Private equity (PE) investments in India fell to a 11-quarter low of $2.2 billion in the three months to March this year—down 75% compared to the first quarter of 2022—as fears of recession in the West and geopolitical headwinds stoked caution in investment activity.

In fact, this is the lowest start to a year by value for PE investments in India since 2018. Internet and computer software companies continued to attract the largest share of private equity capital in India.