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
Search, screen, filter, and save - all reports at one spot! Subscribe to India In Sight Library
Subscribe to receive the newsletter every week in your inbox! Stay informed, stay ahead!
Key reports in this edition:
Fintech - India annual funding report by Tracxn
Technology sector trends and priorities by Grant Thornton
IPOs in India 1HFY25 by KPMG
How the proptech sector rebounded in 2024 by Entrackr
Growth opportunities with semiconductor investments by Invest India
Realty Investment snapshot 4Q2024 by Colliers
KEY DEALS
Equity
Netradyne, a Reliance-backed fleet management and SaaS solutions provider, raised c.$90 million in a Series D funding round led by Point72 Private Investments. Other investors include Qualcomm Ventures and Pavilion Capital. (January 17, 2025)
Bain Capital acquired an additional minority stake in Dhoot Transmission, a manufacturer of automotive components. The exact transaction details were not disclosed. (January 16, 2025)
Kedaara Capital, invested c.$350 million in Impetus Technologies, a US-based data analytics, and enterprise AI solutions provider.. (January 16, 2025)
Foxtale, a D2C skincare brand, has secured c.$30 million in a funding round led by Kose Corporation, a Japanese beauty products company. Other investors include Z47 (f.k.a Matrix Partners), Kae Capital, and Panthera Growth Partners. (January 15, 2025)
BGauss, an electric two-wheeler manufacturer, raised c.$19 million in funding round led by Bharat Value Fund in a mix of primary and secondary capital. (January 14, 2025)
Access Healthcare, a provider of revenue cycle management services, sold its majority stake to New Mountain Capital, a US based investment firm. The exact transaction details were not disclosed. (January 14, 2025)
Aragen Life Sciences, a CDMO company raised c.$100 million from Quadria Capital, a healthcare-focused PE firm, in its Pre-IPO round. (January 13, 2025)
PAG, an APAC-focused PE firm, acquired a majority stake in Pravesha Industries, a pharmaceutical packaging company, at a c.$200 million valuation. Other financial details were not disclosed. (January 13, 2025)
Credit
Ecozen, a climate-focused deeptech startup, raised c.$23 million in debt funding from responsAbility, Northern Arc, Maanaveeya Development & Finance.
KEY FUNDS AND FUNDRAISES
Recur Club, an early stage debt marketplace, launched a fund with a target corpus of c.$18 million to accelerate the growth of D2C brands in the quick commerce sector. (January 16, 2025)
ResponsAbility Investments marked the third close of its Asia-focused climate fund at $350 million, after raising $20 million in commitments from KfW, a German Development Bank. The fund has a total target corpus of c.$500 million. (January 16, 2025)
Avendus Capital marked the first close of its third private equity firm at c.$100 million. The fund has a target corpus of c.$175 million. (January 16, 2025)
Cornerstone Ventures marked the first close of its new fund at $40 million. The fund has a target corpus of c.$200 million. (January 15, 2025)
MARKET INSIGHTS & RESEARCH
Reports
Tracxn’s ‘Fintech - India annual funding report’ mentions the decline in funding in 2024, with a 33% drop vs 2023. Key areas for growth include alternative lending, investment tech, and payments, with the alternative lending sector capturing the majority of funding. Fintech IPOs and acquisitions have increased, while funding for early-stage and late-stage rounds has decreased significantly.
Grant Thornton’s report on ’Technology sector trends and priorities’ highlights that India's tech industry grew at c.4% in FY24, impacted by global challenges but fueled by the rise of Gen AI, growing demand for skills in Gen AI, cloud transformation, and cybersecurity. The sector saw $1.8B till 9M2024, vs $3.5B in 2023 and $21.7B in 2022.
KPMG’s report on ‘IPOs in India 1HFY25’ expects 39 mainboard IPOs raising $6B+, up by 2x vs 1HFY24. Key sectors like consumer and financial services dominated IPO activity, while retail and institutional participation increased significantly. Robust SIP inflows, and sectoral resilience bolstered market confidence.
Entrackr’s report on ‘How the proptech sector rebounded in 2024’ outlines that the sector rebounded strongly in 2024, with funding rising to $410M+ after years of decline, driven by leaders like Oyo, HomeLane, and Rentomojo, and supported by investors such as Accel and Blume Ventures.
YourStory’s note on ‘Future of tech: What’s next for AI in 2025?’ analyzes AI’s transition from experimentation to strategic adoption, driven by the rise of AI agents, investments, and a data center boom. GenAI funding surged by 6x to $51M in Q2 FY25, while SaaS firms aim for $50B ARR by 2030. India's push toward AI-driven solutions is vital for its $1T digital economy vision.
EY’s report on ‘How much productivity can GenAI unlock in India?’ focuses on the advancing of AI from chatbots to sophisticated multimodal models. Open-source innovations and smaller, targeted AI models are making AI more accessible, while enterprise adoption remains in its early stages, with 36% of Indian firms investing.
Invest India’s note on ‘Semiconductor investments’ highlights rising demand for electronics, 5G, and EVs, driven by initiatives like India Semiconductor Mission and PLI schemes. With 100+ startups addressing supply chain gaps and focusing on AI-driven innovations, the industry is set to grow at a 17%+ CAGR, reaching $80B+ by 2028.
Colliers’ report on ‘Realty Investment snapshot 4Q2024’ details that investment inflows into Indian real estate surged to $1.9B, marking a 2.3x YoY rise. Office segment dominated with 44% of total inflows, driven by foreign investors who accounted for 66% of the $6.5B investments, followed by industrial and warehousing sector.
CBRE’s report ‘India office market monitor Q4 2024’ highlights robust growth in India's office sector, with a record 22.2M sq. ft. leased in Q4, contributing to a 79M sq. ft. annual absorption. Strong demand for high-quality, investment-grade assets and rental growth in prime markets driven by Tech, BFSI, life sciences and GCCs.
Articles
India ranks third globally in fintech funding in 2024, attracting $1.9 billion, despite a 33% annual decline. The sector remained resilient with two new unicorns, eight IPOs, and significant funding rounds in digital lending. Peak XV Partners and Elevation Capital were key investors in the space. Read more.
The generation born between 2025 and 2039, termed "Gen Beta" or "Gen AI," will grow up in an AI-driven, hyper-connected world. Major impact in evolving industries like tech, healthcare, education, and finance. Read more.
Private consumption is driving India's economic recovery, supported by the growth of e-commerce and quick commerce. Competition in these sectors, while rising demand for household essentials and a strong housing market further bolster the positive trend across both urban and rural areas. Read more.
Experts suggest that the 2025-26 Budget should introduce a PLI scheme for R&D to attract foreign companies and position India as a global innovation hub. Government is focusing on Production Linked Incentive (PLI) schemes and other initiatives that foster investment and employment. Read more.
75% of respondents believe India's current economic environment is favorable for private investments, positioning the country as a "bright spot" amid global challenges. 97% of firms plan to increase employment in 2024-25 and 2025-26, with 79% reporting a rise in workforce over the past three years. Read more.
Startup M&As are expected to surge by 58% in 2025, following a sluggish 2024, which saw only 71 deals. In 2022, the Indian startup ecosystem experienced a peak of 240 M&As, but continued to decline in subsequent years. 2025 M&A wave will be fueled by well-capitalized listed companies and startups in sectors like fintech, e-commerce, and consumer services. [Paywall] Read more.
KPIs
RBI economists forecast stronger growth in 2HFY2025, fueled by rural demand, public infrastructure spending, and easing inflation. Risks remain from persistent food price pressures and rising input costs in manufacturing. Private consumption is expected to further boost economic activity.
India is projected to maintain its position as the fastest-growing major economy, with a growth rate of 6.7% in FY26 and FY27, as per the World Bank. The note highlights steady investment growth and rising GDP per capita in both India and China.
FICCI has revised India’s GDP growth forecast for 2024-25 to 6.4%, down from 7%. The agriculture, industry, and services sectors are projected to grow at 3.6%, 6.3%, and 7.3% respectively.
India faces less severe geopolitical risks compared to other emerging markets, owing to India’s strong growth potential and robust domestic demand. Better trade relations with emerging markets to further drive greater growth.
Below is a quick snapshot of the services sector performance from the latest RBI bulletin January 2025
WEEKLY MARKET UPDATE (w/c January 13, 2025)
Check out India In Sight Library, a live repository focused on Indian private markets and alternative assets. It features a collection of 700+ research reports and articles from 250+ sources across 5 categories and 50+ sub-categories. Get your access now!
Thank you for reading India In Sight!
Read our other editions here.
Disclaimer:
The content provided on this platform contains references and links to external sources, including articles, reports, websites, images, or videos. We do not own or claim copyright over the content found in these external sources. The ownership and rights of the content belong to the original creators.
This post and the information presented are intended for informational purposes only. The views expressed herein are the author’s alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The author and affiliated persons and companies assume no liability for this information and no obligation to update the information or analysis contained herein in the future.