India’s deal landscape hit a remarkable milestone in the third quarter of 2025, marking its best performance in a year and a half. According to PwC India’s Deals at a Glance report, the quarter witnessed 999 transactions valued at approximately $44.3 billion, reflecting a 13% rise in volume and an impressive 64% increase in total value compared to the previous quarter.
Mergers and acquisitions (M&A) led the charge with 518 transactions worth about $28.4 billion — an 80% jump in value and a 26% increase in the number of deals quarter-on-quarter. Private equity (PE) activity remained strong as well, with 481 deals totaling nearly $15.9 billion. This represents a 41% growth in value and a steady 1% rise in volume compared to the last quarter. When compared to the same period a year ago, PE investments more than doubled in value, highlighting investors’ growing interest in high-potential, scalable sectors across the Indian market.
The IPO space also showed extraordinary growth, recording 159 new listings — including 50 on the mainboard and 109 on the SME platform — marking a staggering 156% quarter-on-quarter rise. It was the busiest IPO quarter of 2025, indicating robust investor confidence and a positive market outlook.
In terms of sectoral performance, technology dominated by deal value with transactions worth roughly $13.3 billion across 146 deals. Meanwhile, the retail and consumer segment led by deal count, registering 165 transactions valued at about $4.3 billion.
PwC India attributed this strong momentum to India’s ongoing consolidation trend, sound corporate balance sheets, and a favorable macroeconomic and policy environment. These factors, the report suggests, are fostering a climate of optimism, encouraging strategic collaborations, and driving cross-sector investments.
With market sentiment improving and capital inflows continuing across industries, experts believe India’s deal-making momentum is poised to remain strong into the coming quarters, reinforcing its position as one of the most dynamic investment destinations in the global economy.
