India’s deal landscape witnessed a remarkable rebound in Q3 CY25, marking its strongest performance in six quarters, according to PwC India’s Deals at a Glance report. The quarter saw 999 transactions valued at ₹3,93,251 crore (US$44.3 billion) — up 13% in volume and a significant 64% in value compared to the previous quarter.
Mergers and acquisitions (M&A) drove the surge with 518 deals worth ₹2,52,107 crore (US$28.4 billion), reflecting an 80% rise in value and a 26% jump in volume quarter-on-quarter. Meanwhile, Private Equity (PE) activity maintained strong momentum, with 481 deals worth ₹1,41,144 crore (US$15.9 billion) — up 41% in value and 1% in volume sequentially.
Compared to the same period last year, PE investments more than doubled in value and rose 36% in deal count, signaling robust investor confidence in India’s high-growth and scalable sectors.
The IPO market also recorded an exceptional surge, with 159 new listings — comprising 50 mainboard IPOs and 109 SME IPOs — representing a 156% sequential increase and the highest quarterly tally of 2025.
By sector, technology led by value with ₹1,18,064 crore (US$13.3 billion) across 146 deals, while retail and consumer businesses topped by volume with 165 deals worth ₹38,171 crore (US$4.3 billion).
PwC India attributed this strong momentum to renewed confidence in India’s consolidation story, healthy corporate balance sheets, and a supportive macroeconomic and policy environment. These factors collectively signal sustained strategic investments and cross-sector collaborations in the quarters ahead, reinforcing India’s position as one of the world’s most dynamic deal markets.
Source: IBEF
