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India’s deal ecosystem in October 2025 reflected a phase of consolidation marked by selective large-value transactions alongside sustained mid-market activity across sectors. The month recorded steady participation from both strategic and financial investors, with pronounced interest in banking and financial services, infrastructure, retail, and technology-led industries. Our Monthly Dealtracker October 2025 edition provides an analytical overview of mergers and acquisitions, private equity investments, and capital market activity, mapping sector-wise trends and investment patterns shaping India’s corporate deal environment. The publication highlights consistent momentum in private equity investments, a rise in early-stage funding, and continued depth in the mid-sized transaction space, suggesting expanding investor confidence and diversification of funding flows.
India Inc recorded 189 deals valued at USD 10.6 billion in October 2025; compared to previous month, a 13% decline in deal volumes but a significant 63% surge in values driven by three billion-dollar transactions totalling USD 5.9 billion and 11 high-value deals (> USD 100 mn) worth USD 3.1 billion (together accounted for nearly 85% of the month’s total deal value).
Private equity activity remained steady, maintaining a range of 120–130 deals over the past three months, while deal values continued to rise month-on-month. Consistent with the trend observed through 2025, smaller deals continued to define market activity. The month also saw India’s fourth unicorn of 2025, as Dhan joined the billion-dollar club.
The banking and financial services sector topped the charts in terms of deal values for the month, while also ranking third in volumes with 23 deals totaling USD 5.1 billion. This was driven by India’s largest cross-border acquisition - Emirates NBD Bank PJSC’s 60% stake acquisition in RBL Bank for USD 3 billion and India’s largest-ever primary capital infusion by a foreign investor in an Indian NBFC - International Holding Company’s USD 1 billion acquisition of a 40% stake in Sammaan Capital.
The retail and consumer sector led in deal activity this month, though it displayed a contrasting trend—deal volumes have declined over the past three months, while overall values have increased, indicating a move toward fewer but higher-value transactions.
The infrastructure management sector registered a sharp upswing, recording the second-highest deal values for the month. Deal volumes grew by 50%, while overall values surged 5.3 times compared to the previous month. This growth was largely attributed to Vedanta’s 100% acquisition of Jaiprakash Associates under the IBC route.
