India’s tech M&As on a three-year high with deal value touching $29 billion

India’s technology mergers and acquisitions hit a three-year high in 2025, with total deal value expected at $26-29 billion, up 30% from $20 billion in 2024, exclusive data shared by EY showed. Deal activity has rebounded sharply from 2023, when tech M&A stood at about $5 billion, and is tending closer to post-Covid boom in 2021-22 when the total deal value reached $33 billion.

However, the current cycle is different, driven largely by vendor consolidation rather than capability acquisitions post-Covid when companies were investing in digital…