The business and industrial landscape of India is undergoing a massive transformation, powered by the passion and energy of technology entrepreneurs. Traditional inefficient industries are also being swept by digital and technology disruptions. Driven by the power of the internet and smartphone base in urban and rural areas and combined with a surge in the technology talent pool in the country, industries in India are leapfrogging generations to create significant value over the next decade and beyond.
Avendus Capital's Digital & Technology practice focuses on businesses that leverage technology to facilitate increased engagement of consumers and enterprises within their ecosystems.
The firm has extensive experience working with market leaders across the digital and technology landscapes. Avendus has partnered with entrepreneurs through their growth curves and contributed in creating large economic outcomes. Our deep domain knowledge coupled with the largest and most engaged global network of investors, corporates and institutions allows us to deliver innovative solutions and stellar outcomes for our clients across our core service offerings – private equity (PE) & Venture Capital (VC) syndication and mergers and acquisitions (M&A) advisory. The firm has successfully closed over 75 transactions worth USD 4 billion in the past few years.
Sub-Sectors in Focus
Our mergers and acquisitions (M&A) advisory and private equity (PE) syndication services are recognized as amongst the best in these chosen sub-sectors.
- Consumer internet and mobile businesses: e-commerce, online services, e-commerce enablers
- Payments and financial technology businesses
- Digital content & entertainment and digital advertising technology
- Enterprise software, SaaS and technology platforms
- Communication and networking technology
Led By
Karan Sharma
Managing Director and Co-head, Digital & Technology, Avendus Capital
Karan Sharma co-heads the Digital and Technology vertical for Avendus Group’s investment banking business and is based in Mumbai. A pioneer in advising tech start-ups, Karan has over 15 years of experience working with some of India’s leading digital and technology companies, successfully closing over 60 private equity transactions and mergers & acquisitions. His areas of focus include consumer internet, payments, finance and enterprise technology.
Prior to joining Avendus, Karan worked with Cipher Capital, a boutique investment bank. During his four-year stint with the firm, he was responsible for building the firm’s internet and technology practice. Before Cipher, he worked with JP Morgan Chase.
Karan holds an MBA degree from Mumbai University and has done his Bachelor of Commerce from Delhi University. He has authored/co-authored various industry pioneering reports and whitepapers on the Indian technology ecosystem and regularly speaks at leading industry forums.
Pankaj Naik
Managing Director and Co-head, Digital & Technology, Avendus Capital
Pankaj Naik co-heads the Digital and Technology vertical for Avendus Group’s investment banking business and is based in Mumbai. He is a seasoned investment banker with 23 years of experience in M&A advisory, private placements, leveraged finance and capital markets. While he has a deep understanding of the technology, consumer internet and media sectors, he is also well-versed with IT services, infrastructure, and other diversified industries.
Prior to joining Avendus, Pankaj worked with JP Morgan’s investment banking team for over 11 years, where he led several marquee transactions amounting to over USD 10 billion across various industries. Before JP Morgan, he worked with DSP Merrill Lynch’s investment banking team for 4 years.
Pankaj holds an MBA degree from IIM, Calcutta and a Bachelor of Engineering degree from Government College of Engineering, Pune. He is a regular speaker at leading industry events focused on internet technology.
Neeraj Shrimali
Managing Director and Co-head, Digital & Technology, Avendus Capital
Neeraj Shrimali co-heads the Digital and Technology vertical for Avendus Group’s investment banking business and is based in Mumbai. Over the last 15 years, Neeraj has played a pivotal role in advising and shaping the Indian tech start-up ecosystem.
Neeraj has established himself as a trusted advisor to some of India’s leading digital and technology companies, including unicorns. He has successfully led over 60 transactions across sectors such as consumer internet, online services, e-commerce, travel, content and gaming.
Prior to joining Avendus, Neeraj has worked with Cipher Capital, a boutique investment bank. During his six-year stint with the firm, he was responsible for building the firm’s niche industrial technology practice.
Neeraj holds an MBA degree from IBS Hyderabad and a Bachelor of Commerce degree from DAVV University, Indore. He has authored/co-authored numerous reports and whitepapers on the Indian technology ecosystem.
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.