Mizuho to Acquire Avendus Capital for $700 Million
10 Jun 2025
2 Min Read
CW Team
Japanese financial major Mizuho Financial Group is poised to acquire KKR-backed Indian investment bank Avendus Capital in a deal reportedly valued at Rs 60 billion (approximately $700 million), marking Mizuho鈥檚 largest-ever investment in India.
The agreement follows extensive negotiations and is expected to be formally announced during Mizuho CEO Masahiro Kihara鈥檚 visit to India this week. The deal will see KKR exit its 60 per cent stake in Avendus, along with early investors and co-founder Ranu Vohra. Founders Kaushal Aggarwal and Gaurav Deepak will continue to lead operations, though Mizuho will hold up to 70 per cent equity and exercise veto rights.
Established in 1999, Avendus provides services across investment banking, credit solutions, institutional equities, wealth, and asset management. Its 2022 acquisition of Spark Capital strengthened its capital markets footprint. For the nine months ending December 2024, Avendus reported Rs 10.35 billion in revenue and Rs 1.7 billion in net profit.
KKR, which invested Rs 9.5鈥�10 billion in Avendus in 2015, is set to earn a 3.5x return on exit. Other interested bidders, including Carlyle and Nomura, were edged out by Mizuho due to stronger strategic synergies and cross-border prospects.
The deal underscores Japan鈥檚 growing interest in India鈥檚 financial ecosystem. SMBC recently invested in Yes Bank, and Mizuho itself acquired a 15 per cent stake in Kisetsu Saison Finance. With five branches already operational in India and over $500 million infused into its Indian business, Mizuho has also appointed former KKR India head Sanjay Nayar as an advisor to strengthen its local strategy.
The formal closure of the transaction is anticipated later this week.
Japanese financial major Mizuho Financial Group is poised to acquire KKR-backed Indian investment bank Avendus Capital in a deal reportedly valued at Rs 60 billion (approximately $700 million), marking Mizuho鈥檚 largest-ever investment in India.The agreement follows extensive negotiations and is expected to be formally announced during Mizuho CEO Masahiro Kihara鈥檚 visit to India this week. The deal will see KKR exit its 60 per cent stake in Avendus, along with early investors and co-founder Ranu Vohra. Founders Kaushal Aggarwal and Gaurav Deepak will continue to lead operations, though Mizuho will hold up to 70 per cent equity and exercise veto rights.Established in 1999, Avendus provides services across investment banking, credit solutions, institutional equities, wealth, and asset management. Its 2022 acquisition of Spark Capital strengthened its capital markets footprint. For the nine months ending December 2024, Avendus reported Rs 10.35 billion in revenue and Rs 1.7 billion in net profit.KKR, which invested Rs 9.5鈥�10 billion in Avendus in 2015, is set to earn a 3.5x return on exit. Other interested bidders, including Carlyle and Nomura, were edged out by Mizuho due to stronger strategic synergies and cross-border prospects.The deal underscores Japan鈥檚 growing interest in India鈥檚 financial ecosystem. SMBC recently invested in Yes Bank, and Mizuho itself acquired a 15 per cent stake in Kisetsu Saison Finance. With five branches already operational in India and over $500 million infused into its Indian business, Mizuho has also appointed former KKR India head Sanjay Nayar as an advisor to strengthen its local strategy.The formal closure of the transaction is anticipated later this week.
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