India's consumer sector logs USD 981M across 97 deals in Q2 2026, Grant Thornton Bharat finds
PE/VC activity in wellness, personal care and retail tech drove USD 918M of the total, even as overall deal volume and value slid roughly a third quarter-on-quarter, per Grant Thornton Bharat's Dealtracker.
What happened
Grant Thornton Bharat's Q2 2026 Dealtracker shows India's consumer sector recorded USD 981 million across 97 deals, led by PE/VC in wellness, personal care and
Key facts
- USD 981 million
- 97 deals
- 34% QoQ volume decline
- 33% value decline
- USD 918 million
- 95 deals
- USD 184 million
- 20 deals
- 65%
- 58%
- USD 734 million
- 75 deals
- USD 150 million
- USD 34 million
- USD 47 million
- USD 16 million
- USD 89 million
- 9 deals
- USD 52 million
- 4 deals
- 44%
- USD 178 million
- USD 172 million
- USD 145 million
- 64%
- 54%
Why this matters
A third straight quarter of contracting deal flow signals a buyer's market forming in Indian consumer, making this a window to revisit valuations on wellness, personal care and retail tech targets before sentiment turns.
What to watch
- Q3 FY26 deal volume/value figures from Grant Thornton or other trackers (Venture Intelligence, PwC)
- Major funding rounds or down-rounds in retail-tech/wellness unicorns
- Consumer sector IPO filings/listings (signal of exit liquidity returning)
- RBI monetary policy stance and India GDP/consumption prints for Q3
- Global PE dry powder allocation reports for emerging markets
- Track Q3 FY26 (Jul-Sep) Dealtracker release for confirmation of rebound vs continued slide
- Monitor large wellness/personal-care players (e.g. Mamaearth, boAt, Lenskart) for follow-on rounds or IPO filings as bellwethers
- Watch RBI/Fed rate signals and India consumption indices (auto, FMCG volume growth) for macro read-through
- Check average deal-size trend within Grant Thornton data to see if it's a count problem or a value problem
- Scan for M&A activity in retail/consumer to see if strategic buyers are filling the PE/VC gap