Arseam

International Journal of Marketing & Financial Management

EXIT PATHWAYS OF VENTURE CAPITALISTS IN DELHI NCR: IPOs, ACQUISITIONS, AND BEYOND

Dr. Manisha

Dr. Manisha, Ph.D. in Management (Finance), Academic Counsellor, IGNOU, New Delhi

DOI : https://doi.org/10.5281/zenodo.16404666 Page No : 108-120

Published Online : 2025-06-30

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ABSTRACT

Venture capital (VC) has long been a critical financial mechanism for nurturing innovation, fostering entrepreneurship, and stimulating economic growth. As a subset of private equity, venture capital focuses on financing early-stage, high-potential, and high-risk startups, often in industries characterized by rapid technological advancement, such as biotechnology, information technology, clean energy, and fintech. Venture capitalists, who invest both funds and expertise, play a pivotal role not only in the financial sustenance of nascent enterprises but also in shaping strategic decisions, governance, and scalability. However, the ultimate goal of venture capital investing is the realization of returns, and this is where exit strategies become vital.

Keywords: Venture Capital, IPOS, Mergers and Acquisitions

Type of paper: Research Paper

References

Ahtila V. (2014). Business Angel Investment decision-making criteria.Aalto University School of Business.86. Retrieved from Business angel investment decision-making criteria (core.ac.uk).
Amit R., Brandera J., and Zotta C. (1998).Why do venture capital firms exist? theory and Canadian evidence.Journal of Business Venturing. 13(6), 0883-9026, 441-466. Retrieved from https://doi.org/10.1016/S0883-9026(97)00061-X
Anand S., Dr. Raj M. (2021).A Study On Venture Capital Investment And Start-up Ecosystem Which Has Transformed The Economy Over The Decades.International Journal of Creative Research Thoughts (IJCRT). Amity School of Economics. 9(5), 2320-2882. Retrieved fromhttps://ijcrt.org/papers/IJCRT2105599.pdf

Annamalai, Thillai & Deshmukh, Ashish. (2011). Venture capital and private equity in India: An analysis of investments and exits. Journal of Indian Business Research. 3. 6-21. Retrieved from https://www.researchgate.net/publication/235317490_Venture_capital_and_private_equity_in_India_An_analysis_of_investments_and_exits

Bandyopadhyay I. (2008):Government and the modern capital market of India.University of Calcutta.v, 95p. Retrieved from http://hdl.handle.net/10603/159195
Beim G., & Levesque M. (2004). Selecting Projects for Venture Capital Funding: A Multiple Criteria Decision Approach.17th International Conference on Multiple Criteria Decision Making held in Whistler, Canada.Retrieved from https://www.mcdaconsulting.com/wp-content/uploads/2016/09/beim-and-levesque-vc-final-form.pdf
Bellavitis C., Fisch C., & Mc Naughton R. (2023).COVID-19 and the global venture capital landscape. Small Business Economics. 1-25. Retrieved from https://link.springer.com/content/pdf/10.1007/s11187-021-00547-9.pdf
Bellucci, A., Borisov, A., Gucciardi, G., & Zazzaro, A. (2023). The reallocation effects of COVID-19: Evidence from venture capital investments around the world. Journal of banking & finance, 147, 106443. https://doi.org/10.1016/j.jbankfin.2022.106443
Bergemann D., & Hege U. (1998).Venture capital financing, moral hazard, and learning. Journal of Banking & Finance. 22(6-8), 0378-4266, 703-735.Retrieved from https://doi.org/10.1016/S0378-4266(98)00017-X
De Vries, G., Pennings, E., Block, J. H., & Fisch, C. (2016). Trademark or patent? The effects of market concentration, customer type and venture capital financing on start-ups’ initial IP applications. Industry and Innovation. 24(4), 325–345.Retrieved from https://doi.org/10.1080/13662716.2016.1231607
Dr. Manglani J. (2014).VENTURE CAPITAL FINANCING & INNOVATIVE SKILLS OF INDIAN ENTREPRENEURS.An online interdisciplinary, multidisciplinary & multi-cultural journal Bharat College of Commerce, Badlapur, MMR, India. H.R. College of Commerce & Economics. 2(4), 2278-8794. Retrieved fromhttp://www.episteme.net.in/content/73/3837/attachments/5-Venturecapitalfinancing.pdf
Edelman L. F., Manolova T.S., and Brush C.G. (2017). Angel Investing: A Literature Review. Academia. 13(4-5), 1551-3122, 265-439.DOI: 10.1561/0300000051
Eisele, Florian & Haecker, Christine & Oesterle, Ralf. (2011). German Venture Capitalists Investment Criteria Over Financing Stages. International Business & Economics Research Journal (IBER). 3.
Fried J.M., and Ganor M. (2005). The plight of common shareholders in venture-backed firms.UC Berkeley Law and Economics Workshop. University of California. Retrieved from https://escholarship.org/uc/item/57c116w0
Ge, D., Mahoney, J.M., & Mahoney, J.T. (2005). New Venture Valuation by Venture Capitalists: An Integrative Approach.Published at Semantic Scholar. Retrieved fromhttp://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.110.4282&rep=rep1&type=pdf
Kumar A. (2020).Venture Capital backed IPOs in India issues of underpricing and long run performance.Published in Finance India: the quarterly journal of Indian Institute of Finance.ZDB-ID 1130817-5. 34, 0970-3772, 193-200. Retrieved fromhttp://hdl.handle.net/10603/278454
Lockett A., and Wright M. (2001):The syndication of venture capital investments.Journal of Omega. 29(5), 0305-0483, 375-390. Retrieved from https://doi.org/10.1016/S0305-0483(01)00024-X
Loo A. (2015). Venture capital. Article Published on CFI websiteRetrieved from https://corporatefinanceinstitute.com/resources/knowledge/trading-investing/venture-capitalists/
Mani S., and Bartzokas A. (2002). Institutional Support for Investment in New Technologies: The Role of Venture Capital Institutions in Developing Countries.Published in Semantic Scholar.
Mason, C. (2020). The Coronavirus Economic Crisis: Its Impact on Venture Capital and High Growth Enterprises. University of Glasgow.European Commission. Luxembourg. ISBN 978-92-76-18432-4, doi:10.2760/408017, JRC120612. Retrieved from https://eprints.gla.ac.uk/215154/1/215154.pdf
Megginson W. L. (2005). TOWARD A GLOBAL MODEL OF VENTURE CAPITAL?Journal of Applied Corporate Finance. Columbia Business School. 16(1), 89- 107. Retrieved fromhttps://doi.org/10.1111/j.1745-6622.2004.tb00599.x
Sivakami, P. (2016). A study on the growth and investment pattern of venture capital financing in India.Bharathiar University. xvii, 226p.Retrieved fromhttp://hdl.handle.net/10603/102880
Srivastava, J., & Gopalakrishnan, B. (2022). Work from home amenability and venture capital financing during COVID-19. Applied Economics. 54(44), 5073–5098. https://doi.org/10.1080/00036846.2022.2041175

Sonia (2017): Investment decisions of venture capital providers in India. Research Thesis. Maharshi Dayanand University.Retrieved from http://hdl.handle.net/10603/216100
Stuti S. (2019).Role of Venture capital funds in corporate financing in India.Chhatrapati Sahuji Maharaj University. Department of Commerce.IX, P.245. Retrieved from http://hdl.handle.net/10603/261147
Silambarasan, G. (2018).Performance evaluation of select venture capital companies in Tamil Nadu.Annamalai University. Retrieved from http://hdl.handle.net/10603/221935

Cite this Article as: Manisha (2025), “Exit Pathways of Venture Capitalists in Delhi NCR: IPOs, Acquisitions, and Beyond”, International Journal of Marketing & Financial Management, Volume 13, Issue 1, 2025, pp 108- 120, DOI : https://doi.org/10.5281/zenodo.16404666

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References

Ahtila V. (2014). Business Angel Investment decision-making criteria.Aalto University School of Business.86. Retrieved from Business angel investment decision-making criteria (core.ac.uk).
Amit R., Brandera J., and Zotta C. (1998).Why do venture capital firms exist? theory and Canadian evidence.Journal of Business Venturing. 13(6), 0883-9026, 441-466. Retrieved from https://doi.org/10.1016/S0883-9026(97)00061-X
Anand S., Dr. Raj M. (2021).A Study On Venture Capital Investment And Start-up Ecosystem Which Has Transformed The Economy Over The Decades.International Journal of Creative Research Thoughts (IJCRT). Amity School of Economics. 9(5), 2320-2882. Retrieved fromhttps://ijcrt.org/papers/IJCRT2105599.pdf

Bandyopadhyay I. (2008):Government and the modern capital market of India.University of Calcutta.v, 95p. Retrieved from http://hdl.handle.net/10603/159195
Beim G., & Levesque M. (2004). Selecting Projects for Venture Capital Funding: A Multiple Criteria Decision Approach.17th International Conference on Multiple Criteria Decision Making held in Whistler, Canada.Retrieved from https://www.mcdaconsulting.com/wp-content/uploads/2016/09/beim-and-levesque-vc-final-form.pdf
Bellavitis C., Fisch C., & Mc Naughton R. (2023).COVID-19 and the global venture capital landscape. Small Business Economics. 1-25. Retrieved from https://link.springer.com/content/pdf/10.1007/s11187-021-00547-9.pdf
Bellucci, A., Borisov, A., Gucciardi, G., & Zazzaro, A. (2023). The reallocation effects of COVID-19: Evidence from venture capital investments around the world. Journal of banking & finance, 147, 106443. https://doi.org/10.1016/j.jbankfin.2022.106443
Bergemann D., & Hege U. (1998).Venture capital financing, moral hazard, and learning. Journal of Banking & Finance. 22(6-8), 0378-4266, 703-735.Retrieved from https://doi.org/10.1016/S0378-4266(98)00017-X
De Vries, G., Pennings, E., Block, J. H., & Fisch, C. (2016). Trademark or patent? The effects of market concentration, customer type and venture capital financing on start-ups’ initial IP applications. Industry and Innovation. 24(4), 325–345.Retrieved from https://doi.org/10.1080/13662716.2016.1231607
Dr. Manglani J. (2014).VENTURE CAPITAL FINANCING & INNOVATIVE SKILLS OF INDIAN ENTREPRENEURS.An online interdisciplinary, multidisciplinary & multi-cultural journal Bharat College of Commerce, Badlapur, MMR, India. H.R. College of Commerce & Economics. 2(4), 2278-8794. Retrieved fromhttp://www.episteme.net.in/content/73/3837/attachments/5-Venturecapitalfinancing.pdf
Edelman L. F., Manolova T.S., and Brush C.G. (2017). Angel Investing: A Literature Review. Academia. 13(4-5), 1551-3122, 265-439.DOI: 10.1561/0300000051
Eisele, Florian & Haecker, Christine & Oesterle, Ralf. (2011). German Venture Capitalists Investment Criteria Over Financing Stages. International Business & Economics Research Journal (IBER). 3.
Fried J.M., and Ganor M. (2005). The plight of common shareholders in venture-backed firms.UC Berkeley Law and Economics Workshop. University of California. Retrieved from https://escholarship.org/uc/item/57c116w0
Ge, D., Mahoney, J.M., & Mahoney, J.T. (2005). New Venture Valuation by Venture Capitalists: An Integrative Approach.Published at Semantic Scholar. Retrieved fromhttp://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.110.4282&rep=rep1&type=pdf
Kumar A. (2020).Venture Capital backed IPOs in India issues of underpricing and long run performance.Published in Finance India: the quarterly journal of Indian Institute of Finance.ZDB-ID 1130817-5. 34, 0970-3772, 193-200. Retrieved fromhttp://hdl.handle.net/10603/278454
Lockett A., and Wright M. (2001):The syndication of venture capital investments.Journal of Omega. 29(5), 0305-0483, 375-390. Retrieved from https://doi.org/10.1016/S0305-0483(01)00024-X
Loo A. (2015). Venture capital. Article Published on CFI websiteRetrieved from https://corporatefinanceinstitute.com/resources/knowledge/trading-investing/venture-capitalists/
Mani S., and Bartzokas A. (2002). Institutional Support for Investment in New Technologies: The Role of Venture Capital Institutions in Developing Countries.Published in Semantic Scholar.
Mason, C. (2020). The Coronavirus Economic Crisis: Its Impact on Venture Capital and High Growth Enterprises. University of Glasgow.European Commission. Luxembourg. ISBN 978-92-76-18432-4, doi:10.2760/408017, JRC120612. Retrieved from https://eprints.gla.ac.uk/215154/1/215154.pdf
Megginson W. L. (2005). TOWARD A GLOBAL MODEL OF VENTURE CAPITAL?Journal of Applied Corporate Finance. Columbia Business School. 16(1), 89- 107. Retrieved fromhttps://doi.org/10.1111/j.1745-6622.2004.tb00599.x
Sivakami, P. (2016). A study on the growth and investment pattern of venture capital financing in India.Bharathiar University. xvii, 226p.Retrieved fromhttp://hdl.handle.net/10603/102880
Srivastava, J., & Gopalakrishnan, B. (2022). Work from home amenability and venture capital financing during COVID-19. Applied Economics. 54(44), 5073–5098. https://doi.org/10.1080/00036846.2022.2041175

Sonia (2017): Investment decisions of venture capital providers in India. Research Thesis. Maharshi Dayanand University.Retrieved from http://hdl.handle.net/10603/216100
Stuti S. (2019).Role of Venture capital funds in corporate financing in India.Chhatrapati Sahuji Maharaj University. Department of Commerce.IX, P.245. Retrieved from http://hdl.handle.net/10603/261147
Silambarasan, G. (2018).Performance evaluation of select venture capital companies in Tamil Nadu.Annamalai University. Retrieved from http://hdl.handle.net/10603/221935