The Indian Venture Capital and Private Equity (VC and PE) industry have witnessed a dramatic increase in terms of the number of enterprises funded as well as the volume of capital committed.  850 funds have supported 3699 enterprises across a wide range of industries, across the Northern, Southern and Western regions of the country predominantly.  They have provided 5545 rounds of funding resulting in around 8800 transactions.  These are large volumes even by international standards.  Yet the industry remains under-researched.  This paper builds on and significantly extends some prior work in this area. It finds that through the analysis that the industry has evolved into being a source of growth financing for innovative and technology led businesses.  The analysis also reveals that the market for managing VC funds is highly competitive with fairly high rates of entry and exit of fund management entities.