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  • Vivriti Debt ++ India-based venture capital funds have raised over Rs. 57,600 crore in 2024

    India-based venture capital funds have raised over Rs. 57,600 crore in 2024

    The number has seen a 17% decrease from 2023.
    Kushan Shah Jan 31, 2025

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    A report by Indian Venture Capital Association (IVCA) on deals in venture capital funds (VCF) and private equity funds shows that India-based venture capital funds have raised over Rs. 57,600 crore across 54 funds in 2024.

    The funds raised by VCFs has seen a 17% decrease from 2023. In 2023, the industry raised Rs. 66,200 crore across 72 funds.

    The highest fund raising has been recorded by Kedaara Capital of Rs. 14,900 crore in its Kedaara Capital Fund IV. Edelweiss Alternative Asset Advisors has recorded the second highest fund raising of Rs. 8,300 crore for the final close for Edelweiss Infrastructure Yield Plus Fund II. ChrysCapital has seen the third highest fund raising of Rs. 6,044 crore in its ChrysCapital Continuation Fund.

     

    Other important deal data in the report is listed below:  

    Venture Capital Funds

    • 2024 has seen 659 VC investments worth Rs. 21,350 crore. Out of these, funds with AIF vehicles invested in 409 VC investments worth Rs. 14,400 crore.
    • IT & ITeS (IT enabled Services) sector has seen the highest VC deals in 2024 at 432 while FMCG is second with 50 deals during the year
    • Manufacturing and healthcare are next with 32 and 29 deals during the last year
    • Other sectors have seen the remaining 116 deals
    • In terms of geography, Bengaluru has recorded the highest number of deals in 2024 at 221 while Delhi NCR is second with 170 deals during the period
    • Mumbai and Hyderabad have recorded 39 and 28 deals to take the third and fourth spots, respectively
    • The remaining cities have seen 93 deals

    Exit data

    • Venture capital saw 76 exits during 2024 of Rs. 22,150 crore value
    • The volume and value of exits stood at 89 and Rs. 28,200 crore in 2023, showing a decline of 15% and 25%, respectively
    • The largest PE-VC exit in 2024 was the partial exit of investors from Swiggy of Rs. 6,300 crore
    • The partial exit from Honasa Consumer Limited, the parent company of Mamaearth, of Rs. 1,600 crore and partial exit from Indigo Paints of Rs. 1,550 crore from their investors are the second and third largest exits during the year, respectively

    Private equity

    • Private equity has seen 1021 deals during 2024 worth Rs. 2.57 lakh crore
    • The value of deals in 2024 has decreased by 5% from Rs. 2.58 lakh crore in 2023 while the volume of deals has gone up by 3% from 993
    • Out of the 1021 deals made during 2024, 580, about 57%, belong to funds with AIF vehicles whose value is about Rs. 81,600 crore
    • IT and ITeS have seen the deals with the highest value of Rs. 94,100 crore while BFSI is next with deal value of Rs. 38,000 crore
    • Healthcare has taken the third spot with deals of Rs. 31,900 crore value
    • Mumbai and Bengaluru have seen the highest deal value among all cities of Rs. 82,000 crore and Rs. 59,600 crore, respectively. Delhi NCR follows closely behind with deals of Rs. 57,800 crore
    • Chennai and Pune have also managed a spot in the top five with deals of Rs. 21,600 crore and Rs. 11,200 crore, respectively

    Exit data

    • Private equity saw 292 exits of Rs. 1.98 lakh crore in 2024
    • While the value of exits has decreased by 3% from 300, the volume of exits  increased from Rs. 1.83 lakh crore, respectively
    • The largest PE exit in 2024 was by Advent International from Bharat Serums and Vaccines of Rs. 13,400 crore and its sale to Mankind Pharma
    • The exit of Advent International from Manjushree Technopack of Rs. 8,250 crore and partial exit of Partners Group and Kedaara Capital from Vishal Mega Mart of Rs. 8,000 crore has been the third largest PE exit during 2024

    Angel funds

    • Super angels and angel networks made 360 investments in 2024
    • The number of deals in angel funds has reduced from 479 in 2023
    • The largest deal involving angel investors was of about Rs. 5,700 crore in the quick commerce firm Zepto by Lachy Groom along with Glade Brook Capital, Nexus Venture Partners, StepStone Group, DST Global, Avenir Growth Capital, Lightspeed Venture Partners, Avra (a new fund founded by former Y Combinator executive Anu Hariharan), Goodwater Capital and Contrary Capital

    Venture Debt

    • Venture debt saw 52 deals in 2024
    • The number of deals in venture debt increased by over 2X from 25 in 2023
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