1、Growth Equity ValuationIndia SnapshotPortfolio Valuation and Fund Advisory ServicesMarket UpdateNovember 2024Introduction2Houlihan Lokey is pleased to present a summary of Indias growth equity observations from its valuation professionals based on real-time market and valuation insights.Sources:Indi

2、a Private Equity Report 2024,Bain&Company;India Private Equity Mid-Market Monitor:July 2024,DC Advisory.Note:Total investments for CY 2020 include$20.0 billion raised by Jio Platforms and$6.5 billion raised by Reliance Retail.Annual PE/VC/Venture Debt InvestmentsAnnual PE/VC Investments10.038.425.99

3、.852.231.4 35.7 29.5 0.30.50.81.3CY 2020CY 2021CY 2022CY 2023VCPEVenture Debt16%6%14%9%10%3%11%18%8%6%8%16%11%6%10%12%6%3%6%8%2%5%4%10%11%21%9%4%6%6%11%6%26%37%19%9%4%8%9%7%CY 2020CY 2021CY 2022CY 2023Note:Other Industries include Shipping/Logistics,Telecom,Media and Entertainment,Engineering/Constr

4、uction,Education,etc.Source:India Private Equity Report 2024,Bain&Company.USD BillionNo.of PE/VC DealsNo.of Venture Debt Deals2,0461751,2081802,067711,10649Other IndustriesEnergyHealthcareBFSIManufacturingConsumerIT/ITesSaaSConsumer TechFinTechNew AgeTraditionalSplit by SectorEvolving Market Sentime

5、nt In India3Private market fundraising and deal activity dropped dramatically for venture investors in India after a supercycle in 2021 and 2022.This slowdown coincided with a choppy period in the public markets until the past year when new market highs and the reopening of the IPO markets encourage

6、d the private markets to prepare for exits and drove a pickup in investment activity in turn.The journey from 2021 through 2024 has been transitory for the Indian private markets as growth expectations,unit economics,and valuations were tested.Investors have reacted to these market dynamics as evide