印度創投市場評估：按產業、基金規模、融資類型、地區、機會、預測（2018 財年-2032 財年）

創投是私募股權的一種形式，投資者為具有長期成長潛力的新創企業和小型企業提供資金。創投市場主要是由尋求高回報的投資者和需要資金的公司之間的互利互動所驅動的。創投基金市場的特點是風險承受能力高、投資期間長以及支持投資組合公司的先進方法。風險資本市場透過為產品開發、業務擴張和創造就業機會提供資金，為創新和經濟成長做出了重大貢獻。政府激勵、技術進步、經濟快速成長和成熟的創業生態系統等因素促進了印度創投市場的成長。然而，印度的創投資金已從 2022 年至 2023 年的 257 億美元下降至 96 億美元，反映出謹慎的態度。

2024 年 6 月，線上醫療保健和技術解決方案提供商 CloudPhysician 在 Peak XV Partners 領投的一輪融資中籌集了 1,050 萬美元。

政府獎勵措施促進市場成長

印度政府宣佈了多項政策和措施來促進創投市場的成長。主要舉措包括Production Linked Incentive（PLI）計劃，該計劃為從事國內製造和研發的公司提供財政激勵，鼓勵對高潛力行業的投資。政府建立了科技公司在國家證券交易所上市的機制。這使得新創公司更容易進入公開市場並籌集資金。以Unified Payments Interface（UPI）和Aadhaar數位ID系統為形式的完善的公共數位基礎設施也有助於擴大該國的數位經濟，並為風險投資開闢新的途徑。這些措施加上稅收優惠和監管改革，使印度成為世界上成長最快的創業生態系統之一。新創企業吸引了巨額風險投資，為許多行業帶來了創新。

印度政府宣佈2024年對在SEBI註冊的創投基金投資符合條件的新創企業免徵資本利得稅，鼓勵更多投資者投資高風險新創公司。這對於長期投資特別有利，因為它減少了成功企業產生的回報的整體稅負。

技術進步推動市場成長

FinTech、HealthTech、EdTech等許多領域的技術創新正在推動印度創新新創企業的發展，吸引了尋求高成長投資的風險資本家的濃厚興趣。在過去的十年中，印度的創業生態系統在各個領域的技術驅動型公司數量方面不斷增長。在金融科技領域，顛覆者正在透過數位支付平台、點對點借貸解決方案和基於區塊鏈的創新來改變金融服務。同時，健康科技新創公司正在利用技術，透過遠距醫療服務、人工智慧驅動的診斷、個人化健康計畫等，使醫療保健變得更加方便和實惠。教育科技產業正在發生巨大的發展，新創公司開發了線上學習平台、適應性教育解決方案以及針對學生和專業人士不斷變化的需求量身定制的技能發展計劃。這種技術、創新和創業精神的結合正在吸引來自世界各地的風險投資。

本報告針對印度創投市場進行研究和分析，提供市場規模和預測、市場動態、主要參與者的現狀和前景等。

目錄

第1章 研究方法論

第2章 專案範圍與定義

第3章 執行摘要

第4章 客戶回饋

• 客戶人口統計（性別、年齡、收入、職業等）
• 市場和產品/服務訊息
• 品牌回憶與忠誠度
• 選擇品牌的理由
• 盡職調查流程
• 後續融資能力

第5章 印度創投市場展望（2018-2032財年）

• 市場規模及預測
  • 金額
• 部門級
  • 軟件
  • 製藥
  • 媒體、娛樂
  • IT
  • 消費品、娛樂
  • 活力
  • 其他
• 按基金規模
  • 低於 5000 萬美元
  • 5000萬美元至1億美元
  • 1億美元至2.5億美元
  • 2.5億美元至5億美元
  • 5億美元至10億美元
  • 超過10億美元
• 依資金類型
  • NBFC 的第一筆創投
  • 後續創投
• 按地區
  • 北方
  • 南部
  • 東
  • 西部、中部
• 市佔率：依公司劃分（2024 財年）

第6章 市場測繪（2024 財政年度）

• 部門級
• 按基金規模
• 依資金類型
• 按地區

第7章 宏觀環境與產業結構

• 供需分析
• 監理框架和合規性
• 價值鏈分析
• PESTEL 分析
• 波特五力分析

第8章 市場動態

• 增長動力
• 成長限制因素（問題、限制因素）

第9章 主要公司情況

• 前 5 名市場領導者的競爭矩陣
• 前 5 名市場領導者的市場收入分析（2024 財年）
• 併購/合資（如適用）
• SWOT 分析（5 家市場公司）
• 專利分析（如果適用）

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章戰略建議

第13章 關於我們公司、免責聲明

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