Mumbai, Dec 23 Private equity and venture capital (PE and VC) investments in India increased by 4 per cent in November compared to October in value terms, a report said on Tuesday, adding that in 2025 so far, PE and VC investments have reached 88 per cent of last year’s levels.
Investments in the real estate and infrastructure asset class increased nearly fivefold (460 per cent) to $4.2 billion in November 2025 from $747 million in November 2024.
In terms of the number of deals, pure-play investments increased by 1 per cent year-on-year, whereas real estate and infrastructure deals were up by 73 per cent year-on-year, according to the EY-IVCA monthly PE/VC roundup.
“November 2025 recorded $5.6 billion in PE/VC investments, a 31 per cent year-on-year increase ($4.3 billion in November 2024) and a 4 per cent month-on-month increase ($5.4 billion in October 2025),” said Vivek Soni, Partner and National Leader, Private Equity Services, EY.
The number of deals increased to 113 in November 2025, a 12 per cent year-on-year increase (101 deals in November 2024) and a 4 per cent month-on-month increase (109 deals in October 2025).
In November, buyout deals were the highest at $2.1 billion, followed by startup investments at $1.7 billion. From a sector point of view, real estate was the top sector in November 2025, recording $3.7 billion in investments, followed by infrastructure ($531 million), the report showed.
PE/VC exits stood at $3.2 billion across 23 deals in November 2025, 11 per cent lower than in November 2024 ($3.7 billion). Exits through IPO accounted for 46 per cent of the total exit value ($1.5 billion).
Given the global and domestic headwinds, such as geopolitical tensions, tariff uncertainties under the Trump administration and the Rupee’s depreciation, investment activity has been pretty robust, said the report.
The recent repo rate cut by the RBI and the resilient GDP growth point towards attractive growth opportunities, positioning PE/VC investors to capitalize on the next phase of India’s growth cycle, it added.
November recorded total fundraises of $2.4 billion compared to $1.1 billion in November 2024 and $1.8 billion in October 2025.
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