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India Dealmaking Dips in May, Big Deals Still Thrive
8 Jun
Summary
- India's deal activity in May saw 190 M&A and PE deals valued at $10.2 billion.
- Mergers and acquisitions declined significantly, but retained second-highest monthly value.
- Private equity deals showed resilience with a 5% rise in volume and 25% in value.
India's dealmaking landscape experienced a moderation in May 2026 following a robust April. A total of 190 mergers and acquisitions (M&A) and private equity (PE) deals were recorded, amounting to $10.2 billion. This figure represents a decrease from April's $21.8 billion, largely due to the absence of exceptionally large April transactions.
Merger and acquisition activity saw a significant decline in volumes, down 26% month-on-month. However, deal values in M&A remained the second-highest for the year, supported by substantial investments. Cross-border acquisitions, particularly outbound transactions, were the main drivers, with Bharti Airtel's stake increase in Airtel Africa being a key example.
Private equity deal activity demonstrated resilience. Deal volumes rose by 5% compared to April, and total value increased by 25%. This growth was primarily concentrated in a few significant deals, including a substantial investment in Rajasthan Royals and five other deals exceeding $100 million each.
Sectorally, retail, consumer, and banking/financial services led in deal volumes. Media and entertainment emerged as the top sector by value. May 2026 also marked the emergence of the fifth unicorn of the year, Skyroot Aerospace, while Rapido secured substantial funding.
