India In Sight #89
Weekly updates on Indian private markets. Featuring 'Indus Valley Annual Report 2025' by Blume Ventures
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Key reports in this edition:
Indus Valley Annual Report 2025 by Blume Ventures
Residential upcycle far from fatigue by Elara Capital
Equity capital markets report 2024 by Avendus
The retail reinvention paradigm by PWC
Engineering and capital goods Q3 FY25 by Nuvama
India economic monitor by BCG
India QSR sector note by Goldman Sachs
KEY DEALS
Equity
GetVantage, a financing platform and fintech startup, launched GrowthSahay, an AI-powered financing platform for MSMEs, with an investment of c.$60 million. (February 28, 2025)
MOC Cancer Care & Research Centre, a network of community cancer centres, raised c.$18 million in a funding round led by Elevation Capital to expand its operations and technological capabilities. (February 27, 2025)
Bridgetown Research, an AI-led research startup for investment and consulting professionals, raised c.$19 million in its Series A funding round led by Lightspeed and Accel. (February 27, 2025)
Zomato, an online food delivery app, invested c.$180 million in Blinkit, its quick commerce platform. (February 25, 2025)
Motilal Oswal Alternates acquired c.60% majority stake in Megafine Pharma, a pharmaceutical ingredient company, for c.$55 million. (February 25, 2025)
Geniemode, an e-commerce startup, raised c.$50 million in its Series C funding round led by Multiples PE. Other investors include Fundamentum, Paramark Ventures, and Info Edge Ventures. (February 24, 2025)
[Expected] [Exit] PAG, an Asian private equity firm, is looking to sell its c.54% stake in Nuvama Wealth Management. PAG invested c.$325 million in Nuvama in 2021. (February 26, 2025)
[Expected] Bloom Hotels, a mid-market hospitality brand, is looking to raise c.$45-50 million from private equity investors to expand into emerging tier-two and tier-three markets. (February 26, 2025)
Credit
Glance, InMobi’s mobile-first content platform, to raise c.$23 million in debt from Stride Ventures. (February 27, 2025)
Varanasi Aurangabad NH Tollway raised c.$316 million in its debut international bond issuance at a c.6% coupon rate. (February 26, 2025)
GMR Airports raised c.$130 million via private placement of NCDs (10.75% yield) from Deutsche Bank. (February 26, 2025)
Oxyzo, a lending focused fintech unicorn, secured c.$12 million in debt from AK Capital Finance. (February 24, 2025)
KEY FUNDS AND FUNDRAISES
Wipro Ventures, the corporate VC arm of Wipro, raised c.$200 million from its parent company as part of its fourth funding round to invest in new-age companies. (February 27, 2025)
360 One Asset Management marked the final close of its secondaries fund at c. $590 million, exceeding its initial target corpus of c.$480 million. (February 25, 2025)
MARKET INSIGHTS & RESEARCH
Reports
Blume Ventures’ ‘Indus Valley Annual Report 2025’ highlights India's $3.6T GDP, driven by 56% consumption and 54% services, with the top 10% income earners fueling growth. Venture funding rebounded to $17B+, adding 6 new unicorns, while India's stock market became the 4th largest globally, with $3T in UPI transactions in 2024. However with $33B in PLIs, manufacturing needs to grow further with focused efforts.
Elara Capital’s report ‘Residential Upcycle Far From Fatigue’ highlights strong upcycle in residential real estate market, with Tier 1 cities recording 1B sqft in primary sales (~$90 billion). Favorable affordability (property price-to-income ratio at 3.3x vs 10-year avg. 3.7x), robust hiring trends (wage bill growth >10% in FY22-24), and premium property price CAGR of 25% since CY19 sustain demand.
Avendus’ ‘Equity capital markets report 2024’ shows that in 2024, India saw record-breaking DII inflows of $63B. The total market cap hit an all-time high of $5.5T, driven by strong IPO activity—91 IPOs raising the highest funds ever. FIIs pulled back from secondary markets but remained active in IPOs, contributing $14B. Sectors like renewable energy, healthcare, and consumer tech are expected to drive markets.
PWC’s report on ‘The retail reinvention paradigm’ outlines that e-commerce is growing at 22%+ CAGR to reach $220B by FY30, while overall retail is projected to hit $1.9T. Quick commerce has expanded 73% YoY, reshaping consumer behavior, yet 77% of shoppers prefer omnichannel experiences. Retailers are adapting through personalized service, home delivery, and digital integration, while government support and platforms like ONDC remain underutilized.
Nuvama’s report on ‘Engineering and capital goods Q3 FY25’ highlights strong growth in the sector in Q3FY25, with order inflows surging 38% YoY, driven by power transmission & distribution (T&D), data centers, and electronics. Revenue grew 18% YoY, led by strong execution in power-related projects. Key growth drivers include public capex in power, railways, defense, and private capex in green hydrogen and chip production.
BCG’s ‘India economic monitor’ unpacks the mixed economic trends in early 2025, with industrial production rising 6% in December, led by electricity and manufacturing, while the auto sector posted record-high PV sales in January. The merchandise trade deficit widened to $23B as exports fell, but the services trade surplus hit an all-time high. GDP growth for FY25 is projected between 6-7%.
Goldman Sachs’ report on ‘India QSR’ shows that Quick Service Restaurant sector is showing signs of recovery, with QSRs gaining market share in food delivery and dine-in sales rebounding by 4.2% YoY in 3QFY25. Value-driven strategies are driving sales. The industry is poised for further recovery in FY26, supported by improved affordability and rising disposable incomes.
India’s textile industry, valued at over $160B, contributes 2.3% to GDP and employs 145M people. The sector must adopt sustainable manufacturing, including energy-efficient processes, circular economy principles, and green financing with focus on recycling and upcycling. Natural fabrics offer a competitive edge in a sustainability-driven market, and AI integration can enhance efficiency and waste reduction.
Articles
India has resumed the privatization of 13 airports to boost revenue through asset monetization, with the civil aviation ministry initiating consultations. The government targets completing the process by FY26-end. Read more. [Paywall]
India’s HNIs, led by the younger generation, are playing a growing role in venture capital, driving domestic investments and demanding tailored engagement. Read more. [Paywall]
India’s space economy is projected to reach $44B in the next decade, with private investments surpassing $125M+. Missions like Gaganyaan highlight self-reliance and border security, while digital infrastructure are key to further growth. Read more.
Indian startups continue to face a funding slowdown, with both early- and late-stage deals remaining weak due to regulatory tightening and market shifts. However, embracing AI-driven innovation could help reverse the capital drought and attract renewed venture investment. Read more. [Paywall]
India is poised to shape the future of AI through innovation, scalability, and democratization. Cost-effective engineering, computing power access, and multilingual AI models under the IndiaAI Mission are key to provide open datasets for startups. Read more.
Indian government emphasizes the need for a regulatory framework to boost AI adoption in India and is actively engaging with industry stakeholders to ensure AI integration is effective and well-regulated. Read more. [Paywall]
KPIs
In January, UPI transactions in India hit a record c.17B, surpassing c.$276B in value. As the leading digital payment method, UPI accounts for 80% of retail payments, with participation from over 641 banks and 80 apps.
India’s digital economy is growing at twice the rate of its overall economy and is projected to contribute 20% of GDP by 2029. Ranking as the world’s third most digitized nation, India continues to lead in technology adoption and digital infrastructure.
The State Bank of India predicts that a rebound in private investment will drive India’s economic growth. While gross capital formation declined in FY24, increased public and government investments sustained overall levels. For FY25, investment and savings are expected to rise, with GDP growth projected at 6.5%.
WEEKLY MARKET UPDATE (w/c February 24, 2025)
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