Jun-26: PE/VC activity rebounds

研报英文原文证据摘录

Jun-26: PE/VC activity rebounds

Idea

July 10, 2026 11:59 AM GMT

Morgan Stanley India Company Private Limited+MIndia Technology – Internet | Asia Pacific Gaurav Rateria

Equity Analyst

Jun-26: PE/VC activity rebounds Gaurav.Rateria@morganstanley.comSulabh Govila, CFA +91 22 6118-2237

Sulabh.Govila@morganstanley.com +91 22 6118-2249

PE/VC funding rose MoM to US$1,280mn (~2.8x MoM), and Sakshi Rana

India's internet market cap index also grew, outperforming ResearchSakshi.Rana@morganstanley.comAssociate +91 22 6118-1002

Sensex by ~9% MoM. Shreshtha Chopra

Research Associate

Shreshtha.Chopra@morganstanley.com +91 22 6118-2227

Key Takeaways

India's internet market cap index is up 17% since it bottomed out in early June (vs

NIFTY 50 +3%) and US internet index approx. 7% since it bottomed in June.

India and US internet mcap indices have moved largely together, however, India

has shown higher beta on both at the time of correction, as well as rally. India Technology

Asia Pacific

PE/VC funding at US$1.3bn saw a sharp rebound in June though still -11% YoY on Industry View In-Line

TTM basis. Activity dominated by Fintech, Ecommerce and Enterprise tech.

Exhibit 1 : PE/VC funding saw MoM uptick in

In our coverage, we like Eternal over Swiggy; prefer Shadowfax over Delhivery;

Jun'26 but is still down on a TTM basis

Pine Labs over Blackbuck and Meesho over Urban Co.

19%

What's working and what's not? 1. Access to capital markets a key for continuity

of growth momentum: PE/VC funding has been tight and subdued for almost last -9% -11%

12-18 months, while companies that turned public had access to raise capital from

public markets depending on their own execution. 2. Competitive intensity high -42%

across many segments while certain segments benefited from a relatively benign -70%