Monthly Dealtracker: October 2024

The October edition of Dealtracker showcases India's deal-making resilience. Driving this momentum, domestic consolidations and strategic investments in key sectors, such as manufacturing, pharma and retail, sustained values despite a tepid environment. Additionally, emerging sectors like education, agriculture, and aerospace attracted increased investment. A favourable economic climate and strong capital market fuel this growth, offsetting geopolitical uncertainties and declining values in some segments. As a result, deal-makers are set for long-term optimism, but must adopt strategic decision-making to navigate challenges and achieve sustainable growth.

Key insights from the Monthly Dealtracker: October 2024

• M&A values support deal activity: October 2024 witnessed 183 deals totalling USD 4.9 billion, translating to a 6% decrease in volumes while a marginal increase in values. The M&A activity witnessed 75% growth in values compared with the previous month, driven by two high value deals (> USD 500 mn).
• PE investment declines: The PE space witnessed a month-on-month decline in volumes since August 2024 and the second lowest monthly values for 2024 after February. The decline in values can be attributed to undisclosed deal values in case of 78% of the deals. Key sectors, such as retail, pharma and IT continued to attract interest from both domestic and international investors, making for more than half of investment volumes.
• Retail and manufacturing sectors at the forefront: Manufacturing sector saw record high monthly deal volumes and the highest values, with 21 deals valuing USD 1.7 billion, driven by three high value deals (>100 mn) valuing USD 1.6 billion, contributing to nearly 33% of the total values. The retail and consumer sector continued to remain on top of the volumes tables since April 2024, reflecting sector resilience.