Q1 Dealtracker 2025

Q1 2025 marked a significant milestone, with the highest quarterly deal volumes since Q1 2022 and the highest values since Q3 2022, driven by four key segments combined. The M&A and PE landscape experienced a robust activity, reaching record highs. However, in stark contrast, IPO and QIP fundings plummeted sharply compared to the previous quarter.

Q1 2025 achieved a historic high, with 228 deals recorded driven by an all-time quarterly high Domestic M&A. Additionally, cross-border M&A values surged 2.9 times fueled by one billion-dollar deal and two deals valued over USD 500 million each. Notably, several Indian companies, including Adani Group, Coforge Limited, Zen Technologies and Nitco Limited, went on an acquisition spree, with each acquiring between four to five companies, driving significant M&A activity during the quarter.

Q1 2025 recorded the highest quarterly deal volumes in the last 11 quarters while witnessing a 30% increase in volumes and a marginal increase in values compared to the same quarter in 2024. The quarter saw two billion-dollar deals worth USD 2 billion and 18 high-value transactions (valued at USD 100 million or more) totalling USD 3.9 billion. Early-stage fundings (>=Series A) continued to dominate the PE space with a 44% share in volumes.

The consumer and retail, IT & ITES, pharma, healthcare and biotech, and banking and financial sectors led in terms of volumes, with a combined 57% share for the quarter. Meanwhile, the banking and financial sectors, energy and natural resources, consumer and retail, and pharma, healthcare and biotech sectors dominated in values, contributing to 62% of the overall values. The strong performance of these sectors underscores their importance in driving deal activity and value creation in the market.