Top 10 Investment Banking Companies in India

By IIC Lakshya

16 Oct 2025

Investment banking is crucial to the future of Indian economic growth. Investment banks serve as strategic advisors to corporations, governments, and individuals of high net worth, be it the management of mergers and acquisitions, or the raising of much-needed capital via IPOs and private equity. With the financial industry in India growing by the day, professional investment bankers are in more demand than ever. This article is going to discuss the top 10 investment banking firms in India, their strengths, and the reasons why the dynamic industry should be of interest to aspiring people in the field of finance.

What is Investment Banking?

Investment banking is a specialized branch of banking that assists organizations in raising capital, managing financial risks, and undertaking large-scale financial activities like mergers, acquisitions, and public offerings. Investment banks provide services as company agents between companies and investors, which include advisory services, underwriting, and wealth management services.

To the students of commerce and those who aspire to work in the field of finance, the knowledge of how these institutions work is important, as investment banks provide one of the finest and highest-paying positions in the financial sector.

India's Top 10 Investment Banking Companies

The Indian investment banking sector is on a continuous boom, which gives incredible opportunities to businesses and finance professionals. These companies are influencing the financial future of India, starting with the multinationals such as Goldman Sachs and JP Morgan, to the most dominant domestic-based companies such as Kotak Investment Banking and ICICI Securities.

To the students of commerce and those students who aspire to become financiers, it is not only that learning about these best players will play a role in career planning, but also that they could get so much insight about the functioning of financial markets in India. The dream is to become an investment banker or even experiment with the idea of getting into a finance career, the first step toward success is to monitor these leading companies.

1. Goldman Sachs India

Goldman Sachs is a leading investment banking company globally that has been fully present in India since 2006. The Indian operations of the firm include investment banking, securities, and asset management, and are based in Bengaluru and Mumbai.

Goldman Sachs is also famous due to its advisory services given to Indian corporates on high-value M&A deals and capital market deals. Their research and analytics department is also another department that serves the global operations, making it a good place where finance professionals can look to get international exposure.

Major Services: M&A advisory services, capital raising services, asset management services, and risk management services.

2. JP Morgan Chase & Co.

JP Morgan, which is one of the oldest and most reputable companies in world finance, has had a long history in India. Its Mumbai office is a centre of investment banking, corporate banking, and treasury services.

The company has done some massive Indian transactions, including high-profile IPOs and debt issues. It is reputed for being rigorously analytical and having international standards in deal execution.

Major Services: M&A, finance, both equity and debt, Strategic advisory, and global markets.

3. Morgan Stanley India

Morgan Stanley has been at the forefront of importing international best practices in the financial markets in India. The company offers wealth management, institutional securities, and investment banking services, and is based in Mumbai and Bengaluru.

Morgan Stanley was a significant participant in the historic Indian transactions like the ICICI Bank IPO and the acquisition of Flipkart by Walmart. It is also a preferred partner to large companies and startups that require international funds.

Major Services: Equity issues, M&A advisory, and placements of private equity.

4. Citigroup Global Markets India

The investment banking division of Citi has decades of presence in India, and it has local knowledge and an international scope. Its advantage is that it assists Indian clients in entering the world capital markets.

The company has participated in some of the key Indian IPOs and debt syndications. Multinational companies that are expanding into India are also served by Citi.

Critical Solutions: Structured finance solutions, M&A, and debt capital markets.

5. ICICI Securities

Being one of the largest homegrown investment banks in India, ICICI Securities has a high presence in the retail and institutional segments. It belongs to the ICICI Group, which is one of the most powerful financial groups in India.

The investment banking unit of the firm maintains equity capital market, debt advice, and corporate finance for clients of the company, both in the private and public sectors. It has also recommended some of the greatest IPOs and bond issues in the country.

Important Services: IPO advisory, mergers and acquisitions, private placements, and research services.

6. Axis Capital Ltd.

Axis Capital is a subsidiary of Axis Bank and has become a very important domestic investment bank in India. Its main area of market activity is in equity capital markets, M&A advisory, and institutional equity research.

Axis Capital has been able to handle various IPOs, QIPs, and follow-on public offerings that involve companies that belong to different industries, such as infrastructure, healthcare, and technology.

Major Services: Capital markets transactions, corporate finance advisory, and institutional equity.

7. Kotak Investment Banking

Kotak Investment Banking is part and parcel of Kotak Mahindra Group and one of the most respected financial advisory firms in India. It offers services in M&A, private equity, capital raising, and restructuring.

Kotak has been at the forefront of numerous high-value transactions of high value both domestically and internationally and has been known to have a good relationship with its clients in addition to its ability to execute the deals.

Core Businesses: Capital Markets, Structured Finance, and Strategic Advisory.

8. Avendus Capital

Avendus Capital has established a niche in the market as a top financial advisory company serving high-growth companies and investors in the private equity sector. It is particularly well known for its collaboration with startups and technology-oriented companies in India.

Avendus has, over the years, consulted on many high-profile deals in the technology, healthcare, and consumer industries.

The important services are M&A, private equity advisory, and wealth management.

9. Edelweiss Financial Services

Edelweiss is a financial services company with diversification that deals in investment banking, asset management, and insurance. Its investment banking unit targets mid-market enterprises and provides tailored financial solutions.

It has been characterised by extensive sector experience and consultancy to start-up companies requiring capital to grow.

Globally operating divisions: Corporate advisory, capital markets, and debt syndication.

10. JM Financial

JM Financial is an Indian investment bank that over 40 years had been one of the most successful in India. The company has a long history in the capital market, debt advisory, and M&A deals.

It has established a good reputation in advising both Indian and multinational companies and is known to have a client-focused solution as well as innovative deal structuring.

Key Services: Equity and debt capital markets, private equity advisory, and corporate restructuring.

Why is Investment Banking Important in India?

The investment banking industry in India is experiencing phenomenal growth following rising foreign investments, IPOs, and the restructuring of companies. With the growing globalization of the economy, investment banks play a critical role in directing funds towards areas that have potential, like technology, renewable energy, and infrastructure.

To future financial workers, investment banking provides a chance to work in the financial modeling and valuations, M&A analysis, and strategic consulting areas, which are among the most dynamic and fulfilling in the world of commerce.

FAQs on Investment Banking in India

What is the required qualification to work in investment banking?

They must have a degree in commerce, economics, or finance. Professional courses (such as CFA, ACCA, CPA, or CMA) are also likely to increase your chances of joining the best investment banks.

What is the best investment bank to work at in India?

Global companies such as Goldman Sachs, JP Morgan, and Morgan Stanley usually have the most appealing remuneration packages, particularly to the analysts and associates in their Mumbai outlets.

Is investment banking a career worthy of commerce students?

Absolutely! Financial analysis, valuation, and strategic thinking - all of which are taught in commerce courses - are a combination of investment banking. It is among the most esteemed and well-paid professions to graduate in commerce.