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AZB tops League Table for Legal Advisors to PE-VC deals in 2024

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Khaitan & Co. and Shardul Amarchand Mangaldas claim the No.2 & No.3 slots

AZB & Partners (AZB) topped the Venture Intelligence League Table for Legal Advisor to Private Equity Transactions in 2024 advising 95 deals worth $11.6 Billion. AZB was followed by Khaitan & Co. ($10.9 Billion across 100 deals) and Shardul Amarchand Mangaldas (SAM; $9.5 Billion across 101 deals) in the second and third spot respectively. Trilegal ($8.9 Billion across 121 deals) and Cyril Amarchand Mangaldas (CAM; $6.6 Billion across 71 deals) completed the top five.



Among the larger Private Equity deals during 2024, Talwar Thakore & Associates, S&R Associates, Nishith Desai Associates, Khaitan & Co. and Trilegal advised the $2.5 Billion acquisition of the Indian business of American Tower Corporation by Brookfield which was the largest PE-VC investment during the year. AZB, Khaitan & Co. and Shardul Amarchand Mangaldas advised the $1.6 Billion exit of Advent International from Bharat Serums & Vaccines.  AZB also advised the $ 900 Million acquisition of Altimetrik by TPG Capital. Cyril Amarchand Mangaldas, J Sagar Associates and Shardul Amarchand Mangaldas advised the $885 million acquisition of GeBBS Healthcare Solutions by EQT Private Capital Asia.

Among the larger Private Equity deals in Q4 2024, AZB & Partners advised $350 million investment in Advanta Enterprises by Alpha Wave Global. IndusLaw advised the $350 million investment in Zepto led by Motilal Oswal Group. Cyril Amarchand Mangaldas advised the $272 Million acquisition of Ashoka Buildcon's 11 toll roads by Edelweiss Private Equity.

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 foreign firms, Gunderson Dettmer came on top advising 7 deals worth $1.1 Billion. Kirkland & Ellis followed advising 3 deals worth $1 Billion. They were followed by Shearman & Sterling with 2 deals worth $652 Million. 



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

By Deal Volume

India Juris topped the PE deals tables by volume in 2024, advising 197 transactions. It was followed by Trilegal with 121 deals. IndusLaw took the third spot advising 120 deals. Goyel & Goyal (119 deals) and Burgeon Law (118 deals) completed the top five by volume.

Among foreign firms, Gunderson Dettmer topped the table with 7 deals. It was followed by Latham & Watkins with 5 deals. Kirkland & Ellis took the third spot with 3 Deals. Sidley Austin, Ropes & Gray, Clifford Chance, and Shearman & Sterling advised 2 deals each.



By Industry

Shardul Amarchand Mangaldas topped the 2024 table in terms of advising PE-VC deals in the IT & ITeS industry by value (at $3.4 Billion), followed by AZB & Partners ($2.9 Billion) and Khaitan & Co. ($2.4 Million). By deal volume India Juris (114 deals) topped the table, followed by IndusLaw (77 Deals) and Goyel & Goyal  (74 deals).

Trilegal topped the Infrastructure industry by value, advising deals worth $3.7 Billion. Khaitan & Co. took the second spot advising deals worth $3.4 Billion. Followed by Talwar Thakore & Associates advised Infra deals worth $2.8 Billion; S&R Associates advised deals worth $ 2.8 Billion and Nishith Desai Associates advised deals worth $2.7 Billion. By deal volume Trilegal and AZB & Partners topped the table (13 deals each), followed by India Juris (12 deals) and Khaitan & Co. (11deals).

Under the Healthcare & Life Sciences industry, AZB & Partners topped the table in terms of value by advising deals worth $3.1 Billion, followed by Khaitan & Co. which advised deals worth $2.7 Billion. SAM took the third spot by advising deals worth $2.4 Billion. By deal volume, Khaitan & Co., and Shardul Amarchand Mangaldas (9 deals each) took the top spot, followed by Trilegal, IndusLaw, and Jerome Merchant + Partners (8 deals each). India Juris and DSK Legal (7 deals each) completed the top three.

Under the Financial Services sector, Cyril Amarchand Mangaldas topped the table having advised PE-VC deals worth $1.9 Billion followed by Trilegal which advised deals worth $1.3 Billion. Shardul Amarchand Mangaldas took the third spot by advising deals worth $1.2 Billion. By deal volume, Trilegal (19 deals ) took the top spot, followed by Shardul Amarchand Mangaldas (18 deals) and Khaitan & Co. (17 deals) completing the top three.

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

To showcase your firms' transactions in the 2025 League Tables, mail 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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