As 2025 concludes, India's venture capital landscape experienced significant reshuffling, with nearly two dozen senior investors changing roles or exiting firms. This trend coincides with limited partners becoming more selective, making it challenging for first-time fund managers. The market is seeing a shift towards smaller, more focused funds, spin-outs, and niche strategies, as large IPO outcomes diminish and private equity dominates exits. Institutional capital is expected to follow proven track records rather than initial promises.