The development of infrastructure in India is as crucial to the growth of Indian economy as real estate is crucial to enhancing the social capital of an under-housed India. The government, as well as the private sector, are aware of its significance to the nation’s progress and of the pitfalls these two sectors with large capital requirements, long gestation periods and risky return of investments.
Infrastructure and Real Assets vertical focuses on businesses that hold the potential to demonstrate multi-fold growth and create a sustainable impact on India's infrastructure. The team has strong capabilities and experience in raising equity, debt and hybrid capital for high-growth companies, both at the company and at the project level.
We build long-term relationships with our clients by offering our services across the spectrum of mergers & acquisitions (M&A), private equity (PE) syndication and structured finance related products as may be required at different stages of the business lifecycle.
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.
- Energy (power) – conventional and renewable
- Transportation - roads, railways, ports, shipping & airports
- Logistics assets – CFS, ICD, PFT, multi-modal
- Power transmission and distribution
- Warehousing, logistics & industrial parks and SEZs
- Hotels, Commercial & Mixed Use Assets
- Engineering, Procurement and Construction (EPC)
- Waste and water management
- Oil and gas
- Mining and natural resources
- Telecom infrastructure & services
- Cable and Broadband
Led By
Prateek Jhawar
Managing Director and Head, Infrastructure & Real Assets, Avendus Capital
Prateek Jhawar joined Avendus in 2008 and heads the Infrastructure & Real Assets vertical of the investment banking business. With over 18 years of experience in investment banking and corporate finance, he specializes in private equity (PE) fundraising and mergers & acquisitions (M&A) transactions for clients across multiple sectors including, infrastructure, power, logistics, and real estate.
Based in Mumbai, he has been an integral part of the Avendus investment banking team for over a decade. As part of the core team, he was instrumental in establishing the structured finance and special situations advisory business. Later, he went on to set up the Infrastructure and Real Assets vertical, building a high calibre advisory team in the sector, which is well-regarded for its deep understanding of the space.
Prior to Avendus, he has worked with ICICI Bank, TATA Power, and Citibank in various roles in corporate finance and investment banking.
Prateek is a qualified Chartered Accountant, a CFA charter holder from CFA Institute, USA, and holds a Bachelor of Commerce degree from Mumbai University.
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.