India's Deal Market Rises To A Six-Quarter High With A Total Of Usd 44.3 Billion In The Third Quarter Of 2025

November 3, 2025 – As per the PwC India “Deals at a Glance” report – the Indian deal market in Q3 CY 2025 has shown a big positive change. India has seen 999 transactions worth USD 44.3 billion. The number of transactions has gone up by, 13% and the value of deals by, 64% in comparison to the last quarter.

The remarkable recovery is consistent with a robust revival that could be seen in the quarter from, April to June. That quarter saw 887 deals with a total of USD 27 billion. Making the third quarter of the calendar year 25 the most active one in six quarters.

The Market Rebound is Driven by M&A

One of the main reasons for the market rally – was the increase in mergers and acquisitions activities with 518 deals worth USD 28.4 billion. The value of deals increased by 80% and the volume by 26% from a quarter to another.

In comparison with the previous year – deal volumes were 64% higher. The M&A value increased by 32% which is a sign of more domestic consolidation activity and a comeback of interest in cross-border transactions.

Private Equity Investments are Back on Track

The private equity (PE) division has managed to maintain its momentum and as a result – it recorded 481 deals worth USD 15.9 billion. This is a 41% increase in value whereas the deal activity remained the same as in the last quarter.

Year over year – the PE investment value increased by more than two times (121%). Together with the 36% increase in deal count – thereby showing that investors’ confidence in India’s sectors with high-growth potential is still very strong.

According to PwC India, the positive trend can be attributed to a – stable macroeconomic environment, improved corporate balance sheets, and better business sentiment. Which in turn, attract both strategic and financial investors to make more investments.

IPO Market Has a Great Quarter

India’s primary market was on fire with 159 IPOs in Q3 CY25 – 50 mainboard and 109 SME listings – which is a 156% sequential increase from the previous quarter.

This is the most active quarterly IPO activity in 2025 so far and is a clear indication of investors’ strong trust in India’s economic fundamentals and market depth.

Sector-Wise Highlights

The technology sector was the biggest spender as it pumped USD 13.3 billion through 146 deals, which is nearly one-third of the total deal value.

The retail and consumer sectors were the leaders in the number of transactions with 165 deals worth USD 4.3 billion, thus pointing to continued consolidation happening within India’s lively consumer ecosystem.

Outlook

Industry experts foresee the deal momentum being maintained with the help of strong domestic demand, plentiful liquidity, and favorable policy measures.

As Indian industries mature, strategic and financial investors will seek long-term value creation and cross-sector collaboration opportunities which will ensure that India remains one of the top dynamic investment destinations in the world.

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