New Delhi: In the second quarter of calendar year (CY) 2025, in the Indian Healthcare sector global and homegrown private equity firms have deployed a capital of around ₹4,900 crore ($580 million) in 33 deals spanning across Hospitals. Pharma and HealthTech, among others.
According to a report from Grant Thornton Bharat, “in Q2 2025 the Indian Pharma and Healthcare sector recorded a total of 33 PE deals worth of $580 million.”
Against the previous quarter Q2 deal volumes declined by 21 per cent, while values saw a modest 3 per cent uptick—driven by a few mid-sized investments and stands as the second-highest quarter by value since Q2 2024.
“For the quarter PE activity clustered around a few high-confidence, institutional-grade platforms, especially in pharma manufacturing and hospital chains, signalling investor preference for scale, visibility, and IPO readiness,” the report noted.
Of the total 33 deals, HealthTech accounted for the highest number with 10 deals, followed by Wellness (7), Pharmaceuticals and Medical Devices (5 each), and Hospitals with 4 deals.
Major investments for the period includes US-based General Catalyst’s seed round investment of $218 million (around $18,500 crore) investment in PB Healthcare and Advent International’s $175 million investment in Felix Pharma for a “significant minority stake.”
“In this quarter Pharma and biotech led in value, powered by capital raises and strategic cross-border moves, while hospitals and healthtech platforms continued to evolve along distinct, high-potential growth paths.,” said Bhanu Prakash, Partner and Healthcare Services Industry Leader, Grant Thornton.
“As preventive care and digital health gain ground, we expect sharper, more focused bets in the second half of the year,” he added.
