The number of i-banks increases in India
By siliconindia   |   Friday, 16 July 2010, 19:48 IST
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The number of i-banks increases in India
Bangalore: The number of investment banks (i-bank) in India is increasing day by day. According to industry estimates, at least 300 i-banks have been set up in India over the past 18 months, compared to only 50-60 new i-banks in 2006-07, when fund-raising was at its peak, reports Deeepti Chaudhary of Mint. Experts said that number Indian firms are raising funds for acquisitions now, though i-banks have been around for long. And i-banks are looking to have a share of benefit. According to Deepak Srinath, director of Viedea Capital Advisors, a Bangalore-based boutique i-bank, if it's a good deal a number of i-bankers are available. "It's like real estate brokering now", said Srinath. Boutique i-banks typically handle sub-$25 million (Rs115 crore) deals, that helps in areas like fund-raising, debt, and private equity (PE) and venture capital investments. There are about 15 multinational investment bankers in India now. On the other hand, the nuber of homegrown i-banks lies in between 15 to 20. There are nearly 1,000 small i-banks in India with one or two partners. Most of the i-banks that have come up since early 2009 are in this last category. In April 2009, Renuka Ramnath, then Managing Director and Chief Executive at ICICI Venture Funds Management, quit to float PE Multiples Alternate Asset Management, Ajay Relan quit as Managing Director and India Head of Citi Venture Capital International in 2008 to launch CX Partners, writes Chaudhary.

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