Private equity (PE) and venture capital (VC) investors currently hold nearly $32 billion in unexited investments in listed Indian companies. Amidst volatile market conditions and cautious valuation perspectives, these investors are increasingly favoring staggered exits. Despite the caution, the pipeline for block deals remains robust.
As of May 2026, data from Kotak Institutional Equities indicates that these unexited holdings are predominantly concentrated in sectors such as consumer internet, fintech, financial services, technology, and selected platform-led businesses.
Significant holdings in PE/VC include approximately 53 percent in Billionbrains Garage Ventures, valued around $6.53 billion, and about 50 percent in Lenskart, worth roughly $4.66 billion. Hexaware Technologies sees over 74 percent ownership by PE/VC, valued at around $2.44 billion, while Vishal Mega Mart has about 40 percent PE ownership worth nearly $2.38 billion.
Further notable holdings include over 25 percent in One 97 Communications, valued at $1.87 billion, and 16.5 percent in Swiggy, which is worth about $1.18 billion. Other companies with significant PE ownership include Aadhar Housing Finance, IGI, PB Fintech, and Urban Company.
Experts anticipate that exits through block deals will remain a prominent feature for the next 12 to 18 months, although the strategic timing, pricing, and pace of monetization are becoming more selective. “There is no clear halt to exits through block deals, but there is a noticeable shift towards selectivity,” stated Abhishek Dadoo, Partner at Khaitan & Co. He added that while the market can still absorb secondary supply, investors are more discerning regarding price and potential future impacts.
Funds looking to exit may delay transactions if pricing is inadequate or if market sentiment is unfavorable. A phased approach to selling helps gauge demand, mitigate price disruption, and allow for gradual monetization instead of pushing a large transaction into the market all at once.
Bir Bahadur S Sachar, Partner at JSA Advocates & Solicitors, noted that staggered sell-downs are increasingly utilized to protect valuations and avoid undue pressure on stocks when multiple investors wish to monetize simultaneously. He cautioned that sponsors and investors are also considering exchange rate fluctuations, as a significant depreciation of the Rupee adversely affects foreign investors’ USD returns.
Despite the cautious atmosphere, block deals remain actively pursued due to quicker execution and more straightforward pricing benchmarks compared to public offerings. Bhavesh Shah, managing director and head of investment banking at Equirus Capital, stated, “IPOs may have slowed down currently, but block deal activity will continue to be robust for at least the next 12 months.” He explained that in block deals, the market price is already established, which lessens the need for extensive valuation negotiations often required in IPOs.
PE/VC sell-downs through bulk and block deals in NSE-500 companies amounted to $8.2 billion in calendar year 2025, following $10.4 billion in 2023 and $9.5 billion in 2024.
Published on May 27, 2026
