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November 2025 marked a significant milestone for India’s deal environment, reflecting strong momentum across mergers and acquisitions and private equity transactions. Activity surged across diverse sectors, led by retail and consumer, banking and technology, signaling sustained investor confidence and strategic capital deployment. Public markets moderated, while domestic transactions continued to dominate, complemented by selective outbound investments. The November 2025 edition of our Monthly Dealtracker provides a detailed analysis of transaction trends, sectoral performance, and investment themes shaping the market. It highlights record-breaking private equity activity and M&A volumes, supported by healthy pipelines and a stable macroeconomic backdrop. The publication also examines sector concentration, emerging patterns in deal structures, and the implications for businesses planning growth and expansion.
The retail and consumer sector led monthly deal activity, recording 47 deals worth USD 341 million. Volumes rose 52% over the previous quarter, while values fell 49%, primarily driven by Zepto’s USD 450 million pre-IPO round last month, which alone contributed 68% of sector values.
Banking and financial services remained the top value contributor, closing 37 deals totalling USD 1.6 billion, despite a three-fold decline from last month. Four major fundraises by PhonePe, Ace Insurance Brokers, Infinity Fincorp Solutions, and Snapmint Credit Advisory collectively accounted for 83% of the sector's values.
Real estate emerged as the second-largest sector by value, closing 12 deals worth USD 1.58 billion, a 33x surge over the previous month. This spike was almost entirely driven by Brookfield India Real Estate Trust’s USD 1.5 billion acquisition of Arliga Ecoworld Business Parks, which accounted for 94% of sector values.
IT & ITES saw steady deal volumes but a sharp 14x rise in values from USD 106 million to USD 1.4 billion across 24 deals. The spike was driven by TCS subsidiary HyperVault AI Data Center’s USD 1 billion fundraise from TPG Rise Climate Fund to support GW-scale AI-ready infrastructure development.
