CHENNAI: While the booming IPO activity has helped more PE-VC exits this year, it is still muted compared to the record highs notched in 2024. PE-VC exits have declined 23 per cent in the number of deals and 13 per cent in value between January and September 2025 compared to the same period in 2024. Venture capital exits were higher this calendar though private equity (PE) exits fell sharply.
Experts, however, feel that despite the dip, the visibility remains good for exit deals. “The past three fiscals have seen a surge in initial public offer (IPO) activity in India, with more than 550 companies getting listed on the National Stock Exchange.
The momentum has continued this fiscal, with 119 companies going public as of September 30, 2025,” says Jiju Vidyadharan, Senior Director, Crisil Intelligence. He feels that the trend augurs well for private markets as IPOs offer PE funds a crucial exit route.
Businessline analysis of ‘IVCA’ data show that during January-September 2025, PE exits stood at 126 deals, lower by 43 per cent, than the 220 PE exits recorded in the first three quarters of 2024. The value of PE exits also fell 21 per cent from ₹1.70 lakh crore to ₹1.48 lakh crore in 2025.
In contrast, the number of VC exits rose from 48 in 2024 to 81 in 2025, a 69 per cent increase. The value of VC exits went from ₹10,000 crore to ₹21,000 crore, an 111 per cent increase.
Renewable energy (mostly solar), hospitals, pharmaceuticals, mobile apps and discount retail accounted for the most substantial realisations recorded in the year to date.
This included sizeable PE exits in renewables and pharmaceuticals, such as Everstone, British International Investment and NIFF’s exit from Ayana Renewables, and KKR’s exit from JB Chemicals respectively.
Public market sales remained the most preferred exit route through the first three quarters of 2025. The reliance on this route mirrors patterns seen in 2024, when public market exits delivered the largest share of PE realisations.
The continued dominance of public market sales reflects the depth of Indian equity markets in absorbing large-value transactions and indicates that even amid shifts in sector performance and deal momentum, public listings and block trades remain central for investors seeking predictable liquidity.
Source: The Hindu Business Line
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