India In Sight #96
Weekly updates on Indian private markets. Featuring 'Riding the wealth wave' by ValueQuest and 'The Great Unlock: India at 2035' by Arkam Ventures.
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:
Riding the wealth wave by ValueQuest
The Great Unlock: India at 2035 by Arkam Ventures
How green manufacturing is reshaping India by EY
Defense sector report by Nuvama
India consumer sector report by UBS
Liberation day: Its implications on India by KPMG
KEY DEALS
Equity
Wow! Momo, raised $15-$18 million in a bridge funding round led by Kamal Agrawal (Haldiram promoter family) and Khazanah Nasional, a Malaysian fund, with further plans to raise $75–80 million in its next funding round. (April 18, 2025)
Rayzon Solar, a solar panel manufacturer, raised c.$16 million in a new funding round led by individual investors. (April 18, 2025)
IDFC FIRST Bank, to raise c.$875 million from Warburg Pincus and the Abu Dhabi Investment Authority via preferential issue. (April 17, 2025)
Dream11’s parent company to acquire a 15% stake in Cricbuzz, a cricket media platform, for c.$50 million. (April 17, 2025)
SRV Hospitals, a multi-speciality hospital chain, secured c.$16 million in funding from InvAscent, a healthcare focused PE fund. (April 17, 2025)
OfBusiness, a B2B ecommerce startup, raised c.$12 million from Cornerstone Ventures ahead of its IPO. (April 17, 2025)
Goldman Sachs PE acquired a majority stake in PeopleStrong, a human capital management SaaS provider, for c.$150 million. (April 15, 2025)
Jupiter International, a solar cell manufacturer, raised c.$60 million from ValueQuest SCALE Fund. (April 14, 2025)
Garuda Aerospace, a drone startup, raised c.$12 million in its series B funding round led by Venture Catalysts at an estimated valuation of c.$250 million. (April 14, 2025)
Credit
Reliance is looking to raise funds through listed, redeemable NCDs on a private placement basis. (April 19, 2025)
KEY FUNDS AND FUNDRAISES
ABC Impact, an Asia-focused impact investment firm, marked the final close of its second fund at c.$600 million. (April 14, 2025)
MARKET INSIGHTS & RESEARCH
Reports
ValueQuest’s report ‘Riding the wealth wave’ highlights that India is witnessing a $900B wealth boom driven by ~300 billionaires and 100+ unicorns. Wealth and alternate asset managers are growing at 20–25% p.a.; alternates AUM exceeds c.$140B, growing at 25–30% CAGR. With driving ESOP monetization, financialization is accelerating. Wealth managers with full-stack offerings, strong RMs, and integrated platforms are key beneficiaries. Innovation and tech to further democratize the industry.
EY’s report on ‘green manufacturing’ highlights a $1T+ market opportunity. Sectors like steel, cement, oil & gas, and power are shifting toward low-emission production. Green hydrogen, CCUS, and alternative fuels are key levers. The green cement market ($2.3B), is growing at ~6% CAGR, while green steel and EV transitions are driving innovation. High upfront costs persist but long-term gains can be generated.
Arkam Ventures’ report ‘The Great India Unlock’ outlines that India is set to become an $8T economy by 2035 (at 6–8% CAGR), driven by tech, capital, entrepreneurship, and formalization. UPI, Aadhaar, and AA are fueling inclusion; 100M+ investors and $24B in SIPs show rising capital access. Startups are projected to hit 1M+ (up from 150K), with 50% outside metros. MSMEs face a $530B credit gap, while land tokenization could unlock $3.3T. AI and digital infra to drive productivity.
Nuvama’s report on ‘India’s defense sector’ highlights a $130B opportunity over the next five years, driven by a robust 7–8% CAGR in capital outlay. Domestic production is targeted to grow by 2-3x by FY29. Private players are expected to grow EPS at 25–40% CAGR, outpacing DPSUs. Defence Electronics will expand at 1.5–2x defence capex. India has a $100B+ DPSU pipeline and rising indigenisation (imports down to 35–40%).
UBS’s report on ‘India’s consumer sector’ expects a strong rebound in FY26, with earnings expected to grow 13% after a weak FY25. A $50B income stimulus could spur mass-market consumption. Tier-2/3 towns, easing input costs, and resilient rural demand support growth. Valuations have corrected ~30-35% since Oct’24, offering upside as the sector exits disruption cycles and benefits from structural demand revival.
KPMG’s report ‘Liberation Day’ analyzes the impact of the US's April 2025 reciprocal tariffs on India's economy. The 26% tariff on Indian goods is lower vs Vietnam (46%) and China (54%), offering India a relative advantage. Key export sectors include electrical machinery, gems and jewellery, and pharmaceuticals. Gems and chemicals face challenges, while pharma and semiconductors could benefit from tariff exemptions.
Articles
Global investors like KKR see India as a priority market, driven by its political stability and growth-oriented policies with a consumption-led economy boosting sectors like healthcare, digital infrastructure, and financial services. Read more.
Over 90% of the Indian central government’s investment outlay for FY 2024-25 is concentrated in five key sectors. Renewable power tops the list with $31B+ allocated to generate 12,555 MW. Read more.
India’s debt markets saw improved sentiment in March, driven by robust liquidity support from the RBI, moderating inflation, and a shrinking trade deficit. RBI’s proactive liquidity actions played a key role in stabilizing markets as the financial year closed. Read more.
India’s fixed-income market is supported by easing inflation and the RBI’s accommodative approach. Indian government bonds offer compelling yields relative to global peers. Gold is valuable today as a portfolio diversifier in the face of geopolitical risks and trade policy uncertainty. Read more.
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