New Delhi: Led by a surge in mergers and acquisitions (M&As) and buoyant public market fundraising, India witnessed its strongest monthly deal value since June 2022 in July, says Grant Thornton Bharat in its latest Dealtracker report.

The month saw 227 transactions worth $16.4 billion, a 135 per cent jump in value and 21 per cent rise in volume compared with June. M&A activity surged, with 83 deals totalling $7 billion, boosted by three billion-dollar transactions worth $4.2 billion that accounted for 60 per cent of total M&A value.

Among the top transactions were JSW Paints’ $1.5 billion acquisition of a 75 per cent stake in Akzo Nobel India, Torrent Pharmaceuticals’ $1.4 billion purchase of a 46 per cent stake in JB Chemicals, and AM Green Power’s $1.3 billion investment for an 18 per cent stake in Greenko Energies. Private equity deal volumes held steady at 117 transactions, but values slipped 23 per cent month-on-month to $2 billion. Notable exits included KKR’s $1.4 billion divestment from JB Chemicals and CPP Investments’ $641 million exit from Island Star Mall Developers. Jumbotail Technologies became India’s third unicorn of 2025 after raising $120 million. Public market activity hit its highest monthly value of the year, with 10 initial public offerings raising $2.6 billion and 17 qualified institutional placements bringing in $4.8 billion.