印度创投市场评估：按产业、基金规模、融资类型、地区、机会、预测（2018 财年-2032 财年）

创投是私募股权的一种形式，投资者为具有长期成长潜力的新创企业和小型企业提供资金。创投市场主要是由寻求高回报的投资者和需要资金的公司之间的互利互动所驱动的。创投基金市场的特点是风险承受能力高、投资期间长以及支持投资组合公司的先进方法。风险资本市场透过为产品开发、业务扩张和创造就业机会提供资金，为创新和经济成长做出了重大贡献。政府激励、技术进步、经济快速成长和成熟的创业生态系统等因素促进了印度创投市场的成长。然而，印度的创投资金已从 2022 年至 2023 年的 257 亿美元下降至 96 亿美元，反映出谨慎的态度。

2024 年 6 月，线上医疗保健和技术解决方案提供商 CloudPhysician 在 Peak XV Partners 领投的一轮融资中筹集了 1,050 万美元。

政府奖励措施促进市场成长

印度政府宣布了多项政策和措施来促进创投市场的成长。主要举措包括Production Linked Incentive（PLI）计划，该计划为从事国内製造和研发的公司提供财政激励，鼓励对高潜力行业的投资。政府建立了科技公司在国家证券交易所上市的机制。这使得新创公司更容易进入公开市场并筹集资金。以Unified Payments Interface（UPI）和Aadhaar数位ID系统为形式的完善的公共数位基础设施也有助于扩大该国的数位经济，并为风险投资开闢新的途径。这些措施加上税收优惠和监管改革，使印度成为世界上成长最快的创业生态系统之一。新创企业吸引了巨额风险投资，为许多行业带来了创新。

印度政府宣布2024年对在SEBI註册的创投基金投资符合条件的新创企业免征资本利得税，鼓励更多投资者投资高风险新创公司。这对于长期投资特别有利，因为它减少了成功企业产生的回报的整体税负。

技术进步推动市场成长

FinTech、HealthTech、EdTech等许多领域的技术创新正在推动印度创新新创企业的发展，吸引了寻求高成长投资的风险资本家的浓厚兴趣。在过去的十年中，印度的创业生态系统在各个领域的技术驱动型公司数量方面不断增长。在金融科技领域，颠覆者正在透过数位支付平台、点对点借贷解决方案和基于区块链的创新来改变金融服务。同时，健康科技新创公司正在利用技术，透过远距医疗服务、人工智慧驱动的诊断、个人化健康计画等，使医疗保健变得更加方便和实惠。教育科技产业正在发生巨大的发展，新创公司开发了线上学习平台、适应性教育解决方案以及针对学生和专业人士不断变化的需求量身定制的技能发展计划。这种技术、创新和创业精神的结合正在吸引来自世界各地的风险投资。

本报告针对印度创投市场进行研究和分析，提供市场规模和预测、市场动态、主要参与者的现状和前景等。

目录

第1章 研究方法论

第2章 专案范围与定义

第3章 执行摘要

第4章 客户回馈

• 客户人口统计（性别、年龄、收入、职业等）
• 市场和产品/服务讯息
• 品牌回忆与忠诚度
• 选择品牌的理由
• 尽职调查流程
• 后续融资能力

第5章 印度创投市场展望（2018-2032财年）

• 市场规模及预测
  • 金额
• 部门级
  • 软件
  • 製药
  • 媒体、娱乐
  • IT
  • 消费品、娱乐
  • 活力
  • 其他
• 按基金规模
  • 低于 5000 万美元
  • 5000万美元至1亿美元
  • 1亿美元至2.5亿美元
  • 2.5亿美元至5亿美元
  • 5亿美元至10亿美元
  • 超过10亿美元
• 依资金类型
  • NBFC 的第一笔创投
  • 后续创投
• 按地区
  • 北方
  • 南部
  • 东
  • 西部、中部
• 市占率：依公司划分（2024 财年）

第6章 市场测绘（2024 财政年度）

• 部门级
• 按基金规模
• 依资金类型
• 按地区

第7章 宏观环境与产业结构

• 供需分析
• 监理框架和合规性
• 价值链分析
• PESTEL 分析
• 波特五力分析

第8章 市场动态

• 增长动力
• 成长限制因素（问题、限制因素）

第9章 主要公司情况

• 前 5 名市场领导者的竞争矩阵
• 前 5 名市场领导者的市场收入分析（2024 财年）
• 併购/合资（如适用）
• SWOT 分析（5 家市场公司）
• 专利分析（如果适用）

第10章 案例研究

第11章 主要公司展望

• Sequoia Capital India Advisors Private Limited
• Accel Partners India Llp
• Nexus Venture Partners
• Kalaari Capital Advisors Pvt Ltd.
• Blume Venture Advisors Private Limited
• 3ONE4Capital Advisors LLP
• India Quotient Advisers LLP
• Matrix Partners India DeVC I AIF
• Lightbox India Advisors Private Limited
• Yournest Capital Advisors Private Limited

第12章战略建议

第13章 关于我们公司、免责声明

Venture capital is a form of private equity in which investors fund start-ups and small firms with strong long-term growth prospects. The venture capital market is primarily driven by the mutually beneficial interactions between investors seeking high returns and firms in need of funding. The venture capital fund market is distinguished by its high-risk tolerance, long investment horizon, and forward-thinking approach to support portfolio enterprises. The venture capital market contributes significantly to innovation and economic growth by providing financing for product development, business expansion, and job creation. Factors such as government incentives, technological advancement, a fast-growing economy, and a maturing startup ecosystem have contributed to the growth of India's venture capital investment market. However, venture capital funding in India decreased from USD 25.7 billion to USD 9.6 billion between 2022 and 2023, reflecting a caution.

In June 2024, Cloudphysician, an online healthcare and technology solutions provider, raised USD 10.5 million in a funding round that was led by Peak XV Partners.

Government Incentives to Boost Market Growth

The government of India has announced several policies and initiatives that are fueling the growth of the venture capital market. Some of the key initiatives include production-linked incentive (PLI) schemes, which provide financial incentives to companies for domestic manufacturing and R&D, encouraging investment in high-potential sectors. The government has established a mechanism for listing technology companies on domestic stock exchanges. This made it easier for startups to get access to public markets and raise capital. It has developed sound public digital infrastructure in the form of a Unified Payments Interface (UPI) and an Aadhaar digital identity system, which have together helped the nation's digital economy expand and opened new paths for venture capital investment. These initiatives, coupled with tax incentives and regulatory reforms, have been instrumental in giving India one of the fastest-growing startup ecosystems in the world. Startups have attracted enormous venture capital investments and brought innovation across many sectors.

In 2024 the Government of India announced that investments by SEBI-registered venture capital funds in eligible startups can get exemptions from capital gains tax, encouraging more investors to invest in high-risk startups. This will be of special advantage to long-term investments, as it reduces the overall taxation from returns arising out of successful ventures.

Technological Advancement to Drive Market Growth

Technological innovation in FinTech, HealthTech, EdTech, and many other sectors have been the propeller of growth for a new wave of innovative startups in India, attracting huge interest from venture capital firms looking for investments with high growth potential. Over the last decade, the Indian startup ecosystem has grown in terms of the number of tech-driven companies across sectors. On the fintech front, disruptors are making a difference in financial services through their digital payment platforms, peer-to-peer lending solutions, and blockchain-based innovations. On the contrary, health tech startups are leveraging technology to drive healthcare accessibility and affordability through telemedicine services, AI-powered diagnostics, and personalized well-being programs. The EdTech industry has evolved incredibly, wherein startups are developing online learning platforms, adaptive education solutions, and skill development programs tailored to the evolving needs of students and professionals. This blend of technology, innovation, and entrepreneurship is attracting global venture capital.

In June 2024, GreyLabs AI, a speech analytics platform for financial institutions, closed over USD 1.5 million in its seed round led by Matrix Partners India as lead investors.

Software Segment to Dominate the Market

The Indian venture capital market has seen a shift towards software and related technology sectors. The software segment is expected to continue dominating the Indian venture capital landscape in the future. The rapid growth of the Indian startup ecosystem, backed by rapid development in digital infrastructure and government initiatives such as Startup India, has paved the way for technology-driven ventures. Sectors such as fintech, edtech, e-commerce, and SaaS have seen large investments from venture capitalists. Deep tech startups, specifically AI, ML, IoT, blockchain, and robotics, are drawing increased interest. Such a turn towards more science-driven and industrially focused startups indicates that the software segment is going to remain one of the main drivers of venture capital activity in India.

In May 2024, Ola founder Bhavish Aggarwal announced Krutrim AI, a large language model. It supports 10 Indian languages and can understand and generate any content in those languages. It aims to reflect India's cultural and linguistic diversity.

Follow-on Funding to Dominate Market

The follow-on funding segment is dominating the India venture capital investment market. It is credited to several key factors, such as maturity of the Indian startup ecosystem, wherein the market has seen leading companies emerge and raise multiple rounds of funding. These established startups, often referred as unicorns, attract large follow-on investments from the top venture capital firms worldwide. Investors know that that startups can scale and achieve key milestones, therefore they are willing to invest large sums of money to help sustain their growth. The entry of global venture capital firms in the Indian market has further boosted the follow-on funding market. Such seasoned investors have global networks that can be leveraged to create capital and provide strategic guidance for strengthening the market position of Indian startups.

In 2024, Pocket FM, an audio-based entertainment platform, closed its Series D funding round at USD 103 million. It was led by Lightspeed Ventures, with participation through the Stepstone Group.

Southern India Dominates the Venture Capital Investment Market

Southern India, particularly Bengaluru, Chennai, and Hyderabad, has grabbed the largest market share of the venture capital investment market in India. One of the major drives behind this is a robust pool of talented individuals. The area features premier engineering and technology institutes such as the IITs and IIITs, providing a steady flow of talented individuals. This talent pool has nourished the growth of a vibrant startup ecosystem and attracted venture capital investments. Moreover, South India has good infrastructure through world-class technology parks, reliable power supply, and smooth transportation networks. It has been one of the appeals to domestic and global tech companies and has thereby driven venture capital investments. Cities like Bangalore have become the hub for successful tech startups, creating an entrepreneurial culture and supporting startups through experienced mentors, angel investors, and resources. Further enhancing the region's appeal for venture capital investors is enabling regulatory environment and other government initiatives such as the Karnataka Startup Policy and the Telangana T-Hub.

In March 2024, Cureskin, an AI-based dermatology platform in Bangalore, raised USD 20 million in Series Billion funding.

Future Market Scenario (FY2025 - FY2032)

The Indian venture capital investment market is expected to grow at a fast pace. India's impressive GDP growth rate and being one of the fastest-growing economies make it very attractive to venture capital investors.

India has a large pool of talented entrepreneurs that is stretching the boundaries of growth to contribute to the overall vibrancy of the venture capital market in India.

AI and ML-based startups are expected to rise due to the large inflow of investment in these technologies. Moreover, FinTech startups involved in providing cutting-edge solutions to sectors such as payments, lending, and wealth management attract huge investments and are bound to further rise with the emergence of more startups.

Venture capital firms are likely to spread through metropolitan areas and smaller towns. This is characterized by an increased focus on startups based in smaller cities that cater to local needs.

Key Players Landscape and Outlook

The Indian venture capital market has seen massive growth in the historic period. Key players play a significant role in driving innovation and growth within the startup ecosystem. Big firms have been at the forefront of providing financial support and strategic guidance while opening doors to valuable networks. These venture capital firms play a huge role by backing many startups that later attain Unicorn status.

In July 2024, Centriti, a B2B e-procurement platform for the hotel, restaurant, and catering (HoReCa) industry, raised USD 60 million in a funding round led by Emergent India Ventures.

Table of Contents

1. Research Methodology

2. Project Scope and Definitions

3. Executive Summary

4. Voice of Customer

• 4.1. Customer Demographics (Gender, Age, Income, Profession, etc.)
• 4.2. Market and Product/Service Intelligence
• 4.3. Brand Recall and Loyalty
• 4.4. Reasons for Brand Choice
  • 4.4.1. Brand Name and Market Presence
  • 4.4.2. Industry Expertise
  • 4.4.3. Funding Terms
  • 4.4.4. Network and Connections
• 4.5. Due Diligence Process
• 4.6. Follow-on Funding Capability

5. India Venture Capital Investment Market Outlook, FY2018-FY2032

• 5.1. Market Size & Forecast
  • 5.1.1. By Value
• 5.2. By Sector
  • 5.2.1. Software
  • 5.2.2. Pharmaceutical
  • 5.2.3. Media and Entertainment
  • 5.2.4. IT
  • 5.2.5. Consumer Goods and Recreation
  • 5.2.6. Energy
  • 5.2.7. Others
• 5.3. By Fund Size
  • 5.3.1. Under USD 50 Million
  • 5.3.2. USD 50 Million to USD 100 Million
  • 5.3.3. USD 100 Million to USD 250 Million
  • 5.3.4. USD 250 Million to USD 500 Million
  • 5.3.5. USD 500 Million to USD 1 Billion
  • 5.3.6. Above USD 1 Billion
• 5.4. By Funding Type
  • 5.4.1. NBFCs First-Time Venture Funding
  • 5.4.2. Follow-on Venture Funding
• 5.5. By Region
  • 5.5.1. North
  • 5.5.2. South
  • 5.5.3. East
  • 5.5.4. West and Central
• 5.6. By Company Market Share (%), FY2024

6. Market Mapping, FY2024

• 6.1. By Sector
• 6.2. By Fund Size
• 6.3. By Funding Type
• 6.4. By Region

7. Macro Environment and Industry Structure

• 7.1. Supply Demand Analysis
• 7.2. Regulatory Framework and Compliance
  • 7.2.1. Reserve Bank of India
  • 7.2.2. Securities Exchange Board of India
  • 7.2.3. Insurance and Regulatory Development Authority of India
• 7.3. Value Chain Analysis
• 7.4. PESTEL Analysis
  • 7.4.1. Political Factors
  • 7.4.2. Economic System
  • 7.4.3. Social Implications
  • 7.4.4. Technological Advancements
  • 7.4.5. Environmental Impacts
  • 7.4.6. Legal Compliances and Regulatory Policies (Statutory Bodies Included)
• 7.5. Porter's Five Forces Analysis
  • 7.5.1. Supplier Power
  • 7.5.2. Buyer Power
  • 7.5.3. Substitution Threat
  • 7.5.4. Threat from New Entrants
  • 7.5.5. Competitive Rivalry

8. Market Dynamics

• 8.1. Growth Drivers
• 8.2. Growth Inhibitors (Challenges and Restraints)

9. Key Players Landscape

• 9.1. Competition Matrix of Top Five Market Leaders
• 9.2. Market Revenue Analysis of Top Five Market Leaders (By Value, FY2024)
• 9.3. Mergers and Acquisitions/Joint Ventures (If Applicable)
• 9.4. SWOT Analysis (For Five Market Players)
• 9.5. Patent Analysis (If Applicable)

10. Case Studies

11. Key Players Outlook

• 11.1. Sequoia Capital India Advisors Private Limited
  • 11.1.1. Company Details
  • 11.1.2. Key Management Personnel
  • 11.1.3. Products and Services
  • 11.1.4. Financials (As Reported)
  • 11.1.5. Key Market Focus and Geographical Presence
  • 11.1.6. Recent Developments
• 11.2. Accel Partners India Llp
• 11.3. Nexus Venture Partners
• 11.4. Kalaari Capital Advisors Pvt Ltd.
• 11.5. Blume Venture Advisors Private Limited
• 11.6. 3ONE4Capital Advisors LLP
• 11.7. India Quotient Advisers LLP
• 11.8. Matrix Partners India DeVC I AIF
• 11.9. Lightbox India Advisors Private Limited
• 11.10. Yournest Capital Advisors Private Limited

Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work

12. Strategic Recommendations

13. About Us and Disclaimer

List of Tables

• Table 1. Pricing Analysis of Products from Key Players
• Table 2. Competition Matrix of Top 5 Market Leaders
• Table 3. Mergers & Acquisitions/ Joint Ventures (If Applicable)
• Table 4. About Us - Regions and Countries Where We Have Executed Client Projects

List of Figures

• Figure 1. India Venture Capital Investment Market, By Value, In USD Billion, FY2018-FY2032F
• Figure 2. India Venture Capital Investment Market Share (%), By Sector, FY2018-FY2032F
• Figure 3. India Venture Capital Investment Market Share (%), By Fund Size, FY2018-FY2032F
• Figure 4. India Venture Capital Investment Market Share (%), By Funding Type, FY2018-FY2032F
• Figure 5. India Venture Capital Investment Market Share (%), By Region, FY2018-FY2032F
• Figure 6. By Sector Map-Market Size (USD Billion) & Growth Rate (%), FY2024
• Figure 7. By Fund Size Map-Market Size (USD Billion) & Growth Rate (%), FY2024
• Figure 8. By Funding Type Map-Market Size (USD Billion) & Growth Rate (%), FY2024
• Figure 9. By Region Map-Market Size (USD Billion) & Growth Rate (%), FY2024