Grant Thornton Bharat’s Dealtracker: Insights into India’s dealmaking activity in February 2023

– A downward trend was observed in both the volume and value of deals.

14 March 2023, Delhi: Grant Thornton Bharat’s Dealtracker report for February 2023 revealed that India Inc only recorded 89 deals worth USD 1.8 billion, representing a 54% decline in volumes and a significant 60% decline in values compared to February 2022. This is the second-lowest deal volumes and lowest values recorded since 2014, as investors continued to tread cautiously amid macroeconomic uncertainties.

Partner- Growth at Grant Thornton Bharat, Shanthi Vijetha, commented on the deal activity, highlighting that while the Indian market is still considered to provide good opportunities for deals/investments, the deal activity is subdued. She also noted that the Union Budget 2023 avoided populist measures in the pre-election year and prioritised long-term growth.

In terms of the M&A landscape, deal activity decreased by 48% in volumes and 47% in values, with 24 deals at USD 755 million, compared to February 2022. Domestic consolidations accounted for 67% of transactions, while the start-up sector led the volumes with 25% of the deals, driven by the fintech segment. The pharma, healthcare and biotech, and IT and ITeS sectors followed the start-up sector.

In the PE landscape, the trend also witnessed a drop both in terms of deal values and volumes over February 2022, recording only 65 deals worth USD 1 billion. The start-up sector continued to top the deal chart, with 60% of total PE deal volumes.

YTD 2023 recorded a major decline in deal volumes as well as values, recording 234 deals valued at USD 4.5 billion, representing a 46% decline in overall volumes and a 58% decline in values over YTD 2022.

Lastly, IPO and QIP activities continued witnessing a decline amidst volatile markets, with only one IPO issue with an issue size of USD 8 million compared to three IPO issues raising USD 1 billion in YTD 2022. QIP saw muted activity compared to two issues raising USD 264 million over YTD 2022.

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