Skip to main content

Citi Tops League Table for Financial Advisor to Private Equity Transactions in 2017

PwC and Unitus Capital top by deal volume; PwC tops table inclusive of due diligence & other services

The investment banking unit of Citi claimed the top position in the Venture Intelligence League Table for Transaction Advisor to Private Equity deals in 2017 advising deals worth $3 Billion. Citi acted as the financial advisor to Flipkart in the reported $2.5 Billion investment by Softbank Vision Fund. Goldman Sachs (which advised the same deal) and PwC (which advised the $500 million investment by CPPIB in Indospace Core) accounted for the second and third spots respectively. 

The Venture Intelligence League Tables, the first such initiative exclusively tracking transactions involving India-based companies, are based on value of PE and M&A transactions advised by Transaction and Legal Advisory firms.

Ernst & Young (which advised the $1.4 Billion DLF Cyber City - GIC deal) and Axis Capital (which advised the $1 Billion investment by Bain Capital in Axis Bank) completed the Top 5 list by value.

PwC (21 deals) and Unitus Capital (15 deals) topped in terms of volume of PE deals advised, while Avendus claimed the third spot advising 13 deals worth $695 million. Veda Corporate Advisors and Creedcap Asia came in at fourth position advising 8 deals each. Ernst & Young and IndigoEdge came at fifth advising 7 deals each.

Inclusive of its roles in due diligence and related advisory activities, PwC advised deals with a value tag of $15.8 Billion (across a total of 117 deals) during 2017. EY advised deals during the period included the investments by Softbank in Flipkart and Paytm and the investment by Bain Capital in Axis Bank. By deal count, Ernst & Young came in second advising 29 deals worth $4.1 Billion.

Among Impact / Social Venture investments, Unitus Capital topped followed by Intellecap which advised 5 deals worth $56 million.

By Industry


In IT & ITeS, the top advisors by value remained the same as the toppers in the composite table. By deal volume, Creedcap Asia came first advising 7 deals followed by Avendus (6 deals) and Unitus Capital (5 deals).

In the Infrastructure* sector, Macquarie Capital Advisors topped, advising the $400 million investment by CDPQ in LOGOS India platform. PwC came in second (with $384 million) followed by Avendus. (*Energy, Engineering & Construction, Shipping & Logistics and Telecom)

In Financial Services, JP Morgan topped the table, advising the Axis Bank - Bain Capital deal and the India Value Fund led buyout of Religare Health Insurance, followed by Axis Capital and PwC. By deal volume, Unitus Capital topped with 6 deals followed by Spark Capital Advisors and Intellecap with 4 deals each.

In Healthcare & Lifesciences, Allegro Advisors came first advising deals worth $245 million, followed by PwC ($206 million across 3 deals) and Moelis & Company ($106 million). Veda Corporate Advisors topped the volume chart with 4 deals followed by PwC, Avendus and Allegro Advisors with 3 deals each.

In Real Estate, Ernst & Young topped advising the DLF Cybercity - GIC deal, followed by Standard Chartered Bank with $460 million (across 2 deals) and Deloitte with $250 million. PwC and Sprout Capital came in first by deal volume, advising 3 deals each.



Venture Intelligence is India's longest serving provider of data and analysis on Private Company Financials, Transactions (private equity, venture capital and M&A) & their Valuations in India.

Popular posts from this blog

VC Interview: Shailendra Singh of Sequoia Capital India

In a recent interview to Venture Intelligence, Shailendra Singh discussed some of the firm’s newer investments in the early stage segment including in the online payments space, the progress at a few existing portfolio companies and the active role the firm is playing in helping its portfolio companies scale and succeed in India and globally. Prior to joining the firm in 2006, Singh was a strategy consultant at Bain & Company in New York and before that, an entrepreneur in the digital media industry.

Venture Intelligence: How does Sequoia go about identifying potential early stage investments in India? Is there anything different you are doing today than, say, a couple of years back?

Shailendra Singh: There is a lot more focus on technology investing and early stage investing. In general, as you might remember a few years ago, we were doing primarily growth investing but in the past 18-odd months, we have had a very strong focus on early stage and that’s continuing. In terms of how…

KPMG Tops League Table for Financial Advisor to Private Equity Transactions in H1 2018

The transaction advisory unit of KPMG claimed the top position in the Venture Intelligence League Table for Transaction Advisor to Private Equity deals in the first half of 2018, advising deals worth $1.7 Billion. KPMG acted as the financial advisor to NHAI in the $1.5 Billion investment by Macquarie to operate 9 highway projects under the toll-operate-transfer (TOT) model. Ernst &  Young (which advised the $730 million asset sale by Indiabulls Real Estate to Blackstone) and Kotak (which advised the Vishal Megamart - Partners Group deal) accounted for the second and third spots respectively.
The Venture Intelligence League Tables, the first such initiative exclusively tracking transactions involving India-based companies, are based on value of PE and M&A transactions advised by Transaction and Legal Advisory firms.
Arpwood Capital (which advised the $760 million investment by Temasek in the $2.1 Billion Schneider Electric buyout of L&;T Electrical and Automation business) …

"Leveraged stock purchase led Arvind Rao to go astray": Forbes India

Forbes India has an article on the series of events leading to the recent controversial exit of Arvind Rao, Co-founder & CEO of listed Mobile VAS firm OnMobile.

On November 23, 2010, Arvind Rao, the 53-year-old co-founder and CEO of OnMobile, bought approximately 6 lakh shares of his company from the open market, representing a little over 1 percent of the company’s total shares....At Rs 277 a share, he had to pony up nearly Rs 16.5 crore to acquire them....So he went ahead and borrowed money to buy the shares, thinking nothing of the interest it entailed or the fact that he’d need to put up nearly half his existing shareholding as collateral...OnMobile’s shares continued to fall from those levels, while Rao’s interest payments ballooned.

...Motivated by OnMobile’s growth all these years, he had never paid much attention to his salary, most of which went towards the monthly rental on his sea-facing apartment in Mumbai and his BMW 7-Series, both paid directly by the company. He reque…