Top 30 Investment Banking Companies in India [Actively Hiring in 2024]

Are you an aspiring investment banker looking to make your mark in the world of finance? India offers numerous opportunities for those eager to launch their careers in investment banking. In this guide, we’ll introduce you to the top investment banking companies in India, providing insights into global giants, domestic companies, and boutique firms.

Overview of Investment Banking in India

The investment banking sector in India has experienced substantial growth over the past few decades. With the Indian economy rapidly expanding and international businesses entering the market, investment banks play a crucial role in financing projects, managing mergers and acquisitions, and supporting capital market operations.

Top Investment Banking Companies in India

Listed below are 18 Investment Banking Companies in India, under 3 main categories – Domestic, International and boutique Investment Banks based upon their size of operartions –

Global Investment Banking Companies in India

Global investment banks have a significant presence in India. Some of the most renowned names include:

  1. J.P. Morgan – Known for its expertise in M&A, capital markets, and wealth management services, J.P. Morgan has a strong presence in India with multiple offices across the country.
  2. Goldman Sachs – This global powerhouse provides a full range of investment banking services, such as securities trading, asset management, and financial advisory services.
  3. Morgan Stanley – With a strong focus on M&A, capital raising, and financial restructuring, Morgan Stanley has made its mark in the Indian investment banking landscape.
  4. Bank of America Merrill Lynch – Boasting a strong presence in India, Bank of America Merrill Lynch offers services in M&A, capital markets, and corporate banking.
  5. Barclays – This British multinational bank provides a wide range of investment banking services, including capital raising, M&A, and wealth management.
  6. Credit Suisse – With a solid presence in India, Credit Suisse specializes in investment banking, asset management, and private banking services.
  7. Deutsche Bank– The German multinational investment bank has a significant presence in India, providing services like mergers and acquisitions, capital markets, and risk management.
  8. BNP Paribas– This French bank has a strong presence in India, providing a range of investment banking services, such as corporate finance, structured financing, and equity capital markets.
  9. UBS– The Swiss multinational bank offers a full range of investment banking services in India, including mergers and acquisitions, capital market operations, and wealth management.
  10. Société Générale– The French multinational bank has a solid presence in India, offering a wide range of investment banking services including corporate finance, capital markets, and structured finance.

Given below is a table which compares the above listed International Investment banks on more factors like Services, Location, Year of establishment, Employees and notable deals-

Investment Bank NameKey ServicesHeadquartersYear of EstablishmentNumber of Employees (Approx.)Notable Deals
J.P. MorganM&A, Capital Markets, Risk ManagementNew York, U.S.A2000 (merger year)255,000Acquisition of Bear Stearns, 2008
Goldman SachsM&A, Capital Markets, Asset ManagementNew York, U.S.A186940,500Alibaba IPO, 2014
Morgan StanleyM&A, Capital Markets, Wealth ManagementNew York, U.S.A193560,000Facebook IPO, 2012
Bank of America Merrill LynchM&A, Capital Markets, Wealth ManagementNorth Carolina, U.S.A2009 (merger year)208,000Acquisition of Merrill Lynch, 2009
BarclaysFinancial Advisory, Equity and Debt Capital Markets, Risk ManagementLondon, U.K169083,500Brokered the AB InBev and SABMiller merger, 2016
Credit SuisseFinancial Advisory, Capital Markets, Wealth ManagementZurich, Switzerland185648,770Involved in the IPO of Ant Group, 2020
Deutsche BankM&A, Capital Markets, Risk ManagementFrankfurt, Germany187087,000Involved in the merger of Daimler and Chrysler, 1998
BNP ParibasCorporate Finance, Structured Financing, Equity Capital MarketsParis, France1848193,000Major stake purchase in Fortis, 2009
UBSM&A, Capital Market Operations, Wealth ManagementZurich, Switzerland186270,000Played a role in the Glencore and Xstrata merger, 2013
Société GénéraleCorporate Finance, Capital Markets, Structured FinanceParis, France1864138,000Sale of a large stake in Rosbank, 2013

Domestic Investment Banking Firms in India

India is home to several prominent domestic investment banks (also called Middle market Investment Banks), including:

  1. ICICI Securities – A subsidiary of ICICI Bank, ICICI Securities offers services in equity capital markets, M&A, and institutional equities.
  2. HDFC Bank – As one of India’s largest banks, HDFC Bank provides a wide array of investment banking services, including project finance, capital market operations, and advisory services.
  3. Kotak Investment Banking – Part of the Kotak Mahindra Group, Kotak Investment Banking specializes in M&A, capital markets, and private equity transactions.
  4. Axis Capital – A leading domestic investment bank, Axis Capital offers services in equity capital markets, M&A, and institutional equities.
  5. Edelweiss Financial Services – This diversified financial services company provides investment banking services, including M&A, capital markets, and private equity advisory.
  6. JM Financial – With a strong presence in India, JM Financial offers a wide range of investment banking services, including M&A, capital markets, and structured finance.
  7. Motilal Oswal Investment Advisors – This Indian firm offers services including mergers and acquisitions, private equity, and capital market operations.
  8. YES Securities: The investment banking arm of YES Bank, offering services such as equity capital markets, structured finance, and mergers and acquisitions in India.
  9. IIFL Investment Banking – A part of the IIFL Group, this bank offers comprehensive investment banking services, including mergers and acquisitions, private equity, and capital market services.
  10. Centrum Capital – An Indian financial services company offering a wide range of investment banking services such as corporate finance, project advisory, and capital markets.
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Given below is a table which compares the above listed domestic Investment banks on more factors like Services, Location, Year of establishment, Employees and notable deals-

Investment Bank NameKey ServicesHeadquartersYear of EstablishmentNumber of Employees (Approx.)Notable Deals
ICICI SecuritiesEquity Capital Markets, M&A, Structured FinanceMumbai, India19954,500IPO of ICICI Prudential Life Insurance, 2016
HDFC BankM&A, Private Equity, Structured FinanceMumbai, India1994116,971Acquisition of Centurion Bank of Punjab, 2008
Kotak Investment BankingM&A, Private Equity, Capital MarketsMumbai, India20061,500IPO of Coal India Limited, 2010
Axis CapitalM&A, Private Equity, Capital Market OperationsMumbai, India20052,200Acquisition of Enam Securities, 2010
Edelweiss Financial ServicesM&A, Private Equity, Capital Market OperationsMumbai, India199610,000IPO of Bharat Road Network Limited, 2017
JM FinancialFinancial Advisory, Debt and Equity Syndication, Structured FinancingMumbai, India19861,300IPO of ICICI Prudential Life Insurance, 2016
Motilal Oswal Investment AdvisorsM&A, Private Equity, Capital Market OperationsMumbai, India19873,300IPO of RBL Bank, 2016
YES SecuritiesEquity Capital Markets, Structured Finance, M&AMumbai, India20121,000IPO of Mahanagar Gas, 2016
IIFL Investment BankingM&A, Private Equity, Capital Market ServicesMumbai, India199513,500IPO of Bharat Road Network Limited, 2017
Centrum CapitalCorporate Finance, Project Advisory, Capital MarketsMumbai, India19771,600IPO of Bharat Road Network Limited, 2017

Boutique Investment Banking Firms in India

Boutique investment banks in India cater to niche markets and offer specialized services. Some noteworthy boutique firms include:

  1. Avendus Capital – Focusing on cross-border M&A and private equity advisory, Avendus Capital has made a name for itself in the Indian market.
  2. o3 Capital – This boutique firm specializes in M&A, private equity transactions, and capital raising for mid-market companies.
  3. Spark Capital – With expertise in sectors like technology, healthcare, and financial services, Spark Capital offers tailored investment banking solutions.
  4. Equirus Capital – This boutique investment bank specializes in M&A, capital markets, and structured finance transactions.
  5. SBI Capital Markets – As a subsidiary of State Bank of India, SBI Capital Markets offers investment banking services, including project finance, M&A, and debt advisory.
  6. Ambit Corporate Finance – This boutique firm provides services in M&A, private equity, and capital markets, with a focus on mid-market companies in India.
  7. Mape Advisory Group – An Indian boutique investment bank providing services in mergers and acquisitions, private equity, and venture capital transactions.
  8. Signal Hill – An India-focused boutique investment bank offering services in the technology sector, with expertise in mergers and acquisitions, private capital advisory, and financial consulting.
  9. Unitus Capital – A boutique investment bank with a strong presence in India, focusing on social sector projects and providing services in capital raising, financial advisory, and impact investing
  10. Inga Capital – An Indian boutique investment bank with a focus on areas like mergers and acquisitions, private equity, and corporate advisory services.

Given below is a table which compares the above listed boutique Investment banks on more factors like Services, Location, Year of establishment, Employees and notable deals-

Investment Bank NameKey ServicesHeadquartersYear of EstablishmentNumber of Employees (Approx.)Notable Deals
Avendus CapitalM&A, Private Equity, Wealth ManagementMumbai, India1999300Acquisition of Appirio by Wipro, 2016
o3 CapitalM&A, Private Equity, Corporate AdvisoryMumbai, India200750Sale of Hoopla to Hershey’s, 2018
Spark CapitalM&A, Private Equity, Capital MarketsChennai, India2001120IPO of La Opala RG, 2009
Equirus CapitalM&A, Private Equity, Capital MarketsMumbai, India2007150IPO of AU Small Finance Bank, 2017
SBI Capital MarketsM&A, Project Advisory, Debt SyndicationMumbai, India1986200Financial Advisor for disinvestment of HPCL, 2003
Ambit Corporate FinanceM&A, Private Equity, RestructuringMumbai, India1997200Acquisition of Haldia Petrochemicals, 2014
Mape Advisory GroupM&A, Private Equity, Capital MarketsBangalore, India200150Sale of Minacs to Concentrix, 2016
Signal HillM&A, Private Equity, Corporate AdvisoryBaltimore, USA2002150Sale of Appirio to Wipro, 2016
Unitus CapitalImpact Investing, M&A, Capital MarketsBangalore, India200840IPO of Ujjivan Financial Services, 2016
Inga CapitalM&A, Private Equity, Capital MarketsMumbai, India200720Acquisition of stake in Essar Oil by Rosneft, 2016

Factors to Consider When Choosing an Investment Bank

When evaluating investment banking companies in India, you should consider factors such as:

  1. Company culture and work environment
  2. Opportunities for growth and development
  3. Reputation and market presence
  4. Range of services and industry focus

Tips for Landing a Job at a Top Investment Banking Company

To secure a position at a leading investment banking company in India, follow these strategies:

  • Build a strong educational foundation in finance, economics, or business management.
  • Network with industry professionals and attend relevant events.
  • Develop key skills, such as analytical thinking, Financial Modeling, and Excel.
  • Consider pursuing professional certifications like the CFA or FRM.

For a detailed guide for landing a Job in a top Investment bank, refer to the blog – How to become an Investment Banker in India.

Conclusion

India’s investment banking landscape offers diverse opportunities for aspiring professionals. By understanding the top companies in the market and considering factors like company culture and growth potential, you’ll be well-equipped to make informed decisions as you embark on your investment banking journey.

Keep honing your skills and networking within the industry, and you’ll be well on your way to a successful career in investment banking.

Frequently Asked Questions

How can I determine which investment banking company is the best fit for me?

Evaluate factors like company’s culture, work environment, growth opportunities, and services to make this decision.

What is the difference between global, domestic, and boutique investment banking companies?

Global investment banks have a worldwide presence and cater to large corporations. Domestic banks focus on the local market, while boutique banks specialize in specific sectors or services.

Bain & Co.
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