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    India Investment Banking Market

    ID: MRFR/BFSI/53406-HCR
    200 Pages
    Garvit Vyas
    October 2025

    India Investment Banking Market Research Report: By Type (Mergers & Acquisitions Advisory, Financial Sponsor/Syndicated Loans, Equity Capital Markets Underwriting, Debt Capital Markets Underwriting), By End User (Individuals, Corporate Institutions) and By Enterprise Size (Large Enterprises, Small and Medium-Sized Enterprises (SMEs)) - Forecast to 2035

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    India Investment Banking Market Infographic
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    India Investment Banking Market Summary

    The India Investment Banking market is poised for substantial growth, projected to reach 29.9 USD Billion by 2035 from 11.4 USD Billion in 2024.

    Key Market Trends & Highlights

    India Investment Banking Key Trends and Highlights

    • The market valuation is expected to grow from 11.4 USD Billion in 2024 to 29.9 USD Billion by 2035.
    • A compound annual growth rate (CAGR) of 9.17 percent is anticipated from 2025 to 2035.
    • Investment banking activities in India are likely to expand significantly, driven by increasing demand for financial advisory services.
    • Growing adoption of digital transformation due to enhanced operational efficiency is a major market driver.

    Market Size & Forecast

    2024 Market Size 11.4 (USD Billion)
    2035 Market Size 29.9 (USD Billion)
    CAGR (2025-2035) 9.17%

    Major Players

    Bank of America Merrill Lynch, Barclays, Axis Capital, Morgan Stanley, HDFC Bank, Goldman Sachs, JP Morgan, Citi, Deutsche Bank, Edelweiss Financial Services, Nomura, MotiLal Oswal Financial Services, ICICI Securities, Kotak Mahindra Bank

    India Investment Banking Market Trends

    The India Investment Banking Market’s evolution is being influenced by the shifting trends of the economy. Growth in domestic mergers and acquisitions activity by local firms, along with favorable policies regarding foreign direct investment, are important contributors. ‘Make in India’ and other policies are also improving the sentiment of the capital markets. Moreover, the digitization of the financial services industry has improved the speed and flow of information, facilitating financial institutions to function with minimal hindrances.

    Over the last few years, investment banks in India have started paying attention to ESG (Environmental, Social, and Corporate Governance) related advisory services too. There is a strong surge in the need for expert counselors as companies and investors focus more on sustainability. Furthermore, there is a marked shift toward raising capital through novel approaches like SPACs and applying technology to improve trading efficiency. One of the opportunities that need to be addressed is the expansion of services to tier-2 and tier-3 cities where new Startups are booming.

    Also, the infrastructural push from the Indian government is another opportunity for investment banks to offer their advisory services and raise capital for various projects.

    The increasing interest in private equity and multi-cap venture capital across India’s multitude of sectors also complements investment banking activities and forms a highly fertile ecosystem. All in all, these developments indicate that investment banking in India is revolutionized by modern technology, green concepts, and new government policies and, therefore, has boundless possibilities.

    Market Segment Insights

    Investment Banking Market Type Insights

    The India Investment Banking Market is experiencing robust growth driven by various types of services, each contributing to the overall dynamism of the sector. The Mergers and Acquisitions Advisory segment plays a critical role as companies seek to enhance their competitive advantage through strategic partnerships and acquisitions, thereby often being viewed as a barometer for market health. Given the rapid pace of economic reforms and increasing foreign direct investment, this segment is likely to see considerable activity, reflecting India's rising aspirations in the global market.

    Financial Sponsor or Syndicated Loans are also significant within the investment banking realm, facilitating larger transactions that demand shared risk among lenders. The concept of syndication has gained traction among Indian banks, driven by regulatory support and an increasing appetite for large-scale funding solutions. This empowers businesses to engage in expansive projects without over-leveraging themselves, thus indicating a healthier approach to corporate finance.

    Another vital segment is Equity Capital Markets Underwriting, which serves as a backbone for companies looking to raise funds through public offerings. The Indian stock market's robust performance and the Government of India’s push for divestment create ample opportunities for this segment to flourish. As companies go public, the demand for underwriting services is expected to surge, making it a crucial area within the India Investment Banking Market.

    Debt Capital Markets Underwriting also plays an essential role, especially considering the growing need for reliable funding sources in India's booming infrastructure and corporate sectors. With interest rates fluctuating and investor sentiment evolving, this segment has become increasingly vital for corporate financing strategies. The emphasis on sustainable financing is shaping market dynamics as organizations look to align their financial strategies with global standards.

    Overall, these types of services within the India Investment Banking Market reflect the changing landscape of the economy and the growing sophistication of financial transactions. Market trends indicate a shift toward more strategic financing solutions and a focused regulatory environment, presenting both challenges and opportunities for investment banks. The evolving economic policies in India, along with a growing investor base, equip these segments to cater efficiently to the ambitions of various stakeholders, spanning small startups to large multinationals, thereby promoting sustained growth and innovation in the investment banking industry.

    Investment Banking Market End User Insights

    The End User segment of the India Investment Banking Market plays a crucial role in the overall dynamics of the industry. This segment primarily includes Individuals and Corporate Institutions, each contributing significantly to the market landscape. Individuals often seek investment banking services for asset management, wealth planning, and personal financial advice, reflecting the growing affluence and financial literacy among the Indian population, which has led to an increasing demand for tailored financial solutions.

    Meanwhile, Corporate Institutions are vital players, utilizing investment banking services for mergers and acquisitions, capital raising, and corporate restructuring, driven by the vibrant economic environment and favorable government policies promoting business growth.

    The importance of Corporate Institutions in this segment cannot be overstated, as they are often involved in large financial transactions that shape market trends and influence overall economic stability. As the India Investment Banking Market continues to evolve, the collaboration between these two end-user categories will likely foster innovation and create numerous opportunities for service providers in the evolving landscape of investment banking in India.

    Investment Banking Market Enterprise Size Insights

    The India Investment Banking Market is classified according to Enterprise Size, consisting primarily of Large Enterprises and Small and Medium-Sized Enterprises (SMEs). Large Enterprises generally play a pivotal role in driving substantial deal volume and complex financial transactions due to their extensive resources and diverse operations. These organizations benefit from advanced financial instruments and strategies tailored to enhance their global competitive edge. In contrast, SMEs contribute significantly to the market by fostering innovation, economic growth, and job creation.

    The dynamic nature of SMEs allows them to tap into niche markets and customize financial services, thus emphasizing the essential service offerings of investment banks. The growing emphasis on financial technology and partnerships with banks has further empowered SMEs to access capital and investment opportunities that were previously out of reach. As the Indian government continues to promote initiatives such as Make in India and Digital India, both segments are poised for growth, making the landscape vibrant and competitive.

    The overall behavior of the India Investment Banking Market industry in the context of Enterprise Size represents a vital component of national economic expansion and a critical factor in maintaining robust market growth.

    Get more detailed insights about India Investment Banking Market Research Report - Forecast till 2035

    Key Players and Competitive Insights

    The India Investment Banking Market has become a vibrant ecosystem marked by increasing competition driven by both domestic and international players. The sector has shown substantial growth owing to rising corporate activities, infrastructure projects, and a shift towards privatization. Financial regulatory environments are evolving, fostering an atmosphere where investment banks can innovate and provide services that cater to varied clients, including large corporates, mid-market firms, and government entities. The competition revolves around advisory services for mergers and acquisitions, capital raising through equity and debt, and wealth management services.

    As investment banks navigate this dynamic landscape, their ability to leverage technology, build relationships, and offer differentiated services has become crucial in establishing a competitive edge.

    Bank of America Merrill Lynch has established a significant presence in the India Investment Banking Market, capitalizing on its global expertise and deep industry insights. With a focus on providing strategic advisory services, the firm has been instrumental in facilitating high-value mergers and acquisitions, positioning itself as a trusted partner for clients in diverse sectors such as technology, healthcare, and infrastructure. Its strengths lie in offering tailored solutions that address the unique challenges of the Indian market.

    The bank's commitment to fostering long-term client relationships, coupled with a robust team of experienced professionals, allows it to identify investment opportunities and mitigate risks effectively. Additionally, Bank of America Merrill Lynch employs advanced analytics and market intelligence to advise clients on optimal capital structure strategies, enabling them to achieve their financial objectives in a competitive landscape.

    Barclays has also carved a niche in the India Investment Banking Market, providing a range of services, including mergers and acquisitions advisory, equity and debt capital markets, and risk management solutions. The company’s strengths are reflected in its strong brand reputation, global reach, and expertise in executing complex transactions. Barclays actively engages with clients across various sectors, utilizing its analytical capabilities to deliver insights that drive strategic decision-making. The firm has a notable track record in facilitating mergers and acquisitions, contributing to its stature in the market.

    In recent years, Barclays has enhanced its service offerings by leveraging technology to streamline processes and provide innovative financial solutions. The company continuously seeks strategic partnerships and alliances within India, focusing on expanding its client portfolio while adapting to the regional nuances of the investment landscape. Its robust presence is further supported by its commitment to compliance and risk management, making Barclays a reputable name in the competitive investment banking landscape of India.

    Key Companies in the India Investment Banking Market market include

    Industry Developments

    In recent months, the India Investment Banking Market has witnessed significant developments, particularly concerning major players such as Bank of America Merrill Lynch, Barclays, and Morgan Stanley. In September 2023, Axis Capital acted as the financial advisor for a notable merger between two prominent Indian firms, enhancing its market position. HDFC Bank, along with Goldman Sachs, explored partnerships to improve their equity underwriting capabilities, demonstrated by increased capital raised for public offerings. Furthermore, JP Morgan and Citi have expanded their wealth management services in India, reflecting the growing demand for financial advisory amidst economic recovery.

    Over the past two to three years, key mergers included the acquisition of a mid-sized advisory firm by Deutsche Bank in March 2021, which solidified its footprint in the Indian market. The valuation of investment banking services in India is projected to grow substantially, driven by increased deal activity and favorable government policies aimed at boosting economic growth. Notably, the market’s evolution is also influenced by digital transformation efforts, with firms like Edelweiss Financial Services and Kotak Mahindra Bank leveraging technology to enhance client engagement and streamline operations, reshaping competitive dynamics within the sector.

    Market Segmentation

    Outlook

    • Large Enterprises
    • Small and Medium-Sized Enterprises (SMEs)

    Investment Banking Market Type Outlook

    • Mergers & Acquisitions Advisory
    • Financial Sponsor/Syndicated Loans
    • Equity Capital Markets Underwriting
    • Debt Capital Markets Underwriting

    Investment Banking Market End User Outlook

    • Individuals
    • Corporate Institutions

    Investment Banking Market Enterprise Size Outlook

    • Large Enterprises
    • Small and Medium-Sized Enterprises (SMEs)

    Report Scope

     
    Report Attribute/Metric Source: Details
    MARKET SIZE 2023 10.46 (USD Billion)
    MARKET SIZE 2024 11.39 (USD Billion)
    MARKET SIZE 2035 29.91 (USD Billion)
    COMPOUND ANNUAL GROWTH RATE (CAGR) 9.174% (2025 - 2035)
    REPORT COVERAGE Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
    BASE YEAR 2024
    MARKET FORECAST PERIOD 2025 - 2035
    HISTORICAL DATA 2019 - 2024
    MARKET FORECAST UNITS USD Billion
    KEY COMPANIES PROFILED Bank of America Merrill Lynch, Barclays, Axis Capital, Morgan Stanley, HDFC Bank, Goldman Sachs, JP Morgan, Citi, Deutsche Bank, Edelweiss Financial Services, Nomura, MotiLal Oswal Financial Services, ICICI Securities, Kotak Mahindra Bank
    SEGMENTS COVERED Type, End User, Enterprise Size
    KEY MARKET OPPORTUNITIES Increased M&A activities, Rising tech sector investments, Growing demand for ESG financing, Expansion of private equity firms, Government infrastructure initiatives
    KEY MARKET DYNAMICS Regulatory changes, Economic growth, Technological advancements, Increasing M&A activities, Rise of fintech innovation
    COUNTRIES COVERED India

    FAQs

    What is the expected market size of the India Investment Banking Market in 2024?

    The India Investment Banking Market is expected to be valued at 11.39 USD Billion in 2024.

    What is the projected market size of the India Investment Banking Market by 2035?

    By 2035, the market is expected to reach a value of 29.91 USD Billion.

    What is the expected CAGR for the India Investment Banking Market from 2025 to 2035?

    The expected CAGR for the India Investment Banking Market over the period of 2025 to 2035 is 9.174%.

    What are the major types of services offered in the India Investment Banking Market?

    The major types of services include Mergers & Acquisitions Advisory, Debt Capital Markets Underwriting, Financial Sponsor/Syndicated Loans, and Equity Capital Markets Underwriting.

    What are the expected values for Mergers & Acquisitions Advisory in 2024 and 2035?

    For Mergers & Acquisitions Advisory, the market is valued at 3.25 USD Billion in 2024 and is projected to grow to 8.45 USD Billion in 2035.

    How much will the Debt Capital Markets Underwriting segment be worth in 2035?

    The Debt Capital Markets Underwriting segment is projected to reach 6.16 USD Billion by 2035.

    What is the expected market value for Financial Sponsor/Syndicated Loans in 2024?

    The Financial Sponsor/Syndicated Loans segment is valued at 2.9 USD Billion in 2024.

    What is the projected value of the Equity Capital Markets Underwriting segment in 2035?

    The Equity Capital Markets Underwriting segment is expected to grow to 7.9 USD Billion by 2035.

    Who are the key players in the India Investment Banking Market?

    Major players in the market include Bank of America Merrill Lynch, Barclays, Axis Capital, Morgan Stanley, HDFC Bank, and Goldman Sachs among others.

    What are some growth opportunities in the India Investment Banking Market?

    Growth opportunities are driven by increased corporate activities, economic reforms, and the rising demand for financing solutions.

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