Narendra Modi-led BJP’s landslide victory in the May 2014 general elections ensured that India’s fundraising pipeline, which had corroded for the last three years, was once again anointed. The underlying factor was the resurgence in business sentiment; the outcome was acceleration in fundraising by corporate houses and a significant increase in domestic and in-bound mergers and acquisitions (M&A) as well as private equity (PE) deals. Marquee transactions in M&A and PE space were the highlight of India’s capital markets in 2014. Sun Pharma’s acquisition of Ranbaxy, in a $3.2-billion all-stock deal, caught the Street by surprise. So did Kotak Mahindra Bank’s acquisition of ING Vysya Bank, which was valued at $2.5 billion. However, it was the IT and IT-enabled Services (ITeS) sectors that hogged the limelight. The three-way competition among Flipkart, Snapdeal and Amazon intensified into a larger, e-commerce war, and the need for additional equity with that. The three players saw a total infusion of more than $4.5-billion of investment from various VC and PE funds, showed a Dealtracker report by Grant Thornton, the sixth-largest American tax and business consultancy firm by fee income.


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