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India’s technology sector shows a shift in transaction strategy, with investors focusing on business models that demonstrate resilience and clarity. The first half of 2025 reflects a preference for capability-driven acquisitions and platform-led growth across enterprise software, SaaS, and infrastructure solutions. The Technology Dealtracker edition presents structured insights across private equity, mergers and acquisitions, and capital markets. It outlines directional movements in valuations, funding stages, and sector-specific activity. The report also highlights outbound strategic activity and the role of technology in operational transformation.
Q2 2025 recorded 60 deals valuing USD 460 million, reflecting a 34% and 79% decline in both volumes and values respectively over the previous quarter. This overall slowdown in deal activity suggests a cautious investment climate amid macroeconomic uncertainties. Hexaware Technologies’ USD 1 billion IPO alone contributed a 46% share of the overall values in the previous quarter, widening the value gap between both quarters of this year.
M&A activity remained relatively stable with 22 deals, while values surged significantly over the previous quarter, reaching USD 219 million. This sudden 133% increase in values was fuelled by two high-value cross-border transactions in the quarter together, valuing USD 169 million. While the domestic transactions continued to lead the volumes with a 50% share, cross-border deals contributed an 84% share in overall M&A values.
Private equity activity in Q2 2025 recorded 36 deals at USD 215 million, this reflected 45% and a huge 79% decline in volumes and values respectively over the previous quarter. This drop in values can be attributed to an absence in big ticket transactions, with most deals concentrated on early and growth-stage investments. Despite the moderation, investor interest remained steady in sectors like SaaS, and start-up tech, indicating continued confidence in scalable digital-first business models.
Q2 2025 recorded no IPOs, marking a pause in public market listings followed by Hexaware Technologies’ USD 1 billion IPO in the previous quarter. The quarter witnessed two QIPs valued at USD 26 million over one QIP in the previous quarter worth USD 70 million. The slowdown in capital markets suggests investor caution and a wait-and-watch approach amid evolving market conditions.
Q2 2025 saw investors focus on capability‑led AI, cloud and cross‑border deals in a disciplined market. This Dealtracker edition offers insights to inform deal sourcing, structuring and capital planning.
