TLDR:
- Investments by PE-VC firms fell by $1.2 billion in March 2024
- Top deals included GIC’s $500 million investment in a JV with Sterlite Power Transmission
Article Summary:
Investments by Private Equity-Venture Capital (PE-VC) firms experienced a significant drop of $1.2 billion in March 2024, totaling $1.8 billion across 64 deals. This decline contrasted with the previous months of January and February, which showed an increase in investments. The top investment for the month was Singapore’s GIC injecting $500 million into a joint venture with Sterlite Power Transmission Ltd, followed by investments of $233 million from private equity majors Advent International and Multiples in microlender Svatantra Microfin.
Overall, the number of deals in the first quarter of 2024 decreased to 205 from 242 in the same period in 2023. Additionally, the total investments during the three-month period amounted to $6.3 billion, marking a decline of $500 million compared to the previous year. The number of mega deals over $100 million was also lower in 2024 with four transactions, down from six in the same period last year.
Arun Natarajan, founder of Venture Intelligence, noted that while sovereign wealth funds and pension funds from Singapore and Canada dominated the larger deals, Indian PE firms like Multiples PE and Kedaara Capital, along with mid-market investors like Lighthouse Funds, were actively making new investments during the month. The trend indicates a mixed landscape in the startup funding ecosystem for the first quarter of 2024.
