Citi's Anshul Gupta may join Avendus Capital to replace Chintan Kothari who heads to VC firm

Gupta, an IIM-A and IIT-D alumnus, has worked with Citi for nearly 12 years. (Representative Image)

Anshul Gupta, a Managing Director at Citi Investment Banking India, has resigned and is likely to join Avendus Capital, replacing outgoing Managing Director and Head, Healthcare Investment Banking, Chintan Kothari, multiple industry sources with knowledge of the matter told Moneycontrol.

"Anshul has put down his papers at Citi and plans to join Avendus Capital in the next few months," one of the persons mentioned above told Moneycontrol.

Three other persons also told Moneycontrol that the above move was in the works.

All four persons above spoke to Moneycontrol on the condition of anonymity.

Citi and Avendus Capital declined to comment in response to email queries from Moneycontrol. When contacted on the phone, Kothari and Gupta declined to comment.

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

Gupta, an IIM Ahmedabad and IIT Delhi alumnus, has worked with Citi for nearly 12 years. Earlier, worked he with Greenhill & Co, Deutsche Bank and Deloitte Consulting, according to his LinkedIn profile.

Also read: Citi Investment Banking elevates 2 dealmakers as MDs

On February 16, investment firm Eight Roads Ventures announced that Kothari had joined its healthcare team in India as a Partner. In May 2022, the firm launched its first dedicated $250-million healthcare and life sciences fund for India. Kothari, who was at Avendus Capital for nearly seven years, has previously worked with Citi and Rothschild, his LinkedIn profile says.

Also read: Avendus Capital leases four floors in Mumbai’s BKC for Rs 2.4 crore per month for five years

Avendus Capital had advised Advent International (along with Kotak Investment Banking) on the private equity (PE) firm's acquisition of a majority stake in Hyderabad-based listed player Suven Pharmaceuticals from the Jasti family, a transaction that was announced in December.

Note For Readers: Corporate Crossings is a series from Moneycontrol that will focus the lens on important executive movements within companies and in the industry, and capture the exits and new innings of members of India Inc, investment bankers, lawyers, Big 4 professionals, private equity investors, & more.