7 major mergers & acquisitions in 2014-24 that shaped Indian market

In light of the recent news of Gautam Adani's talks with Vijay Shekhar Sharma to acquire stakes in Paytm and Zomato trying to acquire Paytm's movie ticketing and events business, The Squirrels recalls famous acquisitions of companies in the Indian market in the past decade (2014-2024). India has witnessed a surge in mergers and acquisitions (M&A) over the past decade, driven by rapid technological advancements, a growing digital economy, and increasing foreign investment. Some of the most significant acquisitions that have shaped the Indian business landscape from 2014 to 2024 were as follows.

Walmart acquired Flipkart in 2018

In one of the largest e-commerce deals globally, Walmart acquired a 77% stake in Flipkart for $16 billion. This acquisition marked Walmart's entry into the burgeoning Indian online retail market, aiming to compete with Amazon's growing presence. Flipkart, founded in 2007 by Sachin and Binny Bansal, has since expanded its services, including Myntra and PhonePe.

The deal was worth $16 billion, which boosted Walmart’s presence in India and accelerated Flipkart’s growth, particularly in logistics and product offerings.

Facebook acquired stakes in Jio Platforms in 2020

Facebook invested $5.7 billion for a 9.99% stake in Reliance Jio Platforms, part of Reliance Industries Limited. This strategic investment was aimed at leveraging Jio's extensive user base to promote Facebook’s products, including WhatsApp and Instagram.

The deal which was valued at $5.7 billion enhanced digital connectivity in India and enabled Jio to accelerate its digital services expansion.

Zomato acquired Uber Eats India in 2020

In a move to consolidate its position in the Indian food delivery market, Zomato acquired Uber Eats' India operations in an all-stock deal valued at $350 million. This acquisition helped Zomato increase its market share and expand its customer base.

The deal worth $350 million (all-stock) strengthened Zomato’s market leadership and allowed Uber to focus on its core ride-sharing business.

Byju’s acquired Aakash Educational Services in 2021

Edtech giant Byju’s acquired Aakash Educational Services for nearly $1 billion. This acquisition was a strategic move to combine Aakash’s strong offline presence with Byju’s digital expertise, creating a comprehensive learning platform.

Worth approximately $1 billion, the acquisition enhanced Byju’s portfolio, combining online and offline education services.

HDFC Bank merged with HDFC Ltd in 2022

In a landmark deal, HDFC Bank and HDFC Ltd. announced a merger to create a financial behemoth with a combined asset base of $237 billion. This merger aimed to leverage synergies in mortgage and banking services, enhancing customer offerings.

With the combined market cap valued at $237 billion, the merger created a more robust financial institution capable of better serving the housing finance needs of India.

Reliance acquired Future Group’s retail assets in 2020

Reliance Retail Ventures Ltd., a subsidiary of Reliance Industries, acquired the retail and wholesale business of Future Group for $3.4 billion. This acquisition aimed to strengthen Reliance's retail footprint across India.

Acquiring the now-closed Big Bazaar for $3.4 billion, the deal expanded Reliance’s retail operations and provided a lifeline to debt-ridden Future Group.

Tata Sons acquired Air India in 2021

In a historic move, Tata Sons won the bid to acquire the struggling national carrier Air India for $2.4 billion. This acquisition marked the return of Air India to its founders — JRD Tata had founded Tata Airlines, which was acquired by the Indian state under Jawaharlal Nehru and managed with bifurcation into Air India and Indian Airlines and their merger up to the era of the Congress-led UPA government, but the state airline consistently made losses — with plans to revamp its operations and financial health.

Valued at $2.4 billion, the acquisition aimed to revitalise Air India and expand Tata’s aviation sector presence.

The past decade has been transformative for the Indian market, characterised by high-profile acquisitions that have reshaped various sectors. These deals underscore the dynamic nature of the Indian economy, highlighting strategic consolidations aimed at harnessing synergies, expanding market reach, and enhancing technological capabilities. As India continues to grow as a major global economic player, the trend of significant M&A activities is expected to persist, fostering innovation and growth across industries.