Private credit up 35% YoY, but flat without SP deal

Private credit deals in India are expected to grow by about 35% in 2025, reaching nearly $13 billion.

However, this growth is mostly because of one big deal by the SP Group.

Without this deal, the market is only growing by about 2%.

The first half of 2025 saw a lot of big deals, but things slowed down in the second half.

Companies are using private credit to refinance their debts, support expansion, and consolidate ownership.

Investors are becoming more comfortable with larger deals, and sectors like energy and infrastructure are driving demand.

However, mid-market deal activity has slowed down, partly because companies are getting financing from other sources.