India Private Credit: Several Mega Private Credit Deals Define 1H25

In the first half of 2025, India’s private credit market saw a surge in activity - raising around USD 10bn across 121 deals.

Our latest REDD Asia India Private Credit Wrap unpacks the key developments shaping the market:

Report highlights:

• A surge in deal volume for 1H25: In the first half of 2025, Indian corporates raised the equivalent of around USD 10bn across over 121 private credit deals.
• 1H25 marked by mega deals, though most of the activity was deals under USD 100m: 1H25 witnessed some of the biggest private credit transactions.
• With 42% share of deal volume, real estate remains the most active sector: India’s real estate sector accounted for 42% of the deal volume in 1H25.
• Farallon, Ares, Kotak lead by volume while Incred, Kotak and Neo lead by deal count: Farallon led the market in terms of volume at USD 982m, followed by Ares at USD 768m and Kotak Alternate Asset Managers at USD 647m.
• Deal making momentum to continue in second-half: Activity will continue to remain robust over 2H25, a market participant told REDD.
• Pricing to get more competitive: A growing capital pool, marked by ongoing fundraising by domestic funds and interest from offshore investors and multinational banks signalled a sustained appetite for India-focused credit opportunities, another market participant told REDD.

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