India’s consumer sector recorded 97 deals worth $981 million in the June quarter, according to latest estimates released by Grant Thornton Bharat. This was lower by 34 per cent quarter on quarter and deal values moderated by 33 per cent reflecting a more selective investment environment. Although strategic acquisitions in high growth categories such as personal care, nutrition and digital-first consumer brands continued attracting disproportionate investor interest. Excluding IPOs and QIPs, the sector recorded 95 M&A and PE and VC transactions worth $ 918 million, with deal values remaining above Q2 2025 levels, highlighting continued investor confidence in India’s long-term consumption story.Naveen Malpani, Partner and Consumer Industry Leader, Grant Thornton Bharat, said, “We are seeing a structural shift in India’s consumer sector, with capital increasingly flowing towards specialised, high-growth categories rather than traditional consumption themes. Businesses operating in wellness, premium personal care, nutrition and digital-first consumer brands are attracting disproportionate investor interest as changing consumer preferences create new growth opportunities. Companies are also using acquisitions more strategically to expand into adjacent categories and strengthen their portfolios. We expect these emerging consumer themes to continue shaping investment and deal activity in the sector.”The top M&A deal of the quarter was Emami Ltd’s acquisition of a 60% stake in IncNut Digital Pvt Ltd (Vedix and Skinkraft) for $ 34 million. Absence of large strategic acquisitions meant that PE/VC activity remained the primary driver of consumer dealmaking, with 75 deals worth USD 734 million, contributing nearly 80% of both total deal volumes and values. While funding activity moderated quarter on quarter, investment values remained above Q2 2025 levels, The top PE transaction of the quarter was Advent International’s $ 150 million investment in Iscon Balaji Foods Ltd, reflecting sustained investor confidence in India’s branded food processing sector.Meanwhile, Public market activity remained subdued during the quarter, with one IPO raising $47 million and one QIP raising $ 16 million.In terms of Retail Tech led M&A activity there were nine deals worth $ 89 million and Personal Care recorded four deals worth $ 52 million, reflecting sustained strategic interest in premium, direct-to-consumer and innovation-led brands. FMCG, Textiles & Apparel and E-commerce together accounted for about 44 per cent of PE/VC deal volumes, “Textiles & Apparel (USD 178 million), Food Processing (USD 172 million) and FMCG (USD 145 million) attracted the highest PE/VC investment values during the quarter,” it added. Published on July 20, 2026