Thought leadership

Monthly Dealtracker – February 2024

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In February 2024, India saw 144 deals amounting to USD 1.4 billion, indicating a significant decline in values by 77% and a slight increase in volumes compared to January. This drop was primarily due to the absence of major transactions and undisclosed deal values. M&A activity witnessed a 52% decline in values and a 7% decrease in volumes, with domestic and outbound activities declining while inbound values surged by 81%. Private equity (PE) activity comprised 106 deals worth USD 0.8 billion, marking the lowest monthly values since August 2020 despite recording the third-highest monthly deals in the past year. Start-ups, IT & ITes, and E-commerce sectors led deal-making, with start-ups dominating both volumes and values. The deal of the month was Mizuho Bank Ltd's acquisition of a 15% stake in Kisetsu Saison Finance Pvt Ltd for USD 145 million, contributing significantly to M&A activity. E-commerce witnessed major deal activity compared to the previous month, and the IT and ITeS sector experienced noticeable growth. Additionally, sectors like pharma, healthcare, biotech, and automotive saw significant increases in both volumes and values compared to the previous month.