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A Khaitan & Co study of 265 Indian PE and VC transactions in 2025 shows buyers are demanding greater protections. Deals with purchase price adjustment clauses rose to 24% from 13% in 2024. Holdbacks increased to 19% of deals from 3%, and escrow arrangements rose to 8% from 2%. Interim operating covenants were present in 88% of deals, up from 63%.
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