One of the largest Indian tech transactions in Q3 2025 was the $3.5 billion acquisition of global BPO provider WNS by a digital transformer Capgemini, announced in July 2025 with a 2.8 times revenue exit multiple. WNS’ specialization in analytics, finance, HR, legal, IT and AI-powered customer engagement allowed Capgemini to leverage agentic AI to drive operational efficiency and innovation.

In September, Pinkvilla Media, an online entertainment platform providing news, interviews, and articles across Bollywood, Hollywood, beauty, fashion, and wellness, was acquired by Flipkart, a Walmart-owned and one of India’s largest e-commerce platform, aiming to boost Gen Z engagement by leveraging Pinkvilla’s strong content base and loyal audience to drive growth.  

Back in August, Novigo Solutions, a provider of digital transformation, cloud, data analytics, and IT services, was acquired by R Systems, a global digital product engineering and technology solutions company in Blackstone’s portfolio. This acquisition enables R Systems to strengthen its enterprise solutions portfolio, enhance digital transformation capabilities, and expand its global delivery footprint, while giving Novigo access to deeper resources and growth opportunities. 

In July, IRIS Logix Solutions, an India-based developer of compliance software serving the logistics and transportation sector, was acquired by Massachusetts-based global tax reporting tools provider Sovos backed by Hg and TA Associates. The financial sponsors pursued this acquisition to enhance their footprint in the transportation sector, which is known for its highly complex regulatory environment.