From Press Release
Avendus Capital Pvt Ltd, India‘s leading financial services company, today announced, that it has raised Rs 100 crore in equity from private equity firm Eastgate Capital Group. The primary objective of this investment is to strengthen the institutional broking franchise of Avendus Capital and fuel Avendus’ international expansion with a special focus on USA and Europe. Currently, Avendus Capital has its offices in Mumbai, Bangalore and New York.
Eastgate Capital Group (ECG) is the private equity subsidiary of NCB Capital, the investment banking arm of the National Commercial Bank of Saudi Arabia (NCB). ECG has $800mn of commitments under management across three funds. The current investment in Avendus Capital is from the Eastgate Global Emerging Markets Fund.
Speaking on this occasion, Mr. Nasr-Eddine Benaissa, Co-Managing Partner, Eastgate Capital, said, “We believe India is one of the most attractive markets in the world and is well positioned to be a driving force in the global economy. Indian financial services, and in particular investment banking and capital markets related businesses, will naturally benefit from this momentum. In this context, we are pleased to be partnering with a high performing firm such as Avendus, which has a strong track record, a highly talented team and a distinctive culture".
Speaking on the investment, Mr. Ranu Vohra, Managing Director & CEO, Avendus Capital Pvt. Limited, said “We are excited about partnering with Eastgate Capital in our next phase of growth. As Avendus builds its capabilities in capital markets and institutional broking we believe that the team at Eastgate will help us in building our global network of relationships particularly in the Middle East, which is increasingly becoming the source of capital for fast growing Indian corporates. We have spent considerable time with the team at Eastgate and are impressed by their knowledge and expertise in financial services. Eastgate and its parent NCB Capital are highly respected institutions and we expect this relationship to be very rewarding for our team, clients and shareholders”.
Mr. Rajiv Nakani, Director, Eastgate Capital Group will join the board of Avendus Capital. Mr. Nakani has over a decade’s experience in investing and investment banking and brings with him in-depth domain knowledge across various sectors.