Skip to main content

PE-VC investments decline 15% to $6 B in Q3'23

Private Equity-Venture Capital (PE-VC) funds invested $6 Billion (across 139 deals) in India-based companies during the quarter ended  September 2023 (Q3'23), shows data from Venture Intelligence, a research service focused on private company financials, transactions, and their valuations. This represents a 15% decline compared to the same period in 2022 (which saw $7 Billion being invested across 327 deals). The investment amount also dipped 49% compared to the immediate previous quarter (which saw $11.7 Billion being invested across 202 deals).
                                                                                                                                    
The PE-VC investment figures for the first 9 months of 2023 - at $23.6 Billion (across 542 deals) came in 38% lower compared to the same period in 2022 (which saw $38.1 Billion being invested across 1,141 deals).

Q3’23 witnessed 16 mega deals ($100 M+ rounds) worth $4.5 Billion, compared to 13 such investments (worth $3.8 Billion) in Q3’22 and 22 such deals (worth $9.7 Billion) in the immediate previous quarter.


The $1 Billion investment by Qatar Investment Authority in Reliance Retail Ventures accounted for 17% of the overall PE-VC investment pie in Q3'23. The buyout of fertility clinic chain Indira IVF by Baring Asia for $700 million and The Carlyle Group's $500 million investment in engineering services BPO firm Quest Global were the other top PE-VC deals of Q3'23. 

These were followed by two investments by global PE investor KKR: a $275 million investment in logistics tech startup Leap India and a $250 million investment in Reliance Retail Ventures.


Re-entry of Unicorns

Q3’23 recorded the minting of one new Unicorn - in the form of quick commerce startup Zepto - ending the drought of the previous 11 months in the creation of private companies valued at $1 Billion and aboveOverall, Unicorn Startups in India attracted attracted close to $400 million in Q3'23, - down by 16% compared to the same period last year (which saw $500 million being invested in Unicorn Startups) and down by 44% when compared to previous quarter (which saw $700 million being invested in unicorn startups).

By Industry

IT & ITeS companies accounted for $1.8 Billion of the total investment pie in Q3'23, lower by 12% when compared with Q3'22 (which saw $2 Billion being invested). Tech industry investments were led by the $500 million investment in Quest Global by Carlyle and the $229 million raised by B2B SaaS fintech startup Perfios Software (from Kedaara Capital and existing investor Bessemer). These were followed by quick commerce firm Zepto's $200 million fund raise (led by StepStone Group).


The Healthcare industry attracted about $1.3 Billion in Q3'23 led by the $732 million acquisition of  a majority stake in Indira IVF by Baring Asia, followed by India Resurgence Fund's acquisition of IndSwift Laboratories active pharmaceutical ingredients (API) and contract research and manufacturing services (CRAMS) businesses for $200 million 

The two mega investments in Reliance Retail Ventures - totaling $1.25 Billion from KKR and Qatar Investment Authority - propelled the Retail industry to the third slot in Q3'23. 

"While there is clearly no returning to the lofty heights of 2021 any time soon, recent weeks have seen global investors like KKR and India-focused firms like Westbridge Capital, MEMG Family Office, IIFL AMC and India Resurgence Fund stepping up their investment activity, With continued strength in the public markets (including IPOs) and the large amounts of "dry powder" available with India-dedicated funds, a few more "confidence building" transactions will help catalyse the 'trickle down' effect into private markets and earlier stage companies," said Arun Natarajan, Founder, Venture Intelligence.  

Venture Intelligence is India's longest-serving provider of data and analysis on Private Company Financials, Transactions (private equity, venture capital, and M&A) & their Valuations in India.

(Venture Intelligence Subscribers will be mailed detailed reports of the PE-VC action during Q3'23 in the next few days.)

Popular posts from this blog

PE-VC investments decline 8% to $6.2 B in Q1'24

Press Release: Private Equity - Venture Capital (PE-VC) firms invested over $6.2 Billion (across 205 deals) in Indian companies during the first three months of 2024, shows data from  Venture Intelligence , a research service focused on private company financials, transactions, and their valuations. (Note: These figures include Venture Capital type investments, but exclude PE investments in Real Estate). The investment amount represents a 8% fall over the $6.7 Billion (across 242 deals) invested in the same period during 2023 and also down by 6% when compared to the immediate previous quarter (which witnessed $6.6 Billion being invested across 200 deals). Deal volumes in Q1'24 also declined 15% compared to Q1'23 and were up by 3% compared to the immediate previous quarter.  Q1’24 witnessed 8 mega deals ($100 M+ rounds) worth $3.5 Billion, compared to 17 such investments (worth $3.6 Billion) in Q1’23 and 15 such deals (worth $4.1 Billion) in the immediate previous quarter.  Th

PE-VC investments in Q2'23 decline 33% to $9.9 Billion

Private Equity-Venture Capital (PE-VC) investments in India during the quarter ended June 2023 (Q2'23), at $9.85 Billion across 182 deals, registered a 33% decrease compared to the same period in 2022 (which saw $14.6 Billion being invested across 371 deals). The investment amount however rose 74% compared to the immediate previous quarter (which saw $5.7 Billion being invested across 181 deals), shows data from  Venture Intelligence , a research service focused on private company financials, transactions, and their valuations. The PE-VC investment figures for the first 6 months of 2023 - at $15.5 Billion (across 363 deals) - was 50% lower compared to the same period in 2022 (which saw $31 Billion being invested across 800 deals). Q2’23 witnessed 19 mega deals ($100 M+

Chiratae, Speciale and Stride Ventures win APEX'24 Venture Capital Awards

Chiratae Ventures, Speciale Invest and Stride Ventures were awarded as among the leading Venture Capital investors in India for 2023 as part of Venture Intelligence APEX‘24 Private Equity & Venture Capital awards event in Mumbai.  The Venture Intelligence “Awards for Private Equity Excellence” (APEX) is dedicated to celebrating the best that the Indian Private Equity & Venture Capital industry has to offer. The APEX Awardees are selected based on both Self Nomination by the participating PE-VC firms and "crowd sourced" voting from the Limited Partner, PE-VC and advisory communities. (The main criteria are Return Track Record, New Fund Raises & Follow-on Funding Rounds for Portfolio Companies) VC Investor of the Year Chiratae Ventures received the Venture Capital Investor of the Year 2023 Award on the back of 10 part exits totaling $178 million via Secondary Sales during the year. Its exits included those from retail unicorn Lenskart, SaaS Startup Pixis and baby pr

Blackstone, MO Alts and InvAscent win APEX'24 Private Equity Awards

Press Release Blackstone, MO Alternates (formerly Motilal Oswal PE) and InvAscent were awarded as among the leading Private Equity and Growth Capital investors in India for 2023 as part of Venture Intelligence APEX‘24 Private Equity & Venture Capital awards event in Mumbai.  The Venture Intelligence “Awards for Private Equity Excellence” (APEX) is dedicated to celebrating the best that the Indian Private Equity & Venture Capital industry has to offer. The APEX Awardees are selected based on both Self Nomination by the participating PE-VC firms and "crowd sourced" voting from the Limited Partner, PE-VC and advisory communities. (The main criteria are Return Track Record, New Fund Raises & Follow-on Funding Rounds for Portfolio Companies) PE Investor of the Year Blackstone received the Private Equity Investor of the Year 2023 Award on the back of strong complete exits during the year: from Sona Comstar and IBS Software. Ganesh Mani and Amit Dalmia, Senior Managing D

Avendus tops League Table for Transaction Advisors to PE deals in Q1'23

Aeka Advisors and Ambit claim the No.2 & 3 slot Avendus topped the Venture Intelligence League Table for Transaction Advisor to Private Equity Transactions for Q1 2023 advising 5 deals worth $808 million. Aeka Advisors stood second having advised 3 deals worth $228 million. Ambit followed with 4 deals worth $160 million. Ernst & Young ($114 million across 4 deals) and o3 Capital ($80 million across 2 deals) completed the top five for Q1 2023. Avendus acted as advisor to ADIA’s $500 million investment in omnichannel eyewear retailer Lenskart . Aeka Advisors acted as advisor to Kreditbee’s $160 million fundraise from Advent International, Mitsubishi UFJ Financial Group (MUFG) and existing investors. Ambit advised the $104 million fundraise of Freshtohome from Mount Judi Ventures, Iron Pillar, Amazon and others. The  Venture Intelligence League Tables , the first such initiative exclusively tracking transactions involving India-based companies, are based on the value of PE