Annual Dealtracker 2025

The 20th annual edition of the Dealtracker, our pioneering publication on M&A and PE deals in India, provides an insightful analysis of India's deal-making ecosystem in 2024. Despite geopolitical and domestic uncertainties, the country's deal landscape demonstrated remarkable resilience, driven by strategic acquisitions and consolidations across key sectors. The country's stable economy, thriving tech framework, and favourable business environment make it an attractive destination for both domestic and international investors. Government reforms and incentives are expected to attract substantial investments in 2025, with sectors such as Manufacturing, Infrastructure, and Healthcare likely to witness significant growth. As India continues its journey towards economic growth, the deals segment is set for transformative growth, driven by government policy reforms, corporate repositioning, and improving economic conditions.

Key insights from the Annual Dealtracker 2024

• Unprecedented growth in 2024: The year 2024 was remarkable for deal-making in India, with 2,186 deals valued at USD 116 billion, representing a significant 33% increase in deal volumes and a substantial 76% increase in deal values compared to the previous year.
• M&A deal market reached new heights in 2024: M&A deal activity in India witnessed a record-breaking year in 2024, with 683 deals valued at USD 44.1 billion, marking an all-time high in terms of volumes. Domestic M&A activity emerged as a key driver, with 479 deals worth USD 23.5 billion, demonstrating the trend in Indian companies either consolidating or expanding their businesses. Outbound M&A recorded the highest number of deals since 2012. Deal values were significantly higher than previous year due to two high value deals worth USD 12.5 billion.
• PE deal market showed resilience in 2024: India's private equity (PE) market showed resilience despite tough market conditions in 2024, with 1,298 deals valued at USD 30.9 billion, representing a 24% increase in volumes and a 13% increase in values compared to the previous year. Early-stage funding (<=Series A) garnered significant attention with 598 deals raising more than USD 2.2 billion, constituting nearly 46% of the deal activity.
• IPO and QIP market hits new highs in 2024: The year 2024 marked a record-breaking year for IPO and QIP activity in India, with unprecedented highs in both volumes and values. The year saw 86 IPOs raising a total of USD 21 billion, marking a 51% increase in volumes and a 3.4-fold growth in values compared to the previous year. Additionally, 119 companies undertook QIPs, securing a record USD 20 billion, representing a 164% surge in volumes and a 2.9x increase in values year-over-year.

India's deal-making outlook

Looking ahead to 2025, India's M&A and PE landscape stands at the cusp of transformative growth, driven by government policy reforms, corporate repositioning, and improving economic conditions domestically making India even more attractive from a foreign inflow perspective given the continuing global uncertainties. With private equity firms sitting on record levels of dry powder, there is a significant amount of capital ready to be deployed across all sectors. Together, these factors create a favourable environment and are expected to lead to increased deal flow in 2025.

Shanti Vijetha

India's deal-making landscape has witnessed unprecedented growth in 2024, 2,186 deals with USD 116 billion in deal values across sectors, driven by India conglomerates’ domestic and global aspirations and investors continued interest in India due to the favorable economic indicators. As we look ahead to 2025, we are optimistic about the prospects for continued robust deal activity, fueled by government reforms, a stable economy, and a thriving tech ecosystem, making India an attractive destination for investors despite global uncertainties.