Indian tech sector- 83 deals worth $761 million in July-September
New Delhi| The Indian tech sector saw 83 deals worth $761 million in the third quarter of this year, the highest number since the second quarter of 2023. This information was given in a report.
According to Grant Thornton India’s DealTracker, the number of deals rose by five percent and the value by 31 percent compared to the second quarter. During this time there were 79 merger-acquisition and private equity (PE) deals with a total value of $635 million. Deal activity reflects a shift towards more strategic investment rather than large-scale acquisitions. However, the quarter saw 12 deals worth more than $20 million.
PE dominated the deals. PE deals accounted for 82 per cent of total deals by value, including three large deals worth over $100 million, which accounted for $358 million. India saw a 58 percent increase this year in number terms compared to the third quarter of last year, but a 53 percent decline in value terms.
The July-September quarter saw two IPOs worth a total of $59 million, better than the previous quarter. QIP activity remained stable with two deals valued at $67 million.
Mergers and acquisitions activity rebounded after a decline in the first quarter of the year 2024, reflecting the highest number of deals since the second quarter of 2023. In the third quarter of the year 2024, the number of deals increased by 44 percent to 26, from 18 in the previous quarter. The value of the deals rose 205 percent to $116 million, up from $38 million in the second quarter.
Compared to the third quarter of 2023, volumes increased by 53 percent, while the absence of large deals led to an 89 percent decrease in values, the report said. “Domestic mergers & acquisitions activity has reached its highest quarterly level since the first quarter of 2022, reflecting strong activity in the sector”, the report said. Outbound activity has hit the highest quarterly volume for three years, with outbound deals accounting for 62 percent of total deals”
