India’s private equity and venture capital investment reached US$7 billion in September, its highest monthly value since May 2024, with large deals accounting for most of the capital. An EY–Indian Private Equity & Venture Capital Association (IVCA) report, drawing on Venture Intelligence data, counted 14 transactions above US$100 million. They totaled US$5.4 billion, equal to 77% of September investment and the most large deals recorded in a month so far in 2026.
September’s total was 45% above the same month a year earlier, when investment reached US$4.8 billion. It was also 21% higher than the US$5.8 billion August figure in the September report. The report counted 129 September deals, down 10% from 144 a year earlier.
For July through September, investment rose 46% year over year to US$17.1 billion, from US$11.7 billion. The quarter included 348 deals, 9% fewer than the 384 counted for the year-earlier quarter in the latest report. An EY release issued in October 2025 listed 369 deals for that same quarter; the publications do not explain the different counts. Large deals brought in US$13 billion, or 76% of third-quarter investment.
The quarter’s investment mix shifted toward real estate and infrastructure. Their combined total rose 182% year over year to US$8.6 billion, while pure-play PE/VC investment fell 2% to US$8.5 billion. Infrastructure led sectors with US$7.2 billion, followed by healthcare at US$3.1 billion. In September alone, infrastructure received US$3.9 billion.
EY–IVCA identified La Caisse’s purchase of a 24% stake in Altius Telecom Infrastructure Trust as the quarter’s largest deal, valuing it at US$1.281 billion. La Caisse said the transaction was complete and valued its investment at about INR 121 billion (CAD 1.76 billion).
EY said investors were likely to stay selective amid inflationary pressure and high crude oil prices, with forthcoming quarterly earnings also in focus. Vivek Soni, EY India’s partner and national leader for private equity services, said investors would weigh the durability of future profits and returns on capital.
