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India’s deal environment in 2025 reflected steady corporate activity supported by resilient macro fundamentals, a supportive policy backdrop and a disciplined investment climate. The Annual Dealtracker 2025 edition provides an overview of mergers and acquisitions, private equity, primary markets and sector movements, outlining domestic consolidation, capability‑led growth and calibrated cross‑border participation. It discusses how a stable monetary setting, evolving trade frameworks and advancing technology adoption shaped deal execution and improved feasibility for strategic and financial investors. The publication also explains broader trends across manufacturing, financial services, energy transition, healthcare, technology and consumer‑facing sectors, capturing the shifts that defined transaction momentum.
Building on the exceptional momentum of 2024, 2025 emerged as another landmark year for India’s deal ecosystem, with 2,658 transactions aggregating USD 133 billion. This represents a 21% y-o-y increase in deal volumes and a 13% rise in deal values, reaffirming the resilience and depth of Indian market despite a volatile global backdrop.
M&A activity reached unprecedented levels in 2025, with 963 deals, marking a 41% y-o-y increase, while deal values climbed 36% to USD 60.2 billion. The year was defined by a rise in large strategic transactions, with USD 14 billion-dollar deals totalling USD 34.3 billion, accounting for more than 50% of overall M&A value, signalling renewed appetite for scale, control and long-term strategic positioning.
PE and VC activity remained robust in 2025, with deal volumes rising for the third-consecutive year to 1,506 transactions, while values reached USD 37 billion, the highest annual deployment since 2022. Value growth was driven by six billion-dollar deals and 78 high-value transactions (≥ USD 100 million), which together contributed 68% of total PE/VC value.
Together, these themes present a clear view of India’s maturing deal ecosystem and its direction as markets progress into 2026.
