India saw its lowest monthly deal activity so far in 2025, with 179 deals worth $4.5 billion in May, driven by a sharp dip in private equity investments. M&A stayed resilient, led by Sumitomo Mitsui’s $1.6 billion YES Bank investment, while outbound deals surged. Despite muted IPO and QIP activity, the emergence of unicorns and early-stage VC momentum suggests a likely rebound in H2.