벤처 캐피털은 사모펀드의 일종으로, 투자자가 장기적인 성장이 기대되는 스타트업이나 중소기업에 자금을 제공하는 형태입니다. 벤처 캐피털 시장은 높은 수익을 원하는 투자자와 자금이 필요한 기업 간의 상호 이익적인 상호작용이 주요 촉진요인으로 작용합니다. 벤처 캐피털 펀드 시장은 높은 위험 감수성, 긴 투자 기간, 투자 대상 기업을 지원하는 선진적인 접근 방식이 특징입니다. 벤처 캐피털 시장은 제품 개발, 사업 확장 및 고용 창출을 위한 자금을 제공함으로써 혁신과 경제 성장에 크게 기여하고 있습니다. 정부의 인센티브, 기술 발전, 빠른 경제 성장, 성숙한 스타트업 생태계 등의 요인이 인도 벤처 캐피털 투자 시장의 성장에 기여했습니다. 그러나 2022-2023년 인도 벤처 캐피털의 자금 조달은 257억 달러에서 96억 달러로 감소해 우려를 반영하고 있습니다.
2024년 6월, 온라인 의료 및 기술 솔루션 제공 업체인 Cloudphysician은 Peak XV Partners가 주도한 자금 조달 라운드에서 1,050만 달러의 자금을 조달했습니다.
시장 성장을 촉진하는 정부의 인센티브
인도 정부는 벤처 캐피털 시장의 성장을 촉진하기 위해 여러 정책 및 이니셔티브를 발표했습니다. 주요 정책으로는 생산 연계 인센티브(Production Linked Incentive, PLI) 제도가 있는데, 이는 국내 제조 및 R&D 기업에 금전적 인센티브를 제공함으로써 잠재력이 높은 부문에 대한 투자를 장려하는 제도입니다. 정부는 국내 증권거래소에 기술기업을 상장할 수 있는 시스템을 구축했습니다. 통합 결제 인터페이스(UPI)와 Aadhaar 디지털 ID 시스템 등 공공 디지털 인프라를 구축한 것도 디지털 경제의 확장을 촉진하고 벤처 캐피털의 투자를 촉진하고 있습니다. 벤처 캐피털 투자의 새로운 길을 열었습니다. 이러한 노력은 세제 혜택 및 규제 개혁과 함께 인도에 세계에서 가장 빠르게 성장하는 스타트업 생태계를 만들어냈습니다. 스타트업은 막대한 벤처 캐피털 투자를 유치하고 많은 분야에 혁신을 불러일으켰습니다.
인도 정부는 2024년 SEBI에 등록된 벤처 캐피털 펀드의 적격 스타트업에 대한 투자에 대해 자본이득세를 면제한다고 발표하여 더 많은 투자자들이 고위험 스타트업에 투자할 수 있도록 장려하고 있습니다. 이는 성공적인 벤처기업에서 발생하는 수익에 대한 전반적인 세금을 줄여주기 때문에 장기 투자에 특히 유리합니다.
기술의 발전이 시장 성장을 촉진
FinTech, HealthTech, EdTech 등 다양한 분야의 기술 혁신은 인도 내 혁신 스타트업의 새로운 성장 동력이 되고 있으며, 높은 성장 잠재력을 가진 투자처를 찾는 벤처 캐피털의 큰 관심을 받고 있습니다. 지난 10년간 인도의 스타트업 생태계는 다양한 부문의 기술 기반 기업 수 측면에서 성장해 왔습니다. 핀테크 분야에서는 디지털 결제 플랫폼, P2P 대출 솔루션, 블록체인 기반 혁신을 통해 금융 서비스에 변화를 가져오는 디스럽터들이 등장하고 있습니다. 한편, 헬스테크 스타트업은 원격의료 서비스, AI를 활용한 진단, 개인 맞춤형 웰빙 프로그램 등을 통해 기술을 활용해 의료의 편의성과 저비용화를 도모하고 있습니다. 에듀테크(EdTech) 산업은 놀랍도록 진화하고 있으며, 스타트업들은 온라인 학습 플랫폼, 적응형 교육 솔루션, 학생과 전문가들의 진화하는 요구에 맞는 기술 개발 프로그램을 개발하고 있습니다. 이러한 기술과 혁신, 기업가 정신의 결합은 전 세계 벤처 캐피털을 끌어들이고 있습니다.
이 보고서는 인도 벤처 캐피털 투자 시장에 대한 조사 및 분석을 통해 시장 규모와 예측, 시장 역학, 주요 기업 현황 및 전망 등을 제공합니다.
Venture capital is a form of private equity in which investors fund start-ups and small firms with strong long-term growth prospects. The venture capital market is primarily driven by the mutually beneficial interactions between investors seeking high returns and firms in need of funding. The venture capital fund market is distinguished by its high-risk tolerance, long investment horizon, and forward-thinking approach to support portfolio enterprises. The venture capital market contributes significantly to innovation and economic growth by providing financing for product development, business expansion, and job creation. Factors such as government incentives, technological advancement, a fast-growing economy, and a maturing startup ecosystem have contributed to the growth of India's venture capital investment market. However, venture capital funding in India decreased from USD 25.7 billion to USD 9.6 billion between 2022 and 2023, reflecting a caution.
In June 2024, Cloudphysician, an online healthcare and technology solutions provider, raised USD 10.5 million in a funding round that was led by Peak XV Partners.
Government Incentives to Boost Market Growth
The government of India has announced several policies and initiatives that are fueling the growth of the venture capital market. Some of the key initiatives include production-linked incentive (PLI) schemes, which provide financial incentives to companies for domestic manufacturing and R&D, encouraging investment in high-potential sectors. The government has established a mechanism for listing technology companies on domestic stock exchanges. This made it easier for startups to get access to public markets and raise capital. It has developed sound public digital infrastructure in the form of a Unified Payments Interface (UPI) and an Aadhaar digital identity system, which have together helped the nation's digital economy expand and opened new paths for venture capital investment. These initiatives, coupled with tax incentives and regulatory reforms, have been instrumental in giving India one of the fastest-growing startup ecosystems in the world. Startups have attracted enormous venture capital investments and brought innovation across many sectors.
In 2024 the Government of India announced that investments by SEBI-registered venture capital funds in eligible startups can get exemptions from capital gains tax, encouraging more investors to invest in high-risk startups. This will be of special advantage to long-term investments, as it reduces the overall taxation from returns arising out of successful ventures.
Technological Advancement to Drive Market Growth
Technological innovation in FinTech, HealthTech, EdTech, and many other sectors have been the propeller of growth for a new wave of innovative startups in India, attracting huge interest from venture capital firms looking for investments with high growth potential. Over the last decade, the Indian startup ecosystem has grown in terms of the number of tech-driven companies across sectors. On the fintech front, disruptors are making a difference in financial services through their digital payment platforms, peer-to-peer lending solutions, and blockchain-based innovations. On the contrary, health tech startups are leveraging technology to drive healthcare accessibility and affordability through telemedicine services, AI-powered diagnostics, and personalized well-being programs. The EdTech industry has evolved incredibly, wherein startups are developing online learning platforms, adaptive education solutions, and skill development programs tailored to the evolving needs of students and professionals. This blend of technology, innovation, and entrepreneurship is attracting global venture capital.
In June 2024, GreyLabs AI, a speech analytics platform for financial institutions, closed over USD 1.5 million in its seed round led by Matrix Partners India as lead investors.
Software Segment to Dominate the Market
The Indian venture capital market has seen a shift towards software and related technology sectors. The software segment is expected to continue dominating the Indian venture capital landscape in the future. The rapid growth of the Indian startup ecosystem, backed by rapid development in digital infrastructure and government initiatives such as Startup India, has paved the way for technology-driven ventures. Sectors such as fintech, edtech, e-commerce, and SaaS have seen large investments from venture capitalists. Deep tech startups, specifically AI, ML, IoT, blockchain, and robotics, are drawing increased interest. Such a turn towards more science-driven and industrially focused startups indicates that the software segment is going to remain one of the main drivers of venture capital activity in India.
In May 2024, Ola founder Bhavish Aggarwal announced Krutrim AI, a large language model. It supports 10 Indian languages and can understand and generate any content in those languages. It aims to reflect India's cultural and linguistic diversity.
Follow-on Funding to Dominate Market
The follow-on funding segment is dominating the India venture capital investment market. It is credited to several key factors, such as maturity of the Indian startup ecosystem, wherein the market has seen leading companies emerge and raise multiple rounds of funding. These established startups, often referred as unicorns, attract large follow-on investments from the top venture capital firms worldwide. Investors know that that startups can scale and achieve key milestones, therefore they are willing to invest large sums of money to help sustain their growth. The entry of global venture capital firms in the Indian market has further boosted the follow-on funding market. Such seasoned investors have global networks that can be leveraged to create capital and provide strategic guidance for strengthening the market position of Indian startups.
In 2024, Pocket FM, an audio-based entertainment platform, closed its Series D funding round at USD 103 million. It was led by Lightspeed Ventures, with participation through the Stepstone Group.
Southern India Dominates the Venture Capital Investment Market
Southern India, particularly Bengaluru, Chennai, and Hyderabad, has grabbed the largest market share of the venture capital investment market in India. One of the major drives behind this is a robust pool of talented individuals. The area features premier engineering and technology institutes such as the IITs and IIITs, providing a steady flow of talented individuals. This talent pool has nourished the growth of a vibrant startup ecosystem and attracted venture capital investments. Moreover, South India has good infrastructure through world-class technology parks, reliable power supply, and smooth transportation networks. It has been one of the appeals to domestic and global tech companies and has thereby driven venture capital investments. Cities like Bangalore have become the hub for successful tech startups, creating an entrepreneurial culture and supporting startups through experienced mentors, angel investors, and resources. Further enhancing the region's appeal for venture capital investors is enabling regulatory environment and other government initiatives such as the Karnataka Startup Policy and the Telangana T-Hub.
In March 2024, Cureskin, an AI-based dermatology platform in Bangalore, raised USD 20 million in Series Billion funding.
Future Market Scenario (FY2025 - FY2032)
The Indian venture capital investment market is expected to grow at a fast pace. India's impressive GDP growth rate and being one of the fastest-growing economies make it very attractive to venture capital investors.
India has a large pool of talented entrepreneurs that is stretching the boundaries of growth to contribute to the overall vibrancy of the venture capital market in India.
AI and ML-based startups are expected to rise due to the large inflow of investment in these technologies. Moreover, FinTech startups involved in providing cutting-edge solutions to sectors such as payments, lending, and wealth management attract huge investments and are bound to further rise with the emergence of more startups.
Venture capital firms are likely to spread through metropolitan areas and smaller towns. This is characterized by an increased focus on startups based in smaller cities that cater to local needs.
Key Players Landscape and Outlook
The Indian venture capital market has seen massive growth in the historic period. Key players play a significant role in driving innovation and growth within the startup ecosystem. Big firms have been at the forefront of providing financial support and strategic guidance while opening doors to valuable networks. These venture capital firms play a huge role by backing many startups that later attain Unicorn status.
In July 2024, Centriti, a B2B e-procurement platform for the hotel, restaurant, and catering (HoReCa) industry, raised USD 60 million in a funding round led by Emergent India Ventures.
Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work