India’s transactions ecosystem in May 2025 showed a tempering of momentum, following a period of relative stability earlier in the year. The May 2025 edition of Dealtracker presents a detailed analysis of sector movements, investor sentiment, and strategic shifts across deal types. While overall activity moderated, select transactions and sustained interest in key segments added depth to the market. Mergers and acquisitions demonstrated global integration efforts through outbound deals, even as private equity activity contracted. Capital markets stayed subdued, yet dealmakers maintained strategic engagement in financial services, healthcare, and logistics. The month marks a measured recalibration with continued focus on long-term value.

Key insights from the Monthly Dealtracker: May 2025

The Banking and financial services sector remained the most dominant in terms of deal values over the last three months. The sector accounted for 42% of the overall values for the month, despite a dip in volumes from 29 deals in the previous month to just 13 deals this month. Notably, the NBFC sub-segment played a pivotal role, contributed to two large ticket deals for the month, accounting for 98% of the sector’s value and 46% of deal volume.

Retail and consumer sector continued to lead in deal volume despite a 23% month-over-month drop. Meanwhile, deal values saw a 36% uptick driven by secondary deals in PE space worth USD 191 million. The textiles, apparels & accessories segment led the pack with 35% of deal volume and 44% of the sector’s value.

The Pharma, healthcare and biotech sector was the second-highest contributor to deal value at USD 364 million, propelled by PB Healthcare Services raising USD 218 million from a consortium of investors for developing hospital network in the NCR region. Hospitals, Healthtech and pharma & biotech segments each held a 20% share in volume, while hospitals dominated in value with a 64% share.

Transport and logistics sector witnessed significant surge both in terms of volumes and values by 120% and 69%, respectively over the previous month driven by increased investor interest in food logistics and logistics segments. The sector recorded the highest monthly deal volumes since September 2021 recording 11 deals worth USD 314 million. 

Shanthi Vijetha, Partner, Due Diligence, Grant Thornton Bharat
May marked a slowdown in overall deal activity, due to muted private equity sentiment. The emergence of two unicorns and uptick in Corporate India's outbound deals indicates promising deal outlook. So, expect deal momentum to build in the second half in backdrop of a rejuvenated IPO market.
Shanthi Vijetha Partner, Due Diligence, Grant Thornton Bharat
Vishal Agarwal, Partner and Private Equity Group & Deals Tax Advisory Leader, Grant Thornton Bharat
May 2025 recorded 107 deals amounting to USD 1.84 billion, with over half of the transactions concentrated in the retail and consumer, technology, and banking and financial services sectors. Over the first five months of 2025, retail and consumer, IT & ITeS, pharma, and financial services have emerged as the most active sectors by value and volume. Agritech and aerospace and defense maintained their presence this year with 11 deals and 17 deals respectively. The market continues to reflect consistent activity levels, albeit with a tilt toward smaller deal sizes — a trend that has defined investor behaviour so far this year.
Vishal Agarwal Partner and Private Equity Group & Deals Tax Advisory Leader, Grant Thornton Bharat
Monthly Dealtracker: May 2025
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Monthly Dealtracker: May 2025

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