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Business EconomyPosted at: Jul 17 2024 5:52PM


Consumer & retail sector sees 94 deals in Q2 of 2024

New Delhi, July 17 (UNI) India's consumer and retail sector witnessed 94 deals valued at $2 billion during second quarter (April-June period) of calendar year 2024 with private equity (PE) deals dominating overall deal activity with an 82% share in volumes and a 77% share in values, consultancy firm Grant Thornton Bharat said in a report on Wednesday.
As per the report, the top five M&A (merger and acquisition) deals constituted nearly 89% of the M&A deal values while top five PE deals constituted nearly 79% of the PE deal values.
"The deal values were significantly driven by the top deal which was Google's acquisition of a minority stake in Flipkart. It accounted for 76% of the M&A values," the report said.
The M&A activity was led by domestic deals, with 9 acquisitions across all segments, contributing to 82% of the volume reflecting the maturity of the sector and efforts of local firms to expand their operations.
The Grant Thornton report said that the e-commerce segment led in terms of values in Q2 2024, with four deals worth $365 million. The textiles, apparel, and accessories segment led in terms of deal volumes with six deals worth $51 million contributing 35% to the volumes.
The food processing segment saw a 98% decline in values over Q1, reflecting caution due to impending elections and slower consumer spending.
Personal care, consumer services, and FMCG segments accounted for 30% of deal activity, highlighted by Cipla’s $ 16 million acquisition of Ivia Beaute’s cosmetics and personal care business.
PE deals witnessed a 97% increase in values, from $798 million in Q1 to $1574 million in Q2, 2024.
"The largest PE deal in the e-commerce segment was Zepto raising USD 665 million from a consortium of investors including Glade Brook, Nexus, StepStone, Goodwater, Lachy Groom, Avenir, Lightspeed and Avra. It contributed to 42% of the PE Activity," the report said.
Commenting on deal trends, Naveen Malpani, Partner & Consumer Industry Leader, Grant Thornton Bharat said that with a stable inflation forecast of 4.5% and an optimistic monsoon prediction, the outlook for India's consumer industry in FY25 is remarkably promising.
"The bullish sentiment among investors, bolstered by significant PE investments, is driving growth and innovation in the sector. This influx of capital is empowering companies to enhance their technology, infrastructure, and talent, setting the stage for a vibrant and dynamic consumer and retail market in the year ahead," said Malpani.
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