India's dealmaking hits record in July with $16 bn across 227 transactions

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

India’s deal market reached new heights in July 2025, recording 227 transactions worth USD 16.4 billion, according to the latest Grant Thornton Bharat Dealtracker. The surge was powered by robust momentum in mergers & acquisitions (M&A), private equity (PE) investments, and capital market fundraising through IPOs and QIPs.

 

Excluding capital market deals, July saw 200 transactions — up 18% month-on-month — with deal values soaring 115% to $9.1 billion. The month featured three billion-dollar transactions and 15 large-ticket deals worth over $100 million, underscoring strong investor appetite.

 

“The rise in billion-dollar M&A activity, coupled with buoyant capital markets and strategic secondary exits, indicates this momentum will likely continue into the second half of the year,” said Shanthi Vijetha, Partner, Growth, Grant Thornton Bharat. 

Top 5 M&A deals of the month

 

 

M&A Momentum:

M&A activity surged with 83 deals worth $7 billion, marking a 41% jump in volume and a 340% leap in value from June. High-value domestic and outbound deals drove this uptick, led by JSW Paints’ $1.5 billion acquisition of Akzo Nobel India’s 75% stake. Three billion-dollar transactions alone contributed $4.2 billion, nearly 60% of total M&A value.

 

PE Trends:

PE activity was steady, with 117 deals totaling over $2 billion — up 6% in volume but down 23% in value month-on-month. Large deals included ChrysCapital’s USD 284 million buyout of Theobroma Foods, USD 230 million in Infinity Fincorp, and ADIA’s USD 200 million investment in Micro Life Sciences. Retail & Consumer and IT/ITES sectors accounted for nearly half of the PE deal flow.

 

Capital Markets Surge:

July marked the year’s strongest month for IPO and QIP fundraising, with 10 IPOs raising USD 2.6 billion and 17 QIPs mobilizing $ 4.8 billion. This capital market boom complemented the M&A and PE flows.

 

Sector Highlights:

 

Retail & Consumer: 22% share of deal volumes; 5.4x value jump via four $100m+ deals.

 

IT & ITeS: Tripled deal volumes; 7.7x value surge driven by AI and data analytics.

 

Pharma & Healthcare: Six-fold value rise, anchored by $ 1.5 billion Torrent–JB Chemicals deal.

 

Manufacturing: 5x jump in value on back of JSW Paints–Akzo Nobel transaction.

 

Energy & Natural Resources: $1.3 billion AM Green Power–Greenko Energies deal boosted values.

 

Real Estate: Strong momentum with Phoenix Mills’ USD 691 million buyout of Island Star Mall Developers.

 

Hospitality & Leisure: 33x value surge led by ChrysCapital–Theobroma stake deal.

 

Aerospace & Defense: Steady growth with USD 100 million Raphe mPhibr funding.

 

While Banking, Auto, and Education sectors slowed with smaller-ticket deals, the breadth of activity across high-growth industries points to sustained dealmaking momentum through late 2025. 

Top 5 Private Equity Deals of the month