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Financial services dealmaking reflected a measured investment approach, with investors placing greater emphasis on scale, profitability and regulatory resilience. Interest remained strong across several segments of the sector, particularly where technology and business fundamentals aligned.
The Q3 2026 edition of the Financial Services Dealtracker analyses trends across M&A, private equity, venture capital and capital markets activity, and explores developments across fintech, banking and NBFCs, insurance, and financial services and asset management. The report provides perspectives on the investment themes shaping market activity and strategic decision-making.
Q3 2026 recorded 67 transactions worth USD 7.3 billion across M&A, PE/VC, IPOs and QIPs. Volumes rose marginally from 65 in Q2 2026, while values more than doubled (129%), driven by Bank of America's investment in Jio Credit and two large public-market issuances. Compared with Q3 2025, volumes increased 10%, while values declined 5%, indicating more smaller transactions.
M&A recorded 23 transactions worth USD 2.3 billion. Volumes declined 4% quarter-on-quarter, while values rose 54%, supported by Bank of America's USD 1.9 billion investment in Jio Credit, which contributed approximately 85% of quarterly M&A value. With values for ~50% of deals undisclosed, strategic interest in Indian financial-services assets remained strong.
PE/VC activity moderated to 35 transactions (down 8% Q-o-Q) worth USD 736 million (down 44% Q-o-Q), reflecting investor preference for smaller transactions. PE/VC nevertheless remained the largest contributor by volume, accounting for 52% of total transactions.
Seven IPOs and two QIPs raised approximately USD 4.3 billion, compared with one IPO and two QIPs in Q2 2026. Fundraising increased more than tenfold, led by the IPOs of the National Stock Exchange of India and SBI Funds Management. Compared with Q3 2025, issuance volumes rose ~50%, while fundraising declined ~16%.
India’s financial services sector witnessed stable deal activity during Q2 2026 as investors prioritised quality, scale, profitability and regulatory resilience amid continuing global uncertainty and selective capital allocation.
Analyse M&A and investment activity in India’s financial services sector for Q1 2026, with insights on banking, fintech, deal trends and evolving market dynamics.
The Q3 2025 edition of Grant Thornton Bharat’s Financial Services Dealtracker analyses key deal trends across M&A, PE, IPOs, and QIPs. It explores investor sentiment, fintech-led innovation, and regulatory signals influencing capital flows in banking, NBFCs, insurance, and asset management.
