India’s private equity market saw big changes in 2024. The IVCA-EY report showed PE/VC deals hit $56 billion. That’s a 5% jump compared to the previous year. Growth came from healthcare, pharma, tech, and consumer sectors. If you’re eyeing this field, tracking top PE firms helps. Watching their moves can shape your career decisions.
This blog will delve into the top 20 private equity firms in India that are the most in the country as of 2025, highlighting their key investments and impact on the market.
Top 20 Private Equity Firms in India
Here are the top 20 private equity firms in India that are most active in 2025:
1. Blackstone Group
Blackstone has been a dominant force in India’s private equity scene. Their portfolio includes major investments in real estate, infrastructure, and consumer businesses. As one of the top 20 private equity firms in India, Blackstone continues to back high-growth companies while making strategic exits to maximise returns.
2. KKR & Co.
KKR has a significant presence in India, with investments across various sectors. In 2024, they prepared to sell their 63% stake in Avendus, an Indian financial services firm, highlighting their active portfolio management.
Over the years, KKR has played a key role in India’s private equity space, investing in technology, financial services, and healthcare. Their focus remains on scaling businesses with operational expertise and strategic capital deployment.
3. Carlyle Group
Carlyle has been investing in India’s healthcare, IT, and financial services sectors. Their strategic investments have bolstered their position in the Indian market.
In recent years, Carlyle has increased its exposure to India’s growing digital economy, betting on fintech and SaaS companies. With a global reputation for strategic acquisitions, Carlyle continues to be one of the top 20 private equity firms in India. They still identify high-potential businesses in the country for long-term value creation.
4. Temasek Holdings
Temasek focuses on long-term investments in digital platforms, healthcare, and retail in India. Their patient capital approach supports sustainable growth. This Singapore-based firm has steadily expanded its footprint in India, acquiring stakes in startups and established companies alike.
5. Warburg Pincus
Warburg Pincus has a history of building market leaders in India. Over the years, Warburg Pincus has been instrumental in scaling businesses across sectors like technology, healthcare, and financial services in India.
6. Sequoia Capital India
Sequoia has been instrumental in nurturing Indian startups, especially in the tech sector. Their investments have propelled companies like BYJU’S and OYO to prominence.
By providing not just capital but also mentorship, Sequoia has played a pivotal role in shaping India’s startup ecosystem. Their focus remains on identifying and supporting visionary founders who are building impactful solutions.
7. Bain Capital
Bain Capital has made significant investments in India’s financial services and consumer sectors. Their strategic deals have strengthened their foothold in the market. Notable investments include stakes in companies like Axis Bank and L&T Finance, highlighting their commitment to India’s growth story.
8. EQT Partners
EQT has exceeded its investment targets in India, focusing on technology and healthcare sectors. Their investments span various industries, including financial services and healthcare, reflecting a diversified strategy. EQT’s thematic investment approach and active ownership model aim to drive sustainable growth in their portfolio companies.
9. TPG Capital
TPG Capital has shown a keen interest in India’s education sector. This investment aims to enhance AI-driven learning experiences and expand enterprise offerings. TPG’s involvement shows how committed they are to fostering innovation in India’s educational landscape.
10. Baring Private Equity Asia
Following their merger with EQT AB in 2022, BPEA has intensified its focus on India. The combined entity, BPEA EQT, has been actively investing in the country’s technology and healthcare sectors.
11. General Atlantic
General Atlantic has been a significant player in India’s consumer and technology sectors. They have supported high-growth companies poised for expansion.
Their investments have facilitated the scaling of businesses in India’s dynamic market. General Atlantic’s approach focuses on partnering with visionary entrepreneurs to drive transformative growth.
12. Advent International
Advent International has actively invested in India’s financial services and healthcare industries. Their strategic investments have contributed to the expansion and modernisation of these sectors.
By providing capital and expertise, Advent supports companies in achieving sustainable growth. Their involvement underscores a commitment to India’s evolving economic landscape.
13. Apax Partners
Apax Partners has been actively investing in India’s technology and telecom sectors, recognizing the country’s rapid digital transformation. Their Indian portfolio includes companies like Azentio Software, Infogain, GlobalLogic, Zensar, IBS Software, and Fractal Analytics. Their commitment to India’s tech sector shows their confidence in the nation’s growth potential.
14. Brookfield Asset Management
Brookfield has concentrated on India’s real estate and infrastructure projects, aligning with the nation’s development goals. Their strategic investments reflect their long-term vision for India’s growth.
15. GIC Private Limited
GIC has supported sustainable initiatives in India’s renewable energy sector. Their investments aim to promote clean energy and reduce carbon footprints. GIC’s commitment to sustainability aligns with global efforts to combat climate change.
16. Macquarie Group
Macquarie has shown interest in India’s infrastructure and renewable energy projects, contributing to the country’s green transition. Their investments support the development of sustainable infrastructure.
17. CVC Capital Partners
CVC has invested in India’s consumer goods and services sectors, tapping into the growing middle-class market. Their global experience and strategic approach have enabled them to identify and support promising Indian enterprises.
18. Vista Equity Partners
Vista has targeted India’s software and technology companies, recognizing the country’s IT prowess. Vista’s focus on enterprise software and data-driven companies aligns well with India’s growing tech landscape.
19. L Catterton
L Catterton has focused on India’s consumer and retail sectors, capitalising on the burgeoning consumer base. In 2024, they formed a new India consumer-focused joint venture partnership with Sanjiv Mehta, deepening their commitment to the market.
20. ChrysCapital
ChrysCapital, an India-focused firm, has been active in various sectors, including healthcare and financial services. Their deep understanding of the Indian market has enabled them to identify and nurture high-growth opportunities across multiple industries.
Conclusion
As we enter 2025, these top 20 private equity firms in India will keep shaping the country’s economy. Private equity fuels business growth with capital and strategic guidance. Investors see India as a high-growth market with strong returns. With more players joining, competition will drive smarter investment strategies.
Even as an entrepreneur or an investor, you’ll find that India’s PE scene is worth watching. The future looks promising, with growing momentum and investor confidence.
FAQs
- How do private equity firms differ from venture capital firms?
PE firms invest in companies that are established. They buy majority stakes for better decision-making power. VCs fund startups that show high growth. Their investments are smaller with minority stakeholding.
- What industries attract the most private equity investment in India?
Tech, healthcare, and finance attract major PE funds. Consumer goods and renewable energy also see interest.
- Can individuals invest in private equity firms in India?
PE firms raise money from wealthy individuals and institutions. Retail investors can invest through AIFs and PE funds. These options help them access private equity indirectly.
