Avendus Capital founders eye $35 million each after Mizuho Financial deal

Avendus Capital has advised on hundreds of transactions since 1999, lately turning into one of India’s fastest growing dealmakers by helping emerging tech tycoons to raise money. 

Now, founders Ranu Vohra, Kaushal Aggarwal and Gaurav Deepak have made a fortune themselves. On Wednesday, Mizuho Financial Group Inc said it would acquire KKR & Co’s more than 60 per cent stake in the Mumbai-based investment bank, and is seeking approval from other holders to increase that to 78.3 per cent, for ₹47 billion ($520 million) overall. 

At that price, the three founders would each own stock worth about $35 million based on their stakes of 5.5%, according to filings reviewed by the Bloomberg Billionaires Index, which is valuing their holdings for the first time. A spokesperson for Avendus declined to comment. 

The deal shows how finance founders in India are getting rich as the sector’s rapid growth attracts a wave of mergers and stock listings. Another example includes private banker Karan Bhagat, whose 360 One WAM Ltd. announced a deal with Switzerland’s UBS Group AG in April. 

Avendus ranked top for India private equity and merger and acquisition transactions in 2024 with 31 deals worth over $6.4 billion, data company Venture Intelligence said. This year it has done 26 private deals worth nearly $3 billion.