India's Deal Surge: February's Record M&A and Private Equity Activity

India experienced a historical surge in deal activity this February with 226 M&A and private equity agreements worth USD 7.2 billion, the highest in three years. The record-breaking activity was driven by domestic demand despite global uncertainties, significantly influenced by Zen Technologies and Nitco Ltd as key acquirers.

In an astonishing upturn, India marked a record-breaking surge in deal activity this February, registering 226 mergers and acquisitions (M&A) and private equity deals with a total value of USD 7.2 billion. This achievement represents the highest monthly deal volume in three years, as reported by the Dealtracker report from Grant Thornton Bharat.

Intriguingly, the number of deals saw a 67% increase in volume and a staggering 5.4-fold increase in values compared to February 2024. Domestic deals formed the majority, with outbound deals rising, contrary to a sharp drop in inbound deal values. Significant acquisitions included Zen Technologies and Nitco Ltd each acquiring four companies, boosting the overall volume growth.

Despite global economic uncertainties teased by declining foreign investments and tariffs, the Indian deal landscape remained robust, driven by strong domestic demand. Key private equity deals featured investments such as Cube Highways' USD 487 million investment in two road projects and Multiples Alternate Asset Management's USD 200 million in Qburst Technologies, illustrating a record volume since May 2022.