In 2024, there were 146 tech M&A deals in India, significantly above 2023 levels. Recent demand was particualrly strong from strategic acquirers, which represented the buyer in 89% of these transactions. Some global Private Equity firms like Advent, H.I.G. Capital, Bregal Sagemount, Symphony Technology Group and Apax Partners also invested in Indian technology businesses. 

Last year, total disclosed M&A deal values reached $1.1B. Only 21% of deals disclosed financial terms as buyers preferred to keep their M&A strategies private. 

The top acquisitive buyer in India in 2024 was a Singapore-based metaverse gaming tech startup OneVerse and its US-based subsidiary that together made 4 acquisitions. The rest of the top buyers each made 2 deals and included well-known enterprises such as Accenture, NTT Data, Makemytrip and others. 

VC funding for the Indian tech space continued to decline in 2024 after peaking in 2021. The median VC investment round deal size reached $2M. As the median disclosed M&A deal size was 5.5 times larger, companies have been  encouraged to instead consider M&A strategies for growth and liquidity.