Japan’s Mizuho Securities to buy 60% stake in Avendus Capital

Japan’s Mizuho Securities is buying about a 60% stake in Avendus Capital from US-based firm KKR to expand its financial services in India’s capital market.

Redpoint Investments Pte Ltd, a KKR affiliate, will sell its stake in Avendus Capital to Mizuho Securities Co Ltd, a subsidiary of Mizuho Financial Group, the company said.

Avendus cofounder and executive vice chairman Ranu Vohra will also sell his shares but will continue in his role until the deal is completed.

After the transaction, Avendus Capital will become a subsidiary of Mizuho Securities while continuing to operate under its existing brand and identity.

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According to a Reuters report, Mizuho will acquire the stake for $523 million (around ₹4,720 crore).

Kaushal Aggarwal, Co-founder of Avendus Group added, “This partnership is about more than capital — it’s about a shared belief in what the future of financial services from India can represent. Together, Avendus and Mizuho will deliver broader capabilities, sharper execution, and a stronger value proposition for our clients. With India entering a transformative economic phase, we see immense potential to scale with purpose, innovate across sectors, and build a platform that consistently delivers impact, in India and beyond.”

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Ranu Vohra, Co-founder and Executive Vice Chairman of Avendus Group said, “After 26 incredible years of building Avendus alongside exceptional people, I step away with pride and gratitude. It’s been a journey of purpose, partnership and transformation — taking Avendus from an idea to a trusted institution that stands for integrity and excellence. I am thankful to our clients and investors who believed in us from day one and supported us in our growth as valued partners. As I move on to a new chapter, I carry with me deep respect for what we have created and confidence in its future potential. Next is the only level.”

Akshay Tanna, Partner and Head of India Private Equity, KKR said, “We have enjoyed a long and rewarding relationship with Avendus and are proud to have supported its evolution into a leading financial services institution marked by excellence and innovation. Together, we helped accelerate its transformation into a diversified, market leading franchise with strong capabilities across its advisory and investment businesses. As Avendus enters its next chapter we wish them continued success in the years ahead.”

Masahiro Kihara, President and Group CEO, Mizuho Financial Group said, “Avendus has been walking side- by-side with the entrepreneurs supporting India’s rise, and it makes us very happy to be able to welcome them as one of our key partners. Their journey parallels our own journey of innovating together with clients for social and economic development. With them, we aim to evolve into a truly global financial institution that creates new value by bridging diverse cultures beyond national and regional boundaries.”

About Avendus 

Founded in 1999 by Gaurav Deepak, Kaushal Aggarwal, and Ranu Vohra, Avendus began as a boutique investment bank focused on mergers and acquisitions and private equity syndication. Over time, it expanded into a full-fledged financial services firm offering asset management, credit solutions, investment banking, institutional equities, and wealth management.

In 2015, KKR bought about a 70% stake in Avendus for roughly $105 million.

Based in Mumbai, Avendus works closely with Indian startups and entrepreneurs, providing customized financial solutions. It has also backed several startups through its private equity platform, the Avendus Future Leaders Fund (FLF).

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The fund focuses on companies with strong competitive advantages, proven execution, and potential liquidity events such as IPOs or stake sales, using Avendus’ strong network and industry expertise.

In May 2024, Avendus launched its third private credit fund, targeting up to $350 million. Its Future Leaders Fund III (FLF III) held its first close in January this year, raising ₹850 crore from domestic family offices and Indian institutions.

FLF III plans to make 12–14 investments, with cheque sizes ranging from ₹150 crore to ₹300 crore across sectors including financial services, healthcare, technology, consumer goods, and manufacturing.

Avendus said it manages assets worth ₹1,850 crore through its first two Future Leaders funds, which have invested in companies such as lenskart, Delhivery, VerSe Innovation (Dailyhunt), licious, Juspay, Zeta, and FirstCry.

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