India Anticipates Strong Deal Activity in Q1 2025, Quick Commerce Shines

New Delhi, Dec 10 (NationPress) There has been a recent surge in deal activity within the Indian market, which is projected to be more pronounced in the first quarter of 2025, according to a report published on Tuesday.

As the current year concludes, deal activity is anticipated to remain either subdued or moderate, with numerous transactions likely to be deferred until Q1 2025, as per the Grant Thornton Bharat Dealtracker.

“The quick commerce fundraising activities were prominent in November, which otherwise saw limited activity as numerous deals have been delayed or postponed to 2025,” stated Shanthi Vijetha, Partner, Growth at Grant Thornton Bharat.

“Although there is a recent increase in deal activity within the market, it is expected to be officially announced in Q1 2025. Therefore, we foresee moderate deal activity in December, but a strong start for January 2025,” she continued.

The report indicates that November registered 163 transactions amounting to $10.8 billion. The quick commerce sector remained a highlight, featuring significant fundraises from Zepto, Swiggy, and Zomato.

In the mergers and acquisitions sector, there were 58 deals valued at $1.8 billion. The infrastructure domain was particularly noteworthy, representing 31 percent of total M&A values, bolstered by Adani Group’s acquisition of ITD Cementation India Limited for $381 million and Ashoka Buildcon's acquisition of Ashoka Concessions for $182 million.

While domestic transactions continued to drive deal activity, making up 69 percent of volumes and 57 percent of values, cross-border M&A was primarily influenced by interest from U.S. companies, contributing to 11 deals that accounted for 61 percent of the volumes.

The private equity sector witnessed 87 deals totaling $1.9 billion, with values rising by 30 percent, propelled by five high-value transactions exceeding $100 million.

The leading five deals, covering sectors such as retail, agriculture, energy, pharmaceuticals, and banking, contributed to 67 percent of total private equity values at $1.3 billion.

Significantly, Motilal Oswal Private Wealth, along with family offices and angel investors, invested $350 million in KiranaKart Technologies Pvt Ltd (Zepto), marking its third fundraising round in 2024 and standing as the top deal for November.

November also experienced vigorous IPO and QIP activity, with eight IPOs raising a total of $4.2 billion and 10 QIPs attracting $2.8 billion.