Rise in small, mid-size M&A transactions: PwC India

17 Jun 2024 CW Team

Sanjeev Krishan, Chairperson of PwC in India, stated that PwC India anticipates an upswing in the India markets, particularly in small to mid-size M&A transactions and growth funding, driven by growing investor confidence. He mentioned that the year 2023 had witnessed a nuanced M&A landscape, with diverse investor strategies and larger-scale ventures emerging, despite an overall decrease in PE investment. Krishan noted that while PE deals had higher volume, strategic deals dominated the top deals, with domestic deals and group-level consolidations being notable themes. He added that the first quarter of 2024 had seen resurgence in both deal value and volume. According to a PwC report, the top 10 deals of 2023 included JV buyouts, strategic investments, PE buyouts, and stock mergers, contributing to 21% of the total deal value. Krishan highlighted that traditional sectors such as retail, consumer goods, healthcare, and pharmaceuticals were leading on a sectoral basis. He responded to a query on the changing M&A landscape in India by expressing optimism about the market's future, citing improving financial markets, increased investor and CEO confidence, pent-up buyer demand, a buildup in seller assets, and accelerating global megatrends as key factors driving this optimism. Krishan anticipated a shift towards growth funding and a potential venture capital revival going forward. He also foresaw an increase in controlling stake deals and a rise in portfolio exits through capital markets and IPOs. Krishan mentioned potential transformations in PE operating models, including increased buyouts, platforms, bolt-ons, and a stronger focus on sustainability and ESG integration. Regarding PwC's expansion plans in India, Krishan indicated that each service line?advisory, assurance, and tax?had recorded a CAGR in the range of 20?25%. He noted adjustments in their operations to align better with India's 'Viksit Bharat' agenda and contribute meaningfully to it. He also provided information on PwC India's current headcount of 27,000 people, including approximately 700 partners, and emphasised their focus on recruiting talent in areas such as transformation, emerging technologies, GCC, ESG, risk management, and deals.

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