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Dealmakers recalibrated their strategies in April 2025 in response to global uncertainties and shifting market conditions. Investors sustained deal volumes across key sectors, even as overall values contracted due to a decline in high-value transactions. Private equity and venture capital firms shifted focus toward early-stage opportunities, aiming to influence long-term performance from the ground up. Indian businesses continued to drive domestic M\&A activity, while cross-border participation slowed as international players assessed geopolitical risks and economic volatility. Investors concentrated capital in sectors with clear growth potential—retail and consumer led by volume, and banking and financial services by value. Infrastructure, manufacturing, and automotive sectors also attracted targeted investments that aligned with broader market strategies.
The latest edition of the Dealtracker analyses sector-specific trends and transactional patterns that shaped April’s activity. It brings forward insights that help businesses and investors identify patterns, benchmark movements, and align actions with market signals.
Retail and consumer sector continues to top volumes, while banking and financial services dominates values
India’s deal landscape saw a slowdown in April 2025, closing the month with 214 deals valued at USD 5.4 billion — a notable 48% drop in value from March’s USD 10.5 billion. Excluding IPOs and QIPs, the market recorded 208 transactions amounting to USD 4.4 billion, marking the second-lowest deal volume and the lowest deal value in 2025 so far.
The M&A landscape continued its downward trend for the third consecutive month, with volumes dipping from 73 in March to 69 in April 2025, and deal values plunging by 75% to USD 1.4 billion due to the absence of big-ticket transactions.
Cross-border activity witnessed the second-lowest monthly activity in the last two years, with only 10 deals, which otherwise witnessed on an average about 17 deals per month. Outbound activity, in particular, marked the lowest volumes with just two deals, having an average of 10 deals per month for the last two years
The PE landscape in April 2025 remained steady in terms of deal volume, clocking 139 transactions — a marginal 1% rise — continuing its consistent monthly trend between 130 to 140 deals. However, deal values declined by 22%, dropping from USD 3.9 billion in March to USD 3 billion.
