By Q3 2025, Perfios, a B2B FinOps analytics company, led India’s Tech M&A activity with 3 acquisitions, solidifying its position as the most active buyer in the region so far in 2025. Close behind were a group of strategic acquirers completing two transactions each, including Kirana Pro, LitmusWorld,  Flipkart, GenXAI, Indus Net Technologies, DeHaat, Zaggle, Ordo, and PE firm Everstone. This mix of domestic and international players highlights both strong local consolidation and growing cross-border interest in India’s expanding technology ecosystem. 

India’s Tech M&A landscape continued its strong momentum through Q3 2025, with 175 deals announced. Strategic buyers maintained their dominance, accounting for 87% of the activity, as digital transformation, AI integration, and industry consolidation remained key drivers. Private Equity activity picked up, with 22 deals recorded so far—an increase from 12 in 2023 — highlighting sustained investor interest in scalable, tech-driven opportunities. With one quarter remaining, 2025 is on track to become the most active year for Tech M&A in India over the past decade. 
 
 

India’s Tech M&A disclosed value has reached $6.5 billion during the first nine months of 2025, already far exceeding the $1.1 billion total recorded in 2024 and marking the highest total disclosed value in the past decade. Financial terms were disclosed in nearly 30% of transactions as strategic buyers and investors continued to pursue high-quality Indian tech assets while maintaining discretion around deal specifics.

After peaking at $14.8 billion in 2021, India tech VC funding declined in the following years and remained subdued throughout Q3 2025. During the first nine months of 2025, funding has reached $7.6 billion—up from $5.1 billion in 2024 but still well below peak levels. These dynamics have continued to push more companies toward M&A as a pathway for growth and liquidity, especially in a market where access to large-scale venture capital remains selective.