Some of the largest PE/VC holdings include about 53 per cent in Billionbrains Garage Ventures valued at roughly $6.53 billion and around 50 per cent in Lenskart worth about $4.66 billion

Private equity (PE) and venture capital (VC) investors sitting on nearly $32 billion worth of holdings in listed Indian companies are increasingly favouring staggered exits amid volatile markets and valuation caution, even as the block deal pipeline remains strong.

The unexited holdings are concentrated largely in consumer internet, fintech, financial services, technology and select new-age platform-led businesses as of May 2026, according to data from Kotak Institutional equities.

Some of the largest PE/VC holdings include about 53 per cent in Billionbrains Garage Ventures valued at roughly $6.53 billion and around 50 per cent in Lenskart worth about $4.66 billion. Hexaware Technologies has PE/VC ownership of over 74 per cent valued at around $2.44 billion, while Vishal Mega Mart has PE holdings of about 40 per cent worth nearly $2.38 billion.

Major holdings

PE/VC investors hold over 25 per cent in One 97 Communications valued at $1.87 billion and 16.5 per cent in Swiggy worth about $1.18 billion. Other companies with sizable PE ownership include Aadhar Housing Finance, IGI, PB Fintech and Urban Company.

While exits through block deals are expected to continue to remain a “live theme” over the next 12-18 months, experts said investors are becoming more tactical about timing, pricing and the pace of monetisation.

“There is no clear stop in exits through block deals, but there is a noticeable shift towards selectivity,” said Abhishek Dadoo, Partner at Khaitan & Co. “The market still has capacity to absorb secondary supply, though investors are more discerning on price and likely future overhang.”

“Sponsors also appear more valuation-sensitive at present,” he said, adding that funds inclined to exit are deferring transactions if the pricing is not adequate or if the broader market sentiment is weak. A phased approach allows investors to test demand, reduce price disruption and monetise over multiple windows rather than force a single large transaction into the market.

Bir Bahadur S Sachar, Partner at JSA Advocates & Solicitors, said staggered sell-downs are being used to preserve valuations and avoid excessive pressure on stocks where multiple investors are looking to monetise simultaneously. “Sponsors/investors are also mindful of the exchange rate fluctuation because, for foreign investors, a significant devaluation of Rupee also impacts their USD return on investments deployed.”

Block deals, however, continue to remain active because of faster execution and easier pricing benchmarks compared with public offerings.

“IPOs may have slowed down currently, but block deals activity will continue to to be robust at least for the next 12 months,” said Bhavesh Shah, managing director and head of investment banking at Equirus Capital.

In block deals, the market price is already available, reducing valuation negotiations that are needed in IPOs for price discovery, he said.

PE/VC sell-downs through bulk and block deals in NSE-500 companies remained elevated at $8.2 billion in calendar year 2025, following $10.4 billion in 2023 and $9.5 billion in 2024.

Published on May 27, 2026