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January 2024 recorded 142 deals valued at USD 6.1 billion, witnessing strong growth compared to 124 deals valuing USD 5 billion recorded in December 2023. The uptrend in the deal activity was driven by a positive trend witnessed in the PE activity due to the presence of two billion-dollar investments totalling USD 3.6 billion. PE deals drove the month’s overall activity, contributing to 77% values and 71% volumes. With a fourfold increase compared to the previous month, January 2024 recorded the highest PE monthly values since June 2022. M&A deal activity was subdued, with 41 deals valued at USD 1.4 billion. Start-up, e-commerce, and IT & ITeS sectors led the volumes, contributing to 61% of the overall deal volumes, while telecom, infrastructure, and retail drove the values, accounting for 73% of the total deal values, primarily driven by big-ticket transactions. The biggest deal of the month was Data Investment Trust's acquisition of ATC India Tower Corporation, a telecom infrastructure company, which accounted for nearly 41% of the total deal value at USD 2.5 billion.
