India, Oct. 29 -- The 2020-22 cycle was a sugar high. Cheap money, crossover FOMO, and "growth-at-all-costs" playbooks pushed prices to places the fundamentals did not justify.

That party ended. And that's precisely why 2025 looks like the best entry vintage for Indian venture capital in years.

Exit Windows Are Back - And More Predictable

The single biggest improvement is liquidity. India's public markets reopened for growth assets in 2024 and have stayed receptive into 2025.

At a macro level, India raised a record INR 1.6 Lakh Cr via IPOs in 2024 with a thick pipeline rolling into 2025 - unmistakable evidence that capital markets are functioning for issuers again.

Inside a VC or PE, exit value held up and tilts increasingly toward p...