Avendus tops League Table for Transaction Advisors to PE deals for 2021

Ernst & Young and PwC claim the No.2 & No.3 slots

Avendus has topped the Venture Intelligence League Table for Transaction Advisor to Private Equity Transactions in 2021 advising 43 deals worth $9.9 Billion. Ernst & Young (EY) came next advising 32 deals worth $8.2 Billion. PwC followed with 26 deals worth $5.6 Billion. JM Financial ($3.9 Billion across 7 deals) and Kotak Mahindra Capital ($3.2 Billion across 8 deals) completed the top five for 2021.

Avendus, Kotak Mahindra Capital, and PwC acted as the advisors to the complete exit by PE-VC investors in Billdesk (via the digital payments provider’s acquisition by Prosus-Ventures backed PayU). Among other larger private equity deals in the year, EY acted as advisor to Carlyle Group's acquisition of Baring Private Equity Asia's (BPEA) stake in Hexaware Technologies. JM Financial advised the $2.8 Billion bid by Blackstone to buy out a 75% stake in publicly listed MphasiS.

Among the largest deals in the Oct-Dec quarter, EY acted as advisor to Advent International’s $1.5 Billion acquisition of IT Services firm Encora from Warburg Pincus. JP Morgan, Morgan Stanley, and Bank of America Merrill Lynch advised TPG Growth and ADQ’s $1 Billion investment in Tata Motors’ EV manufacturing subsidiary. Avendus acted as the advisor to Dream11’s $840 million fundraise led by Alpha Wave Global (Falcon Edge), DST Global, D1 Capital, Tiger Global, and Redbird Capital.

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

The full league table can be viewed online at https://www.ventureintelligence.com/leagues.php

By Deal Volume

Avendus topped the tables in terms of deal volume having advised 43 deals during 2021. This was followed by Ernst & Young with 32 deals. PwC and Unitus Capital took the third and fourth spots with 26 and 25 deals respectively. Ambit Corporate Finance, Veda Corporate Advisors, and Dexter Capital completed the top five with 14 deals each.

Including Other Advisory Services

Inclusive of its roles in due diligence and related advisory activities, PwC topped the table having advised 285 deals worth $46.9 Billion, followed by Ernst & Young with 254 deals worth $42.2 Billion. KPMG took the third spot having advised 41 deals worth $17.8 Billion. Avendus (43 deals worth $9.9 Billion) and Transaction Square (33 deals worth $4.1 Billion) came in fourth and fifth position respectively.

PwC topped the table by volume having advised 285 deals. Ernst & Young took the second spot with 254 deals. The third spot went to BDO India having advised 71 deals. AVA Insights (60 deals) and Avendus (43 deals) completed the top five.

The full league table can be viewed online at https://www.ventureintelligence.com/leagues.php

To showcase your firms' transactions in the 2022 League Tables, contact Vanathi at

deals@ventureintelligence.com.

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.

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