Private equity and venture capital (PE-VC) investments in Indian companies, excluding real estate, remained resilient in the second quarter of 2026 despite a sharp moderation from the preceding quarter, according to a report by Venture Intelligence.
This investment total represents a 3% decline compared to the $6.6 billion invested across 309 deals in the same period of 2025. It represents a 42% decline compared to the immediate previous quarter, which recorded $11 billion across 376 deals. Deal volumes fell 14% year-over-year and 29% quarter-over-quarter. These figures exclude PE investments in real estate.
The quarter recorded 17 deals valued at $100 million or more, totaling $3.8 billion. This compares to 15 such investments worth $3.6 billion in the second quarter of 2025, and 21 deals worth $7.2 billion in the immediate previous quarter. The largest investment was a $732 million investment in CtrlS Data Centers by CPPIB. Fairfax Holdings acquired a controlling stake in IIFL Capital Services for $384 million. British International Investment and Copenhagen Infrastructure Partners established a $300 million investment platform named North Star Energy. Carlyle acquired EqualizeRCM for $300 million. KreditBee secured $280 million in a Series E round from Advent International, Dragon Capital, Motilal Oswal Alternates, Orchid Asia, PremjiInvest, and White Oak Capital Management.
IT and ITeS received $2.7 billion across 149 deals. The top transactions in this sector were Carlyle’s $300 million investment in EqualizeRCM, the $280 million investment in KreditBee, and a $240 million investment in Rapido led by Accel India, Prosus Ventures, and WestBridge Capital. The telecom industry ranked second by investment value, led by the $732 million investment in CtrlS Data Centers. The BFSI industry attracted about $574 million across 8 deals. Investments in this sector were led by the $384 million investment by Fairfax Holdings in IIFL Capital Services, a $96 million investment in Aditya Birla Capital led by IFC, and an $80 million investment in Axis Finance by Kedaara Capital.