With this acquisition, Japan’s Mizuho Securities deepens its play in India’s capital markets while Avendus gains global muscle for its next growth phase.
Mizuho Makes a Bold Bet on India
Japan’s Mizuho Securities, a subsidiary of Mizuho Financial Group, is acquiring a 60% majority stake in Avendus Capital from KKR and cofounder Ranu Vohra for $523 Mn (INR 4,720 Cr).
- The deal positions Mizuho to strengthen its footprint in India’s capital markets.
- Once completed, Avendus will become a subsidiary of Mizuho but retain its brand and leadership identity.
This marks one of the biggest cross-border deals in India’s financial services space this year.
Exit for KKR & Avendus Cofounder
The transaction also signals a strategic exit for:
- KKR, which acquired around 70% in Avendus for $105 Mn in 2015, realising a strong return on investment.
- Ranu Vohra, cofounder and executive vice chairman, who will also divest his stake while continuing in his role until the deal closes.
The deal illustrates KKR’s full-circle exit after a decade-long partnership that helped scale Avendus into a multi-vertical financial powerhouse.
Avendus Capital: From Boutique to Broad-Based
Founded in 1999 by Gaurav Deepak, Kaushal Aggarwal, and Ranu Vohra, Avendus started as a boutique investment bank focused on M&A advisory and PE syndication.
Today, it offers a broad range of services, including:
- Asset management
- Credit solutions
- Institutional equities
- Investment banking
- Wealth management
Its evolution has made it one of India’s most prominent homegrown financial services firms, with deep ties to startups and high-growth companies.
Startup-Focused Growth Strategy
Avendus has built a strong niche by supporting startups and growth-stage companies through both advisory and investments.
- Its Future Leaders Fund (FLF) platform has backed marquee startups like Lenskart, FirstCry, Zeta, Juspay, Delhivery, Licious, and VerSe Innovation.
- The fund focuses on businesses with clear liquidity events on the horizon — such as IPOs or strategic exits.
- As of now, Avendus manages INR 1,850 Cr in assets across FLF I and II.
In 2024 and 2025, it expanded aggressively:
- Launched FLF III, raising INR 850 Cr in its first close from family offices and Indian institutions.
- Floated a new private credit fund with a target corpus of $350 Mn, aimed at mid-market lending in sectors like tech, healthcare, and consumer goods.
What the Deal Means for Avendus
With Mizuho onboard, Avendus gains:
- Global capital access and institutional muscle to compete at a larger scale
- Potential to scale its credit and asset management business with cross-border capabilities
- Enhanced credibility with global clients, especially those looking to tap into India’s startup ecosystem
The acquisition allows Avendus to retain autonomy while accelerating its next phase of expansion, both organically and through M&A.
What’s In It for Mizuho?
For Mizuho, the acquisition offers a fast-track entry into:
- India’s booming financial services and capital markets ecosystem
- High-growth sectors like tech, healthcare, and consumer finance
- Private equity deal flow and startup-led investment banking, where Avendus has a strong track record
India is projected to become the third-largest financial market globally by the end of the decade. Mizuho’s investment ensures early positioning in this growth story.
Mizuho Securities is acquiring a 60% stake in Avendus Capital for $523 Mn, marking a major Japan-India financial deal. As KKR exits and cofounder Ranu Vohra divests his stake, Avendus gains global scale while retaining its brand. The move aligns both firms with India’s fast-growing capital market and startup economy.
