Investment Banking is the oldest business of Avendus. Deep domain expertise, an attitude of collaboration to craft win-win situations, a global outlook and outcome driven approach are the hallmark of our services.
We provide seamless solutions to a wide range of clients by leveraging our teams across various industries, multiple product groups and geographies. Our rich experience and strong institutional investor relationships help clients meet their strategic, financing and growth objectives.
From growth stage funding to complex, large sized transactions later in the cycle, Avendus Capital serves clients across the spectrum, ranging from mid-market companies to large global organizations with multinational operations. The spirit of entrepreneurship is at the heart of every relationship that we nurture.
Our client-first mindset helps us craft unique and bespoke solutions for entrepreneurs, investors and board of directors. We have a strong track record of cross-border transactions and have helped multiple clients benefit from opportunities across geographies. The robust pool of regulatory knowledge within Avendus helps us structure and execute optimal solutions for our clients in an efficient manner.
Solutions
Mergers &
Acquisitions
Private Equity
Syndication
Avendus Capital is a leader in private equity syndication, with a track record of successful deals with well-known and respected financial sponsors across the globe. It has unique process management experience and expertise that helps in the quick closure of complex and strategic transactions. The firm has a very deep understanding of its chosen sectors, which it leverages to position its clients optimally.
Equity Capital
Markets
Avendus Capital advises clients on their public markets journey, right from planning and navigating the IPO process to raising capital through private placements for listed corporates. The firm strategically works with promoters and financial sponsors for stake monetisation through the OFS mechanism and block transactions. While the firm focuses on conventional equity offerings, it is constantly innovating to build newer product capabilities such as REITs and InvITs.
Transactions
Reports
Decoding SaaS
India’s SaaS market is set to grow at 33% CAGR to USD 35 billion+, contributing ~7% to the global market. Our latest report unveils an 8-point framework to identify high-value SaaS companies, emphasizing revenue growth, profitability (Rule of 40), sales efficiency, client retention, and strong cash flow from subscription models.
Data Centres - A USD 25 Billion Market Opportunity Over The Next Decade
India's Data Centre industry is currently undergoing a massive disruption, led by long-term stable capital chasing both yield and growth returns and propelled by hyperscale tenancy and AI respectively. India is among the fastest-growing Data Centre markets globally and we estimate that it will grow at a CAGR of ~26% over the next 3 years to reach ~2,000 MW by December 2026. Our report aims to table the key drivers as the narrative for Data Centres in India unfolds.
Indian domestic formulations: An INR ~5.5 trillion market by 2034
The Indian DomForm market is expected to touch INR ~5.5 trillion by 2034, growing at a CAGR of 10%. Our report foresees some fundamental model shifts over the next decade, such as a gradual transition from a primarily doctor branded prescription model to an alternative marketing and channel mix. This will be aided by more stringent quality compliance, which would lead to a rationalisation of supply chains.
Tech Services: A Hotspot For Private Equity Investment
Private equity deals in the IT services sector have surged, tripling over the past decade to reach 229 deals in 2023. The sector's growth is driven by its resilience, high cash flow generation, and strategic focus on high-demand areas like Cloud, Analytics, DES, and Cybersecurity. With over 350 active PE investors and significant increases in deal values, IT services offer attractive exit opportunities and substantial returns, cementing their status as a premier choice for private equity investment.
Green Hydrogen: A ~USD 125 billion decarbonization opportunity
The Green Hydrogen value chain in India is expected to garner cumulative investments of ~USD 125 billion by 2030. This growth will be driven by rising sustainability focus, demonstrated commercial viability, ever-expanding use cases and a strong regulatory push. With India's ability to produce Green Hydrogen at a competitive cost, the first set of serious standalone and integrated participants have emerged and early-stage investment risks are likely to be short-lived as the sector is already at an inflection point.
Flex Workspaces: A USD 9 Bn Market Opportunity By 2028
The commercial real estate market in India is witnessing massive disruption, led by Flex Workspaces. The sector has more than doubled from 29.3 mn sqft in 2019 to 61 mn sqft in 2023 – making India the fastest-growing Flex Workspace market globally. It is estimated to grow up to 126 million sqft at a 15% CAGR, addressing a USD 9 billion market by 2028. Sectors like IT & ITeS, BFSI, consulting, e-commerce, manufacturing, and new-age startups, along with the continuous influx of global captive centers are driving this demand.
ESG‘s emerging role in Capital Markets
While ESG as a theme has already gained relevance in the global capital markets, it is set to become a key decision-making parameter for Indian Equity Capital Markets, contributing to ~34% of the total domestic AUM by 2051. This growth is expected to be driven by ESG focused sectors such as Renewable Energy, Electric Vehicles, Green Hydrogen and Climate Tech, among others.
Cloud Services 3.0: A USD 160 Bn Market Opportunity by 2026
Cloud has evolved into its third growth phase, maturing from a cost-effective proposition to a business transformation lever. Enterprise focus has shifted from mere lift and shift migration to building cloud-native architectures to achieve higher business value gains from cloud adoption initiatives. The total marketable opportunity for cloud service providers is projected to reach USD 160 billion by 2026, with 20+ pure-play players expected to cross USD 100 million in revenues. Dive into the trends, initiatives, benchmarking and deal momentum.
AI and Analytics: A USD 100 Bn Marketable Opportunity
The AI and Analytics services market is expected to double by 2026, despite a lack of AI talent. An exponential growth in data volume is driving analytics adoption, and relentless breakthroughs in AI have made it an invaluable tool for any company. Learn about the factors driving growth in this space and our expectations for pure-play players.
Consumer Health and Wellness: A Shift From Elective To Essential
The consumer health and wellness sector in India is poised for exponential growth, driven by rising awareness, focus on preventative care and integration of data and AI. India is adapting to global consumer wellness trends, wherein clean label snacks have grown from 11% in 2017 to 19% in 2021 and the plant based protein market is expected to grow at a CAGR of 19% by 2027. Learn all about the decade for health and wellness in India.
Cybersecurity Services: A key to sustainable global digital disruption
The cybersecurity services market has evolved beyond traditional firewall protection managed services to advanced holistic solutions like Cloud security, DevSecOps, Endpoint Security and AI based threat detection. Cybersecurity spend has reached USD 187 billion in 2021 and is expected to grow at a 2021-2028 CAGR of 11.1%. Learn what is driving this rate of adoption.
Data Centres: Powering Digital India
India's data centres market is expected to lead the next wave of Real Assets investments by growing at a CAGR of ~40% - highest in the Real Assets space - to ~1,700 MW capacity by 2025, on the back of investments worth USD 5 billion during this period. Learn about the key drivers leading to the success of Data Centres in India while taking a deep dive into the return dynamics, investor interest and market landscape.
Circular Economy: Recycling waste to wealth
India has steadily evolved to become one of the leading advocates of sustainability and climate change in the world. Owing to the rising focus on sustainability and the regulatory push from the government, we believe that the recycling sector is at an inflection point. As per our estimates, the plastic, e-waste and battery recycling sectors will touch a market size of ~USD 20 billion by 2030.
B2B Marketplaces: Revolutionizing the Indian B2B commerce supply chain
With less than 1% tech penetration, India’s B2B trade presents a USD 2 trillion+ opportunity that is yet to see meaningful disruption. According to our latest report, tech-enabled B2B marketplaces are expected to drive USD 125 billion+ commerce by 2027, growing at c.45% CAGR over the next 5 years. We bring you a deep dive into the B2B commerce value chain in India, including key players, success drivers and other defining trends that we expect to play out in the future.
MSME Lending: Unlocking potential, Realizing Dreams
There exists a whitespace in the form of a USD 120 Bn+ funding deficit in the small ticket MSME lending segment, providing the potential for a deal flow of c. USD 15 Bn over the next decade. As this segment enters a virtuous cycle, nimble, specialized NBFCs with differentiated business models have the right to win and the potential to generate 20% ROEs sustainably.
Energy transition and clean energy investment in India
Investment interest in the Indian energy transition sector swelled in 2022, despite the global economic slowdown. The sector is going to undergo a sea change over this decade with companies investing into several emerging businesses focused on decarbonisation. This presents an annual investment opportunity of over USD 25 billion.
Quality Assurance 3.0
Traditional software testing has a new avatar - Quality Assurance 3.0! Spurred by a growth in emerging technologies, evolving customer expectations, and rapid digital transformation, the USD 40 billion global Digital QA market is projected to grow to USD 70 billion by 2030. Winners are making huge crossovers to deliver the requirements of new-age customers, enabled by cutting-edge technologies and digital-native talent. Our report provides insights into critical elements which have been shaping the Quality Assurance industry.
Retail Health Insurance - A Large Whitespace
This segment has the potential to become a USD 25 billion market in the next five years. Our report aims to identify the key factors which make Health Insurance a highly attractive segment and delves into how Retail Health is expected to be a key growth driver within the overall insurance landscape.
Agritech: Leading next decade‘s tech-first value creation
We anticipate AgriTech to drive the next wave of technology-led impact by growing at a CAGR of ~50% over the next 5 years, addressing a USD 34 billion market by 2027. Our report aims to table the key drivers leading to the success of AgriTech companies in India and deep dive across the value chain.
The Inevitability of Hyperautomation
The hyperautomation technology market is rapidly expanding at a CAGR of 12% and is set to become a USD 860 billion market opportunity by 2025 as per Gartner. In our report, we uncover what drives adoption of hyperautomation by enterprises and highlight emerging themes in the space.
Retail lending in a post covid world – winners and laggards
Banks, NBFCs, FinTech lenders - Two years of the pandemic transformed the competitive landscape in Retail Lending. In our latest report, keeping this fluid environment in mind, we simplify the intricacies and predict the winning models based on three key components - origination, underwriting and collections.
India Unjunking | A USD 30 billion appetite for health food
India is the fastest growing health food market, expanding at 20% CAGR, which is 3x the global average. It is set to become a USD 30 billion market opportunity by 2026. Uncover what is driving valuation in the sector.
Hot and Spicy | INR 50,000 Cr Branded Spices Market
Branded Spices is the most attractive segment within the food space, due to its large market size, high growth and robust material margins. Take a deep dive into the category, see what drives valuation in this sector and uncover emerging trends that are driving growth.
Future Leaders in Used Commercial Vehicle Finance
An emerging breed of asset financiers focused on used vehicles have gained traction in the last 5–10 years. Our thought paper sheds light on these regional NBFCs that have captured investor interest.
Low Code Software and Services Providers Landscape
Low code software platforms are empowering professionals with little to no coding expertise to develop applications. Gartner predicts that 75% of large enterprises will be using at least 4 low code tools by 2024. Our thought paper delves into this industry which is set to grow at a 28% CAGR in 5 years.
Digital & Technology | 2021: The Breakout Year
2020 has been the year of structural shift for the digital economy, primarily due to COVID. While the real economy suffered, digital enabled economy got a booster shot. Our annual thought paper sets our predictions for 2021 to be the break-out year for the Indian Digital and Tech ecosystem, with the momentum in the funding environment likely to accelerate – We expect US$20bn+ funding in the private markets.
D2C Brands: Disrupting the next decade of shopping
Consumption patterns in India are evolving. With rise in online shopping and spurred by the opportunity to capitalize on white spaces and a more demanding consumer, new-age brands are emerging. Eyeing a $100bn addressable market by 2025, direct-to-customer brands are set to disrupt the way India shops in the coming decade.
Indian Specialty Chemicals Industry - Biggest Beneficiary of the Global Paradigm Shift
Avendus in collaboration with FICCI, has developed this report in order to highlight the emerging opportunity for the Indian Specialty Chemicals industry, which is estimated to double in size by 2025.
Implication of Coronavirus On Technology Outsourcing M&A Deal Activity – Evolving Perspective
The second edition of our Coronavirus thought paper, tracks the pandemic’s impact on the IT outsourcing industry and associated deal activity. Given the strong bounce back in demand and valuation at pre-COVID levels we believe that the market is conducive for deal making.
MuleSoft
MuleSoft, since its acquisition by Salesforce in 2018, has experienced tremendous growth. Industry-wide MuleSoft adoption is expected to continue given that both the API management and the iPaaS (Integration Platform-as-a-Service) industries are experiencing high growth due to increased cloud adoption and connected devices.
ServiceNow
~80% of Fortune 500 companies today use ServiceNow, the leading provider in the IT service management (ITSM) space. With a strong partner network of 1,200+ and growing, the ServiceNow ecosystem is expected to further extend its foothold with global enterprises.
A Perspective on Staffing for IT Services
The staffing industry makes a vital contribution to the economy and provides easy access to jobs. The industry offers opportunities to invest in a fragmented market that is ripe for consolidation. Our report provides insights into a few critical elements which have shaped the IT staffing industry.
Accenture: The M&A engine
One of the most acquisitive IT services companies, Accenture’s effective inorganic strategy has driven significant shareholder value creation and accelerated transition to digital and emerging technologies. Read our report for more insights.
Business Opportunities From Communication Service Provider Transmigration Into Digital Service Provider
Lines between telecom, media and technology companies are blurring, as evidenced in the flurry of investments from tech giants in Jio platform. This transformation of Telcos presents a massive opportunity for tech service providers.
Electric Vehicles: Charging towards a bright future
Electric vehicle disruption is accelerating globally. How fast will EVs arrive in India? 3 mn+ EV sales and INR 500 bn+ EV market by FY25 is a dream well within India’s reach.
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Healthcare BPO: US Healthcare + Offshoring = Attractive High Margin Scalable Business
Healthcare BPO has become a globally accepted model driven by several initiatives introduced by providers and payers. Attractive market opportunity, critical and counter-cyclic nature, tech-enabled transformation, high margins, and barriers to entry have led to premium valuation for healthcare BPO vendors.
Impact of Coronavirus On Tech Outsourcing Industry And M&A Deal Activity
The impact of Coronavirus will be felt across multiple sectors and numerous businesses in the coming future. Opinions are changing as the situation evolves – but which companies will be adversely affected by COVID-19?
AI and Analytics : Driving the Next Wave of Digital Transformation
Backed by Artificial Intelligence and Machine Learning, enterprises are expected to make DX investments worth more than 6 trillion dollars in Data Analytics over the next four years. To learn more about The New Age of AI and Analytics, download this report.
Will Azure top AWS? A Deep-dive into Azure Services ecosystem
The ever-growing and competitive intelligent cloud sector has seen the rise of a new behemoth – Microsoft Azure. But what gives Azure the edge? For a deep dive into its ecosystem, download the latest Avendus report here:
Managed Security Services
The global Managed Security Services (MSS) market size was USD 15 billion in 2018, and is projected to grow to USD 23 billion by 2021 at a compound annual growth rate (CAGR) of 15%. Read our industry report for more insights.
IT Managed Services
Managed Services is slated to be among the fastest growing segment in the technology services space. Click here to read our detailed industry report.
Internet Of Things; Surreal Becomes Real
The global Internet Of Things (IoT) market is galloping towards becoming USD 1.3 trillion in size by 2021. The convergence of disruptive technologies and rapidly evolving business models is accelerating the adoption of IoT technologies.
Hyper-growth of AWS ecosystem
This report offers insights into AWS - its offerings, benefits (compared to traditional on-premise infrastructure), partner ecosystem and deal activity.
Distressed Investments in India : The Time is Ripe
The report captures the recent developments seen in distressed assets space and why it is garnering more and more attention from the investor community. It also shares key points which should be considered by the investor while investing in this space.
Study of Healthcare Technology Services
The report gives an overview of the regulatory changes seen in the US Healthcare industry and its impact on IT/BPO segments. It also sheds light on the key drivers for outsourcing of IT healthcare services and the potential to outshore them to Indian players.
UI/UX and Digital Transformation
The report attempts to assess the market for e-commerce technology, back-office operations and digital marketing technology services segments. Further, it shares the potential of outsourcing these to Indian market.
Cyber Security
The report gives an overview of the global cyber security industry, key drivers of growth.
Global Outlook on Analytics Industry
A global outlook on the increasing significance of analytics as part of the IT-BPM Industry.
Artificial Intelligence & Robotic Process Automation Primer
This report offers basic understanding of AI and RPA along with overview on market trends, financial trends, opportunities and key players.
Women‘s Apparel Industry
The report helps in identifying opportunities by understand the landscape of women's apparel industry in India.
Outsourced Custom Software Development - Industry Overview
The global Engineering R&D Market (ER&D) is a USD 232 Bn opportunity comprising of Embedded, Software and Mechanical segments. Read the report to know about the landscape, emerging markets and opportunities.
India goes Digital - A Birdseye View of the Indian Digital Consumer Industry
The report gives an overview of the digital consumer landscape in India and the various factors that will drive change within this industry in the years to come.
India‘s Mobile Internet - September, 2013
The report captures various trends that have been changing the face of mobile internet industry and showcases some organizations that have gained scale by focusing on mobile as a primary medium for revenue generation.
Specialty Chemicals in India
The report is an attempt to make a deep dive into the key segments within the specialty chemicals industry that constitutes a significant part of the Indian chemicals industry and depict their comparisions on various performance parameters.
Restaurant Industry Report
The report gives an overview of the global restaurant industry and shares various operational best practices followed globally for Indian restaurants to take inspiration from.
The Theory of Inevitability
The report “The Theory of Inevitability”, explores how technology is disrupting underlying industries and bridging the demand-supply gap by unlocking capacity, adding incremental supply, improving distribution, and facilitating discovery
Logistics-tech – Re-architecting the nervous system of the economy
The report takes an in-depth look at three verticals within Logistics Tech – Trucking Tech, Fulfilment for E-commerce and Hyperlocal Logistics. and elaborates upon supplyside shortages with incumbents that created an imminent need for leapfrogging on the back of technology
Specialty Chemicals : From Opportunity to Reality
Avendus in colloboration with CHEMTECH developed this report to give an overview on the changing global trends that serve as an inspiration to Indian manufactures for converting available opportunities into realities.
Cloud Services & Key Players
This report focusses on the key players involved in the cloud services space and its market dynamics – specifically in the IaaS, PaaS and SaaS segments of the overall cloud services industry. It also covers the top 5 players in this segment and their strategy for the next 5 years.
Key Elements of Nasscom‘s Predictions till 2020
This report highlights the current state of the global and Indian IT-BPM industry and even throws light on medium and long term future outlook forecasted by NASSCOM. The report also tries to showcase how the structural macro-economic changes continue to impact the industry.
Flavours, Fragrances and Nutraceutical Ingredients in India
The report focuses on Flavors, Fragrances and Nutraceutical Ingredients, a segment with high growth rates, healthy margins and returns, and a number of fast growing companies.
Packaging 2.0 : Unboxing the E-Commerce Opportunity
We attempt to bring to light the nuances of packaging with examples of companies who have been successful in creating suitable packaging solutions.
