India’s top 10 PE deals: CRED’s $903 mn deal tops, H1 investments up 48% | Personal Finance

A $903.1 million investment in Dreamplug Technologies Pvt Ltd (CRED) emerged as India’s biggest private equity (PE) deal in the first half of 2026, leading a string of large-ticket transactions that helped push overall PE investments up 48.2 per cent year-on-year (Y-o-Y) to $8.7 billion, said a report by LSEG Deals Intelligence.

 

The second-largest deal was a $600 million investment in Neysa Networks Pvt Ltd, followed by $413.1 million in Aditya Birla Capital Ltd, $345.1 million in Inox Clean Energy Ltd, and $294.9 million in Acme Solar Holdings Pvt Ltd, according to LSEG Deals Intelligence.

 

The surge in blockbuster transactions meant that PE investments during January-June 2026 had already crossed 70 per cent of the total capital deployed in the whole of 2025, even as the number of deals declined modestly.

 
 

“India’s private equity market continued its recovery in the first half of 2026, supported by stronger dealmaking activity and an increase in larger transactions,” said Vianca Sanchez, Analyst, Deals Intelligence, LSEG.

 

She added that while deal volumes eased slightly from a year ago, investors deployed significantly more capital, reflecting greater willingness to back larger, more established businesses amid an improving investment environment.

 

Technology remained the biggest destination for private equity capital. Internet-specific and computer software companies together attracted $4.9 billion, accounting for around 56 per cent of the total equity invested during the first half of 2026. Investment value in the sector rose 38.3 per cent year-on-year, underlining continued investor confidence in India’s digital economy.

 

Beyond technology, financial services attracted $1.7 billion, driven largely by investments in Dreamplug Technologies and Aditya Birla Capital. Investments in industrial and energy assets climbed more than five-fold year-on-year to $1.3 billion, supported by deals in Inox Clean Energy and Acme Solar Holdings.

 

Other notable PE transactions during the period included $280 million in Finnovation Tech Solutions Pvt Ltd (KreditBee), $239.5 million in Roppen Transportation Services Pvt Ltd (Rapido), $235 million in Axonwise Pvt Ltd, $220 million in Iscon Balaji Foods Pvt Ltd, and $170 million in Valuedrive Technologies Pvt Ltd.

 

Fundraising also strengthened during the period. India-focused private equity funds raised $2.35 billion in the first six months of 2026—more than 60 per cent of the capital raised during the whole of 2025. Fundraising accelerated in the second quarter, when capital raised nearly tripled sequentially to $1.72 billion.

 

According to LSEG, cumulative capital raised by India-focused PE funds since 2022 has crossed $30.8 billion, leaving fund managers well-positioned to deploy capital as investment opportunities broaden across India’s private markets.

 

Here are the key highlights: 

 

Tech dominates PE investments

 

Technology remained the biggest magnet for private equity capital.

 

Internet-specific and computer software companies together attracted $4.9 billion, accounting for around 56 per cent of the total equity invested during the first six months of 2026.

 

Although technology’s share of overall investments moderated slightly compared with the same period last year, the value of investments in the sector increased 38.3 per cent year-on-year, reflecting continued confidence in India’s digital economy.

 

Among the biggest technology deals were:

• 
  Neysa Networks Pvt Ltd – $600 million
• 
  Finnovation Tech Solutions Pvt Ltd (KreditBee) – $280 million
• 
  Axonwise Pvt Ltd – $235 million
• 
  Valuedrive Technologies Pvt Ltd – $170 million

 

Financial services, clean energy see strong investor interest

 

Outside technology, financial services emerged as the second-largest destination for PE capital, attracting $1.7 billion.

 

The sector was led by investments in:

 

• 
  Dreamplug Technologies Pvt Ltd (Pine Labs) – $903.1 million
• 
  Aditya Birla Capital Ltd – $413.1 million

 

Industrial and energy businesses also witnessed a sharp increase in investments.

 

According to LSEG, capital flowing into industrial and energy assets jumped more than five-fold year-on-year to $1.3 billion, reflecting investor interest in infrastructure development and renewable energy.

 

Notable transactions included:

 

Inox Clean Energy Ltd – $345.1 million