インドのベンチャーキャピタル投資市場の評価：部門別、ファンド規模別、資金調達タイプ別、地域別、機会、予測（2018年度～2032年度）

ベンチャーキャピタルはプライベートエクイティの一形態で、投資家が長期的な成長が見込まれるスタートアップや小企業に資金を提供するものです。ベンチャーキャピタル市場は、高いリターンを求める投資家と資金を必要とする企業との相互利益的な相互作用が主な促進要因となっています。ベンチャーキャピタルファンド市場は、高いリスク許容度、長い投資期間、投資先企業を支援する先進のアプローチによって特徴付けられます。ベンチャーキャピタル市場は、製品開発、事業拡大、雇用創出に向けた資金を提供することで、イノベーションと経済成長に大きく寄与しています。政府のインセンティブ、技術の進歩、経済の急成長、成熟しつつあるスタートアップエコシステムなどの要因が、インドのベンチャーキャピタル投資市場の成長に寄与してきました。しかし、インドにおけるベンチャーキャピタルの資金調達は2022年～2023年に257億米ドルから96億米ドルに減少しており、警戒感を反映しています。

2024年6月、オンラインヘルスケアと技術ソリューションのプロバイダーであるCloudphysicianは、Peak XV Partnersが主導した資金調達ラウンドで1,050万米ドルを調達しました。

市場成長を後押しする政府のインセンティブ

インド政府は、ベンチャーキャピタル市場の成長を後押しする複数の政策や取り組みを発表しています。主な取り組みには、Production Linked Incentive（PLI）スキームがあり、国内での製造や研究開発を行う企業に金銭的なインセンティブを与えることで、将来性の高い部門への投資を促しています。政府は、国内の証券取引所に技術企業を上場させる仕組みを確立しました。これにより、スタートアップが公開市場にアクセスし、資本を調達することが容易になっています。Unified Payments Interface（UPI）やAadhaarデジタルIDシステムといった形で、健全な公共デジタルインフラを整備したことも、国のデジタル経済の拡大を後押しし、ベンチャーキャピタル投資の新たな道を開きました。これらの取り組みは、税制優遇や規制改革とともに、インドに世界でもっとも急成長しているスタートアップのエコシステムをもたらしました。スタートアップは莫大なベンチャーキャピタル投資を呼び込み、多くの部門にイノベーションをもたらしました。

インド政府は2024年、SEBIに登録されたベンチャーキャピタルファンドによる適格なスタートアップへの投資について、キャピタルゲイン税を免除することを発表し、より多くの投資家がリスクの高いスタートアップに投資することを奨励しています。これは、成功したベンチャー企業から生じるリターンからの全体的な課税を軽減するため、長期投資には特に有利となります。

技術の進歩が市場成長を促進

FinTech、HealthTech、EdTechなどの多くの部門における技術革新は、インドにおける革新的スタートアップの新勢力の成長促進要因となっており、高い成長が期待できる投資先を探しているベンチャーキャピタルから大きな関心を集めています。過去10年間で、インドのスタートアップエコシステムは、さまざまな部門の技術主導型の企業数の面で成長してきました。フィンテックの分野では、デジタル決済プラットフォーム、ピアツーピア融資ソリューション、ブロックチェーンベースのイノベーションを通じて、ディスラプターが金融サービスに変化をもたらしています。一方、ヘルステックのスタートアップは、遠隔医療サービス、AIを活用した診断、個別化されたウェルビーイングプログラムなどを通じて、技術を活用して医療の利便性と低価格化を推進しています。エドテック（EdTech）産業は驚くほど進化しており、スタートアップはオンライン学習プラットフォーム、適応教育ソリューション、学生や専門家の進化するニーズに合わせたスキル開発プログラムを開発しています。このような技術とイノベーション、起業家精神の融合が、世界のベンチャーキャピタルを惹きつけています。

当レポートでは、インドのベンチャーキャピタル投資市場について調査分析し、市場規模と予測、市場力学、主要企業の情勢と見通しなどを提供しています。

目次

第1章 調査手法

第2章 プロジェクトの範囲と定義

第3章 エグゼクティブサマリー

第4章 顧客の声

• 顧客の人口統計（性別、年齢、収入、職業など）
• 市場と製品/サービス情報
• ブランド想起と忠誠心
• ブランド選択の理由
• デューデリジェンスプロセス
• フォローオン資金調達能力

第5章 インドのベンチャーキャピタル投資市場の見通し（2018年度～2032年度）

• 市場規模と予測
  • 金額
• 部門別
  • ソフトウェア
  • 製薬
  • メディア、エンターテインメント
  • IT
  • 消費財、娯楽
  • エネルギー
  • その他
• ファンド規模別
  • 5,000万米ドル未満
  • 5,000万米ドル～1億米ドル
  • 1億米ドル～2億5,000万米ドル
  • 2億5,000万米ドル～5億米ドル
  • 5億米ドル～10億米ドル
  • 10億米ドル以上
• 資金調達タイプ別
  • NBFCの初回のベンチャー資金調達
  • フォローオンベンチャー資金調達
• 地域別
  • 北部
  • 南部
  • 東部
  • 西部、中央部
• 市場シェア：企業別（2024年度）

第6章 市場マッピング（2024年度）

• 部門別
• ファンド規模別
• 資金調達タイプ別
• 地域別

第7章 マクロ環境と産業構造

• 需給分析
• 規制枠組みとコンプライアンス
• バリューチェーン分析
• PESTEL分析
• ポーターのファイブフォース分析

第8章 市場力学

• 成長促進要因
• 成長抑制要因（課題、抑制要因）

第9章 主要企業の情勢

• マーケットリーダー上位5社の競合マトリクス
• マーケットリーダー上位5社の市場収益の分析（2024年度）
• 合併と買収/合弁事業（該当する場合）
• SWOT分析（市場企業5社）
• 特許分析（該当する場合）

第10章 ケーススタディ

第11章 主要企業の見通し

• Sequoia Capital India Advisors Private Limited
• Accel Partners India Llp
• Nexus Venture Partners
• Kalaari Capital Advisors Pvt Ltd.
• Blume Venture Advisors Private Limited
• 3ONE4Capital Advisors LLP
• India Quotient Advisers LLP
• Matrix Partners India DeVC I AIF
• Lightbox India Advisors Private Limited
• Yournest Capital Advisors Private Limited

第12章 戦略的推奨

第13章 当社について、免責事項

List of Tables

• Table 1. Pricing Analysis of Products from Key Players
• Table 2. Competition Matrix of Top 5 Market Leaders
• Table 3. Mergers & Acquisitions/ Joint Ventures (If Applicable)
• Table 4. About Us - Regions and Countries Where We Have Executed Client Projects

List of Figures

• Figure 1. India Venture Capital Investment Market, By Value, In USD Billion, FY2018-FY2032F
• Figure 2. India Venture Capital Investment Market Share (%), By Sector, FY2018-FY2032F
• Figure 3. India Venture Capital Investment Market Share (%), By Fund Size, FY2018-FY2032F
• Figure 4. India Venture Capital Investment Market Share (%), By Funding Type, FY2018-FY2032F
• Figure 5. India Venture Capital Investment Market Share (%), By Region, FY2018-FY2032F
• Figure 6. By Sector Map-Market Size (USD Billion) & Growth Rate (%), FY2024
• Figure 7. By Fund Size Map-Market Size (USD Billion) & Growth Rate (%), FY2024
• Figure 8. By Funding Type Map-Market Size (USD Billion) & Growth Rate (%), FY2024
• Figure 9. By Region Map-Market Size (USD Billion) & Growth Rate (%), FY2024

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.

Table of Contents

1. Research Methodology

2. Project Scope and Definitions

3. Executive Summary

4. Voice of Customer

• 4.1. Customer Demographics (Gender, Age, Income, Profession, etc.)
• 4.2. Market and Product/Service Intelligence
• 4.3. Brand Recall and Loyalty
• 4.4. Reasons for Brand Choice
  • 4.4.1. Brand Name and Market Presence
  • 4.4.2. Industry Expertise
  • 4.4.3. Funding Terms
  • 4.4.4. Network and Connections
• 4.5. Due Diligence Process
• 4.6. Follow-on Funding Capability

5. India Venture Capital Investment Market Outlook, FY2018-FY2032

• 5.1. Market Size & Forecast
  • 5.1.1. By Value
• 5.2. By Sector
  • 5.2.1. Software
  • 5.2.2. Pharmaceutical
  • 5.2.3. Media and Entertainment
  • 5.2.4. IT
  • 5.2.5. Consumer Goods and Recreation
  • 5.2.6. Energy
  • 5.2.7. Others
• 5.3. By Fund Size
  • 5.3.1. Under USD 50 Million
  • 5.3.2. USD 50 Million to USD 100 Million
  • 5.3.3. USD 100 Million to USD 250 Million
  • 5.3.4. USD 250 Million to USD 500 Million
  • 5.3.5. USD 500 Million to USD 1 Billion
  • 5.3.6. Above USD 1 Billion
• 5.4. By Funding Type
  • 5.4.1. NBFCs First-Time Venture Funding
  • 5.4.2. Follow-on Venture Funding
• 5.5. By Region
  • 5.5.1. North
  • 5.5.2. South
  • 5.5.3. East
  • 5.5.4. West and Central
• 5.6. By Company Market Share (%), FY2024

6. Market Mapping, FY2024

• 6.1. By Sector
• 6.2. By Fund Size
• 6.3. By Funding Type
• 6.4. By Region

7. Macro Environment and Industry Structure

• 7.1. Supply Demand Analysis
• 7.2. Regulatory Framework and Compliance
  • 7.2.1. Reserve Bank of India
  • 7.2.2. Securities Exchange Board of India
  • 7.2.3. Insurance and Regulatory Development Authority of India
• 7.3. Value Chain Analysis
• 7.4. PESTEL Analysis
  • 7.4.1. Political Factors
  • 7.4.2. Economic System
  • 7.4.3. Social Implications
  • 7.4.4. Technological Advancements
  • 7.4.5. Environmental Impacts
  • 7.4.6. Legal Compliances and Regulatory Policies (Statutory Bodies Included)
• 7.5. Porter's Five Forces Analysis
  • 7.5.1. Supplier Power
  • 7.5.2. Buyer Power
  • 7.5.3. Substitution Threat
  • 7.5.4. Threat from New Entrants
  • 7.5.5. Competitive Rivalry

8. Market Dynamics

• 8.1. Growth Drivers
• 8.2. Growth Inhibitors (Challenges and Restraints)

9. Key Players Landscape

• 9.1. Competition Matrix of Top Five Market Leaders
• 9.2. Market Revenue Analysis of Top Five Market Leaders (By Value, FY2024)
• 9.3. Mergers and Acquisitions/Joint Ventures (If Applicable)
• 9.4. SWOT Analysis (For Five Market Players)
• 9.5. Patent Analysis (If Applicable)

10. Case Studies

11. Key Players Outlook

• 11.1. Sequoia Capital India Advisors Private Limited
  • 11.1.1. Company Details
  • 11.1.2. Key Management Personnel
  • 11.1.3. Products and Services
  • 11.1.4. Financials (As Reported)
  • 11.1.5. Key Market Focus and Geographical Presence
  • 11.1.6. Recent Developments
• 11.2. Accel Partners India Llp
• 11.3. Nexus Venture Partners
• 11.4. Kalaari Capital Advisors Pvt Ltd.
• 11.5. Blume Venture Advisors Private Limited
• 11.6. 3ONE4Capital Advisors LLP
• 11.7. India Quotient Advisers LLP
• 11.8. Matrix Partners India DeVC I AIF
• 11.9. Lightbox India Advisors Private Limited
• 11.10. Yournest Capital Advisors Private Limited

Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work

12. Strategic Recommendations

13. About Us and Disclaimer