Avendus Capital

What Avendus Capital does

Avendus Capital is a Mumbai-headquartered diversified financial services firm founded in 1999 by Gaurav Deepak, Kaushal Aggarwal, and Ranu Vohra, operating across five business verticals: Investment Banking, Institutional Equities (branded Avendus Spark following the 2022 Spark Capital acquisition), Wealth Management, Asset Management, and Credit Solutions. The firm serves high-growth Indian companies, founders and promoter families, private equity and venture capital funds, and ultra-high-net-worth individuals and family offices, with physical presence in India, Singapore, the United States, and the United Kingdom. Its mandate book spans consumer-tech (Lenskart, Ola Electric, Iscon Balaji Foods), B2B and enterprise technology (Juspay, Amagi, Zetwerk), healthcare (Marengo Asia Hospitals), and financial services (Infinity Fincorp), positioning it as a cross-sector mid-market advisor.

The firm generates revenue through multiple, partially offsetting mechanisms: success-fee-based investment banking advisory (M&A, PE fundraising, capital markets), brokerage and research income from institutional equities, asset- and wealth-management fees on AUM, and interest and fee income from credit solutions. This multi-vertical mix reduces reliance on any single revenue stream but does not eliminate the lumpiness inherent to deal-based advisory income. In December 2025, Mizuho Securities acquired a controlling (60%+) stake at an approximate $520 million valuation, with CCI approval following in April 2026, providing global banking backing and a Japan–India–US–Europe cross-border corridor for deal origination and capital placement. Recent strategic moves include the elevation of Karan Sharma to MD & Head of Investment Banking, the appointment of Gaurav Arora as Head of Infrastructure, and thought-leadership positioning around data centres and AI infrastructure — together signaling an offensive push into adjacent verticals rather than a defensive restructuring.

Name

Avendus Capital

Legal name

Avendus Capital Private Limited

Website

https://avendus.com

Company type

Private

Founded year

1999

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Avendus Capital is a Mumbai-headquartered diversified financial services firm offering investment banking, institutional equities (Avendus Spark), wealth management, asset management, and credit solutions to high-growth companies, founders, PE/VCs, and ultra-high-net-worth individuals across India, Singapore, the US, and the UK.

Ownership category

akta.pro rank

Product category

Investment Banking and Financial Advisory

NAICS

Investment Banking and Securities Intermediation (52315), Portfolio Management and Investment Advice (523940), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Portfolio Management and Investment Advice (52394)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Investment Advice (6282), Finance Services (6199)

akta.pro primary industry

Corporate Finance & Capital Advisory (BPAHADAB)

akta.pro secondary industries

Equity Capital Advisory (Private Equity Placements, Growth Capital) (BPAHAOAE), Capital Markets Advisory (IPO Readiness, SPAC, ECM/DCM Advisory) (BPAHAOAL), Equity Capital Markets Advisory (Equity Issuance Strategy & Readiness) (FSACAAAI), Capital Raising Advisory (Equity & Equity-Linked) (FSAEAGAC), Institutional Capital Introduction (LP/Family Office/Endowment Matching) (FSAEALAI)

Keywords

• Investment banking services
• Mergers and acquisitions advisory
• Wealth management advisory
• Asset management services
• Private equity fundraising

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Investment Banking Advisory: M&A advisory, private equity fundraising, and capital markets transactions across sectors including digital/technology, healthcare, financials, industrials, and infrastructure. Revenue generated through advisory fees, success fees on completed transactions, and underwriting fees.
2. Wealth Management: Comprehensive wealth management services for UHNIs and family offices including investment advisory, portfolio management, fixed income, and family office solutions. Revenue generated through advisory fees and management fees.
3. Asset Management: Private equity funds (Avendus Future Leaders Fund), structured credit funds, and public market strategies. Revenue generated through management fees and performance fees/carried interest.
4. Credit Solutions: Structured debt and credit solutions through NBFC operations and credit funds, providing financing for acquisitions, growth capital, and special situations. Revenue generated through interest income and origination fees.
5. Institutional Equities: Research, sales, trading, and corporate access services for institutional investors through Avendus Spark. Revenue generated through execution fees and research-related services.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Avendus Capital is a full-spectrum financial services firm providing investment banking (M&A advisory, PE fundraising, equity capital markets), institutional equities research and trading, wealth management for ultra-high-net-worth individuals and family offices, asset management (private equity, private credit, and public market strategies), and credit solutions including NBFC lending. The firm operates an integrated "One Avendus" platform serving high-growth companies, founders, PE funds, UHNIs, and corporates across India, Singapore, the US, and the UK through sector-focused teams.

Product overview

Avendus Capital is a full-spectrum financial services firm operating as a single integrated platform rather than a modular product architecture. The company provides five interconnected service lines: Investment Banking (M&A, PE fundraising, and ECM advisory), Institutional Equities through its Avendus Spark subsidiary, Wealth Management for UHNIs and family offices, Asset Management encompassing private equity and credit fund strategies, and Credit Solutions including NBFC operations. These services are delivered through sector-focused teams covering Digital/Technology/Consumer, Enterprise Technology/Services, Financial Institutions Group, Healthcare, Industrials, and Infrastructure/Real Assets, enabling cross-functional advisory capabilities for clients.

Differentiator

Problem solved

Functional benefit

Brands

• Avendus Spark Institutional Equities: Institutional equities and research services providing market insights and trading execution for institutional investors
• Avendus Wealth Management
• Avendus Future Leaders Fund
• Avendus Structured Credit Fund
• Avendus Olivo PMS
• Avendus Margin of Safety PMS & AIF

Products and services

• Investment Banking Full-spectrum investment banking services including mergers and acquisitions advisory, private equity fundraising, and equity capital markets transactions delivered to corporates, founders, and PE funds across digital/technology, consumer, healthcare, financials, industrials, and infrastructure sectors.
• Institutional Equities (Avendus Spark) Institutional equities platform providing research, trading, sales, and corporate access services to institutional investors, including mutual funds, insurance companies, and foreign institutional investors, operated through the Avendus Spark subsidiary.
• Wealth Management Wealth management services for ultra-high-net-worth individuals and family offices including investment solutions, fixed income advisory, public equities portfolio management, family office solutions, succession and estate planning, and consolidated reporting.
• Asset Management
• Credit Solutions Credit solutions business providing structured debt capital, NBFC lending operations through Avendus Finance, and advisory services for complex financing requirements including acquisition financing, growth capital, and special situations.

Quantifiable outcome

• India's largest Industrials IB practice
• +1 more outcomes

Named customers8 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered minor and core.

• IVCA (Indian Venture Capital Association)minorStrategic or Co-development Partner · 1 May 2026Avendus Capital participated in the Bharat Innovates Investor Showcase convened by the Ministry of Education and IVCA, bringing together 24 Indian deep-tech startups and over 90 investors managing US$85 billion in assets.
• Spark CapitalcoreStrategic or Co-development Partner · 1 February 2022Avendus acquired the institutional equities business of Chennai-based Spark Capital, involving about 80 team members. The acquisition expanded Avendus into public markets and enhanced its capabilities following a boom in public markets. The combined entity operates as Avendus Spark Institutional Equities.

Scale indicators6 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Axis Capital: Indian investment banking arm of Axis Bank, active in M&A advisory, ECM, and PE fundraising — directly comparable to Avendus's full-spectrum IB offering.
• Kotak Mahindra Capital: One of India's leading domestic investment banks offering M&A advisory, ECM, and PE fundraising — a direct competitor on most of Avendus's marquee mandates including Zetwerk IPO.
• ICICI Securities: Full-service Indian investment bank with ECM, M&A advisory, and institutional equities — directly competes with Avendus Spark and Avendus IB, with comparable sector coverage.
• Motilal Oswal Investment Banking: Domestic Indian IB and institutional equities franchise with strong mid-market coverage; directly competes with Avendus on growth-stage mandates and equity capital markets deals.
• IIFL Securities: Full-service Indian financial services firm offering investment banking, institutional equities, wealth management, and asset management — directly comparable integrated platform to Avendus.
• 360 ONE Wealth and Asset Management: Indian wealth and asset management firm serving UHNIs and family offices — directly comparable to Avendus Wealth Management's client segment and product offerings.

Regional players

• Spark Capital (India): Chennai-based investment bank whose institutional equities business was acquired by Avendus in 2022; the parent retains its investment banking franchise and competes in mid-market Indian ECM/M&A.

Broad incumbents

• Jefferies India: Global investment bank with a strong India franchise in healthcare, technology, and consumer M&A — competes for mid-to-large cap Indian cross-border mandates alongside Avendus.
• Morgan Stanley India: Global bulge-bracket with established India IB and institutional equities operations — competes for large-cap Indian M&A and ECM mandates.
• Goldman Sachs India: Global bulge-bracket with growing India IB presence — competes for marquee cross-border and large-cap domestic mandates alongside Avendus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/Avendus
• YouTubeyoutube.com/channel/UCIcPdtsCqcRYfYf0s-wMB_Q/featured
• LinkedInlinkedin.com/company/20766
• Instagraminstagram.com/avendusgroup

Revenue estimate

Valuation estimate

Number of profiles

Profiles21 records

Subsidiaries4 records

Funding overview

Funding rounds1 record

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments18 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Avendus Capital