Led by $108m acquisition of BharatPe, India’s financial services industry saw a rise of 18.6% in overall deal activity during Q1 2021, when compared with the last four-quarter average, according to GlobalData’s deals database.

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A total of 43 deals worth $1.09bn were announced in Q1 2021, compared with the last four-quarter average of 36.25 deals.

M&A was the leading category in the quarter with 18 deals which accounted for 41.9% of all deals.

In second place was venture financing with 18 deals, followed by private equity with seven transactions, respectively accounting for 41.9% and 16.3% of overall deal activity in the India’s financial services industry during the quarter.

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In terms of value of deals, M&A was the leading deal category in India’s financial services industry with total deals worth $572.55m, while private equity and venture financing deals totalled $288.27m and $233.42m respectively.

India financial services industry deals in Q1 2021: Top deals

The top five financial services industry deals accounted for 31.9% of the overall value during Q1 2021.

The combined value of the top five financial services deals stood at $349.09m, against the overall value of $1.09bn recorded for the quarter.

The top five financial services industry deals of Q1 2021 tracked by GlobalData were:

1) Amplo, Beenext, Coatue Management, Insight Partners, Ribbit Capital, Sequoia Capital and Steadview Capital’s $108m acquisition of BharatPe

2) The $75m venture financing of Policybazaar Insurance Brokers by Falcon Edge Capital

3) Cyza Chem, ICICI Venture Funds ManagementLtd and Morgan Stanley Private Equity Asia’s $72.08m private equity deal with Magma HDI General InsuranceLtd

4) The $47.71m private equity deal with AGS Transact Technologies by Kotak Special Situations Fund

5) Sundaram Finance’s venture financing with Principal Asset Management, Principal Retirement Advisors and Principal Trustee Company for $46.31m.