India records 999 deals worth $44.3 bn in September quarter: PwC India

New Delhi: India recorded 999 deals worth $44.3 billion in July-September period of 2025, up 13 per cent in volume and 64 per cent over the preceding quarter, according to PwC India's latest Deals at a Glance report released on Monday.

In the second quarter of calendar 2025, there were 887 deals worth USD 27 billion.

India's deal market sustained its growth momentum through Q3 CY25, registering its strongest quarterly performance in the past six quarters, the report said.

"Mergers and acquisitions (M&A) continued to drive market activity, accounting for 518 transactions valued at $28.4 billion, marking an 80 per cent increase in value and 26 per cent rise in volume quarter-on-quarter," it said.

Year-on-year, deal volumes grew 64 per cent, while total M&A value expanded 32 per cent, supported by active domestic consolidation and renewed cross-border interest, it said.

Private Equity (PE) activity remained strong, with 481 deals valued at $15.9 billion, a 41 per cent increase in disclosed value and a one per cent rise in volume quarter-on-quarter, said PwC India's Deals at a Glance report.

Compared to the same period last year, PE investments more than doubled in value (and increase of 121 per cent), alongside a 36 per cent increase in deal count, highlighting investors' continued appetite for high-growth sectors and scalable business models.

"Q3 CY25 witnessed a decisive pickup in both deal activity and valuations, driven by renewed confidence in India's domestic consolidation story, expanding corporate balance sheets, and a stable macroeconomic environment," said Mohit Chopra, Partner and Leader - Deals, PwC India, said.

As sectors mature and capital availability improves, we are seeing a more diversified deal landscape with both strategic and financial investors positioning for long-term value creation, he added.

The report further said the IPO market witnessed exceptional performance in Q3 CY25 with 159 new listings — 50 mainboard and 109 SME IPOs — compared to 62 in Q2 CY25 and 65 in Q1 CY25, marking a 156 per cent sequential increase and the highest quarterly tally this year.

"The surge in IPO activity, coupled with sustained private equity participation, reflects deep investor conviction in India's medium-term growth trajectory and the strength of its capital markets ecosystem.

"This momentum, backed by healthy domestic demand and supportive policy frameworks, is setting the stage for continued strategic investments and cross-sector partnerships in the quarters ahead," said Shashank Jain, Partner and Leader - Deals, PwC India.

Sector trends remained broad-based, with technology leading by value at USD 13.3 billion across 146 deals, accounting for nearly one-third of total disclosed value.

Retail and consumer businesses topped volumes with 165 transactions worth $4.3 billion, signalling continued consolidation in India's consumer economy.