Global LPs question Indian company valuations, consultants step in

Global investors are increasingly questioning how private Indian companies are being valued, creating an opening for consulting firms to step in with independent valuation advisory services.When Jamil Khatri launched a valuations practice at Uniqus Consultech last week, the firm’s sixth service line, the timing was not incidental. Across the 300-plus clients the former KPMG executive had built the firm around since founding it in 2022, the same need kept resurfacing.“Sponsors reporting to LPs and investors, or corporates, are asking for faster turnaround, greater precision, and a more transparent methodology,” Khatri told Mint.

“The volume and complexity of valuation requirements have grown considerably.”Global limited partners are increasingly identifying Indian private-market valuations as a key roadblock to increased deployment in the country.The pressure is most acute in sectors where capital has been most concentrated. Nearly three-quarters of private equity deployment in India between 2021 and 2025 flowed into technology, financial services, IT services, pharmaceuticals, and consumer goods, contributing to valuation pressure.In a survey of more than 50 global limited partners conducted by McKinsey and the Indian Venture and Alternate Capital Association, 76% ranked India among their top three investment destinations in Asia-Pacific, the highest of any market in the region.Yet the same survey found that valuations were among the weakest factors assessed, ranking last, even among investors who allocate 70% or more of their Asia-Pacific private capital to India.