India’s deal market posted its strongest quarterly performance in six quarters, recording 999 transactions worth Rs. 3,93,251 crore (US$ 44.3 billion) in the third quarter of calendar year 2025, according to PwC India’s Deals at a Glance report. This reflects a 13% increase in volume and a 64% rise in value compared with the previous quarter.
Mergers and Acquisitions Lead Growth
Mergers and acquisitions (M&A) activity accounted for 518 deals valued at Rs. 2,52,107 crore (US$ 28.4 billion), registering an 80% increase in value and a 26% rise in volume quarter-on-quarter.
Private Equity Activity Remains Strong
Private equity (PE) transactions totalled 481 deals worth Rs. 1,41,144 crore (US$ 15.9 billion), marking a 41% increase in value and a 1% rise in deal count from the previous quarter. Compared to the same period last year, PE investments more than doubled in value and grew 36% in volume.
IPO Market Sees Surge in Listings
The initial public offering (IPO) market also registered strong momentum, with 159 new listings, including 50 mainboard and 109 SME IPOs. This represents a 156% sequential increase and the highest quarterly total for 2025.
Sectoral Trends
The technology sector led in value terms with Rs. 1,18,064 crore (US$ 13.3 billion) across 146 deals, while the retail and consumer sector topped in volume with 165 deals worth Rs. 38,171 crore (US$ 4.3 billion).
Summary
India recorded 999 deals valued at US$ 44.3 billion in Q3 CY25, reflecting strong activity across mergers, acquisitions, and private equity. M&A deals dominated by value, while IPOs and technology transactions saw significant participation, marking the country’s most active quarter in six quarters.
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