India financial services deal value reaches $7.3 billion in Q3 on Jio Credit and public fundraising

India's financial services sector recorded 67 deals worth $7.3 billion in Q3 2026, with total deal value rising 129% quarter-on-quarter, Grant Thornton Bharat said on Monday. The activity included M&A, private equity and venture capital transactions, and public-market fundraising, with a large Jio Credit investment and public-market fundraising accounting for much of the value.

Jio Credit investment accounted for around 85% of M&A value

Grant Thornton Bharat recorded 23 M&A transactions worth $2.3 billion during the quarter. Their combined value rose 54% from the previous quarter as transaction volumes declined 4%.

Bank of America Corporation invested $1.9 billion for a 50% stake in Jio Credit Limited. Grant Thornton Bharat said the transaction accounted for around 85% of M&A value in the quarter.

Domestic transactions made up 78% of M&A volumes but 9% of M&A value. Three inbound transactions contributed nearly 90% of total M&A value, according to Grant Thornton Bharat.

PE/VC activity comprised 35 transactions worth $736 million. Grant Thornton Bharat recorded an 8% quarter-on-quarter decline in volumes and a 44% fall in value.

Public-market fundraising totalled around $4.3 billion

Grant Thornton Bharat said seven IPOs raised $3.8 billion and two QIPs raised $498 million, taking public-market fundraising to around $4.3 billion.

The IPOs of the National Stock Exchange and SBI Funds Management raised around $2.4 billion and $1 billion, respectively. Combined public-market fundraising was more than 10 times the previous quarter's level, Grant Thornton Bharat said.

Fintech recorded 30 transactions worth $722 million

The fintech segment recorded 30 transactions worth $722 million during the quarter, according to Grant Thornton Bharat. Financial services and asset management recorded 18 deals worth around $4 billion.

Banking and non-banking financial companies recorded 15 transactions worth $2.5 billion. Insurance and third-party administrators recorded four transactions worth $29 million, with deal value declining 93% quarter-on-quarter.

Outbound deal activity fell to two transactions in Q3 from seven in the previous quarter. Grant Thornton Bharat said deal values were undisclosed for around 48% of M&A transactions.

The largest investments included the National Investment and Infrastructure Fund's $182 million investment in NIIF Infrastructure Finance, along with $100 million investments each in Slice and Navi Technologies, Grant Thornton Bharat said.