India recorded 195 mergers and acquisitions transactions valued at $8.4 billion in July, a 16% increase in deal count from the prior month. Private equity drove the volume, continuing a pattern of sustained deployment despite public-market headwinds that erased $52 billion from the country's billionaire wealth between December 2024 and year-end 2025.

The monthly cadence matters. July's deal flow marks the third consecutive month above 180 transactions, a threshold India had crossed only twice in the prior twelve months. The $8.4 billion in aggregate transaction value sits below the January peak of $11.2 billion but above the $6.8 billion quarterly average for the first half of the year. Private equity accounted for an estimated 62% of total deal count, reflecting continued appetite for mid-market assets in sectors insulated from rupee volatility and public-market sentiment.

The wealth contraction provides context. India's 176 dollar billionaires saw aggregate net worth fall to $984.2 billion by the end of 2025, down from a December 2024 record of $1.036 trillion. That $52 billion decline occurred while M&A volume climbed, suggesting capital is rotating rather than fleeing. Family offices and institutional allocators are shifting from listed equities into structured private deals with defined exit horizons. The bifurcation is clean: public wealth compressed while private transaction count expanded.

Singapore-based Keppel secured a fresh limited partner commitment for its Asia credit fund with an India mandate during the same period, confirming external capital continues to flow toward structured credit and private equity vehicles targeting Indian assets. The fund focuses on renewable energy, decarbonisation, and digital infrastructure — sectors where regulatory clarity and government capex create predictable cash flows. That commitment, disclosed without a specific dollar figure, aligns with the broader pattern of international allocators favoring private deals over public equities in the current cycle.

Watch for August M&A data in mid-September to confirm whether the 16% volume increase holds or softens. The Reserve Bank of India's August monetary policy decision, expected in the first week of September, will influence currency hedging costs for cross-border deals. Private equity exits in the $200 million to $500 million range — the segment that drove July's count — typically surface in quarterly disclosure cycles, so September filings will clarify whether sponsors are achieving targeted multiples or compressing hold periods to derisk portfolios.

The $8.4 billion figure represents approximately 0.24% of India's trailing twelve-month GDP, a ratio that remains subdued compared to the 0.38% average observed during 2021-2022. Deal velocity has returned. Deal size has not.