Enterprise tech, deeptech to lead pvt equity's next wave

Several late-stage startups opting to go public drove deal volume at the PE level last year

- Rwit Ghosh

Private deals in 2024 reached $6.6 billion as of 4 December.

(BLOOMBERG)

Deal volume at the growth stage and private equity level, in the $30-100 million range, increased in 20205 over last year, even as the number of mega deals (greater than $100 million) in the Indian market declined.

Much of this was driven by several late-stage startups opting to go public or preparing for an initial public offering (IPO).

“Despite strong deal volumes, the slight dip in aggregate value signals a more selective and disciplined market,” said Nishesh Dalal, partner and private equity leader, Deloitte South Asia. “Investors are increasingly focusing on control deals because they want deeper involvement in operations, tighter governance and better clarity on exit pathways.”

Several tech companies went public in 2025, having raised their larger rounds in previous years. This includes e-commerce marketplace Meesho, eyewear company Lenskart, stock broker platform Groww, professional home services provider Urban Co., edtech major PhysicsWallah, and electric vehicle (EV) scooter maker Ather Energy.