New Delhi, Oct 27 India’s technology deal landscape in Q3 2025 (July-September period) recorded 80 transactions worth $1.48 billion, up 33 per cent quarter-on-quarter (QoQ) -- marking a shift from volume‑led activity to value‑driven, theme‑focused investments, a report said on Monday.
High‑value deals over $50 million quadrupled, underlining investor focus on sustainable enterprise models and cross-border scalability, said the report from business advisory firm Grant Thornton.
This rebound comes amid global macro recalibration and a renewed appetite for AI, SaaS, and enterprise automation areas seen as the foundation for scalable, platform-first growth, the report noted.
Mergers and acquisitions (M&A) totalled 29 deals worth $743 million, up 239 per cent in value quarter‑on‑quarter (QoQ) and driven by domestic acquisitions in AI and automation‑driven tech services.
“Q3 2025 reflects a clear shift in India’s tech ecosystem, with investors and acquirers prioritising value-driven, infrastructure-focused deals in AI, SaaS, and enterprise automation. The next wave of breakout companies is expected to emerge from deep tech and AI-native infrastructure,” said Raja Lahiri, Partner and Technology Industry Leader, Grant Thornton Bharat LLP.
Outbound deals surged, with three high value transactions over $100 million contributing 87 per cent of total value, the firm noted.
Private equity and venture activity recorded 50 deals worth $584 million, marking a 39 per cent rise in volumes and a 172 per cent rise in value from Q2, dominated by early and mid‑stage funding for enterprise solutions and analytics.
Meanwhile, Q3 2025 saw muted public market activity in the tech sector, with only one IPO and no QIP transactions. While volumes remained limited, the deal size underscores selective but high-value investor interest, the report noted, adding that the absence of QIP issuances highlights a cautious approach by listed tech companies amid ongoing valuation recalibrations.
Meanwhile, earlier this month, Equirus Securities said that India's largest IT firms are expected to clock a modest QoQ revenue growth in the Q2 earnings session.
The earlier report noted that increased macro concerns are expected to limit incremental tech spending, but demand trends are stable, and increasing deal conversions as well as currency tailwinds may support growth.
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