India’s tech deal landscape is undergoing a massive transformation. Digital tools, AI, and online platforms are rapidly replacing networks and legacy models, making it possible for even young startups to compete in private equity, venture capital, and M&A. The barriers are falling, and a new era of tech dealmaking is unfolding.
In this episode of the Analytics Insight podcast, host Priya Dialani speaks with Raja Lahiri, IT Partner at Grant Thornton Bharat, to explore what’s powering this shift and why it matters now more than ever.
Setting the stage, Priya describes how digital adoption had seen a sudden surge after COVID times and went on to speak about online-first business models. Lahiri says this trend has changed the very nature of deals, from a growth agenda into an "immediate call for survival."
He explains how digital disruption and the advent of Gen AI and agentic AI have accelerated the tech firms and incumbent companies alike into buying digital capabilities instead of building them. “It’s not just opportunity anymore. It’s a necessity,” he says.
According to Lahiri, India has evolved from a modest 100 deals in 2002 to a $30 billion deal market today. However, it’s not just the volume that’s changed, but also the intent. Five to ten years ago, deals were aimed at boosting revenues or entering new markets. Now, acquisitions are focused on gaining AI capabilities, cloud infrastructure, and cybersecurity expertise.
He cites the Capgemini-WNS $3B acquisition as a sign of what’s to come, deals with a clear focus on technology-led transformation.
With over 14,000 professionals, Grand Thornton Bharat is deeply embedded in the tech sector. Raja Lahiri leads its transaction support services, helping companies navigate due diligence, IPOs, and digital growth strategies.
In today’s volatile economy, precision and purpose define successful tech acquisitions. As Lahiri concludes, “M&A today isn’t about scale, it’s about survival and strategic transformation through AI.”