India’s technology industry saw a drop of 66.95% in overall deal activity during July 2022, when compared with the last 12-month average, led by WNS (Holdings)’s $165m acquisition of Vuram Technology Solutions, according to GlobalData’s deals database.

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A total of 39 deals worth $326.4m were announced in July 2022, compared with the 12-month average of 118 deals.

venture financing was the leading category in the month in terms of volume with 33 deals, which accounted for 84.6% of all deals.

In second place was M&A with six deals accounting for 15.4% share of overall deal activity in the India’s technology industry during the month.

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In terms of value of deals, M&A was the leading deal category in India’s technology industry with total deals worth $212.48m, followed by venture financing deals totalled $113.96m.

India technology industry deals in July 2022: Top deals

The top five technology industry deals accounted for 84.6% of the overall value during July 2022.

The combined value of the top five technology deals stood at $276m, against the overall value of $326.4m recorded for the month.

The top five technology industry deals of July 2022 tracked by GlobalData were:

1) WNS (Holdings) $165m acquisition deal with Vuram Technology Solutions

2) The $38m acquisition of Harappa Education by UpGrad Education

3) Accel, Bharat Innovation Fund, BlueHill CapitalLtd, Elevation Capital (India), Prosus Ventures and Shell Ventures $28m venture financing deal with Detect Technologies

4) The $25m venture financing of Chifu Agritech by Ankur Fincon Management, Elevation Capital (India), LightSpeed, Matrix Partners India, Prosus Ventures and Sanjiv Rangrass

5) British International Investment,HealthQuad,Kae Capital ManagementLtd.,Pi Ventures,Quadria Capital Investment Management and W Health Ventures $20m venture financing deal with Touchkin eServices