There has been tremendous growth in the startup ecosystem in India in terms of innovation, job creation, and the emergence of technology-led startups since 2017. However, building a startup is not only about capital. Private equity (PE) has made its presence felt in growth-stage startups in India, as a major provider of strategic support, operational guidance, governance discipline and institutional development. Although the number of investments in startups by private equity has grown over time, there is limited firm-level evidence about the extent to which private equity actually affects the growth and long-term institutionalisation of startups. With the rise of startup IPOs and late-stage funding in India, the significance of exploring the role of private equity beyond the financial investment has also grown. This paper explores the value creation potential of private equity in startups in the Indian context over the years 2017-2025. The study adopts a multiple case study approach in which three major Indian startups: Nykaa, Delhivery, and Lenskart are analysed using secondary data from annual reports, Draft Red Herring Prospectuses (DRHPs), investor presentations and industry publications. The analysis is conducted across four key dimensions: revenue growth, financial discipline, governance structure and exit readiness (IPOs or strategic sales). The study also distinguishes growth-stage private equity from venture capital, based on stage of investment, strategic involvement, and role of institutions in scaling up startups. The results indicate that firms with private equity backing have faster scaling of operations, better financial reporting mechanisms, higher governance standards, and higher levels of preparedness for a public market exit. The study also highlights the distinction between growth-stage private equity and venture capital in the Indian startup ecosystem. The paper provides insight into the role of private equity firms as a source of capital as well as a strategic and institutional growth catalyst for Indian startups by presenting case studies.