Japanese financial powerhouse Mizuho Financial Group is poised to acquire KKR-backed Avendus Capital in a deal that values the Indian investment bank at approximately ₹6,000 crore ($700 million).
According to a report, this move—following prolonged negotiations—will represent Mizuho’s largest-ever investment in India.
Mizuho CEO Masahiro Kihara will visit India this week to make the official announcement.
As part of the transaction, KKR will exit its 60% stake in Avendus, along with other early investors and co-founder Ranu Vohra. However, co-founders Kaushal Aggarwal and Gaurav Deepak will continue to lead the company’s operations. Mizuho, expected to hold up to 70% ownership post-deal, will also receive veto rights.
Established in 1999, Avendus offers services across investment banking, credit solutions, institutional equities, wealth management, and asset management. Its acquisition of Spark Capital in 2022 significantly enhanced its footprint in capital markets. For the nine months ending December 2024, Avendus posted revenues of ₹1,035 crore and a net profit of ₹170 crore.
KKR, which invested between ₹950 crore and ₹1,000 crore in Avendus in 2015, expects to earn a 3.5x return on its investment. While other contenders such as Carlyle and Nomura were in the running, the group ultimately took the lead—driven by strong strategic alignment and opportunities for cross-border collaboration, according to the report.
The acquisition also underscores Japan’s increasing interest in India’s financial services landscape.
Recently, Japan’s Sumitomo Mitsui Banking Corporation (SMBC) invested in Yes Bank, while Mizuho acquired a 15% stake in Kisetsu Saison Finance. With five branches across India, Mizuho has already committed $500 million to its Indian operations and appointed former KKR India head Sanjay Nayar as an advisor.
