Avendus’s Healthcare practice leverages deep domain knowledge of pharma industry, healthcare providers and services, significant transaction and operating experience to provide strategic and corporate finance advice to a wide range of clients including growing businesses, large corporate houses and private equity funds. The group’s philosophy on every transaction revolves around senior team attention, hands-on approach and independent advice delivering best-in-class solutions to clients.
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.
- Pharmaceuticals - generics/specialty generics, specialty pharmaceuticals, API / CDMO / CRO
- Healthcare delivery - hospitals, diagnostics, single specialty
- Medical technology - lifesciences, medical devices, consumables
Led By
Anshul Gupta
Managing Director and Head, Healthcare Investment Banking, Avendus Capital
Anshul Gupta is a seasoned dealmaker with over 18 years of M&A experience. He heads the Healthcare vertical at Avendus and is based in Mumbai.
Anshul has spent the last 15 years in various leadership roles at Citigroup Global Markets. He led several noteworthy transactions during his tenure in the Healthcare and Finance sector including, IHH’s acquisition of Fortis, the sale of Siemens India’s Healthcare business to its parent, private placement in TPG-owned Pathology Asia Holdings and the sale of Citi’s consumer business to Axis. He is also an expert in capital markets, having led IPOs for Gland Pharma, Laurus Labs and Eris Lifesciences, QIPs for Max Health and Piramal, financing for Intas’ acquisition of Actavis and bond issuances for Glenmark and Jubilant Pharma, among others.
He holds an MBA degree from the University of Chicago’s Booth School of Business and an engineering degree from IIT, Delhi.
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.