India’s mergers and acquisitions and private equity landscape recorded a strong upswing in the first half of calendar year 2025, with deal volumes rising by 21% and announced deal values increasing by 9% compared to the same period in 2024. This growth reflects sustained investor confidence and strategic corporate activity, even amid a volatile second quarter, according to PwC India’s latest report.
M&A activity saw a 23% increase in H1 2025 over H1 2024, with a surge in transactions during the first quarter followed by a more cautious approach in the second quarter as companies recalibrated their strategies. Domestic M&A transactions rose by 25%, while cross-border M&A grew by 18%. Outbound transactions surged by 50%, indicating a growing appetite among Indian corporates for international expansion.
Private equity investments rose by 20%, demonstrating resilience and continued momentum in the sector. Shashank Jain, Partner and Leader-Deals at PwC India, stated that investor confidence in private equity remains strong despite a dip in market activity during the quarter. He noted that funds are adopting a long-term view, with increased interest in healthcare, renewables and technology, which is expected to diversify the deal pipeline in the coming months.
Retail and consumer sectors led in deal volumes, driven by consolidation through startup acquisitions. Financial services dominated in deal value. Technology, pharma, healthcare and real estate attracted targeted investments focused on sustainability and innovation. Healthcare and pharma sectors benefited from expansion and consolidation initiatives, while real estate maintained momentum due to favourable policies and rising interest in data centres and warehouses.
