India consumer deals involving mergers, acquisitions and private investment fell 58% in value from a year earlier to $948 million in the September 2026 quarter, as fewer large transactions weighed on the total.
Key Takeaways
- Two deals exceeded $100 million in the quarter, compared with five a year earlier.
- Private equity and venture capital accounted for 84 of the quarter’s 113 deals, worth $719 million.
- Initial public offerings and qualified institutional placements made up 51% of the broader $1.92 billion quarterly deal value.
India consumer deals over nine months
For the first nine months of 2026, consumer and retail mergers and acquisitions and private equity and venture capital activity totaled 353 deals worth $3.26 billion, Grant Thornton Bharat reported. Deal volume fell 6% and value declined 53% from a year earlier.
Quarterly deal volume rose 11% from the preceding quarter, while investment value fell 3%. Fewer large transactions and smaller funding rounds weighed on overall values.
| Item | Details |
|---|---|
| September-quarter M&A and PE/VC value | $948 million, down 58% year on year |
| Quarterly deals above $100 million | Two, compared with five a year earlier |
| Quarterly PE/VC activity | 84 deals worth $719 million |
| Nine-month M&A and PE/VC activity | 353 deals worth $3.26 billion |
Private investment and public markets
Private equity and venture capital made up most of the quarter’s 113 deals. Naveen Malpani, Grant Thornton Bharat’s consumer, retail and e-commerce industry leader, said capital was increasingly being directed toward differentiated brands with strong category positions and the ability to scale profitably.
Public-market fundraising was a separate source of capital. IPOs and qualified institutional placements accounted for 51% of the broader quarterly deal value of $1.92 billion, exceeding the combined $948 million in mergers, acquisitions and private investment.
Personal care attracts investment
Personal-care investment value rose sixfold from the preceding quarter as investors backed premium beauty, wellness and direct-to-consumer brands. Jewellery, apparel and lifestyle businesses also attracted interest across acquisitions, private investment and public markets.
The report expected the festive and wedding season to support those sectors. Malpani cautioned that weather-related disruptions and the potential effects of El Niño on agricultural output and rural incomes could make demand uneven in some categories.
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