India’s transaction environment demonstrated notable momentum in July, marked by a sharp rise in strategic activity across mergers, acquisitions, private equity, and capital markets.
Monthly Dealtracker: November 2025
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.
Key sector insights from the Monthly Dealtracker: November 2025
November 2025 was India’s strongest dealmaking month on record, closing 270 transactions worth USD 11.4 billion. M&A volumes hit an all-time high, while PE saw its biggest monthly deployment since 2022 with record volumes. While large M&A deals were missing, domestic and outbound activity continued the momentum. While IPO activity was lower, QIPs inched up. Backed by healthy deal pipelines, India is set for a strong close in 2025 and enters 2026 with robust deal momentum
Shanthi Vijetha
Partner, Due Diligence, Grant Thornton Bharat
The month recorded 153 transactions worth USD 5.5 billion, the highest investment value in 2025 and more than double the year’s monthly average of USD 2.7 billion. Banking and Financial Services, Real Estate, and IT and ITeS collectively contributed more than 80% of the month’s total investment value, led by two marquee transactions and eight mid to large ticket deals in the USD 100 to 600 million range. The core sectors active in this space remain largely unchanged. Large deals in financial services and RE, with large volumes in IT and ITes. With the IPO market still moving strongly, funds may remain focused on exits in the near term.
Vishal Agarwal
Partner and Private Equity Group & Deals Tax Advisory Leader, Grant Thornton Bharat
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