India’s dealmaking landscape delivered a powerful performance in October 2025, recording a dramatic surge in value even as the number of transactions dipped. According to Grant Thornton Bharat’s latest Dealtracker report, overall deal value climbed sharply to $16.8 million, marking a 134% jump compared to the previous month. While deal volumes slipped by 13% to 189 transactions, a series of high-value mergers, acquisitions, and public offerings kept momentum strong.
The standout driver of this surge was the presence of three billion-dollar mergers and acquisitions, which collectively contributed $5.9 million. Alongside these, 11 additional deals valued above $100 million significantly influenced the month’s total, together representing nearly 85% of India’s October deal value. These large-scale investments reaffirmed the growing confidence in India’s economic direction and the resilience of its capital markets.
Banking and financial services emerged as the clear leader in deal activity, generating about $5.1 million in value. This spike was powered by two major moves: Emirates NBD Bank’s $3 million acquisition of a 60% stake in RBL Bank, and the International Holding Company’s $1 million infusion into Sammaan Capital. Tata Capital’s $1 million Initial Public Offering further energized the financial landscape, highlighting robust investor appetite for established financial institutions.
Infrastructure followed closely behind, adding $2.3 million in transactions. The sector’s rise was largely anchored by Vedanta’s $1.9 million acquisition of Jaiprakash Associates under India’s insolvency framework, signaling a renewed push for consolidation in core industries. Meanwhile, the retail and consumer segment experienced fewer deals but posted higher transaction values, fueled prominently by Zepto’s impressive $450,000 fundraising achievement.
Private equity activity also held firm in October, closing 120 deals worth a combined $3.6 million. The steady pace reflected sustained interest from global and domestic investors who continue to seek high-growth opportunities across India’s evolving economic sectors.
The IPO market was particularly noteworthy, delivering record fundraising of $5.1 million through 24 public listings. This influx of public market activity showcased not only favorable liquidity conditions but also renewed optimism among investors regarding India’s long-term growth trajectory.
Together, these developments position October 2025 as one of the strongest months in recent dealmaking history. With billion-dollar transactions, a thriving IPO pipeline, and steady private equity participation, India’s financial ecosystem continues to exhibit remarkable resilience and momentum.
