Dealmaking activity in India rose in 2020 despite the Covid-19 pandemic plaguing the economy. But that wouldn’t have been the case if not for Mukesh Ambani frenzied fundraising spree for his digital and retail ventures.
The value of business deals in India—both through mergers and acquisitions, and private equity—rose 29% in 2020 over the previous year to $77.7 billion, according to Grant Thornton’s annual dealtracker. By volume, India saw the number of deals rise 3% to 1,301.
And yet, nearly a third of that value came from the investments made by a clutch of high-profile investors in Reliance Industries Ltd.’s Jio Platforms and its retail venture. Ambani’s ambition to model an internet and retail giant on the likes of Tencent and Amazon has attracted funding from the likes of Facebook, Google, KKR and Silver Lake, among others.