Monthly Dealtracker:
February 2025

India's deal activity soared in February 2025, with 226 M&A and PE deals valued at USD 7.2 billion, recording the highest monthly deal volumes in the last three years. This represents a 67% increase in volumes and a 5.4-fold increase in values compared to February 2024, while a 14% increase over the previous month. Despite global economic uncertainties, including declining foreign investments in Indian public markets and looming trade tariffs, Indian dealscape demonstrated resilience, driven by robust domestic demand.

The M&A space witnessed contrasting trends, with volumes steadily increasing over the past four months, while values continued to decline since December 2024. February 2025 witnessed record monthly volumes as domestic deals remained the dominant theme, accounting for 68% of volumes and 78% of values. The cross-border activity was mixed, with outbound deals witnessing a significant increase both in terms of volumes and values, while inbound deal values declined significantly. 

The retail and consumer sector marked the highest monthly deal volumes since January 2022, contributing to 23% of the total volumes and leading the deal activity for the month. This surge was driven by two main segments, i.e., textiles, apparel and accessories and e-commerce, contributing to 40% of the volumes for the month. Notably, the jewellery segment saw a renewed interest, with six deals valuing USD 30.4 million. Despite this increased activity, deal values plummeted by nearly 81% over the previous month owing to subdued high-value deals in this month.

The PE space witnessed both deal volumes and values rising month-on-month since November 2024. Notably, this marks the highest monthly deal volumes since May 2022. Early-stage fundings (up to Series A) had significant traction, accounting for nearly half of the total PE deal volumes.