India Data Insight (Mid-Year 2019)
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Following a two-year spike in India private capital fundraising, India-focused funds raised only USD2.1 billion in 1H 2019. Venture capital (VC) fundraising activity saw the greatest drop, with only USD264 million raised for the strategy. However, the fundraising decline is likely not an indication of reduced investor interest in the country: respondents to EMPEA’s 2019 Global Limited Partners Survey ranked India’s attractiveness for private investment at its highest level since 2011. Moreover, fundraising is still on track to surpass 2016 levels, led by the USD867 million final close of ChrysCapital’s eighth fund and Kotak Special Situations Fund’s USD625 million first close. The decline in the first half may simply reflect a pause as investors awaited election outcomes and GPs began deploying funds raised over the past two exuberant years.