NEW DELHI: India's dealmaking landscape witnessed a significant surge in July 2025, with a remarkable 115% growth in deal value (Excluding capital market deals). According to the Grant Thornton Bharat Dealtracker, the total value of deals reached $16.4 billion across 227 transactions. This growth was fueled by strong momentum in both mergers and acquisitions (M&A) and capital market activities, including IPOs and QIPs.
Excluding capital market deals, July saw an 18% rise in deal volumes, from 169 in June to 200, and a remarkable 115% surge in values—from $4.2 billion to $9.1 billion, the report said.
The mergers and acquisition (M&A) landscape saw a sharp increase, with 83 deals valued at $7 billion, a 340% jump in value from June. The month featured three billion-dollar deals, with the largest being JSW Paints' $1.5 billion acquisition of a 75% stake in Akzo Nobel India Ltd.
While overall PE investment value saw a 23% decline to $2 billion, deal volumes increased by 6% to 117. The sector saw selective big-ticket deals, including ChrysCapital's $284 million acquisition of a 90% stake in Theobroma Foods. Retail & Consumer and IT/ITES were the most favored sectors, accounting for nearly half of the month's activity.
Public market activity reached its highest monthly fundraising value of the year. 10 IPOs raised a combined $2.6 billion, and 17 Qualified Institutional Placements (QIPs) mobilized $4.8 billion.
“July witnessed a notable uptick in deal activity, driven by high-value transactions in both domestic and outbound segments. The rise in billion-dollar M&A activity, coupled with buoyant capital markets and strategic secondary exits, indicates that this momentum is likely to carry forward into the second half of the year,” says Shanthi Vijetha, Partner, Growth, Grant Thornton Bharat.
Sectoral Performance
Retail & Consumer led deal volumes, while Pharma, Healthcare & Biotech were the top value contributor, driven by a $1.5 billion deal between Torrent and JB Chemicals. Other sectors with significant activity included in areas such as Manufacturing, Energy & Natural Resources, and Real Estate.