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India Inc has witnessed 199 M&A transactions amounting to $3.5 billion in November 2021, which is 34 per cent higher than the deals reported during the same period of the previous corresponding year.

In November, total M&A transactions stood at $436 million with a total 50 deals, while PE funds inflow in Indian companies stood at $3.1 billion across 149 deals.

"The absence of big-ticket transactions, partly due to non-disclosure of deal values in the majority of M&A transactions could be the reason for lower deal values. Deal activity continued to be primarily in the technology sector including start-up and e-commerce sectors," said Shanthi Vijetha, Partner at Grant Thornton Bharat.

"Better health of the banking system and supportive policy measures saw active deal-making in the financial sector, whereas resumption of economic activities and demand recovery benefitted consumer and retail sectors."

The focus continued to remain on technology sectors such as start-ups and e-commerce.

In the start-up space, initial public offerings (IPOs) witnessed record monthly figures, both in terms of issue volumes and issue size, with 10 issues worth $4.8 billion.

"November saw the emergence of six new unicorns in the fin-tech, health-tech, retail-tech, real-estate tech and prop-tech sectors. The month also witnessed media, agriculture and IT sectors garnering high-value investments of over $100 million," Grant Thornton Bharat added