Indian companies accelerated overseas acquisitions in 2025, turning India Inc into an active global buyer this year. Deal data through December 15, 2025 puts outbound M&A at 25.4% of total value. Companies used acquisitions to gain scale, technology, and faster market access.
Market data put total deal value near $98 billion year-to-date, split across inbound, domestic, and outbound transactions. Inbound deals totaled about $44 billion, while domestic deals reached about $29 billion. Outbound deals added about $25 billion, lifting cross-border acquisitions above one quarter of the market.
The shift looks structural rather than episodic. Outbound activity represented about 10% of deal value in 2023, then rose to 19.6% in 2024. Consequently, 2025 delivered another step up as Indian buyers pursued global assets with clearer strategic intent.
Bhavesh Shah of Equirus Capital linked India outbound M&A growth to valuation arbitrage. Indian listed buyers often trade at higher multiples than many overseas targets. Hence, Ramakrishnan Kalyanaraman of Spark Capital said buyers can use equity to buy capabilities fast.
Executives also tied deal decisions to digital transformation needs. Coforge agreed to acquire US-based digital engineering firm Encora in an all-stock transaction valued at $2.35 billion. The deal offered faster access to specialist talent, client relationships, and advanced delivery capabilities.
Consumer brands also chased overseas tech to sharpen their product edge. Lenskart Solutions’ fully owned Singapore unit, Lenskart Solutions Pte, agreed to an all-cash deal for a stake in South Korea-based startup iiNeer. The purchase points to a stronger focus on lens technology and manufacturing capability, while the group continues to scale its retail reach.
Large Indian conglomerates also went after overseas scale in core sectors. Tata Motors agreed to buy Iveco Group NV for $4.5 billion, aiming to widen its commercial vehicle presence beyond the domestic market. In parallel, Adani Ports & Special Economic Zone announced a $2 billion acquisition of Abbot Point Port Holdings Pte, a step that fits its plan to build a broader international ports network.
India’s IPO pipeline supplied fresh capital that can support overseas acquisitions. Companies raised about $22 billion through public listings in 2025 marking a record annual total. Besides, more than 200 companies either secured approval or filed draft documents for new listings during the year.
Domestic capital played a larger role in funding markets. Domestic investors accounted for roughly 75% of IPO investment, up from about 57% in 2021. However, trading turnover slowed across exchanges. More than half of 2025 listings traded below offer prices.
Even so, bankers expect the fundraising cycle to extend into 2026. Healthier balance sheets, faster tech cycles, and lower-priced overseas targets can keep Indian companies active in global expansion. Therefore, valuation gaps and the need to move quickly can continue to push outbound M&A up corporate priority lists.