Are you trying to find out which company is best for an investment banker in India? The lists of top investment banking firms in India contain a mix of global banks like JP Morgan and Goldman Sachs, middle-market banks like Jefferies, and domestic IB firms like Kotak and Avendus. What sets the top banks apart from the rest is their deal flow volume, specialization expertise, compensation packages, reputation, and career advancement opportunities.
The best IB firms also consistently rank high in league tables for M&A advisory, equity capital markets, debt capital markets, and overall investment banking fees. Even among the top firms, the best fit for you might not be the right one for someone else. Read on to discover what the best investment banks in India are and how to select the right one for you.
Before we get to the list of the top IB firms, it’s a good idea to understand what investment banks do and why they’re important in India’s economy. Knowing this will help you understand what your work may involve and it can also be useful in figuring out which specializations might suit your career goals.
Investment banks in India provide various financial services to corporations, governments, and high-net-worth individuals. These include:
Through such services, investment banks in India give firms the opportunity to access capital for growth, expansion, and innovation. Companies are also guided in making better decisions on investments and resource allocation while those distressed get a chance to improve their long-term viability.
In turn, investment banking firms indirectly contribute to increasing India’s Gross Domestic Product (GDP), improving job creation, enhancing liquidity, and supporting economic stability.
The best investment banking firms to work for in India are J.P. Morgan, Goldman Sachs, Morgan Stanley, Citi, Jefferies, HSBC, Avendus, Kotak, SBI Capital Markets, JM Financial, ICICI, Axis, and HDFC Bank. Below is an overview of each.
These leading firms offer top-tier deal flow, prestige, and career opportunities in India's investment banking sector.
As one of the largest investment banks globally, JP Morgan offers comprehensive investment banking services including mergers and acquisitions, capital raising, research, and risk management.
The firm has had a physical presence in India for about 80 years with offices in Mumbai, Bengaluru and Hyderabad, and over 50K employees. They engage in high-value, complex transactions, often among the biggest announced M&A and capital market deals in India.
👉 JP Morgan Interview Guide
Goldman Sachs India is a good company to work for, especially if you want global mobility or exposure to large, high-profile transactions. For instance, the firm led Ola Electric’s $734 million IPO in 2024 which was the largest IPO in India since mid 2022.
Besides IPOs, Goldman Sachs India is active in M&A deals, private placements, and structured financings across various sectors like technology, infrastructure, and consumer markets. The bank's main office in India is in Mumbai while additional branches are in Bengaluru and Hyderabad.
👉 Goldman Sachs Interview Guide
Morgan Stanley is another good investment banking firm to work for in India. The bank has been operating in the country for over 30 years and has built a reputation for handling large-scale and complex transactions, including high-value M&A deals, IPOs, private placements, and capital raising activities.
Most of the firm’s IB fees in India come from equity capital markets and M&A deals based on league tables and their transaction history. Notably, Morgan Stanley was the top mergers and acquisitions financial adviser by value in the technology, media, and telecom (TMT) sector in the first three quarters of 2023, advising deals worth about $94.7 billion. They were also the top IB fee earner in Q2 of 2025.
👉 Morgan Stanley Interview Guide
Citi is one of the most prestigious investment banking firms in India with a long history going back to 1902. In India’s IB league tables, Citi usually ranks among the top 10 firms in equity capital markets and M&A. For instance, the firm took the first position in the first half of 2025 for M&A advisory, M&A sell-side advisory, and cross-border deals, executing four transactions worth over $5 billion in total.
Citi was also the top deal maker in equity capital markets (ECM) in India in H1 2025, executing 11 ECM transactions raising about $5 billion. Besides M&A and ECM, Citi offers debt capital markets, capital raising, financial advisory, and risk management solutions.
These firms specialize in India-focused deals, offering strong regional expertise and growing opportunities across mid-sized and large transactions.
Avendus Capital is one of the best domestic financial advisory firms for investment bankers in India. It was established in 1999 with headquarters in Mumbai, India. However, it also has an international presence with offices in multiple countries, including the US and Singapore.
Avendus usually ranks highly in India for private equity and venture capital transactions and mid-sized to large M&A deals. For instance, Avendus was the top PE/VC advisor by deal value in 2021 with about $8.25 billion and they also topped private equity transaction advisory in the first half of 2024.
Another top domestic investment banking firm in India is Axis Capital which is a subsidiary of Axis bank. The firm also has eight international offices including branches in Singapore and Dubai (DIFC). Axis Capital's transaction history reveals expertise in large-scale M&A advisory, restructuring, equity and debt capital market transactions, private equity buyouts, and secondary market trades.
They were involved in the record-breaking Follow-on Public Offer (FPO) of Vodafone Idea, which is India's largest ever FPO. Besides, Axis Capital usually features in the top ten firms in investment banking fees, ECM, and DCM deals in India’s IB league tables.
The Housing Development Finance Corporation Limited or HDFC Ltd is India’s largest private bank by assets and market capitalization. It is headquartered in Mumbai and is recognized as a Domestic Systemically Important Bank (D-SIB) by the Reserve Bank of India.
HDFC has a very strong presence in investment banking, alongside its core banking operations. It offers various IB services such as structured finance, capital markets, loan syndication, M&A advisory, and capital market advisory. It’s particularly strong in ECM and DCM, often taking the top spot in quarterly league tables.
One of the major global middle-market investment banks with a strong presence and great deal flow in India is HSBC Securities and Capital Markets (India) Private Limited. The firm’s international headquarters are in London, England, and the main offices in India are in Mumbai.
HSBC Securities India provides equity and debt capital raising, mergers and acquisitions advisory, and research services.
ICICI Bank is one of India's largest private sector banks and is also recognized as a Domestic Systemically Important Bank (D-SIB) by the Reserve Bank of India. ICICI Bank does offer investment banking services, but it is not primarily an investment bank. Rather, it is a universal bank with various services, including retail banking, corporate banking, and specialized investment banking advisory under its Global Investment Group.
Its investment banking activities include mergers and acquisitions (M&A) advisory, private equity syndication, acquisition financing, project financing, structured finance, and international loan syndication. It also provides private equity placement, buy and sell side advisory, and special situation solutions.
If you want to join a multinational investment bank that’s a strong competitor to bulge bracket firms, check out Jefferies. It’s a full-service investment banking and capital markets firm providing financial advisory, mergers & acquisitions, capital markets services, and institutional brokerage.
In the first half of 2025, Jefferies took the second position in India’s investment banking fees, up from the fourth place in 2024. Some of their notable deals include the $9.5 billion sale to Sanofi where Jefferies was a joint financial advisor and the $5.5 billion sale to The Home Depot where they were the sole financial advisor.
👉 Jefferies Interview Guide
Founded in 1973 and headquartered in Mumbai, JM Financial is a financial services group with investment banking as one of its primary businesses. They manage capital market transactions, advice on mergers & acquisitions, and handle private equity syndication. The firm has a presence outside of India, with overseas branches in Mauritius, Singapore, New York, and Dubai. However, most of the group's business is domestic operations in India.
Kotak Investment Banking (Kotak Mahindra Capital Company - KMCC) is the IB arm of Kotak Mahindra Bank. They provide various capital market and advisory solutions like equity and debt capital markets, M&A advisory, private equity advisory, restructuring and recapitalization services, and structured finance. However, Kotak is particularly strong in India’s ECM and IPO markets.
They secured the top spot in India's equity capital market (ECM) deal league table in 2024 and took the top position for overall investment banking fee ranking in India. Euromoney ranked Kotak top of the ECM bookrunning league table for India during April 2023 to May 2024.
SBI Capital Markets (SBICAPS) is the investment banking arm of the State Bank of India (SBI), which is India’s largest commercial bank.
SBICAPS offers comprehensive investment banking and corporate advisory services including project advisory, structured financing, capital markets (equity and debt), mergers & acquisitions (M&A), private equity advisory, ESG advisory, startup advisory, stressed assets resolution, and loan syndication. Most of the firm’s largest deals are in India’s infrastructure and corporate sectors. For instance:
👉 Take a look at our article on investment banking salaries in India to find out more about salary benchmarks.
You can’t go wrong with any of the firms we’ve listed above. However, the perfect fit for you among them will depend on your career goals and personal preferences. To find the right investment bank for you in India, you should consider various factors that measure alignment with your goals and interests. Start by exploring global vs domestic firms.
Multinational banks like JP Morgan or Goldman Sachs offer exposure to large multinational deals and global markets while domestic firms often have strong regional focus and leadership in India-related deals. Working for a reputed global or strong regional brand can enhance your future career options.
Consider also the firm’s specialization and deal types. Most investment banks offer several IB services but their transaction or deal history gives you a clear picture of what they work on consistently. For example, Kotak Investment Banking is known for leading large IPOs and ECM, SBI Capital Markets stands out in project finance and infrastructure deals, and JM Financial is strong in capital markets and M&A advisory.
Another crucial factor to consider is work culture, lifestyle, and career growth opportunities. IB is generally demanding and firms cite a collaborative environment with opportunities for growth. But each firm has its realities. So, speak to current or former employees or attend recruitment events to interact with recruiters and current employees.
You can also consider salary, bonuses, and benefits which vary by firm. Besides base pay, look at long-term incentives, performance bonuses, and perks that are relevant for your financial goals.
👉 Check out our guide to the top investment banks worldwide and see how the industry’s biggest players compare across continents.
Investment banks in India cover the full spectrum of services, from M&A advisory and capital markets to underwriting, private placements, and restructuring. All of these play a key role in fueling India’s growth story by connecting companies with capital, shaping smarter investment decisions, and creating jobs.
If you’re aiming for exposure to global, high-profile deals, bulge bracket banks like JP Morgan, Goldman Sachs, Morgan Stanley, and Citi are the places to be. Jefferies and HSBC also offer strong alternatives with plenty of deal flow.
On the domestic side, firms such as Avendus, Kotak, SBI Capital Markets, JM Financial, ICICI, Axis, and HDFC Bank stand out. They give you the chance to work on competitive deals while building deep expertise in the Indian market.
Choosing the right bank for you comes down to knowing what you want from your career. Look at a firm’s deal history and specialization, think about whether global exposure or domestic expertise matters more to you, and make sure to get first-hand insights on culture by talking to people inside the firm. At the same time, weigh your long-term growth, exit opportunities, and compensation to see which path aligns best with your goals
