July PE-VC deals hit $3 billion, up 85% from June, driven by infrastructure. TPG and ICICI Bank bought Aseem Infra for $525 million. Rotation toward hard assets continues.
Private equity and venture capital investments in India rebounded to $3 billion across 94 deals in July, an 85% jump from June's $1.63 billion, according to research firm Venture Intelligence.
Core sectors like infrastructure and renewable energy drove the increase. Year-on-year, July's total fell 6% from $3.2 billion across 114 deals in July 2025.
The largest single deal was the $600 million renewable energy platform Brookfield launched. TPG, alongside co-investors GIC and ICICI Bank, acquired a 100% stake in Aseem Infra Finance for $525 million. Edelweiss Private Equity paid $235 million for two highway concessions from the National Highways Authority of India.
Mega deals over $100 million totaled $1.97 billion across eight deals in July, compared with $2.25 billion across seven such deals a year earlier.
Early-stage investments rose to $263 million in July from $187 million in July 2025. Late-stage investments dropped to $480 million from $795 million. The average early-stage check doubled to $7 million from $4 million. Growth-stage deals averaged $19 million, up from $10 million. Late-stage deal sizes shrank to $27 million from $38 million.
The July deal mix tilted toward infrastructure and renewable energy. Late-stage investments shrank while early-stage activity expanded.
AlphaScala's proprietary scoring gives TPG a 53/100, labeled Mixed, and ICICI Bank a 57/100, labeled Moderate. Both are in Financial Services. See the TPG stock page and IBN stock page.
The average early-stage deal size nearly doubled to $7 million from $4 million.
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