GPCA 2025 Industry Data & Analysis; Multiples Acquire Controlling Stake in India’s QBursts for ~USD200m

19 February 2025
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2025 Industry Data & Analysis

GPCA’s 2025 Industry Data & Analysis features in-depth private capital data, commentary and analysis on key trends across global markets.

Private capital deal value climbed 19% in 2024 across GPCA markets driven by big-ticket investments in Southeast Asia, Latin America and Central & Eastern Europe (CEE). Investor confidence looks to be strengthening as monetary conditions stabilize, valuation gaps narrow and macro visibility improves – though new policies emanating from the White House could complicate the picture for global investors.

For more data, GPCA Members can log in to download the 2025 Industry Data & Analysis Excel file, which contains expanded analysis and commentary; fund and transaction listings; and breakdowns of investment activity by asset class, sector and geography.

For questions and feedback or to request custom data cuts from the research team – including GPCA’s complete fund- and deal-level dataset – please contact research@gpcapital.org.

ACCESS DATA

GPCC: New Keynote Speaker

7-9 April 2025 | New York City

#GPCAEvents

On 7-9 April 2025, GPCA in partnership with IFC will present the annual Global Private Capital Conference at Convene 360 Madison in New York City. In today's complex global landscape, the agenda addresses top-of-mind themes and practical insights for investors, including how public policy affects private capital investment and the outlook from key global leaders.

Keynote Address co-hosted by Globalturk Capital

His Excellency Cevdet Yılmaz

Vice President of the Republic of Türkiye

Other program highlights include:

► Building Global Payment Platforms with dLocal CEO Pedro Arnt

► A New Playbook for Energy Investing with Brookfield and Actis

► Understanding Private Credit Opportunities Around the Globe with SeaTown Holdings International and Blue Earth Capital

REGISTER

VIEW AGENDA

Eversource | GreenCell

GPCA Deal Book V: Inclusive & Sustainable Growth

#DealCases

Eversource Capital, GreenCell Mobility-NW

In October 2019, Eversource Capital invested in GreenCell Mobility, an India-based provider of intracity and intercity electric bus transportation services.

With Eversource’s support, GreenCell acquired its first contract to deploy electric buses and has continued to expand its business-to-government (B2G) services over the years. As of October 2024, the company operates over 1,150 buses in 14 states, serving 105,000 customers daily. By displacing diesel buses, GreenCell has prevented 94,000 tonnes of CO2 emissions while pioneering safety and inclusivity initiatives, including India’s first women-only electric intercity route. The company also strives to create opportunities at equal pay for women and frequently holds gender awareness trainings to foster a culture of respect and inclusivity. Women at GreenCell hold positions as drivers, cabin hosts, depot heads, senior managers and board members.

READ FULL DEAL CASE

READ FULL DEAL BOOK

INVESTMENTS

► Multiples agreed to acquire a controlling stake in QBursts, an India-based full-service software solutions provider, for ~USD200m. #Asia

► Temasek led a CNY1b (~USD137.2m) Series A+ for Yangzhou Nanopore, a China-based developer of new energy materials, with participation from Oppenheimer Family Foundation and Beyond Ventures, as well as follow-on from Glory Ventures and CICC Capital. #Asia

► Rua Growth Fund led a USD28m Series B for Ula.me, a Saudi Arabia-based learning platform driven by AI, with participation from Jordan Capital & Investment Fund and Foursan Group. #MiddleEast

► Quona Capital and PayPay Ventures led a USD18.5m Series A for Finmo, a Singapore-based treasury operating system, with participation from Citi Ventures. #Asia

► Blue Pool Capital and Hassana Investment Company led a USD160m Series E for UAE-based BNPL platform Tabby, with participation from STV and Wellington Management. #MiddleEast

► HIG Capital agreed to acquire the Latin American assets of Kantar Media, a UK-based media company. #LatinAmerica

► Vitruvian Partners led a USD100m investment for Klook, a Singapore-based travel booking platform. #Asia

► Alice, a Brazil-based corporate insurance operator, raised a BRL127m (~USD21.9m) Series C+ from KASZEK, Canary, ThornTree Capital Partners and Globo Ventures. #LatinAmerica

► ArtCap Strategies provided a USD20m senior loan to Comfrut, a Chile-based frozen fruit exporter. #LatinAmerica

► QED Investors led a USD11m investment for Raenest, a Nigeria-based cross-border payments platform. #LatinAmerica

FUNDRAISING

► East Ventures and SV Investment reached a first close for their joint fund focused on investing in tech startups in Southeast Asia and South Korea. #Asia

► Morphosis Capital launched its second fund focused on investing in SMEs in sectors such as healthcare, B2B services, consumer products and retail and niche manufacturing across Romania and neighboring regions. The vehicle secured EUR100m (~USD103.2m) in committed capital. #CEE

EXITS

► National Investment & Infrastructure Fund, British International Investment and Eversource Capital agreed to sell their India-based renewable energy company Ayana Renewable to ONGC and NTP for INR195b (~USD2.3b). #Asia

► Hexaware, an India-based IT and process outsourcing service provider for businesses, raised INR87b (~USD1b) through an IPO on the NSE. #Asia

► CVC agreed to exit its 67% stake in India-based cricket team Gujarat Titans via a sale to Torrent Group for INR50b (~USD575m). #Asia

► Athaang Infrastructure, an India-based roads platform backed by National Infrastructure & Investment Fund, agreed to sell two road assets to Cube Highways Trust, for INR41.8b (~USD478m). #Asia