Monthly Dealtracker: January 2026

IT & ITeS emerged as the largest sector by value in January, with 19 deals totaling USD 2.4 billion, representing a 147% month-on-month increase. The surge was almost entirely driven by Coforge Limited’s USD 2.4 billion acquisition of Encora, which accounted for nearly 97% of sector value.

The Retail & consumer sector remained the most active by volume, recording 39 deals during the month. However, deal values declined sharply to USD 744 million, reflecting a 70% month-on-month drop due to the absence of large-ticket investments.

Banking and financial services ranked as the third-largest sector by value, with 17 deals aggregating USD 466 million. Sector values declined 92% month-on-month, largely due to the base effect of billion-dollar transactions worth USD 5.8 billion that elevated December activity.

The Manufacturing sector recorded strong deal participation, accounting for second-highest deal volumes with 22 transactions totaling USD 165 million. While volumes increased marginally month-on-month, deal values declined 57%. Industrial materials and electronic equipment led the sector, jointly accounting for 68% of volumes and 67% of values.

The Real estate sector exhibited a divergent trend, with deal volumes increasing 67% month-on-month, while values declined 15%. Despite the value moderation, the sector recorded two high-value transactions totaling USD 186 million, including an insolvency-led acquisition by the Amtek Group of the Supertech ORB project.