Avendus Capital's Industrials vertical, services manufacturing businesses in raw materials and industrial components that integrate to create India’s manufacturing behemoth. The team consists of professionals with 50+ years of combined investment banking experience in manufacturing and related industries. One of the focus areas is specialty chemicals which is witnessing strong interest, driven by India’s low-cost manufacturing ecosystem and the progressively increasing culture of R&D and innovation.
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.
- Specialty chemicals
- Automobile and automotive components
- Packaging products
- Capital goods
- Flow control
- Building materials
- Industrial Automation
- Power ancillaries
- Infrastructure ancillaries
- Renewable energy
- Industrial consumables
Led By
Koushik Bhattacharyya
Managing Director and Head, Industrials, Avendus Capital
Koushik Bhattacharyya joined Avendus in 2010 and leads the Industrials vertical of the investment banking business. He has an overall experience of over 13 years in investment banking, across capital markets, mergers and acquisitions (M&A) and private equity (PE) advisory, and is based in Mumbai.
At Avendus, he is responsible for building relationships with entrepreneurs, corporate houses and global conglomerates, and advises them on M&A and PE transactions from origination to closure. He has been involved in publishing industry reports and knowledge papers which have garnered a lot of attention from industry participants and financial sponsors. Prior to joining Avendus, Koushik worked with the investment banking division of Enam Securities (now Axis Capital) where he was a part of their deal origination team covering life sciences and infrastructure sectors.
He holds an MBA degree from IIM, Ahmedabad and a Bachelor of Technology degree from IIT (ISM) Dhanbad.
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.