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<ul><li>Deal making volume fell by 21% in 2023 to 1,641 deals as compared to the year before.</li><li>Large deals become much rarer with only eight multi-billion-dollar deals.</li><li>PE deals fell in both value and volumes due to startup funding winter effect.</li><li>QIPs saw a multi-fold surge in 2023, overtaking IPOs in funds raised. </li></ul>The stock market may have hit new highs in 2023, but deal making activity continued to battle the liquidity crunch. India’s deal making slumped in 2023. In terms of value, it slipped by 52% to $66 billion compared to 2022. At 1,641 deals in total, its volumes also shrunk by 21%, as per a report by <keyword id="20000180" type="General" weightage="20" keywordseo="grant-thornton" source="keywords">Grant Thornton</keyword>. "While it was expected that the positive trend of deal-making would continue to revitalise funding in 2023 following India's strong position in global markets in 2022, it was hindered by the lack of liquidity in international markets, volatile market conditions, and cautious investor sentiment,” said <keyword id="20252534" type="General" weightage="20" keywordseo="shanthi-vijetha" source="keywords">Shanthi Vijetha</keyword>, partner, growth at <keyword id="20034170" type="General" weightage="20" keywordseo="grant-thornton-bharat" source="keywords">Grant Thornton Bharat</keyword>. Large deals have also become much rarer in 2023, than they were in the year before. The year saw only eight multi-billion-dollar M&amp;A and PE deals totalling $12.5 billion, as compared to eight totalling $26.2 billion in 2023. M&amp;A deals which started off very slow last year saw an uptick in the second half. Domestic deals dominated the landscape, with 350 deals valued at $14.4 billion. Inbound activity witnessed substantial growth, featuring 84 deals totaling $7.7 billion. Outbound activity remained stable, with values declining significantly from $17.9 billion in 2022 to $3.2 billion this year. <keyword id="20032926" type="General" weightage="20" keywordseo="samvardhana-motherson" source="keywords">Samvardhana Motherson</keyword> executed five outbound transactions valuing $879 million contributing to 28% of the overall activity. Top 5 M&amp;A deals in 2023 <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Acquirer </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Target </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Deal value </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Suraksha Realty </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jaypee Infratech </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$2.45 bn </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Siemens AG </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Siemens </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$2.2 bn </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Walmart </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Flipkart Online Services </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1.4 bn </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TV18 Broadcast </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Network18 Media &amp; Investments </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1.2 bn </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Proximus Opal </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Route Mobile </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$721 mn </td></tr></tbody></table>Source: Grant Thornton PE activity continued to slip sharply as funding winter chilled the startup ecosystem. The largest PE deal was Temasek Holdings’ investment in Manipal Health Enterprises for $2 billion. Startup funding went down by 42% in 2023, but there were pockets of activity. Retail startups led in deals, making up 20%, followed by fintech and SaaS start-ups. E-commerce and IT sectors followed, with 181 deals worth $5.5 billion. “Despite witnessing overall decline, the banking (financial services), energy (cleantech), manufacturing, and real estate sectors experienced a surge in deal activities. Sectors such as pharma (hospitals and biopharmaceuticals), energy (cleantech), retail, and real estate attracted significant investments,” Grant Thornton said. India’s deal activity breakdown <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Deal Type </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Value </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">YoY % change </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Volume </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">YoY % change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">M&amp;A </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$25.2 bn </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-72% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">494 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">PE </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$27.4 bn </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-23% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,045 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-32% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IPOs </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$6.2 bn </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-24% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">57 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">43% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">QIPs </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$7 bn </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.6x </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">45 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.2x </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$66 bn </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-52% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,641 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-21% </td></tr></tbody></table>Source: Grant Thornton QIPs surge ahead of IPOs While primary market activity surged in 2023, the value of total funds raised declined due to the impact of LIC’s IPO in 2022. Here too, the activity surged sharply in the second half after the stock markets revived. “In 2023, India's IPO market thrived due to robust domestic demand fueled by a growing middle class and increased retail participation in the stock market,” the report observed. Qualified institutional placements (QIPs) however overtook IPOs, to raise as much as $7 billion. The size of fund raising surged 3.6 times over, and deal volume also went by 2.2 times. “This surge in QIP activity signals an improving investor outlook on the Indian market amid anticipated economic growth. The manufacturing sector led with 15 QIPs, followed by the banking and financial services sector with 12 QIPs,” said Grant Thornton. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/pe-and-vc-investors-make-a-killing-in-the-2023-bull-market/articleshow/104034840.cms">PE and VC investors make a killing in the 2023 bull market</a> <a href="https://www.businessinsider.in/business/corporates/news/avenue-supermarts-many-roadblocks-to-clear-on-its-growth-runway/articleshow/106863616.cms">Avenue Supermarts: Many roadblocks to clear on its growth runway</a>

India’s deal making stayed cautious in 2023, declined by over half to $66 bn

Dealmaking activity witnessed a huge decline in January, with only 145 transactions worth USD 2.7 billion being undertaken by <keyword id="46431" type="General" weightage="80" keywordseo="india-inc" source="Orion">India Inc</keyword>, a report said on Monday. By value, the overall flows suffered due to the absence of any big-ticket deal and were 56 per cent down as compared to USD 6.12 billion in the year-ago period, and 62 per cent down compared to the previous month, the report by consultancy firm <keyword id="131240" type="General" weightage="100" keywordseo="grant-thornton" source="Orion">Grant Thornton</keyword> said. The volumes were down 41 per cent when compared with 244 deals in January 2022, while the same were down by 3 per cent as compared to the preceding month of December. "<keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> managed to account for record deal values last year (2022), which made investors hopeful about the future. However, the deal momentum in January 2023 did not match the expectation and witnessed a declining trend," its partner <keyword id="12539905" type="General" weightage="50" keywordseo="shanthi-vijetha" source="Orion">Shanthi Vijetha</keyword> said. The mergers and acquisition (M&amp;A) deal volumes declined by 62 per cent at 26 deals worth USD 311 million, an 88 per cent decrease compared to January 2022, it said. The M&amp;A segment continued to be dominated by domestic deals, it said, adding that at USD 270 million, the monthly value was the lowest since May 2022. Private equity (PE) investments recorded 119 deals valued over USD 2.4 billion, it said, adding that while both volumes and values declined compared to January 2022, there was a 28 per cent increase in deal volumes and a 30 per cent increase in deal values when compared with December 2022. <keyword id="6363818" type="General" weightage="80" keywordseo="pharma" source="Orion">Pharma</keyword>, healthcare and biotech stood at the top in terms of overall deal values, recording six deals valuing USD 921 million, most of which was contributed by two big-ticket transactions in the PE space, it added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/epfo-unveils-procedure-to-apply-for-higher-pension-under-employees-pension-scheme/articleshow/98094206.cms">EPFO unveils procedure to apply for higher pension under Employees Pension Scheme</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rupee-gains-10-paise-to-close-at-82-72-against-us-dollar/articleshow/98094996.cms">Rupee gains 10 paise to close at 82.72 against US dollar</a>

India Inc sees winter chill in dealmaking activity in January: Grant Thornton

<keyword id="46431" type="General" weightage="50" keywordseo="india-inc" source="Orion">India Inc</keyword> signed 1,149 deals valued at $104.3 billion in the first half of this year, amid global uncertainties, and the country saw $6 billion from 17 IPOs -- the highest values raised in the first six months, a report showed on Thursday. The figures represent a significant 34 per cent increase in the overall deal volumes, while deal values more than doubled (with a 143 per cent increase) from the same period last year, according to the <keyword id="10410446" type="General" weightage="80" keywordseo="grant-thornton-bharat" source="Orion">Grant Thornton Bharat</keyword> Dealtracker report. Driven by <keyword id="6357149" type="General" weightage="50" keywordseo="hdfc-bank" source="Orion">HDFC Bank</keyword> and <keyword id="83209" type="General" weightage="50" keywordseo="hdfc-ltd" source="Orion">HDFC Ltd</keyword>'s $40 billion merger, LTI and <keyword id="6357902" type="General" weightage="80" keywordseo="mindtree" source="Orion">Mindtree</keyword> merger ($17.7 billion) and Adani Group-Holcim Ltd's $10.5 billion deal, M&amp;A deal values recorded an over two times increase over H1 2021. These three deals alone accounted for 86 per cent of the total M&amp;A deal values in H1 2022. "Amid macro-economic stress, the overall deal sentiment for 2022 is expected to continue given the support from the government on infrastructure spending, supply-side response and key fiscal measures," said <keyword id="12539905" type="General" weightage="80" keywordseo="shanthi-vijetha" source="Orion">Shanthi Vijetha</keyword>, <keyword id="6399933" type="General" weightage="80" keywordseo="partner" source="Orion">Partner</keyword>, Growth, Grant Thornton Bharat. "However, corporates and more importantly PE/VCs may employ a cautiously optimistic approach as the impact of the global economic slowdown on the Indian economy becomes evident," Vijetha added. While private equity deal activity continued to dominate total deal volumes with 3/4th share, deal values were driven by mergers and acquisitions with 76 per cent of the total deal values in H1 2022. Startup, e-commerce and IT sectors led deal activity in H1 2022, driving 76 per cent of all deals followed by retail, education and pharma sectors. The M&amp;A space witnessed a significant increase in the first half, witnessing 284 deals while representing a 27 per cent growth over H1 2021. The banking and financial sector had the highest contribution of 53 per cent in terms of overall deal value in H1 2022, followed by IT and manufacturing sectors. The private equity and venture capital investments saw record volumes and values in the first six-month period with 865 deals at $25.1 billion. However, there was a 12 per cent and 15 per cent decrease in investment volumes and values over H2 2021 (the preceding six months), the report noted. "The drop in the deal values is due to a fall in big-ticket investments coupled with prevailing factors including geopolitical tensions, stock market volatility, concerns about the rise in commodity prices and the impact of inflation," the report noted. Nevertheless, large funds like <keyword id="526777" type="General" weightage="80" keywordseo="tiger-global" source="Orion">Tiger Global</keyword>, Westbridge, Baring PE, TPG, Brookfield, Blackstone and Warburg Pincus, among others, continued to keep pace with their activity. The start-up space attracted the most investment at $5.1 billion across 550 deals, recording a growth of 69 per cent in deal values. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sports/news/india-vs-west-indies-heres-the-entire-schedule-for-the-upcoming-odi-t20i-series/slidelist/93024475.cms">India vs West Indies: Here’s the entire schedule</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/strong-corporate-earnings-drive-markets-higher/articleshow/93028512.cms">Strong corporate earnings drive markets higher</a>

India sealed M&A deals worth $104.3 bn this year, raised $6 bn from IPOs

<keyword id="46431" type="General" weightage="100" keywordseo="india-inc" source="Orion">India Inc</keyword> recorded 2,007 deals worth $127 billion last year, a 6 per cent decrease in deal volumes over 2021, despite the global macroeconomic conditions, a report showed on Friday. The year also recorded 11 multi-billion-dollar deals amounting to $82.5 billion and 97 deals valued between $100 and $999 million, amounting to $26.2 billion, according to <keyword id="10410446" type="General" weightage="80" keywordseo="grant-thornton-bharat" source="Orion">Grant Thornton Bharat</keyword>'s annual deal tracker report. The year 2022 also saw a 47 per cent increase in the values on the back of a few marquees deals that no other year witnessed. "It is worth noting that even against the global recession outlook, <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> has been faring well. However, deal activity witnessed two different phases, as the second half did not see the highs of the first half," said <keyword id="53115" type="General" weightage="50" keywordseo="shanthi" source="Orion">Shanthi</keyword> Vijetha, Partner-Growth at Grant Thornton Bharat. The Indian mergers and acquisitions (M&amp;A) space saw 477 deals worth $91.4 billion in 2022, a 200 per cent increase compared to 2021. Deal values were driven by the <keyword id="45123" type="General" weightage="80" keywordseo="hdfc" source="Orion">HDFC</keyword> and HDFC Bank merger ($40 billion), which was the biggest deal ever in Indian history. However, barring this deal, the year witnessed a significant increase in values showing the positive outlook of the Indian markets. The start-up and IT sectors dominated the space with 44 per cent of total volumes, while the banking and manufacturing sectors led the values, said the report. "Domestic and outbound M&amp;A continued to see momentum on the back of a resilient domestic economy, whereas private equity (PE) investments and inbound M&amp;A slowed down due to funding winter and global uncertainty," said Vijetha. The PE space saw 1,530 deals worth $35.4 billion, including four deals in the billion-dollar category and 66 deals valued between $100 million and $999 million, accounting for 63 per cent of total PE deal values with only 5 per cent of deal volumes. The start-up space attracted the most investment ($7.4 billion across 991 deals) with a slight decline of 8 per cent in volumes, compared to the 34 per cent decline in investments indicating lower ticket size investments, followed by e-commerce, which pulled in $6.6 billion and declined by 56 per cent in investments. Bengaluru topped the charts in volumes as most companies were born there, and Mumbai topped in values and accounted for 27 per cent of total values. The year witnessed the second-highest number of initial public offerings (IPO) listings in the last 11 years. However, this translated into 40 IPO listings raising $8.3 billion, a 38 per cent decrease in volumes and a 53 per cent decrease in values, the report said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/kreditbee-closes-200-million-series-d-from-advent-international-mufg-bank-others/articleshow/96791309.cms">KreditBee closes $200 million Series D from Advent International, MUFG Bank, others</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/lt-rvnl-ril-and-other-stocks-in-focus-on-friday/articleshow/96780357.cms">Sensex, Nifty50 end the first week of 2023 in the red – IT, financial services amongst top losers</a>

India Inc logs 2,007 deals worth $127 bn last year, 6% down from 2021: Grant Thornton

<ul><li>Deal volumes jumped by 21% to 191 while the values declined by 37% to USD 9.4 billion in <keyword id="20061151" type="General" weightage="20" keywordseo="April" source="keywords">April</keyword> compared to March 2024</li><li>Adani Group's three major domestic consolidations of around USD 2 billion in value marked 38% of the total deal values in April 2024.</li><li>Experts predict sustained momentum and growth in deal activities, supported by strong fundamentals and a conducive investment climate.</li></ul> In the dynamic landscape of Indian business transactions, the manufacturing sector has emerged as a beacon of value, while consumer retail reigns supreme in volume. April 2024 marked significant shifts in deal-making compared to the month before with a notable absence of billion-dollar deals. Overall deal volumes jumped by 21% to 191 while the values declined by 37% to USD 9.4 billion in April compared to March 2024, as per the latest <keyword id="20034170" type="General" weightage="20" keywordseo="Grant-Thornton-Bharat" source="keywords" meta.keywordsubtype="org" meta.entityname="Grant Thornton Bharat" meta.hostid="83" meta.entityid="Grant Thornton Bharat">Grant Thornton Bharat</keyword> Dealtracker report. The past month has witnessed a flurry of activity, with notable shifts and surges across various industries, offering a compelling glimpse into the evolving economic terrain. "Deal volumes increased in April 2024 marking the highest monthly volumes since May 2022. There were no billion-dollar deal but witnessed 12 high value (&gt; USD 100 million) deals amounting to USD 3.8 billion," said Shanthi Vijetha, Partner at Grant Thornton. <cmsannotation type="cmsannotation" annotationid="Adani Group leads M&amp;A activity" comment="subhead" text="Adani Group leads M&amp;A activity">Adani Group leads M&amp;A activity</cmsannotation> At the forefront of deal values stands the manufacturing sector, boasting an impressive tally of nine transactions amounting to a staggering USD 1,919 million. This surge is underpinned by two monumental deals, notably the Adani Group's strategic stake increase in Ambuja Cement and ACC, which was the most significant M&amp;A activity of the month. Adani Group secured a significant 7.5% stake in Ambuja Cements, injecting a substantial USD 1.8 billion into enhancing the manufacturing capacity of cement makers, signaling a bold step towards industry expansion and innovation. Overall, the group's three major domestic consolidations of around USD 2 billion in value marked 38% of the total deal values in April 2024. Despite this, the <keyword id="21645622" type="General" weightage="20" keywordseo="merger-and-acquisitions" source="keywords">merger and acquisitions</keyword> transactions saw the highest decline in value, dropping by 75 percent to USD 2.5 billion from USD 10.2 billion in March. This was mainly because of the absence of large-scale mergers like those seen in March. However, M&amp;A deal-making remained robust in April with significant domestic consolidations. "This month's activity, characterized by deal volumes spanning across breadth of sectors and by large deals by select players, illustrates a market that is both diverse and robust," observed Shanthi. <cmsannotation type="cmsannotation" annotationid="Private Equity landscape remains vibrant" comment="subhead" text="Private Equity landscape remains vibrant"><keyword id="19895041" type="General" weightage="20" keywordseo="private-equity" source="keywords">Private Equity</keyword> landscape remains vibrant</cmsannotation> The private equity transactions also experienced a slight decrease in value, reaching USD 2.666 billion, according to the report by Grant Thornton Bharat. However, with a total of 130 deals, the overall market landscape remains vibrant. The numbers indicate a clear shift towards enhanced number of investments while the size of the deals remains smaller compared to previous months. "The stable value of investments, despite the higher number of transactions, indicates a strategic adjustment towards spreading investments across various sectors, aiming to capitalize on emerging opportunities while mitigating large-scale risks," says the report. "The deal outlook for 2024 continues to remain positive as India stands at the cusp of a new era of growth and investment supported by a growing consumer market, a flourishing tech start-up ecosystem, and supportive government policies," concludes Shanthi Vijetha. Factors that could influence domestic markets in the near future include the outcome of Lok Sabha elections, global and domestic trends in interest rates driven by inflation, and supply chain dynamics. However, experts predict sustained momentum and growth in deal activities, supported by strong fundamentals and a conducive investment climate.

Volumes up, values down: April 2024 marks notable shifts in India's deal-making landscape

<ul><li>In the year-till-date, 1,321 deals were recorded amounting to $45.9 billion.</li><li>That’s 62% lower in value, and 29% lower in volume as compared to 2022.</li><li>November’s deal value went up 143% MoM, even as volumes fell. </li></ul>India’s deal making activity saw a surge in November — both in terms of value and volume. With only one month to go, the deal-making activity is unlikely to reach 2022 levels for the full year, let alone surpass it, as per <keyword id="131240" type="General" weightage="20" keywordseo="grant-thornton" source="Orion">Grant Thornton</keyword>. The calendar year so far has seen 1,321 deals amounting to $45.9 billion. That’s 62% lower in value, and 29% lower in volume as compared to the same period last year. “The prevailing economic factors, including rising inflation, soaring gold prices, and escalating interest rates, suggest a challenging environment. The strength of the dollar and more stringent global financial conditions pose additional threats affecting capital flows and investor risk sentiments,” says Shanthi Vijetha, partner at Grant Thornton Bharat. November makes its mark with big deals In November 2023, 132 deals were sealed, amounting to $6.5 billion. This is the second best month of the year, after August. Thanks to big ticket deals, November’s deal value went up 143% on a month-on-month basis, even as volumes fell 21% from October. “This month set a record for the highest mergers and acquisition values in 2023, reaching a remarkable four-billion-dollar mark in a single month,” said Vijetha. The biggest deal of the month is Siemens AG increasing its stake in Siemens to 69% for $2.28 billion. This transaction alone was responsible for 35% of the month’s overall values. The other top deals include transactions in the financial sector – like AU Small Finance Bank’s acquisition of Fincare Small Finance Bank for $529 million. Zurich Insurance also acquired a controlling stake in Kotak General Insurance for $494 million. The inbound space drove the values with a 63% contribution while continuing the trend. Domestic deals dominated in terms of deal volumes with a 78% contribution. November deal tracker <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Type of deal </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Volume </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Value </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">M&amp;A </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">51 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$4.4 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">PE </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> 81 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$2.1 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IPOs </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">QIPs </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1.5 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">132 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$6.5 billion </td></tr></tbody></table>Source: Grant Thornton Size does matter with <keyword id="124574" type="General" weightage="20" keywordseo="pe-deals" source="Orion">PE deals</keyword> As many as 81 PE deals were closed during the month, totalling $2.1 billion. While there was a 28% decline in PE volumes compared to October 2023, the values stood unchanged – indicating that big deals are back. The average deal size for November 2023 reached $26 million, marking an increase compared to the preceding months. Three of the top five PE deals were above $200 million – including Blackstone acquiring a stake in Quality Care, undisclosed investors buying a stake in PhamEasy and Alta Capital’s acquisition of Capella Eduinfra. As compared to September 2023, November the month witnessed a 15% increase in values, driven by four high-value deals totalling $1.4 billion.

India’s deal activity in the slow lane in 2023 both in value & volume

<ul><li>Deals in February dropped significantly in both volume and value terms, as compared to last year.</li><li>Investors continue to tread cautiously amid macroeconomic uncertainties, says Grant Thornton.</li></ul>Uncertain macroeconomic conditions have taken a toll on <keyword id="16790180" type="General" weightage="20" keywordseo="deal-making-in-india" source="Orion">deal making in India</keyword> – which have slowed down significantly in the month of February. India recorded only 89 deals, valuing $1.8 billion in February, which dropped by 54% in terms of volume, and 60% in terms of value, as compared to last year. Investors continue to tread cautiously amid macroeconomic uncertainties, according to <keyword id="16790181" type="General" weightage="20" keywordseo="Grant-Thornton-Bharats-Dealtracker-February-2023" source="Orion">Grant Thornton Bharat’s Dealtracker February 2023</keyword> report. This also marked the second-lowest deal volumes and lowest values recorded since 2014, the report said. The report highlighted that activity in the merger and acquisitions witnessed a significant downtrend — declining by 48% in terms of volume, and 47% by value compared to February 2022. February 2023 clocked in 24 deals at a total value of $755 million. “US economic data has been pointing towards a slowdown; however, the recession is not confirmed yet. China has seen an accelerated reopening, and that has provided a boost to the commodity market. On the domestic front, the policy review also acknowledges that domestic economic activity is expected to remain resilient, aided by the sustained focus on capital and infrastructure spending in the Union Budget 2023-24,” said Shanthi Vijetha, partner- growth at Grant Thornton Bharat. Funding winter for PE investments The private equity investment trend also witnessed a drop both in terms of deal values and volumes with only 65 deals worth $1 billion taking place during the month. The year 2023 also witnessed the continued funding winter in terms of both PE deal volumes and value. The report shares that the decline in PE funding was largely due to uncertain market conditions and the wait-and-watch approach adopted around the Budget 2023-24. “While the deal activity is subdued, the Indian market is still considered to provide good opportunities for deals/investments. As a result, the Union Budget 2023 avoided populist measures in the pre-election year and prioritised long-term growth,” added Vijetha. The <keyword id="402627" type="General" weightage="20" keywordseo="ipo-market" source="Orion">IPO market</keyword> was slow too this year, with just three IPOs getting publicly listed on exchanges so far. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/if-youre-working-in-any-of-these-roles-then-you-need-to-be-worried/articleshow/98632981.cms">Is your job at risk? If you're working in any of these roles then you need to be worried</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/mfs-add-shares-of-indigo-paytm-pvr-nazara-technologies-among-others-in-february/articleshow/98630434.cms">MFs add shares of Indigo, Paytm, PVR &amp; Nazara Technologies among others in February</a>

Deal making slows down significantly in February as investors turn cautious: Grant Thornton

<keyword id="46431" type="General" weightage="100" keywordseo="india-inc" source="Orion">India Inc</keyword> saw steepest decline in deal values owing to the lack of big-ticket investments last month, registering 171 mergers and acquisitions (M&amp;A) and private equity (PE) deals valued at $2 billion, a new report has shown. At $280 million for 32 deals in July, the M&amp;A deals witnessed significant downtrend both in terms of deal volumes, by 14 per cent, and deal values by 95 per cent, according to <keyword id="10410446" type="General" weightage="80" keywordseo="grant-thornton-bharat" source="Orion">Grant Thornton Bharat</keyword> <keyword id="2516432" type="General" weightage="80" keywordseo="dealtracker" source="Orion">Dealtracker</keyword> report. Cross-border transactions recorded the second lowest, both in terms of deal volumes and values in the last 12 months owing to global tensions. With 28 per cent of M&amp;A deal volumes each, the start-up and IT sectors continued to dominate deal activity with nine deals each cumulatively valued at $162 million. "Like many other countries, Asia's third-largest economy has also been grappling with soaring inflation, aggravated by rising commodity prices. A weaker rupee has further bumped up imported inflation," said Shanthi Vijetha, Partner, Growth, Grant Thornton Bharat. Nevertheless, start-up, e-commerce and IT led the deal volumes for the month, while "infra, pharma, retail and banking sectors topped the overall value". "The month saw the birth of only one <keyword id="152045" type="General" weightage="50" keywordseo="unicorn" source="Orion">Unicorn</keyword>, OneCard, in the fintech segment," she mentioned. While M&amp;A deal activity saw an uptick in deal volumes compared to June, which saw the lowest monthly volumes in the last 19 months, the deal values saw a decline due to lack of high-value transactions and non-disclosure of values in the majority of the deals. The PE landscape saw 139 deals valued at $1.7 billion. While PE transactions continued to account for over 80 per cent of overall deal activity, deal values witnessed a significant decline. "The start-up sector continued to drive the PE deal volumes for July 2022 with a 70 per cent share of volumes, with investment values of $0.6 billion," the report said. The retail tech segment led the investment volumes in the start-up sector with 20 per cent deals, followed by enterprise application and infrastructure and fintech at 18 per cent each. The year-to-date (<keyword id="352279" type="General" weightage="80" keywordseo="ytd" source="Orion">YTD</keyword>) 2022 recorded 17 initial public offerings (<keyword id="6354763" type="General" weightage="80" keywordseo="ipo" source="Orion">IPO</keyword>) with an issue size of $6 billion, compared to 28 IPO issues, raising $7 billion in YTD 2021, the report mentioned. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/all-india-consumer-price-index-for-agricultural-rural-labourers-rose-in-july/articleshow/93658813.cms">All-India Consumer Price Index for agricultural, rural labourers rose in July</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/50-of-companies-planning-job-cuts-amid-economic-downturn-report/articleshow/93658712.cms">50% of companies planning job cuts amid economic downturn: Report</a>

You Searched For "shanthi vijetha" and got 8 results

India’s deal making stayed cautious in 2023, declined by over half to $66 bn

Katya Naidu

India Inc sees winter chill in dealmaking activity in January: Grant Thornton

PTI

India sealed M&A deals worth $104.3 bn this year, raised $6 bn from IPOs

IANS

India Inc logs 2,007 deals worth $127 bn last year, 6% down from 2021: Grant Thornton

IANS

Volumes up, values down: April 2024 marks notable shifts in India's deal-making landscape

Deekshith Pinto

India’s deal activity in the slow lane in 2023 both in value & volume

Katya Naidu

Deal making slows down significantly in February as investors turn cautious: Grant Thornton

Bhakti Makwana

India Inc sees steepest decline in deal values: report

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