Skip to main content

Ernst & Young tops League Table for Transaction Advisors to M&A deals in 2021


JM Financial and Kotak Mahindra Capital claim the No.2 & No.3 slots

Ernst & Young (EY) topped the Venture Intelligence League Table for Transaction Advisor to M&A Deals during 2021, advising 39 deals worth $16.75 Billion. JM Financial ($7.88 Billion across 13 deals) and Kotak Mahindra Capital ($7.87 Billion across 8 deals) took the second and third spots respectively. Avendus ($5.91 Billion across 9 deals) and PwC ($5.63 Billion across 13 deals) completed the top five.

Among the larger deals of 2021, EY and Arpwood Capital acted as the advisors to the $5.2 Billion buyout of the Dewan Housing Finance or DHFL by Piramal Enterprises. Avendus, Kotak Mahindra Capital, and PwC acted as the advisors to the digital payments provider Billdesk's $4.7 Billion acquisition by Prosus-Ventures backed PayU. 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.


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.

Among the largest deals in the Oct-Dec quarter, EY acted as the advisor to the $2.4 Billion winning bid by Tata Sons for the national air carrier Air India and Advent International’s $1.5 Billion acquisition of IT Services firm Encora from Warburg Pincus. Goldman Sachs acted as the advisor to Reliance Industries’ $771 million acquisition of Norway-headquartered REC Solar Holdings from China National Bluestar (Group) Co Ltd. EY acted as the advisor to HSBC's $425 million acquisition of L&T Finance Holdings' mutual fund business unit.


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

By Deal Volume

Ernst & Young topped the table in terms of deal volume with 39 deals. They were followed by PwC and JM Financial in the second spot having advised 13 deals each. Avendus and KPMG took the third spot with 9 deals each. Veda Corporate Advisors and Kotak Mahindra Capital took the fourth spot with 8 deals each.


Including Other Advisory Services

Inclusive of its roles in due diligence and related advisory activities, Ernst & Young topped the tables with deals worth $47.77 Billion. PwC took second place having advised deals worth $31.22 Billion. KPMG stood third with deals worth $21.52 Billion. They were followed by RBSA Advisors ($16.36 Billion) and JM Financial ($7.88 Billion) in fourth and fifth spots respectively.


In terms of deal volume, Ernst & Young stood first with 167 deals. The second spot was held by PwC having advised 117 deals. KPMG took the third spot with 42 deals. BDO India and Transaction Square took the fourth and fifth spots having advised 41 and 27 deals, respectively.


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

To showcase your firms' transactions in the 2021 League Tables, contact Vanathi at

About Venture Intelligence

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

PE-VC investments in Q2'23 decline 33% to $9.9 Billion

Private Equity-Venture Capital (PE-VC) investments in India during the quarter ended June 2023 (Q2'23), at $9.85 Billion across 182 deals, registered a 33% decrease compared to the same period in 2022 (which saw $14.6 Billion being invested across 371 deals). The investment amount however rose 74% compared to the immediate previous quarter (which saw $5.7 Billion being invested across 181 deals), shows data from  Venture Intelligence , a research service focused on private company financials, transactions, and their valuations. The PE-VC investment figures for the first 6 months of 2023 - at $15.5 Billion (across 363 deals) - was 50% lower compared to the same period in 2022 (which saw $31 Billion being invested across 800 deals). Q2’23 witnessed 19 mega deals ($100 M+

Chiratae, Speciale and Stride Ventures win APEX'24 Venture Capital Awards

Chiratae Ventures, Speciale Invest and Stride Ventures were awarded as among the leading Venture Capital investors in India for 2023 as part of Venture Intelligence APEX‘24 Private Equity & Venture Capital awards event in Mumbai.  The Venture Intelligence “Awards for Private Equity Excellence” (APEX) is dedicated to celebrating the best that the Indian Private Equity & Venture Capital industry has to offer. The APEX Awardees are selected based on both Self Nomination by the participating PE-VC firms and "crowd sourced" voting from the Limited Partner, PE-VC and advisory communities. (The main criteria are Return Track Record, New Fund Raises & Follow-on Funding Rounds for Portfolio Companies) VC Investor of the Year Chiratae Ventures received the Venture Capital Investor of the Year 2023 Award on the back of 10 part exits totaling $178 million via Secondary Sales during the year. Its exits included those from retail unicorn Lenskart, SaaS Startup Pixis and baby pr

Blackstone, MO Alts and InvAscent win APEX'24 Private Equity Awards

Press Release Blackstone, MO Alternates (formerly Motilal Oswal PE) and InvAscent were awarded as among the leading Private Equity and Growth Capital investors in India for 2023 as part of Venture Intelligence APEX‘24 Private Equity & Venture Capital awards event in Mumbai.  The Venture Intelligence “Awards for Private Equity Excellence” (APEX) is dedicated to celebrating the best that the Indian Private Equity & Venture Capital industry has to offer. The APEX Awardees are selected based on both Self Nomination by the participating PE-VC firms and "crowd sourced" voting from the Limited Partner, PE-VC and advisory communities. (The main criteria are Return Track Record, New Fund Raises & Follow-on Funding Rounds for Portfolio Companies) PE Investor of the Year Blackstone received the Private Equity Investor of the Year 2023 Award on the back of strong complete exits during the year: from Sona Comstar and IBS Software. Ganesh Mani and Amit Dalmia, Senior Managing D

Avendus tops League Table for Transaction Advisors to PE deals in Q1'23

Aeka Advisors and Ambit claim the No.2 & 3 slot Avendus topped the Venture Intelligence League Table for Transaction Advisor to Private Equity Transactions for Q1 2023 advising 5 deals worth $808 million. Aeka Advisors stood second having advised 3 deals worth $228 million. Ambit followed with 4 deals worth $160 million. Ernst & Young ($114 million across 4 deals) and o3 Capital ($80 million across 2 deals) completed the top five for Q1 2023. Avendus acted as advisor to ADIA’s $500 million investment in omnichannel eyewear retailer Lenskart . Aeka Advisors acted as advisor to Kreditbee’s $160 million fundraise from Advent International, Mitsubishi UFJ Financial Group (MUFG) and existing investors. Ambit advised the $104 million fundraise of Freshtohome from Mount Judi Ventures, Iron Pillar, Amazon and others. The  Venture Intelligence League Tables , the first such initiative exclusively tracking transactions involving India-based companies, are based on the value of PE

PE-VC investments fall 38% in 2023 to below $30 B

The value of investments by Private Equity - Venture Capital (PE-VC) firms in India fell by 38% to less than $30 Billion in 2023. PE-VC firms invested $29.7 Billion (across 756 deals) in Indian companies in 2023, compared to $47.6 Billion (across 1,362 deals) in the previous year, reports Venture Intelligenc e, a research service focused on private company financials, transactions, and their valuations. (Note: These figures exclude PE investments in Real Estate).                                                                                                                                                                      2023 witnessed 67 mega deals ($100 M+ rounds) worth $21.2 Billion, compared to 112 such investments worth $31.8 Billion in 2022. The $2.4 Billion investment in Manipal Hospitals by Temasek (which gained majority control) and TPG Capital was the largest PE-VC investment in 2023. This was followed by the $1.35 Billion buyout of education loans focused HDFC Credila