India Inc Records Highest Quarterly Deal Volumes in 2 Years at $19 Billion

According to a report that surfaced on Monday, India Inc witnessed 551 deals worth $19 billion in the July-September period, which marked the highest quarterly deal volumes in two years.

25 initial public offerings (IPOs) valued at $4.1 billion in the three-month period was also witnessed during Q3 2024, said Grant Thornton Bharat Dealtracker, as the period witnessed 551 deals worth $19 billion.

Mergers and acquisitions worth $11.4 billion: The number of deals rose 57 per cent in volume and 65 per cent in value from Q2 2024, a true testament to the resilience and growing confidence of India.

India's deal-making environment remains on an upward trend in volumes since Q1 2023, with Q3 2024 marking its highest, reflecting domestic market resilience, driven by both domestic and cross-border transactions and breeding confidence among investors," said Shanthi Vijetha, Partner, Growth at Grant Thornton Bharat.
The record QIP activity and increased IPO listing also indicated the upbeats in the Indian capital market.

"We expect this momentum to continue, fueled by investments in digital transformation, sustainability, and other key sectors," Vijetha added.

Cross-border activity reached a 10-year high, with 35 outbound deals worth $5.3 billion, led by Bharti Enterprises' $4 billion acquisition of a 25 per cent stake in a British telecom group.

But perhaps the most stunning domestic activity came in terms of volume and value, surging by 54% and 24% respectively to reach an all-time quarterly high volume, according to the report.

Meanwhile, private equity landscape, with a record 337 deals valued at $7.6 billion, experienced the highest volume of deals since Q3 2022.

The quarter was marked by high-value deals, with 23 transactions over $100 million in amount, totaling $4.9 billion and accounting for 65 percent of total deal values.
Finally, decent traction on early-stage funding: Seed, pre-seed, and angel stages secured $273 million in 80 deals.

Sector-wise, the telecom sector took lead in deal values with $4 billion from just two deals. Retail sector led deal volumes with 112 deals worth $1.8 billion, the report said.