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KKR-backed Avendus to acquire Spark Capital's institutional equities business

Moneycontrol was the first to report the buyout. The valuation is expected to be around Rs 300 crore

January 31, 2022 / 10:15 AM IST
(From left): Avendus co-founders Ranu Vohra, Gaurav Deepak and Kaushal Aggarwal.

(From left): Avendus co-founders Ranu Vohra, Gaurav Deepak and Kaushal Aggarwal.

KKR-backed financial services firm Avendus has announced its plans to expand its offerings to include institutional equities and capital markets. As part of this, it has executed an agreement with Spark Capital to acquire its institutional equities business, subject to necessary regulatory approvals.

Moneycontrol was the first to report the buyout.

“The transaction has reached the last leg and an official announcement can be expected shortly. The valuation is expected to be around Rs 300 crore,” said one of the sources.

Spark’s institutional equities franchise is home to an 80-member team, catering to 400 plus institutional clients over the last 15 years. The team, led by Ganeshram Jayaraman, will continue to run the business.