<h1>India private markets: 2025 saw lower deal volumes, concentrated capital in larger rounds, tighter fundraising and an M&A rebound.</h1> India's private markets in 2025 showed lower deal volumes but greater capital concentration into fewer, larger private equity and later stage venture investments, with early stage VC activity constrained. Fund launches and fundraising tightened, exits fell to a multi year low by volume even as exit value held steady through selective, larger monetisations, and M&A rebounded while equity capital markets cooled and issuance became more selective.