In August 2023, there were a total of 97 deals with a combined value of USD 6.6 billion, which is more than twice the deal value of USD 3.1 billion seen in July 2023. August also witnessed a notable upsurge in cross-border transactions, achieving the highest monthly levels of both volume and value in 2023. Inbound deals surged, with investors placing their bets on the e-commerce, IT and related sectors in India. Transaction values witnessed a huge 79% rise, largely driven by Walmart’s acquisition of a 4% stake in Flipkart’s online services and Rapyd’s acquisition of PayU’s global payments business unit. While start-ups remained the driving force behind deal volumes, followed by e-commerce and IT sectors, the e-commerce sector led the deal values for the month, followed by the retail and pharma sectors. The increase in deal values and the occurrence of notable deals, including the emergence of two unicorns in the last two months, point to an optimistic momentum gaining in the deal market for the remainder of 2023.
M&A and PE deals for the month