VC deal value in India bounced back last year from its near-five-year low in 2023, but the number of rounds also tapered off toward the end of the year.
According to PitchBook’s Q4 2024 India Market Snapshot, $15.6 billion was invested across 1,570 VC rounds in 2024. This represents a year-over-year increase of 23.8% for deal value, while the count was down 1.6% from 2023.
Healthy GDP growth and strong public market activity contributed to the rebound. The slight decrease in deal count reflects a broader trend for global VC dealmaking, characterized by a flight to quality over quantity.
India saw a significant shift in VC capital toward late-stage companies, which accounted for almost 40% of deal value compared to 25% in 2023.
This signals a maturing VC market in India and increased investor caution toward the asset class, particularly in the wake of edtech company BYJU‘s collapse. The company, which was worth as much as $22 billion, entered insolvency proceedings in July following years of aggressive expansion.
In the last two quarters of 2024, dealmaking as a whole slowed down, further illustrating investors’ apprehension.
Here’s a look at India’s VC market, highlighting key trends across dealmaking, fundraising and exits.
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