PE Deals in India`s Consumer Space Rise 38% in 2024; Momentum Accelerates in 2025
Private equity (PE) activity in India’s consumer-facing sectors rose 38% in calendar year 2024, with the number of deals increasing to 232 transactions, up from 168 in 2023, according to data from Equirus Capital. This surge underscores growing investor confidence in India’s expanding middle class and rising domestic consumption.
“Deal momentum has continued strongly in 2025, with 81 PE deals closed in Q1 alone,” said Bhavesh Shah, Head – Investment Banking, Equirus Capital. “Investor interest has spanned sub-sectors including packaged foods, fashion, online grocery, fresh milk delivery, and personal care.”
Investment values have also surged, with Rs.124 billion deployed in Q1 2025, more than half of the Rs.230 billion invested across all of 2024. “This trend confirms that India’s consumer story is firmly in focus for both domestic and global investors,” Shah added.
The M&A landscape in the consumer sector has also seen a sharp uptick. The number of deals rose 37% year-on-year, from 54 in 2023 to 74 in 2024. The momentum has accelerated in 2025, with 46 M&A deals completed in just the first quarter, indicating a potentially record-breaking year.
“India’s transition to a Viksit Bharat, supported by rising income levels and the government's Sabka Saath, Sabka Vikas vision, ensures that consumer sectors are uniquely positioned to benefit from this growth, both structurally and sentimentally,” Shah noted.
Among recent headline deals, Adani Wilmar’s acquisition of G.D. Foods Manufacturing, known for its Tops brand of sauces and pickles, highlights the strategic interest in Indian FMCG players.
In contrast, public market activity remains subdued. Equity capital raised by consumer-facing companies in Q1 2025 totalled just Rs.5 billion, sharply lower than the 121% year-on-year increase seen in 2024 to Rs 422 billion.
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