led with a 28% returns while gold outperformed traditional assets with a 26% return.
Articles
Foreign equity investments from Singapore, the US, and Canada are rapidly growing in India's real estate sector, contributing 25%+ of total equity inflows. UAE is also emerging as a key investor. Domestic investors continue to lead, accounting for c.70% of total equity investments in 2024. Read more.
Fiscal policies and strategies are required to balance India's heavily skewed government debt market with the corporate debt market, aiming to enhance liquidity and fiscal stability. Read more.
Credit markets in FY2026 could be challenging due to rising retail debt, fluctuating banking liquidity, and growth-inflation pressures. Entities with weaker credit profiles may face higher volatility and widened spreads. Limited monetary and fiscal support, along with tight financing conditions, make sustained liquidity and timely risk capital crucial for market stability. Read more.
AI is becoming a key focus for VC investments, especially for AI startups developing consumer-focused solutions beyond traditional enterprise tech. AI-driven innovations in content, gaming, and health, are attracting investors due to their hyper-personalized, affordable offerings in local languages. Read more.
The removal of the angel tax has encouraged startups to return to India, reflecting improvements in the business climate. The Department for Promotion of Industry and Internal Trade (DPIIT) is actively boosting capital mobilization through partnerships with foreign entities and funding programs to strengthen the startup ecosystem. Read more.
India's ultra-rich are turning to family offices for wealth management, valuing their customized and flexible strategies over conventional financial institutions. Family offices provide personalized investment solutions, ensuring long-term wealth preservation and growth for affluent clients. Read more.
India’s strengthened energy security is expected to accelerate its path to becoming a $4 trillion economy before 2027 driven by expanded refinery capacity, diversified energy imports, and growing green energy initiatives. Affordability and availability to consumers are critical. Read more.
KPIs
India's infrastructure output, covering eight core industries, rose by 4.3% in November 2024 — a four-month high but lower than the 7.9% growth seen in November 2023. From April to November, core sector growth slowed to 4.2%, vs 8.7% in 2023-24.
The UN forecasts India’s GDP growth at 6.6% for FY26, driven by robust private consumption and investment. For 2024-25, growth is projected at 6.8%. South Asia's overall growth will benefit from India’s strong performance, though rising oil prices could pose risks to these projections.
2025 Budget is expected to address India’s economic challenges, particularly inflation. RBI targets to maintain inflation within its 2-6% target range.
WEEKLY MARKET UPDATE (w/c January 06, 2025)
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