Technology investors entered 2025 with a clear focus on disciplined capital deployment and long-term value. The Q1 2025 edition of Technology Dealtracker captures how dealmakers responded to global economic signals by concentrating investments in resilient, innovation-driven segments.
Monthly Dealtracker: April 2025
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.
Sector trends
Retail and consumer sector continues to top volumes, while banking and financial services dominates values
Key insights from the Monthly Dealtracker: April 2025
Deal volumes remained resilient, but the sharp dip in both M&A and PE values reflects growing investor caution on taking large bets. While cross-border deals slowed down, domestic M&A and PE/VC activity is stable. PE/VCs are focusing on early-stage investments so that they can shape financial performance and drive growth. India’s ability to navigate the US tariff conundrum and the response to the recent terror attacks will be critical to drive deal activity in 2025.
Shanthi Vijetha
Partner, Due Diligence, Grant Thornton Bharat
April 2025 recorded 139 deals amounting to USD 3 billion, reflecting a 5% increase in deal value compared to the monthly average in Q1 2025, even as deal volumes remained broadly stable. However, compared to the previous month, it witnessed a 22% decline in values. Retail and consumer continued to lead by volume, consistent with the trend observed throughout Q1 2025. The deal value was driven by a handful of high-value transactions, with banking and financial followed by infrastructure and automotive sectors. Other notable developments were four deals (USD 43 million) in defence and aerospace and four deals (USD 18 million) in agriculture tech. While values were low, it represents a new area for the community to chase and should be interesting to watch.
Vishal Agarwal
Partner and Private Equity Group & Deals Tax Advisory Leader, Grant Thornton Bharat
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