American private equity firm KKR has agreed to invest in Avendus Capital, an Indian financial services firm providing customized solutions in the areas of financial advisory and wealth management.
The deal will allow Avendus to foray into the credit solutions business as well as expand its wealth and alternative asset management solutions offerings to its customers.
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KKR will buy shares from Eastgate Capital and Americorp Ventures, an early investor in Avendus.
Financial terms of the transaction, which is subject to customary regulatory approvals, have not been disclosed.
As part of the deal, Avendus co-founders Ranu Vohra, Gaurav Deepak and Kaushal Aggarwal, will continue to operate the platform’s day-to-day operations and its growth into the new businesses.
KKR member and CEO of KKR India Sanjay Nayar said: "As Ranu, Gaurav, Kaushal and the Avendus team continue to build on this banking franchise by seeking opportunities to elevate the company to the next level, KKR’s investment will aid this effort by accelerating the build-out of the Company’s highly sought-after investment banking platform which can be benchmarked against the world’s best."
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By GlobalDataAvendus managing director & CEO Ranu Vohra said, "Having created a platform which is trusted by entrepreneurs across industries, the mantra now for each of Avendus’ businesses is to ‘scale up’.
"KKR’s capital commitment and support will enable us to provide a broader set of synergistic services and products to these clients, which can catalyze their growth."
