Background and Aims <p>Drought poses a serious threat to plant growth and productivity, as well as world food security. Pearl millet is a major crop of drought-hit arid regions. Being a beneficial root endophyte <i>Serendipita indica</i> (<i>S. indica</i>) has promising potential of protecting host plants from adverse environments. This study aimed to investigate the efficiency of this fungus in helping pearl millet plants to withstand drought stress.</p> Methods <p><i>S. indica</i> colonized 25-days old pearl millet seedlings were subjected to progressive drought by withholding watering for 5&#xa0;days in&#xa0;a pot experiment (12 seedlings per pot) under natural condition. Different morphological, physiological, biochemical parameters as well as soil properties were analyzed.</p> Results <p>Water deficit stress reduced biomass, chlorophyll content, and relative water content while increased wilting sign, electrolyte leakage, malondialdehyde content, proline content and activities of antioxidant enzymes namely peroxidase, polyphenol oxidase, guaiacol peroxidase, ascorbate peroxidase, catalase and superoxide dismutase in uncolonized seedlings. <i>S. indica</i> colonization assisted pearl millet seedlings in reducing these adverse effects. Its colonization significantly improved biomass, leaf chlorophyll and carotenoid contents, relative water content and catalase activity under drought stress. Soil properties and its nutrient profile were also modified by <i>S. indica</i>.</p> Conclusion <p>Our findings show that <i>S. indica</i> fertilization is an effective strategy in busting detrimental effects of early drought in pearl millet which is mostly cultivated in drought-prone semiarid regions of the world. As a cost-effective and eco-friendly approach, agricultural application of <i>S. indica</i> can increase food security for poor people residing there.</p>