Posts that explain reports that we release periodically around unlisted markets. All reports are downloadable freely from privatecircle.co.
Sometimes, startup ecosystems don’t expand loudly. Instead, they expand quietly, through people. People who work at one high-intensity company learn how scale really works, understand hiring, product velocity, execution pressure, and then, over time, step out to build companies of their own. That is exactly what has happened with Unacademy. And when we map the…
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Introduction The International Finance Corporation (IFC), the private-sector arm of the World Bank Group, has played a quiet yet influential role in India’s capital market journey. Unlike traditional venture or private equity investors chasing hyper-growth, IFC’s mandate strikes a balance between development impact and sustainable financial returns. As several IFC-backed companies transitioned from private ownership…
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Introduction January 2026 has opened strongly for India’s private markets. Despite global macro uncertainty, capital continues to flow into mobility, fintech infrastructure, housing finance, healthcare, and logistics tech. The month’s top deals highlight a clear investor preference for scalable platforms solving real economy problems, from clean transportation to embedded payments and affordable housing finance. This…
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Introduction India’s unlisted corporate sector entered 2026 with sustained momentum in institutional borrowing. January witnessed sizeable debt raises across financial services, power, infrastructure, and construction, underscoring continued lender confidence in asset-backed and cash-generating private companies. As public market volatility persists and equity fundraising remains selective, debt has emerged as a key growth and refinancing tool…
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Introduction India’s private credit markets saw heavy borrowing activity in 2025, led not by startups but by large, mature listed corporations. These companies leveraged debt to fund lending books, infrastructure expansion, energy projects, and balance-sheet restructuring. Based on MCA charge filings, this report highlights the top 10 listed Indian companies with the highest loan borrowings…
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Introduction This report analyses Peak XV Partners’ (formerly Sequoia India & SEA) investments in Indian unlisted companies that went on to list between 2020 and 2025. It tracks each portfolio company’s journey from first institutional investment to IPO, focusing on capital deployed, exits achieved, and return multiples measured up to the IPO date. About the…
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Introduction Corporate borrowing in India touched historic highs in 2025 as unlisted companies tapped large-scale debt to fund infrastructure expansion, real estate development, energy transition, and group-level restructuring. Using MCA charge filings and sector classification data, this report highlights the Top 10 unlisted Indian companies with the highest loan borrowings in 2025, offering a clear…
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5-Year Interim Order Activity Trend (2021–2025) India’s insolvency and corporate dispute ecosystem runs heavily through the National Company Law Tribunal (NCLT). For founders, lenders, investors, and legal teams, NCLT timelines are not just a compliance concern they directly impact recoveries, deal closures, resolution outcomes, and capital recycling. Over the years, the biggest criticism of NCLT…
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Corporate borrowing remained a defining theme of India Inc’s financial landscape in 2025. As companies across sectors tapped debt markets to fund expansion, refinance balance sheets, and manage working capital, loan charge filings revealed clear sectoral patterns and cyclical shifts through the year. This report presents a month-wise, industry-wise view of loan charges availed by…
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Corporate boards in India have expanded steadily over the last seven years but the nature of this expansion tells a more nuanced story. While the total number of director appointments has grown sharply, the composition of these appointments has shifted significantly, pointing to changing governance structures, compliance priorities, and leadership models. This blog breaks down…
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