The business and industrial landscape of India is undergoing a massive transformation, powered by the passion and energy of technology entrepreneurs. Traditional inefficient industries are also being swept by Digital, Technology & Consumer disruptions. Driven by the power of the internet and smartphone base in urban and rural areas and combined with a surge in the technology talent pool in the country, industries in India are leapfrogging generations to create significant value over the next decade and beyond.
Avendus Capital's Digital, Technology & Consumer practice focuses on businesses that leverage technology to facilitate increased engagement of consumers and enterprises within their ecosystems.
The firm has extensive experience working with market leaders across the Digital, Technology & Consumer landscapes. Avendus has partnered with entrepreneurs through their growth curves and contributed in creating large economic outcomes. Our deep domain knowledge coupled with the largest and most engaged global network of investors, corporates and institutions allows us to deliver innovative solutions and stellar outcomes for our clients across our core service offerings – private equity (PE) & Venture Capital (VC) syndication and mergers and acquisitions (M&A) advisory. The firm has successfully closed over 75 transactions worth USD 4 billion in the past few years.
Sub-Sectors in Focus
Our mergers and acquisitions (M&A) advisory and private equity (PE) syndication services are recognized as amongst the best in these chosen sub-sectors.
- Consumer internet and mobile businesses: e-commerce, online services, e-commerce enablers
- Payments and financial technology businesses
- Digital content & entertainment and digital advertising technology
- Enterprise software, SaaS and technology platforms
- Communication and networking technology
Led By
Karan Sharma
Managing Director and Co-head, Digital, Technology & Consumer, Avendus Capital
Karan Sharma co-heads the Digital, Technology & Consumer vertical for Avendus Group’s investment banking business and is based in Mumbai. A renowned name in India’s tech ecosystem for over 17 years, he established India’s first digital and technology focused Investment Banking team and built it into the largest private equity and M&A advisory practice in the country. He is the recipient of The Economic Times 40 Under 40 award in 2023, which spotlights corporate India’s sharpest young business leaders.
Prior to joining Avendus, Karan worked with Cipher Capital, a boutique investment bank. During his four-year stint with the firm, he was responsible for building the firm’s internet and technology practice.
Karan holds an MBA degree from Mumbai University and has done his Bachelor of Commerce from Delhi University. He has authored/co-authored various industry pioneering reports and whitepapers on the Indian technology ecosystem and regularly speaks at leading industry forums.
Pankaj Naik
Managing Director and Co-head, Digital, Technology & Consumer, Avendus Capital
Pankaj Naik co-heads the Digital, Technology & Consumer vertical for Avendus Group’s investment banking business and is based in Mumbai. He is a seasoned investment banker with 23 years of experience in M&A advisory, private placements, leveraged finance and capital markets. While he has a deep understanding of the technology, consumer internet and media sectors, he is also well-versed with IT services, infrastructure, and other diversified industries.
Prior to joining Avendus, Pankaj worked with JP Morgan’s investment banking team for over 11 years, where he led several marquee transactions amounting to over USD 10 billion across various industries. Before JP Morgan, he worked with DSP Merrill Lynch’s investment banking team for 4 years.
Pankaj holds an MBA degree from IIM, Calcutta and a Bachelor of Engineering degree from Government College of Engineering, Pune. He is a regular speaker at leading industry events focused on internet technology.
Neeraj Shrimali
Managing Director and Co-head, Digital, Technology & Consumer, Avendus Capital
Neeraj Shrimali co-heads the Digital, Technology & Consumer vertical for Avendus Group’s investment banking business and is based in Mumbai. Over the last 15 years, Neeraj has played a pivotal role in advising and shaping the Indian tech start-up ecosystem.
Neeraj has established himself as a trusted advisor to some of India’s leading Digital, Technology & Consumer companies, including unicorns. He has successfully led over 60 transactions across sectors such as consumer internet, online services, e-commerce, travel, content and gaming.
Prior to joining Avendus, Neeraj has worked with Cipher Capital, a boutique investment bank. During his six-year stint with the firm, he was responsible for building the firm’s niche industrial technology practice.
Neeraj holds an MBA degree from IBS Hyderabad and a Bachelor of Commerce degree from DAVV University, Indore. He has authored/co-authored numerous reports and whitepapers on the Indian technology ecosystem.
Transactions
Reports
Single Specialties Carving Their Own Path in Indian Healthcare
Organized single specialty hospitals are emerging as a high-growth segment within India’s healthcare landscape, projected to cross USD 9 billion by 2028. Multiple specialties are breaking away from traditional multi-specialty setups driven by low inter-disciplinary dependencies, high specificity of symptoms and infrastructure requirements, lower capex intensity, attractive unit economics and strong investor interest. Our latest report deep-dives into eight key specialties and the evolving landscape of India’s single specialty healthcare.
Energy Transition Materials Imperative to India's self-reliance in clean energy
Energy transition is driving unprecedented demand for materials like lithium, nickel, cobalt, rare earths and graphite. With over 60% of processing capacity concentrated in China, supply chain risks associated with these materials are significantly higher. India’s heavy reliance on imports of these materials also makes energy security a challenge. Our latest report explores ETM risks, supply-demand trends, and opportunities for India to build a self-reliant value chain.
Transformative Transactions in Technology Services
With USD 330 Bn+ worth of transformative deals in IT Services over the past decade, the industry is evolving at a rapid speed. The industry is also witnessing a surge in billion-dollar deals across niche sectors like Digital Engineering Services (DES), Healthcare Revenue Cycle Management (RCM), and Cloud and Analytics. Driven by growing investor interest, emerging buyers, and strong sub-segment growth, our report explores key trends, high-value targets, and the dominance of PE and strategic players shaping the future of this dynamic space.
Indian Alternatives Market: Poised for USD 2 Trillion by 2034
India’s Alternatives market, currently valued at USD 400 billion, is set for exponential growth, driven by increasing HNI wealth, a favourable regulatory environment, and rising demand for differentiated products. Our report explores the key trends, investment opportunities, and sectoral drivers, projecting the market to reach USD 2 trillion in the next decade, unlocking immense value-creation potential.
US Healthcare RCM Services: A USD 28 Billion Market Opportunity by 2029
The market for outsourced Revenue Cycle Management services has grown multi-fold in the recent years, driven by several factors such as, complexity of medical codes and workflows across the RCM value chain, shortage of talent, and growing pressure on overall profitability of providers. Our report highlights the key trends, technology adoption, and investment opportunities in this high-growth sector.
Decoding SaaS
India’s SaaS market is set to grow at 33% CAGR to USD 35 billion+, contributing ~7% to the global market. Our latest report unveils an 8-point framework to identify high-value SaaS companies, emphasizing revenue growth, profitability (Rule of 40), sales efficiency, client retention, and strong cash flow from subscription models.