Automotive Dealtracker: Q3 2024

The Automotive Dealtracker Q3 2024 edition highlights India's automotive and electric vehicle industry's significant growth. The quarter saw increased private equity investments, mergers and acquisitions, and public market activity. This progress reflects the industry's strategic shift toward sustainable, technology-driven mobility solutions, driven by government policies and macroeconomic shifts. The edition also provides insights into deal activity, industry trends, and the sector's potential for long-term value creation, positioning India as a global hub for exports.

Key insights from the Automotive Dealtracker Q3 2024:

• Heightened deal activity: Q3 2024 marked a pivotal period for India’s automotive and electric vehicle (EV) industry, witnessing highest quarterly activity since Q4 2021. While deal volumes increased marginally by 14% over the previous quarter, witnessing 32 deals, the total deal values surged by 290%, underlining the growing strategic focus on sustainability, innovation and global expansion. This trend highlights the industry's strategic shift toward sustainable, technology-driven mobility solutions.
• Key transactions highlighting industry’s strategic focus: This include Rapido securing USD 200 million in funding to expand its newly launched four-wheeler taxi service, JBM Ecolife raising USD 100 million in funding, which will be used to supply and operate electric buses under the gross cost contract (GCC) model, Ather Energy raising USD 71 million in funding ahead of its anticipated IPO, Exicom acquiring a 100% stake in Tritinum Group and Samvardhana Motherson International completing the acquisition of a 34% stake in Motherson Auto Solutions (MASL) from Sojitz Corporation.
• Future prospects for industry growth: As the country’s focus on alternative fuel technologies and clean mobility solutions grows, it is expected to attract more global PE investments and strategic partnerships, driving long-term growth and reinforcing India's position in the global automotive landscape. The upcoming quarter is expected to be exciting for the industry, with two major IPOs anticipated.