OVERVIEW

INDIAN VC
ECOSYSTEM
2024
KEY 1# To assess the Indian venture capital landscape
in 2024
OBJECTIVE
2# To analyse key trends, sectoral dynamics,
and geographic shifts that have shaped the
investment environment

3# To highlight emerging opportunities and

potential challenges within the VC ecosystem

4# To provide a forward-looking perspective on

the expected trajectory of the VC ecosystem

2
OVERVIEW
• In 2024, VC deals in India increased to 536 from 460 in 2023, with investments rising to
₹19,900 crore $2.38 billion) from ₹15,371 crore $1.85 billion) the previous year. However,
exits declined to 72 from 82 in 2023, and harvest values fell to ₹21,974 crore $2.62 billion)
from ₹28,993 crore $3.51 billion).

• Technology sector remained a key focus throughout the year.

• During the Union Budget 2024, the Indian government abolished angel tax for all investors,
effective FY 202526, unlocking new growth for startups.

• The ₹10 billion VC fund for the space sector further strengthens India's global innovation
stance, boosting investor confidence and supporting sector-specific startups.
Sources: Venture Intelligence; PIB 3
EXPERTʼS Early-stage funding in India saw strong momentum in 2024, driven by domestic
consumption, government initiatives, and digital public infrastructure. Quick

TAKE commerce startups like Zepto and wealth tech startups like Dezerv attracted
significant capital, while tech-led NBFCs and regulated fintechs flourished.
However, SaaS beyond Series A, healthtech, and edtech funding remained muted.

Looking ahead to 2025, consumer tech and fintech will continue to dominate
investor interest, with generative AI unlocking new B2B and B2C applications.
Startups addressing underserved Tier 2 cities, rural markets, and SMEs hold
immense potential, while edtech and healthtech are poised for a rebound through
upskilling and
4 omni-channel clinics.

Challenges remain; founders must achieve product-market fit earlier, fintechs face
tightening regulations, and consumer tech players need to lower acquisition costs.
Yet, Indiaʼs vibrant IPO market signals a bright future, creating significant
opportunities for VCs to deliver returns and drive growth across the ecosystem.
Adith Podhar
Founding Partner, Gemba Capital 4
KEY ACHIEVEMENTS AND GROWTH

Surge in VC Funding

• VC Deal Activity: In 2024, the number of VC deals in India increased to 536, a 16.5% rise
from 460 in 2023
• Investment Growth: Total investments rose by 29.5%, rising to ₹19,900 crore $2.38
billion) from ₹15,371 crore $1.85 billion) the previous year.

Indiaʼs Position in the Global VC Landscape

• Global Share: India accounted for 7.1% of global VC deal volumes and 4.2% of the global
disclosed funding value.

Sources: Venture Intelligence; Global Data

5
EXPERTʼS
2024 have been interesting year, which started with a kind of funding winter but

TAKE the end saw decent outcome with approximately USD 10 billion investment during
the year with D2C being a flavour however what caught attention was interest in
deep tech with special interest in semiconductor. The 2024 also saw quite a few
funds closing their fund at decent size of USD 300 mil. Though the year has been
a mix from investment perspective but overall has set up tone for positive outlook
for 2025. Few funds saw closer in 2025 and many more looking to announce close
in 2025, hence the year ahead looks quite positive with lot of funds looking to
deploy decent amount in Startups. The flavour should continue as was in 2024 like
D2C, deep tech and of course quite a few decent IPO news. Overall, 2025 should
be exciting.

Anil Joshi
Founder & Managing Partner, Unicorn India Ventures and VC Council, IVCA 6
KEY ACHIEVEMENTS AND GROWTH

High-Value Deals and Record Breaking Transactions

SIGNIFICANT DEALS

• Zepto raised $665 million in June 2024 and an additional $340 million in August.
• Other major deals included Meesho $300 million), PharmEasy $216 million), PhysicsWallah $210 million), and Purplle $178.4 million).

INCREASE IN LARGE DEALS

• In 2024, the number of deals surpassing $100 million reached 16, marking a 45% increase from 2023, underscoring strengthened investor
confidence in the Indian startup ecosystem.

VENTURE CAPITALISTS REAP RECORD RETURNS FROM IPOS

• This year proved highly rewarding for venture capitalists, as years of strategic investments in startups delivered substantial returns. VC funds
generated over $4 billion through IPOs and public market sales - twice the amount earned in 2023 and 2.5 times that of 2022.

Sources: Venture Intelligence; YourStory; Global Data 7

 The big achievement from 2024 was that start ups were finally building with the

EXPERTʼS INDIA CONTEXT. This, to me, means the following:

TAKE
• IPOs - healthy spate of IPOs 25 tech IPOs) on Indian bourses and the
pipeline looks healthy for next year too.
• Balanced valuations and deal activity in the ecosystem
• Profitable startups - we saw a large number of companies on path to
profitability through 2023 and 2024.

The holy grail of the ecosystem is when investors at the IPO and immediately
post IPO are able to make healthy capital gains in line with markets and with the
triangulation of the above 3 factors, we are on track.

The Big CHALLENGES:

Rising compliance costs for industry as a whole. With the Data protection laws and other regulatory
actions around compliances both on capital market front as well as financial regulations, we continue to
see a significant surge in compliance costs which has a potential to force unnatural consolidation. This
may or may not be healthy where smaller players are unable to operate due to burdensome compliance
costs and friction.

Ashish Fafadia Cross border payments and trade for SMEs continue to be a challenge - we should find a way to ensure
our SMEs are able to partake in global trade easily as India's share of global trade grows.
Partner, Blume Ventures 8
KEY ACHIEVEMENTS AND GROWTH

Sector-Specific Growth

SPACE SECTOR AI IN FOCUS

India took a major step towards becoming a global leader in space India now ranks seventh globally for new AI startups, with over
technology with the Union Cabinetʼs approval of a Rs 1,000 crore VC 338 newly funded ventures. In Q3 2024, while AI remained a
fund aimed at fostering innovation and supporting startups in the space major focus, with six of the ten largest deals, a shift in investor
sector. preferences was observed. Investments in AI showed a
downturn, characterised by a trend towards smaller deals and a
FINTECH SECTOR move away from core AI companies specialising in large
Q3 2024 saw a 60% surge YoY in fintech funding deals with the total language models LLMs.
funding raised by FinTech startups reaching $677 million+. While fintech
remains a key focus, investor caution has increased as traditional banks
introduce in-house fintech solutions for the unbanked and underbanked. DEFENCE TECHNOLOGY & BIOTECH
Investors are increasingly drawn to companies offering highly
targeted industry solutions, with defense technology and biotech
DOMINANCE OF B2C COMPANIES
emerging as key winners in the last quarter.
VC investment in India was very solid in Q3ʼ24, driven in part by large VC raise by
consumer focused startups, including quick delivery company Zepto $360
In the biotech sector Indian startups have developed over 800
million) which was one of the top 5 deals in Asia. In India, major funding rounds
products and raised more than $600 million in follow-on
were led by B2C companies, unlike other regions where B2B firms dominated.
funding.
Sources: PIB; KPMG; BIRAC 9
EXPERTʼS
TAKE 2024 has been a milestone year for domestic or home-grown VCs where weʼve
managed to participate in some of the more marquee investments which
historically were grabbed by the larger Global VCs and Hedge Funds. VC
managers overall have spent more time with founders/teams at the investee
companies to reduce governance surprises etc; by playing a more active and
stringent role at Board meetings and discussion sessions with their investee
companies. Lastly, liquidity or DPi has been a front agenda item for VCs and the
results are showing
10 by way of the IPOs pipeline, M&A engagements, and
opportunistic secondary sale transactions. Good year 2024 overall!

Gautam Patel
Founder & Managing Partner, Z3Partners 10
KEY ACHIEVEMENTS AND GROWTH

Geographic Insights:
$3.01B

• Top Funding Hubs: Bengaluru, Delhi-NCR, and Mumbai continue to lead in VC

funding, accounting for the majority of deals and capital raised. In Q3 2024, Bengaluru
led with $3.13 billion in funding, followed closely by Delhi-NCR at $3.01 billion and
Mumbai at $2.7 billion.
• Emerging Locations: Cities like Chennai, Hyderabad, and Pune are seeing growing
traction, with startups emerging in these locations benefiting from local innovation
ecosystems.
$2.7B

$3.13B

Increased Investor Confidence:

• VC funding grew by 50.4% YoY in the first three quarters of 2024, reaching $8.3
billion, primarily driven by large, growth-stage deals.

Sources: YourStory; Global Data

11
EXPERTʼS
2024 has been one of the most active years in India for Vertex Ventures South East

TAKE Asia and India. We closed investments across multiple sectors such consumer
brands, AI led software as a service, electric mobility and made our first
investment in the semiconductor space. There were many hits this year. The
quality of start-ups has significantly improved and founders are focusing on
building long term, sustainable business with IPO ambitions. The investor
landscape has also matured and valuations have recalibrated, creating a
favourable environment for sourcing good deals and as well as managing exits at
later stages and we believe both are essential for the ecosystem to thrive and
attract long term
12 investors. We expect this goodness to continue in 2025, and are
hoping some of the more nascent sectors such as AI, climate technologies and
deep tech mature and provide investment opportunities for funds like ours.

Kanika Mayar
Partner, Vertex Ventures SE Asia & India 12
QUARTERLY
BREAKDOWN 134

of VC Deals in 24
144
The venture capital dealmaking in India in 2024 showed an
overall improvement compared to the previous year. The
number of deals peaked at 144 in Q2, with sustained

Quarter
activity throughout the year despite a gradual decline in
132
the second half.

The year concluded with a total higher than the previous

year's figures, reflecting strengthened investor confidence 126
and increased opportunities in the market, even amidst
signs of moderation in H2.

No. of Deals

Source: Venture Intelligence 13

QUARTERLY
TRAJECTORY 5550

of VC Investments in 2024
4971
Venture capital investments in India in 2024 exhibited a fluctuating 4791
4588

Investments ( in ₹/ creore)
trajectory, with significant quarterly variations. Investments began
at ₹4,791 crore in Q1 and peaked at ₹5,550 crore in Q2, marking a
robust 15.8% growth.

However, the momentum waned in Q3, with investments declining

sharply by 17.3% to ₹4,588 crore, likely reflecting market caution or
external challenges. In Q4, investments rebounded to ₹4,971 crore,
an 8.4% increase, signalling stabilisation toward the year-end.

Overall, the investment activity remained strong throughout the

Quarter
year, with total figures surpassing the previous year, underscoring
sustained investor confidence in the Indian market.

Source: Venture Intelligence 14

SECTORAL ANALYSIS

Funding Levels Still Below Peak:

While funding has recovered from the lows of 2023, it still remains significantly below the record levels seen in
20212022.

Dip in VC Exits:
In 2024, exits declined by 12.2%, dropping to 72 from 82 in 2023, while harvest values fell by 24.2%, reaching
₹21,974 crore $2.62 billion) from ₹28,993 crore.

HEALTHCARE SECTOR MARGINAL DECLINE IN

Investments in the healthcare sector fell by FINANCIAL SECTOR FUNDING
14% in 2024 compared to 2023, reflecting a The financial sector secured ₹2.20 lakh crore

14% 0.6%
$2.20 billion) in VC investments, reflecting a
slowdown after the pandemic-driven surge
marginal decline of 0.6% from January to
in 20212022.
November 2023.

Sources: Venture Intelligence; Bloomberg 15

EXPERTʼS India stands tall as the worldʼs 3rd largest start-up and VC ecosystem after USA,

TAKE China. India has recovered the fastest from the Tech, VC winter with signs of $15Bn
of annual investments as the new normal. Domestic consumption, world-class
digital public infrastructure, and India as a hub of global innovation, are some of
the engines firing to fuel Indiaʼs digital prowess in the world. India has delivered
$70Bn of exits to domestic and global VC investors, led by the most vibrant IPO
market in the world. New-age Tech stocks in India now boast $125Bn of
market-cap that has been created just in the last 36 months across 100+ new
companies. The start-up and VC Indian juggernaut is looking secular with
world-leading business models in areas like: AI & SaaS, D2C brands (built even for
16
global markets), DeepTech (biotech, defense, health, manufacturing,
semiconductors, and space), and FinTech to name a few. Contribution of Indiaʼs
Tech ecosystem can be as much as 20% of Indiaʼs $7.5Tn economy in the next
decade which would be a game changing outcome.

Manish Kheterpal
Co-Founder & Partner, WaterBridge Ventures and Vice Chair, VC Council, IVCA 16
REGULATORY ANALYSIS
Economic and Regulatory Uncertainty:

VALUATION PRESSURES ECONOMIC UNCERTAINTY REGULATORY SCRUTINY

Market volatility made it difficult Ongoing economic instability, driven by Rising regulatory scrutiny,
for start-ups to secure favourable geopolitical tensions, inflation, and particularly in sectors like fintech
valuations, affecting their ability to fluctuating interest rates, created and health tech, presented
raise funds on terms that challenges in securing funding. Investors additional challenges for
supported growth. became more risk-averse, leading to early-stage companies.
reduced capital availability.

Amid the ever-evolving landscape, we are launching #VC101 online this year - an industry-first, game-changing knowledge
sharing and learning program, meticulously designed to empower the next generation of innovative Fund Managers.
17
Click here for more details: https://www.ivca.in/vc-101#about
EXPERTʼS
2024 was very interesting: The significant 45% increase in venture capital

TAKE funding in the first half of 2024 compared to the latter half of 2023 clearly
signals renewed investor confidence. This upward trajectory, with $6.4 billion
raised in just six months, reflects the resilience and potential of Indian startups
despite a challenging global environment.

• 2025 looks promising: While Spacetech is growing well, new sectors like
hardware / electronics/ semi conductors are becoming interesting
• Agility with governance will be the focus as sectors innovate and
technologies like AI will accelerate disruption

All in all: Startups investing becoming increasingly interesting and value

creating!

Padmaja Ruparel
Co-Founder of Indian Angel Network and EC & VC Council IVCA 18
PROMINENT EXITS OF 2024

HONASA CONSUMER
SWIGGY LIMITED
PARENT OF MAMAEARTH

Exit Value: Exit Value:

₹6,825 crore $808.74 million) ₹1,602 crore $190.79 million)

Exiting Investors: Exiting Investors:

Accel India, Tiger Global, Sands Capital, Peak XV Peak XV Partners, Sofina, Stellaris Venture Partners,
Partners, IFC, VEF Fireside Ventures

Method: IPO, Public market sale Method: IPO, Public market sale

Source: Venture Intelligence 19

PROMINENT EXITS OF 2024

INDIGO PAINTS SEDEMAC

LIMITED MECHATRONICS

Exit Value: Exit Value:

₹1,557 crore $185.47 million) ₹759 crore $91 million)

Exiting Investors: Exiting Investors:

Peak XV Partners Nexus Venture Partners, TR Capital

Method: IPO, Public market sale Buyer: A91 Partners, Xponentia Capital, IIFL AMC

Source: Venture Intelligence 20

QUARTERLY
TRAJECTORY 24

of VC Exits in 2024 18
19
In 2024, Venture Capital exits in India, peaked at 24 exits in
Q4, the highest of the year. The year began with 11 exits in Q1,
which rose significantly by 72.7% to 19 in Q2, signalling

No. of Deals
11
improved market conditions for exits. Q3 experienced a slight
dip to 18 exits 5.3% from Q2, but the trend remained
relatively stable.

The year closed with a 33.3% surge in Q4. However, despite

strong Q2 and Q4 performance, overall VC exits declined by
12.2% year-on-year, from 82 in 2023 to 72 in 2024, suggesting
a generally more cautious exit environment.
Quarter

Source: Venture Intelligence 21

QUARTERLY
TRAJECTORY 11864

of VC Exits Harvest Value in 2024

In 2024, the harvest value, starting at ₹1,074 crore in Q1 and surging
by 189.3% to ₹3,119 crore in Q2, signalled a strong market. This

Harvest ( ₹/ creore)
positive trajectory persisted in Q3, with the value climbing to ₹5,917 5917
crore, an 89.7% increase from Q2, reflecting a favourable environment
for exits.

3119
Q4 saw an even more impressive rise, doubling from Q3 to ₹11,864
crore, highlighting a significant uptick in exit volumes driven by an
1074
optimistic economic outlook.

Despite a 24.2% year-on-year decline in total harvest values, dropping

to ₹21,974 crore $2.62 billion) from ₹28,993 crore $3.51 billion) in
Quarter
2023, the consistent growth in the second half of 2024 underscores
the resilience of the exit market.

Source: Venture Intelligence 22

INITIATIVES
Indian Venture IPO and Exit Indian Venture Return and
Strategies Forum 2024 Exits Forum 2025

The inaugural flagship forum, held on November 14, 2024, in Mumbai, brought Scheduled for 7th August 2025.
together over 120 delegates from venture capital, institutional investors, and Please stay tuned to IVCA website for more details.
start-ups. Supported by Peak XV Partners, PwC, Redington Limited, SKI Capital
Services, Shardul Amarchand Mangaldas & Co, and Uniqus Consultech Inc.,
the event featured 35+ expert speakers who shared insights on exit strategies,
including IPOs, secondary sales, and founder case studies. The forum offered
innovative strategies for managing investor exits, making it a key event for
stakeholders in the ecosystem.

23
23
 2024 has been a transformative year for the Indian VC ecosystem, with

EXPERTʼS IVCA driving key initiatives like #AltCap101, a premier knowledge-sharing

program for fund managers in alternate capital, and the inaugural Indian Venture IPO

TAKE
& Exit Strategies Forum 2024, which explored critical exit strategies shaping Indiaʼs
startup ecosystem. These platforms have fostered collaboration, shared insights,
and driven impactful conversations.

IVCAʼs proactive government engagement through initiatives such as the

Startup Mahakumbh, Bangalore Tech Summit, and Bharat Wapsi has bridged gaps
between policymakers and the investment community, catalyzing innovation and
sectoral growth.

Looking ahead to 2025, the opportunity in deep tech, manufacturing and AI

technologies is immense. With focused government support—through policies,
incentives, and grants—India can unlock its potential as a global leader in
technology, entrepreneurship, and alternate capital innovation. IVCA remains
committed to driving this vision forward with collaboration across stakeholders.

Prashanth Prakash
Founding Partner, Accel and Co-chair, VC Council & EC IVCA 24
THE STARTUP IPO LANDSCAPE

IPOREADY STARTUPS Startup funding in India is evolving, with an increase in overall investments and larger deal sizes. The focus has
shifted towards late-stage startups, particularly those preparing for initial public offerings IPOs, which are receiving
ATTRACTING
considerable attention from investors.
SIGNIFICANT
ATTENTION
SEBI'S It simplified IPO access for startups with a 2-year operational history or no profits, promoting innovation-driven
businesses. Companies such as Swiggy, Ola Electric, and Go Digit leveraged this to tap into rising market demand.
REGULATION 62
This initiative enhanced IPO market dynamism, benefiting sectors like tech, fintech, edtech, and consumer goods.

ROBUST IPO India's IPO activity remained robust in November 2024, raising ₹35,729 crore - one of the highest monthly totals.
Notable listings included Swiggy, NTPC Green Energy, and firms in the construction sector. The average issue
ACTIVITY
size rose from ₹983 crore in October to ₹4,466 crore in November.

SURGE IN STARTUP IPOS The highlight of the year was the surge in startup IPOs, with a record 12 startups going public and raising
billions.

IMPACT OF US Changes in US economic policies, especially under new leadership of Donald Trump, could positively impact
startup funding dynamics in India. The US Fed's rate cut may act as a catalyst, as lower interest rates historically
POLICIES
encourage investment in riskier assets like venture capital, vital for startup growth.

25
Source: Uniqus; CNBC TV18; Outlook
EXPERTʼS
2024 will go down as the year of the rebuild despite heightened uncertainty.

TAKE 2024 saw 74 global elections, with more than half of the world populationʼs
leaders being elected. This election supercycle increased risk massively as
many billions of dollars under incumbent programs coming under threat. But
2024 also shows signs of recovery as the Indian stock markets saw more Tech
IPOs than the NASDAQ – a historic high for the Indian startup ecosystem. The
year was also punctuated by regulatory upheavals as various changes have
changed how investors fundamentally assess certain sectors. 2025 will see
more IPOs and a number of GPs launching new funds. It will signal a renewal in
funding despite the uncertainty of global decoupling. It's in this uncertainty
that alternatives thrive.

Siddarth Pai
Founding Partner, CFO, and ESG Officer, 3one4 Capital Advisors and EC, IVCA 26
THE STARTUP IPO LANDSCAPE
From January to December 2024, 90 companies 69  April to December 2024) successfully listed on the mainboard,
LISTINGS ON MAIN collectively raising an impressive INR 1.59 lakh crores (approximately USD 18.76 billion) INR 1.46 lakh crores for April
BOARD to December 2024  USD 17.23 billion).

Average Subscription (times) : The overall investor participation has touched 60x the subscription value for the year
INVESTOR
2024 61x for April to December 2024. January to October period registered an average of 65x subscriptions
PARTICIPATION
following an active participation among the investors with Non-institutional investors NII) averaging 105x followed by
Qualified Institutional Buyers QIB) at 89x and retail participation at 33x. This was followed by a significant dip in
November month as the subscriptions plummeted to a mere 14x, with retail participation at 5x, while QIPs and NIIs
subscribed close to 20x, registering a decline of 77% from the subscription levels seen during the period January to
October 2024. However, December month registered a significant increase in participation, bringing back the
subscription levels to normalcy as seen in the earlier periods with a total of 52x subscription, majorly contributed by
QIBs at 78x.

The IPO market displayed robust performance between January to December 2024, with nearly 58% of issuers 64% for
IPO RETURNS April to December 2024) achieving gains exceeding 15%. The average listing gain during this period stood at an
impressive 30% 34% for April to December 2024.

Source: Uniqus
27
THE STARTUP IPO LANDSCAPE

INVESTOR BEHAVIOR Flipping behavior remained prominent, with approximately 54% of IPO shares (by value) allotted to investors (excluding
anchor investors) being sold within a week of listing.

USE OF PROCEEDS A year-long analysis of fund utilization reveals notable trends. General corporate purposes GCP) and unidentified
acquisitions account for the largest share at 25%, followed by working capital funding at 21%. Funding for capital expenditure
CapEx lags behind at 14%, indicating a more limited focus on long-term asset creation during the year.

FUTURE PIPELINE SEBI has received around 92 draft offer documents representing a proposed issue size of approximately INR 111,000 crores USD
13.2 billion). Notably, INR 9,706 crores worth of drafts were submitted in November alone, signaling sustained market activity.

Source: Uniqus
28
EXPERTʼS
2024 has been a very strong year for the Indian startup and venture

TAKE ecosystem. A clear highlight has been Indian IPOs. The Indian IPO
market is "open for business" and has created a path for founders to
build large enduring companies along with tremendous exit
opportunities for early investors. We end the year with Zomato, India's
most valuable listed startup with a market cap of over $30B and three
venture funded companies now having public market caps of over $10B
Infoedge, Makemytrip and Swiggy). India now has over 30 venture
funded startups
29
that are listed, but we are just getting started.

Rajan Anandan
Managing Director, Peak XV and Surge and Co-chair, VC Council & EC IVCA 29
FUTURE OUTLOOK INDIAʼS VC ECOSYSTEM
HERE, WE EXPLORE THE KEY DEVELOPMENTS THAT HAVE SHAPED THE VC ECOSYSTEM IN 2024 AND ARE
LIKELY TO INFLUENCE ITS DYNAMICS GOING INTO 2025

INVESTMENT DISCIPLINE With smaller fund sizes becoming the norm, VC firms are prioritising investment discipline, focusing on a higher
quality of deals rather than sheer volume.
OVER VOLUME

GROWTHSTAGE While early-stage investments remain important, growth-stage investments are expected to take center stage as
firms become more selective.
FOCUS

DRY POWDER AND With significant dry powder available, VC firms are waiting for favourable market conditions to deploy capital into
high-quality startups, particularly in high-growth sectors.
SELECTIVE DEPLOYMENT

SECTORSPECIFIC Trends indicate sustained strong interest in AI, Defence-Tech, and Space Tech, with India well positioned to become a global
leader in space technology, driven by government support. Conversely, the fintech sector is expected to attract more cautious
INTEREST
investment, as competition from traditional banks intensifies and regulatory oversight increases.

REGULATORY In a landmark move during the Union Budget 2024, the Indian government abolished angel tax for all investors, effective FY
202526, unlocking new opportunities for startups and fueling innovation. Additionally, the ₹10 billion VC fund for the space
LANDSCAPE
sector is set to boost investor confidence and support sector-specific startups. Both developments promise to foster a
conducive regulatory environment in 2025.

Sources: Mint; PIB 30

RESILIENT VC
LANDSCAPE
Indiaʼs VC market has shown signs of recovery. By the
end of 2024, VC deals increased by 16.5%, rising to 536
from 460 in 2023, and investments grew by 29.4%,
reaching ₹19,900 crore $2.38 billion) from ₹15,371 crore
$1.85 billion) the previous year.

However, this positive trend was offset by a 12.2%

decline in exits, which dropped to 72 from 82 in 2023.
Additionally, harvest values decreased by 24.2%,
falling to ₹21,974 crore $2.62 billion) from ₹28,993
crore $3.51 billion).

Source: Venture Intelligence

31
ABOUT IVCA
OVERVIEW STRUCTURE
Established in 1993, the Indian Venture and Alternate Capital IVCA stands as the sole industry association exclusively
Association IVCA) is a non-profit organization and the apex representing alternate capital funds investing in India.
industry body dedicated to promoting the alternate capital Distinctively, the association is collectively owned by its
industry in India. It plays a pivotal role in nurturing a thriving industry members, reflecting its commitment to serving the
investment environment by advocating regulatory interventions interests of the alternate capital community.
and facilitating meaningful dialogue with the Government of
India, policymakers, and regulators. Through its efforts, IVCA
fosters increased entrepreneurial activity, innovation, and job
creation, positioning India as a premier hub for fund
management.

MEMBERSHIP ROLE IN AIF LANDSCAPE

IVCA boasts a robust membership base of over 400 members Within the SEBI-registered Alternate Investment Fund AIF
with a combined Assets Under Management AUM) exceeding ecosystem, IVCA represents 46% of all registered AIFs,
$340 billion. Its membership encompasses the most active demonstrating its significant influence in the industry.
domestic and global funds, including Venture Capital VC) and
Additionally, 74% of its members manage AIFs, further
Private Equity PE) firms, Infrastructure Funds, Real Estate
Funds, Credit Funds, Investment Companies, Family Offices, solidifying its role as a critical stakeholder in the alternate
Corporate VCs, CAT III Funds, Hedge Funds, Limited Partners, capital domain.
and Knowledge Partners.

For more information, visit: www.ivca.in 32

VC TEAM AT IVCA

AMIT PANDEY amit.pandey@ivca.in SUNITHA PRASAD sunitha@ivca.in

YACHNA LUTHRA yachna.luthra@ivca.in NIKITA SHUKLA nikita@ivca.in

BHAVYE ANAND bhavye@ivca.in TANISHQ tanishq@ivca.in

To join IVCA's dynamic network, write to us at

Sunitha Prasad at sunitha@ivca.in Nikita Shukla at nikita@ivca.in

33
34