India's financial services deals surge 129% to $7.3 bn in Q3, driven by IPOs and mega M&A

India's financial services sector recorded $7.3 bn in deals during the July-September 2026 quarter, a 129% sequential increase, according to Grant Thornton Bharat. The rise stemmed from a resurgence in public-market fundraising, with seven IPOs generating $3.8 bn and two qualified institutional placements adding $498 m. Notably, the NSE and SBI Funds Management IPOs contributed roughly $2.4 bn and $1 bn respectively. M&A activity, though comprising fewer transactions (23), rose 54% in value, driven largely by Bank of America’s $1.9 bn investment for a 50% stake in Jio Credit Limited.

Outside of IPOs and QIPs, 58 M&A and PE/VC deals were worth $3 bn, while private-equity and venture capital activity fell 44% in value to $736 m across 35 deals. Fintech led the sector with 30 deals worth $722 m, and overall capital deployment focused on large-ticket transactions. The report highlighted that investors are becoming more selective, emphasizing sustainable growth and strong unit economics in a higher-cost environment.