In the first half of this year (H1 CY25), both M&A (mergers & acquisitions) and PE (private equity) deal activities gained momentum. The number of deals outshone last year’s same period (H1 CY24), according to a report by PwC on Monday, July 28.
“The total deal volumes rose by 21 per cent and announced deal values grew by 9 per cent in the first six months compared to H1 CY24, signalling sustained investor confidence and strategic corporate activity despite a volatile second quarter,” the report said.
M&A deals in H1 CY25
M&A activity recorded a 23 per cent hike in the first half of CY25 versus H1 CY24, driven by a flurry of transactions in the first quarter of 2025 (Q1 CY25) before experiencing a more cautious environment in Q2 CY25 as corporates recalibrated strategies.
“Domestic M&A transactions climbed 25 per cent, while cross‑border M&A grew by 18 per cent. The outbound transactions surged by 50 per cent, highlighting Indian corporates’ growing appetite for international expansion,” the report said.
PE deals in H1 CY25
There was a 20 per cent increase in private equity investments.
“Despite a dip in market activity this quarter, investor confidence in private equity remains strong, showcasing resilience and adaptability amidst economic challenges and opportunities,” said Shashank Jain, Partner and Leader-Deals, PwC India.
We are seeing funds take a long‑term view, with increased interest in sectors such as healthcare, renewables and technology, setting the stage for a diversified deal pipeline in the months ahead, he added.
According to the report, the retail and consumer sectors led deal volumes with consolidation through startup acquisitions, while financial services dominated in deal value.
Technology, pharma, healthcare, and real estate displayed targeted investment strategies anchored in sustainability and innovation.
Meanwhile, healthcare and pharma benefited from expansion and consolidation initiatives, while real estate momentum continued, supported by favourable policies and heightened interest in data centres and warehouses, the report stated.
With inputs from agencies
