India’s consumer M&A hits four-year high with 115 deals in 2025 so far

India’s consumer sector witnessed a surge in merger and acquisition activity during the first nine months of 2025, with 115 deals reported — the highest in four years, according to a press note by Mumbai-based investment bank Equirus Capital.

The previous high of 100 deals was recorded in 2022.

The Food & Beverage (F&B) segment led deal volumes with 41% of the total, followed by Apparel & Accessories at 24%. Fundraising in the consumer sector during January–September 2025 exceeded

₹21,200 crore, with nearly three-quarters of the value stemming from F&B deals.

September alone saw ten M&A deals, with the Trident Group transaction, valued at approximately ₹2,486 million, 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 the total deal value, with seven venture capital (VC) deals and 15 PE deals also closed in September. The average deal size for the month stood at roughly ₹1,070 million, with the KPN Fresh Farm deal representing nearly one-third of total PE deal value.



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Industry experts note that recent outbound M&A activity by Indian firms is increasingly driven by strategic objectives rather than opportunistic risk-taking. In 2024, India completed about 120 outbound deals worth $17 billion, while by August 2025, nearly 100 deals valued at $11 billion were executed, reflecting strong momentum.

Sumeet Abrol, Partner and National Leader – Deals 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 bridging serious capability gaps rather than merely pursuing value arbitrage,” he noted, adding that Indian corporates are now better positioned than ever to manage the inherent risks of M&A.