What’s the Indian IB scene like?
I’m curious about what investment banking is like in India, especially considering Mumbai is a major financial hub. I know the big BBs (Goldman, JPM, etc.) have offices there, but they’re mostly focused on support functions, right? I’m also aware there are some big local players like HDFC, Axis, and a handful of boutiques like Avendus, O3 Capital, and Edelweiss (heard they produce some of the best Delta One traders in the world).
With the Indian stock market performing so well in recent years and all the IPO activity, there must be at least some ECM guys and traders making moves. Yet, I hear so little about Indian IB in the general discussion. What’s the deal flow like compared to the West? Is there a significant focus on cross-border deals? Also, what’s the culture like in these Indian banks—do they follow a similar structure to their Western counterparts? Pay and exit opportunities?
Looking forward to hearing some insights!
Investment banking in India is a unique and evolving landscape, shaped by its growing economy, smaller deal sizes, and a mix of global and domestic players. Here's a breakdown based on the most helpful WSO content:
Presence of Global and Local Players
Deal Flow and Market Dynamics
Recruitment and Culture
Pay and Exit Opportunities
Challenges and Opportunities
In summary, while the Indian IB scene may not yet rival the scale of Western markets, it offers unique opportunities and challenges, with a mix of global and local players shaping its growth.
Sources: Non US/Europe IB/PE Overview, Non US/Europe IB/PE Overview, Q&A: Indian Boutique M&A Associate, Q&A: Front-end Banker India, Q&A: Front Office Investment Banking Analyst in India at a Bulge Bracket (GS/MS/JP)
My 2cents - Worked with Axis on a buy side co-advisory. They were really collegiate and super technical. Worked like dogs too, 17hrs+ 7 days a week. But that was a live deal, not sure what it’s like normally. I would caveat that they weren’t brilliant at tactics/ deal negotiation.
Foreign bulge bracket banks (Citi, Morgan Stanley, JPM, Goldman Sachs, BofA) maintain strong domestic coverage along with supporting functions for the US, EMEA, and APAC regions.
On the domestic front, execution is typically divided into two verticals: 1. M&A advisory and private capital raises – Usually led by firms like O3 Capital and DAM Capital. 2. Public markets (QIP, IPO, Pre-IPO, Follow-ons) – Dominated by Axis Capital, JM Financial, SBI Caps, and Kotak.
A standout in recent years has been Motilal Oswal, which has emerged as a major force after hiring two rainmakers: Amit Ramchandani (ex-JM) and Subhrajit (ex-BofA).
Avendus Capital operates across both verticals and benefits significantly from backing by a strategic investor.
Breaking into these roles typically requires top-tier credentials — IIM/ISB MBAs, CAs, CFAs, or foreign degrees are the norm
That said, cross-border M&A activity remains limited, though there are hints of foreign investors participating in capital raises.
The culture mirrors traditional investment banking — high intensity, cutthroat, long hours, and a lot of FaceTime. The compensation is strong by Indian standards, although there’s a clear step-down when moving from global banks to domestic ones, especially in bonus payouts, where the biggest difference lies.
Unlike global models, analysts don’t typically follow the “2 & out” path. Most are in for the long haul unless a better IB opportunity presents itself. Common exit routes include domestic PE and VC, while transitions to MF PE are relatively rare.
ik this isn’t IB but tangentially relevant-
HFs and prop shops have really expanded indian ops
prev props would trade indian equities/options out of singapore/hong kong but now (other than jane which still does from hkg) other big shops like citsec(gurugram) optiver imc hrt (mumbai) jump (gift city) etc all have teams in india.
HFs ik shaw and mlp have lots of people in india but not sure if it’s just tech/back office or acc trading teams
squarepoint and qrt asw
del
it’s acc the other way around.
gambling/bettings is illegal in india. due to human nature and 1.5 billion population there’s loads of people who still want to try their’luck’.
options give u crazy leverage so indian options probably have one of the highest retail volume of any major market. which is why these firms print money there. (think back to jane vs mlp)
Are there any no name shops in mumbai/bangalore that take non target students with a bcom degree? I’m halfway through my ACCA Fwiw
There is a somewhat long tail of no name shops but working at these firms may cause some issues in the long-run, a few names (indicative list) worth looking into include:
Micro IBs: Loestro Advisors, Dexter Capital, Merisis Advisors, Keynote IB, Valuebridge Capital, Daylight Capital, Steer Advisors, Lastaki, Metta Capital, Pareto Capital, Param Capital
Small IBs: Singhi Advisors, Unitus IB, Unaprime IB, Lodha Cap, Pantomath, Equirus
Small/Feeder IBs: Big 4 IBs, Haitong, TRMG, Avener, Incred, SBI Cap, HDFC IB, Yes Securities, DAM Capital
Would also suggest looking into Middle Offices of select IBs, in the long run, they are better starting points than many of the aforementioned IBs
Hey, I hope you are doing well, first off thanks a lot for replying in such detail- also read your comment below which was very useful.
Would it at all be possible for me to connect with you over whatsapp/Linkedin/ telegram if you would like to remain private. At the moment I am outside India looking to come back but really overwhelmed on where to start and how to go about this, I am happy to pay you for your time as well, Just really lost in life and needed some advice.
A few a nuanced observations (more Exit focused and tailored towards Front Office IB roles in India):
There is an implicit age criteria that many MFPE/UMM/MM/Regional Funds have; if you are above a certain age (26yo+) your chances of getting into a fund drop drastically, which is becomes a serious problem when you take into account the rising time/experience barrier to entry in IB as an undergrad, you can absolutely get aged out of processes - This is greatly amplified by the headhunters involved in the process
An unfortunate rule of thumb if you are in IB and want to move to a decent buyside shop is that the processes/overall setup is 'you v/s the headhunters' NOT 'you + the headhunters' ' ; sad but true
Most BB/EB/Domestics & Boutiques invest next to nothing in training up junior bankers and often gatekeep the ‘real’ work from them, resulting in multiple situations where tenured analysts struggle with basic financial concepts (most analysts don’t get to touch models before ~3yrs on the job);
The irony is that IBs have started hiring for retention BUT they don't invest in said juniors; effectively a Catch-22 situation for junior folks who entered banking with exit ops in mind.
Smelly
lol accurate
Mofos be transferring internally to London. No way would any IB hire them directly. It’s always Indian MD (Hindu/Sikh) importing these turds from Bangalore and then they start polluting the teams with their caste preferences
JPM actually notorious for this
JPM and HSBC. It’s not even all brown people, it is a particular kind from India who favor each other as described by OP
In my bank we use the indian office to make slides for us at night, but they're often terrible so we have to redo them in the morning
why would u do IB in India instead of PE, lots of SMAs to consolidate/improve
mutatis mutandis for lots of other emerging markets
UNC has great Indian IBs
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