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This week's edition covers India’s strong fundraising and implications for European businesses, Suzuki’s large investment plans, updates on the India-EU FTA, and more must-know news.
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Rise of the Week: India’s Fundraising Boom Intensifies Competition for European Businesses
India's capital markets are surging. With the Nifty 50 (stock index of the 50 largest listed companies in India) near all-time highs and 2024 marking a record year for Initial Public Offerings (IPOs), both public offerings and venture capital (VC) investments are re-accelerating. And I expect this to create intensified competition for European businesses operating in Indian markets.
Image generated with Google Gemini
India dominated global IPO activity in 2024 with 338 listings, including 5 of the 10 largest offerings in the entire APAC region. As we analysed in issue 2 of India Rising, the market is returning after a brief period of market digestion, as several major listings are on the horizon.
My estimate is we'll see USD 25 billion in IPOs and another USD 15-20 billion in QIPs and blocks. These are largely driven by private equity exits, MNCs, and large corporate carve-outs.
Market insiders are optimistic that the momentum will hold. Citi India’s Head of investment banking Rahul Saraf expects USD 25 billion in IPOs and additional USD 15-20 billion Qualified Institutional Placements (QIPs) such as additional stock offerings over the next 12 months. The bank is market leader in M&A and equity banking, and has played a crucial role in recent fundraising processes.
This optimism has already translated into concrete announcements. Lenskart, a vertically integrated and global eyewear company based in Gurugram, plans to raise INR 2,150 Crore (around EUR 239 million) to support store rollouts and cloud infrastructure investments.
Two major IPOs are particularly anticipated:
Reliance Jio: The world’s largest telecom company by customer count is reportedly planning to list in the first half of 2026. Valued at around USD 154 billion, it would become the largest IPO in Indian history.
Flipkart: India’s eCommerce leader is expected to announce its IPO over the coming months. As reported previously, the company recently moved its headquarters from Singapore to India, a key step for the listing.
Major fundraising is also expected from India’s booming renewable energy sector. Several green energy companies including Emmvee Photovoltaic or Juniper Green Energy are awaiting approval from the Securities and Exchange Board of India (Sebi) for their respective IPOs. Both companies plan to raise INR 3,000 Crore (around EUR 333 million) each, while the overall renewable energy sector is expected to raise a total of INR 25,000 Crore (around EUR 2.78 billion) over the next few months.
VC deal volumes are re-accelerating alongside public markets. According to KPMG, investments increased to USD 3.5 billion in Q2 2025 versus USD 2.8 billion in the prior quarter. This is well on track to exceed last year’s total VC investments of USD 7.4 billion in the world’s third largest start-up ecosystem.
While global markets remain volatile, Indian businesses and local subsidiaries of multinational corporations are capitalising on positive market sentiment and attractive valuations to raise funds for aggressive expansion. These companies are using fresh capital to protect and increase market share, particularly in India's rapidly growing tier 2 and tier 3 cities where Citi already reports European businesses facing intensified pressure.
As Indian companies access cheaper capital to expand aggressively, European businesses face a critical window to either strengthen their market positions through their own strategic investments or risk being left behind by well-funded local competitors. The fundraising boom that's fuelling India's growth story may simultaneously accelerate competitive challenges for international players who fail to adapt quickly enough.
Sources: Times of India, IndianWeb2, The Economic Times, Business Standard
What Else is Rising?
Suzuki Increases Investments to Serve Global Markets from India
While European automakers still lag a clear market strategy, the market leader Suzuki is doubling down on India and announced plans to invest INR 70,000 Crore (around EUR 7.8 billion) over the next 5 to 6 years. The company intends to defend its position as market leader in the third largest automotive market globally, and will transform its operations from a domestic success into a global export hub.
Suzuki has proudly partnered in India's mobility journey for over four decades. We remain committed to supporting India's vision for sustainable green mobility and contributing to Viksit Bharat.
This massive investment reflects Suzuki's recognition of India's dual advantage:
The world's third-largest automotive market
An increasingly competitive manufacturing base for global exports.
The company currently holds a commanding 41% market share in India's passenger vehicle segment, a position it plans to defend and expand through aggressive modernisation.
The company is currently establishing a dedicated production line for electric vehicles (EVs) and will invest INR 3,200 Crore (around EUR 356 million) through financial year 2026. Suzuki targets to ship 100,000 units of its “Make in India” EVs annually to over 100 countries, including Japan and Europe.
This export strategy represents a significant shift in India's automotive role. Rather than simply serving domestic demand, Suzuki is positioning India as a cost-competitive manufacturing hub capable of meeting global quality standards thanks to India's engineering talent and lower production costs.
Suzuki has also started production of India’s first lithium-ion battery and cell with electrode level localisation. This vertical integration reduces supply chain dependencies while building critical local capabilities that competitors will struggle to replicate quickly.
Suzuki’s clear commitment and strategic foresight could pay off handsomely. Morgan Stanley recently reported that India’s consumer market is on track to become the most attractive one worldwide, citing a combination of robust economic growth and declining interest rates that boost consumer purchasing power. For automotive companies, this translates into sustained demand growth across multiple vehicle segments.
Suzuki is the clear market leader in India and its commitment to both defending domestic market share and building export capabilities from India creates a formidable competitive moat. European and especially German carmakers who continue viewing India as a secondary market risk being locked out of one of the automotive industry's most significant growth opportunities.
Sources: The Economic Times, Times of India
India-EU Free Trade Agreement Talks Continue & See Strong Support
The 13th round of negotiations on the Free Trade Agreement (FTA) between India and the EU will take place from September 8th to 12th. While strong progress has been made already, a significant number of negotiations are expected to be completed in the next round. In light of US-imposed tariffs on both the EU and India, both parties remain interested in finalising the FTA by the end of the year.
The continued commitment is supported by several recent developments and announcements:
EU Trade Commissioner Maros Sefcovic and India’s Commerce and Industry Minister Piyush Goyal plan to meet in mid September to discuss the FTA status.
French President Emmanuel Macron and India’s Prime Minister Modi agreed on stronger ties between both countries in light of US-imposed tariffs.
Philip Ackermann, German Ambassador to India, highlights that the FTA will be an important factor for stability in global trade.
Georg Enzweiler, Deputy Head of Mission at the German Embassy in India, highlighted the importance of the FTA and the growing Indo-German ties.
Finland’s president Alexander Stubb reiterated the northern European country’s support for an early conclusion of the FTA, on top of commitments to deepen collaboration in emerging technologies such as 6G or quantum computing.
It’s clear that India and the EU are coming closer together. With the FTA talks progressing well and hopefully being completed in the next few months, I expect increasing investments in India and more collaborations between both regions to start. Political support and momentum appears to remain high, and it’s time to finalise the agreement!
Sources: The Tribune, Business Today, Daiji World, LeMonde
Quick Risers
India’s GDP grew by 7.8% year-over-year in Q1 of Financial Year 2026, and at a much higher rate than the 6.7% anticipated. (Source: The Economic Times)
US Tech company eBay opened its first GCC in Bengaluru. The project incl. a 65,000 sqft office was executed within just 5 months with support of the GCC enabler Zinnov. (Source: ebay / Zinnov)
Germany’s ThyssenKrupp Marine Systems and India’s state-owned Mazagaon Dockyards Limited entered negotiations for a potential INR 70,000 Crore (around EUR 7.78 billion) deal for 6 submarines. (Source: Times of India)
German manufacturer of separation equipment Flottweg SE partners with Pennwalt to provide its solutions in India. (Source: Business Standard)
The French corporate food service provider Elior Group acquires majority stake in Indian dining technology platform Platos. (Source: Nuffodspectrum)
The Big4 consultancy EY expects India to become the 2nd largest economy in Purchasing Power Parity terms by 2038. (Source: DD News)
India’s electronics exports surged 47% year-over-year in Q1 of the 2025-2026 fiscal year. (Source: Business Standard)
Unemployment reduces to 5.2% in July compared to 5.6% in June. (Source: Times of India)
Spotlight: The Future of Indo-German Relations
German Ambassador to India Dr. Philipp Ackermann and Director General of the Indo-German Chamber of Commerce Stefan Halusa recently discussed the opportunities, challenges, and future relations between Germany and India.
Curiosity Corner
Your random facts and stories about India and the Indo-European friendship.
This week: the history of the Indian Stock Exchange and SEBI.
India’s stock exchange history began with informal trading in 19th century Bombay and formalised with the founding of the Bombay Stock Exchange (BSE) in 1875. The BSE was later modernised by the creation of the National Stock Exchange in 1992 to 1994 and nationwide electronic trading in the mid‑1990s. The Securities and Exchange Board of India (SEBI) was created as a non‑statutory body in 1988 and became a statutory regulator under the SEBI Act, 1992 to protect investors and regulate the securities market.
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