India’s consumer sector saw a surge in merger and acquisition activity in the first nine months of 2025, with 115 deals reported. – the highest in four years, according to a press release from a Mumbai-based investment bank Equirus Capital.
The previous high of 100 transactions was recorded in 2022.
The food and beverage (F&B) segment leads transaction volumes with 41% of the total, followed by clothing and accessories with 24%. Fundraising in the consumer sector between January and September 2025 has been exceeded ₹21,200 crore, of which almost three-fourths of the value comes from F&B offerings.
September alone saw ten M&A deals, with the Trident Group deal, valued at around ₹2,486 crore, topping the list. Marico acquired a 46% stake in HW Wellness Solutions for ₹1,385 million during the month.
Private equity (PE) activity remained robust, accounting for 99% of total deal value, with seven venture capital (VC) deals and 15 PE deals also concluded in September. The average deal size for the month stood at around ₹1,070 crore, with the KPN Fresh Farm deal accounting for almost a third of the total PE deal value.
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Industry experts note that recent M&A activities by Indian companies are increasingly driven by strategic objectives rather than opportunistic risk-taking. In 2024, India concluded around 120 overseas deals worth $17 billion, while as of August 2025, nearly 100 deals worth $11 billion had been executed, reflecting strong momentum.
Sumea Abrolpartner and national leader – Transactions at Grant Thornton Bharat LLP had told CNBC-TV18 last month that the primary consideration for any transaction is its strategic fit.
“Many acquisitions are aimed at filling serious capability gaps rather than simply pursuing a value arbitrage,” he noted, adding that Indian companies are now better positioned than ever to manage the risks inherent in mergers and acquisitions.
