New Delhi: The private equity (PE) landscape in April remained steady in terms of deal volume, clocking 139 transactions — a marginal 1 per cent rise — continuing its consistent monthly trend between 130 to 140 deals, a report showed on Wednesday.
After a lull in IPO activity in March, April 2025 marked a modest revival.
On the Qualified Institutional Placement (QIP) front, five deals were recorded, aggregating to $705 million. The banking and NBFC sector continued to dominate this space, contributing to 80 per cent of the total QIP value by raising $686 million across four transactions.
While no billion-dollar deals were recorded this month — unlike the two in the previous month — investor appetite remained resilient, with six high-value transactions (ranging between $100 million and $999 million) totalling $2.1 billion, according to the Grant Thornton Bharat Dealtracker.
The standout deal was Warburg Pincus and Abu Dhabi Investment Authority’s $862 million investment in IDFC FIRST Bank.
In April 2025, sector trends reflected a mix of growth and slowdown. Banking and financial services led in value, contributing 28 per cent of the month’s total, while fintech dominated sector volumes with a 52 per cent share.
The retail and consumer sector recorded 23 per cent of total deal volumes — the second-highest since January 2022 — driven early-stage transactions. Infrastructure saw a 40 per cent rise in volume and a 261 per cent surge in value, totalling $651 million.
“Deal volumes remained resilient, but the sharp dip in both M&A and PE values reflects growing investor caution on taking large bets. While cross border deals slowed down, domestic mergers and acquisitions (M&A) and PE/VC activity is stable,” said Shanthi Vijetha, Partner, Growth at Grant Thornton Bharat.
PE/VCs are focusing on early-stage investments so that they can shape financial performance and drive growth.
“India’s ability to navigate the US tariff conundrum and the response to the recent terror attacks will be critical to drive deal activity in 2025,” she mentioned.
Manufacturing doubled its activity month-over-month, recording 15 deals worth $503 million, said the report.
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