India’s tech M&A landscape in Q1 2025 has shown a strong start with 69 deals. Strategic deals continue to dominate, accounting for nearly 90% of the activity, driven by market consolidation, digital transformation and global expansion efforts. Private Equity firms were also active, scooping up seven companies. This momentum suggests deal making in 2025 could surpass previous years, with Q1 already achieving nearly half of 2024’s total M&A transaction volumes. 

In Q1 2025, India’s tech M&A disclosed value reached $400 million, on pace to exceed 2024 levels. Financial terms were disclosed in 33% of transactions as buyers continued to maintain confidentiality regarding their M&A strategies. 

After reaching a record high in 2021, India tech VC funding has dropped sharply, with both deal value and volume continuing to decline through Q1 2025. In this quarter, deal value fell to $2.4B.