About Ambit Investment Banking

India's premier independent investment bank

Ambit is among India’s leading independent investment banks, consistently recognized for its role in complex and high-impact transactions.

Since inception, the firm has advised on over 300 transactions with an aggregate value exceeding USD 35 billion.

300+

Transactions advised

35B+

USD aggregate transaction value

Corporate Advisory

Ambit’s Corporate Advisory practice supports businesses in navigating complex strategic and capital decisions across their growth journey.

Combining deep sector insight with an extensive network of global and domestic relationships, we help clients evaluate opportunities, structure transactions and access the right partners for long-term value creation.

Our capabilities span Mergers & Acquisitions and Private Capital, enabling companies to pursue strategic expansion, access growth capital and unlock liquidity with thoughtful and well- structured solutions.

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Equity Capital Markets

Ambit advises on a wide spectrum of Equity Capital Market transactions, including IPOs, QIPs, FPOs, rights issues, open offers, delistings, blocks and buybacks.

Leveraging deep regulatory expertise and strong relationships with domestic and global investors through our Institutional Equities platform, we help companies and shareholders access capital markets and execute liquidity events.

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League Tables

Venture Intelligence logo Ambit Investment Banking logo

Ambit ranks among the Top 3 Investment Banks in India for M&A and PE

(January – March 2026)

As per Venture Intelligence League Tables

Ambit continues to top the charts!

Venture Intelligence League Table Rankings: Ranked #2 per M&A deal amount, and ranked #3 per PE deal amount
Venture Intelligence logo Ambit Investment Banking logo

Ambit ranks among the top 5 Investment Banks in India for M&A

(January – March 2025)

As per Venture Intelligence League Tables

Ambit continues to top the charts!

#5 Per number of deals
Venture Intelligence logo Ambit Investment Banking logo

Ambit ranks among the Top 3 Investment Banks in India for M&A

(January – March 2025)

As per Venture Intelligence League Tables

Ambit continues to top the charts!

#3 Per number of deals and amount
Venture Intelligence logo Ambit Investment Banking logo

Ambit ranks among the Top 5 Investment Banks in India for PE

(January – December 2024)

As per Venture Intelligence League Tables

Ambit continues to top the charts!

#4 Per number of deals
Venture Intelligence logo Ambit Investment Banking logo

Ambit ranks among the Top 10 Investment Banks in India for M&A

(January – December 2024)

As per Venture Intelligence League Tables

Ambit continues to top the charts!

#7 Per number of deals

Meet Our Leadership

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Ashok Wadhwa

Group CEO, Ambit Group

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Ashok Wadhwa

Group Chief Executive Officer, Ambit Group

Ashok Wadhwa is the Group Chief Executive Officer of Ambit and Non-Executive Director of Ambit Finvest Private Limited.

Ashok founded Ambit in 1997 and has been responsible for building Ambit into one of India’s premier full-service Investment Banks.

Alongside Ambit, he co-founded RSM & Co., a tax advisory firm. He built RSM into a world-class Indian consulting house over a decade, which then merged with PricewaterhouseCoopers in 2007.

Widely regarded as an incisive investment banker, Ashok has steered a broad gamut of transactions across sectors and geographies.

He is the recipient of several awards, including the Priyadarshini Academy award for Outstanding Contribution in the field of Financial Management.

Before founding Ambit, Ashok was Managing Partner, Arthur Andersen, Mumbai. He is very active in industry forums and has in the past served as President of Bombay Chambers of Commerce and Industry (BCCI), Member, Managing Committee, Federation of Indian Chambers of Commerce and Industry (FICCI) and Member, Managing Committee, Young President’s Organization (YPO).

Ashok is a Chartered Accountant and Law graduate from the University of Mumbai.

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Rahul Mody

Managing Director & Head, Investment Banking

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Rahul Mody

Managing Director & Head, Investment Banking

Rahul Mody is Managing Director & Co-Head of Investment Banking at Ambit. He is also responsible for the Infrastructure vertical, comprising the Utilities, Power, Energy, Sustainability, Transport and Telecom sectors, as well as the Real Estate vertical.

He has 28 years of experience in Investment Banking. Rahul joined Ambit in 2014 from Greenhill, London where he was a Managing Director and Partner. In total, Rahul practised in Europe based out of London for 13 years.

He has also previously worked with Dresdner Kleinwort, Mumbai and London, and PricewaterhouseCoopers.

Having extensive relationships with companies and financial investors in India and globally, he has advised on several M&A as well as equity and debt capital raising transactions worth over $50bn.

Rahul is a qualified Chartered Accountant, Company Secretary and Cost Accountant, having graduated from Sydenham College of Commerce & Economics, Mumbai University.

Rahul has also completed Advanced Management Program from The Wharton School, University of Pennsylvania.

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Skanda Jayaraman

Managing Director & Co-Head, Investment Banking

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Skanda Jayaraman

Managing Director & Co-Head, Investment Banking

Skanda Jayaraman is Managing Director & Co-Head of Investment Banking at Ambit. He is responsible for further strengthening Ambit’s market positioning while expanding its reach and sectoral depth.

He brings over two decades of experience spanning fintech leadership, investment banking, and credit risk across India and Singapore. Most recently, he operated as the Founder of Altflow Advisors in Bengaluru, where he built a data solutioning platform for the BFSI ecosystem and advised on capital raising strategies.

Prior to this, he served as the CEO of Qapita Marketplace in Singapore, and prior to that, as the Managing Director & Head of Investment Banking at Spark Capital Advisors. He has also served as an Advisor on the Investment Recommendation Committee of InCred Growth Partners Fund I & II, with deep expertise in credit management and analytics.

Skanda holds an MSE in Financial Engineering from the University of Michigan, USA and a Bachelor of Engineering degree from the University of Madras, Chennai.

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Ankur Aggarwal

Managing Director, Investment Banking

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Ankur Aggarwal

Managing Director, Investment Banking

Ankur is an Managing Director in the Investment Banking team of Ambit and covers the Financial vertical.

Ankur has over 10 years of experience in Investment Banking. Prior to joining Ambit, Ankur worked with KPMG Corporate Finance, Haitong Investment Bank & UBS Investment Bank.

Through his career, he has closed substantial number of mandates in the financial services domain including True north majority stake investment in Max Bupa, Carlyle minority stake investment in SBI cards, AavishkarIntellecap Group fundraise from Nuveen, Piramal Enterprise investment in Shriram Transport & Shriram Capital, IPO of HDFC Life, IPO of CDSL.

Ankur is an MBA from IIM Ahmedabad and holds a Dual Degree program in Biochemical Engineering from IIT Delhi.

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Ankur Saraf

Managing Director, Investment Banking

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Ankur Saraf

Managing Director, Investment Banking

Ankur Saraf is an Managing Director in the Investment Banking team of Ambit & has been with Ambit since 2019.

Prior to joining Ambit, Ankur worked with IDFC Securities and Ernst & Young.

Ankur has 14 years of experience in M&A Advisory, Private Equity, Mezz Fund Raise, Debt Syndication, IPO and Bid Advisory products.

He has covered the digital infrastructure, transportation, sustainable energy and tech industries in the past, while working on both the buy and sell sides with marquee clients.

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Raman Gupta

Managing Director, Investment Banking

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Raman Gupta

Managing Director, Investment Banking

Raman is a Managing Director in the Investment Banking team of Ambit and focuses on Infrastructure vertical, comprising Utilities, Energy, Transport and Telecom. Raman started his Investment Banking career at Ambit Corporate Finance in 2007.

He has previously worked for four years with PricewaterhouseCoopers in the statutory audit vertical.

He has advised leading Indian corporates and Global financial institutions on a range of infrastructure transactions in the Power Transmission, Transport and Renewables Sectors.

Raman is an MBA from Indian Institute of Management Bangalore, a CA from Institute of Chartered Accountants of India, New Delhi, and an alumni of Shri Ram College of Commerce, Delhi.

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Huzefa Dehgamwala

Executive Director, Investment Banking

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Huzefa Dehgamwala

Executive Director, Investment Banking

Huzefa Dehgamwala covers the real estate, logistics & transportation sectors at Ambit Corporate Finance with responsibilities for sector coverage, transaction origination and execution.

In his role at Ambit, he has 15 years of experience advising leading Indian & MNC clients on a range of sell-side & buy-side transactions across M&A and capital raising.

Prior to joining Ambit, Huzefa worked with a US based investment bank, McGladrey Capital Markets (formerly known as RSM EquiCo) and CRISIL (S&P 500 company).

He holds a Bachelor of Commerce degree (Accountancy) from H.R. College, Mumbai and an MBA from Welingkar Institute of Management, Mumbai.

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Sriram Patil

Executive Director, Investment Banking

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Sriram Patil

Executive Director, Investment Banking

Sriram is an Executive Director in the Investment Banking team, covering the financial services vertical, with over 16 years of experience in investment banking and business development.

Prior to joining Ambit, he worked with Spark Capital, Avendus, ICICI Securities, and Yes Bank.

He has advised on multiple transactions across capital markets, private equity and M&A advisory, with a focus on NBFCs, banks, fintech, and payments companies.

Sriram is an MBA from the Indian Institute of Management, Calcutta, and holds a Bachelor of Engineering degree from NIT Surathkal.

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Vishal Shah

Executive Director, Investment Banking

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Vishal Shah

Executive Director, Investment Banking

Vishal is an Executive Director in the Investment Banking division and covers the consumer vertical

He has over 13 years of experience in Investment Banking. Before joining Ambit, Vishal worked with renowned companies like DAM Capital Advisors limited (formerly IDFC Securities) and Deloitte.

Vishal has worked extensively across private equity, M&A Advisory, and Capital Markets products.

In the past, Vishal has predominantly covered the FMCG, retail, consumer durables, travel, business services packaged foods, and EMS space and has worked on both the buy and sell sides with marquee clients.

Vishal is a Chartered Accountant and an MBA from San Diego State University, CA, USA.

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Vikas Khattar

Managing Director & Head, Equity Capital Markets & FSG Coverage

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Vikas Khattar

Managing Director & Head, Equity Capital Markets & FSG Coverage

Vikas Khattar is the Managing Director & Head of Equity Capital Markets & FSG Coverage at Ambit.

He has over 29 years of rich experience in the Indian Investment Banking industry. Before joining Ambit, he worked with organizations like DSP Merrill Lynch, Citigroup, Morgan Stanley, HSBC and Jefferies in several senior positions across Capital Markets and Investment Banking groups therein.

He is also the Vice-Chairman on the Board of Association of Investment Bankers of India (AIBI).

Vikas holds a Post-Graduate Diploma from the Indian Institute of Management and Bachelor’s degree in Mechanical Engineering from BITS, Pilani. He is also a CFA Charter-holder.

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Sandeep Sharma

Managing Director, Investment Banking

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Sandeep Sharma

Managing Director, Investment Banking

Sandeep Sharma is an Managing Director (ECM) in the Investment Banking team of Ambit.

He has over 20 years of experience in managing equity capital market (ECM) transactions including IPOs, QIPs, rights issues, open offers and buybacks.

Previously Sandeep has worked with Antique Capital Markets, JM Financial and KPMG.

Sandeep is a CFA® Charter holder, a qualified Chartered Accountant and Post Graduate Diploma in Business Management from SPJIMR, Mumbai.

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Praveen Sangal

Executive Director, Investment Banking

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Praveen Sangal

Executive Director, Investment Banking

Praveen Sangal is an Executive Director (ECM) in the Investment Banking team of Ambit.

He has over 20 years of experience in managing equity capital market (ECM) transactions including IPOs, QIPs, rights issues, open offers, buybacks and delisting transactions.

He has advised several domestic companies and MNC’s on various ECM transactions. Prior to joining Ambit in 2007, Praveen had worked with Keynote Corporate Services.

Praveen holds Post Graduate Diploma in Business Administration from SIES College of Management Studies, Navi Mumbai.

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Sectors

Financial services

Financial institutions are being reshaped by evolving regulation, digital innovation and changing models of capital intermediation. Understanding business models, risk architecture and regulatory dynamics is central to navigating this landscape and identifying sustainable growth opportunities.

Consumer

The consumption landscape continues to evolve as legacy FMCG leaders and new-age direct-to-consumer brands compete for consumer attention and loyalty. Durable value creation is driven by strong brands, pricing power and resilient margins across the consumption value chain.

Healthcare & pharmaceuticals

Healthcare and pharmaceuticals operate at the intersection of scientific innovation, regulatory oversight and capital-intensive growth. Success in this sector requires a deep understanding of regulatory pathways, manufacturing complexity and evolving care delivery models.

Industrials & chemicals

Industrial and chemical businesses form the backbone of global and domestic supply chains. Competitive advantage in the sector is often built through manufacturing depth, process expertise and cost leadership, supported by disciplined capacity expansion and strategic positioning.

Infrastructure, real assets & logistics

Infrastructure and real assets are defined by long investment horizons, stable cash flows and policy-driven dynamics. Value creation often depends on efficient capital allocation, asset optimisation and platform-scale opportunities across growth, monetisation and consolidation.

Digital & new age

Technology increasingly serves as the horizontal layer across industries, shaping business models, scalability and competitive advantage. From digital platforms to telecom infrastructure, long-term value is driven by innovation, strong unit economics and scalable operating models.

Key Transactions

All Transactions
Quick Clean Private Limited

Capital Raise

USD 14 mn

FY27

Exclusive financial advisor to QuickClean on its Series B fundraise

Ambit acted as the exclusive financial advisor to QuickClean on its USD 14 Mn Series B fundraise led by Stakeboat Capital, with participation from existing investors Alkemi Growth Capital and Blue Ashva Capital

Exclusive financial advisor to QuickClean on its Series B fundraise

Ambit acted as the exclusive financial advisor to QuickClean on its USD 14 Mn Series B fundraise led by Stakeboat Capital, with participation from existing investors Alkemi Growth Capital and Blue Ashva Capital

Manorama

ECM

INR 5.0 bn

FY27

Left Lead Manager for the QIP of Manorama Industries Limited

Ambit acted as the Left Lead Manager to INR 5 bn Qualified Institutions Placement of Manorama Industries Limited and leading end-to-end transaction execution

Left Lead Manager for the QIP of Manorama Industries Limited

Ambit acted as the Left Lead Manager to INR 5 bn Qualified Institutions Placement of Manorama Industries Limited and leading end-to-end transaction execution

medanta

ECM

INR 1.23 bn

FY27

Advisor and Broker to Sunil Sachdeva for sale of shares of Global Health (Medanta)

Advisor and Broker to Sunil Sachdeva for sale of 1mn shares of Global Health (Medanta) aggregating to c. INR 1.23 bn

Advisor and Broker to Sunil Sachdeva for sale of shares of Global Health (Medanta)

Advisor and Broker to Sunil Sachdeva for sale of 1mn shares of Global Health (Medanta) aggregating to c. INR 1.23 bn

Macquarie

M&A

NA

FY27

Advisor to Macquarie Asset Management on acquisition of CDPQ's Stake of upto c.37.5% in Maple Infrastructure Trust

Ambit acted as an advisor to Macquarie Asset Management on acquisition of CDPQ's Stake of upto c.37.5% in Maple Infrastructure Trust

Advisor to Macquarie Asset Management on acquisition of CDPQ's Stake of upto c.37.5% in Maple Infrastructure Trust

Ambit acted as an advisor to Macquarie Asset Management on acquisition of CDPQ's Stake of upto c.37.5% in Maple Infrastructure Trust

property-share

ECM

INR 2.45 bn

FY27

Sole BRLM to IPO of PropShare Celestia Scheme

Ambit acted as sole book running lead manager for IPO of the third scheme of Property Share Investment Trust - PropShare Celestia (SM-REIT) aggregating to c. INR 2.45 bn

Sole BRLM to IPO of PropShare Celestia Scheme

Ambit acted as sole book running lead manager for IPO of the third scheme of Property Share Investment Trust - PropShare Celestia (SM-REIT) aggregating to c. INR 2.45 bn

citius-transnet

ECM

INR 11 bn

FY27

Book Running Lead Manager for IPO of Citius TransNet Investment Trust

Ambit acted as the BRLM to INR 11 bn IPO of Citius TransNet Investment Trust. Launched amid subdued IPO market, yet saw strong Long-only investor participation, reflecting confidence in Citius TransNet InvIT’s story

Book Running Lead Manager for IPO of Citius TransNet Investment Trust

Ambit acted as the BRLM to INR 11 bn IPO of Citius TransNet Investment Trust. Launched amid subdued IPO market, yet saw strong Long-only investor participation, reflecting confidence in Citius TransNet InvIT’s story

Sresta Natural Bio Products Private Limited

M&A

INR 4.73 bn

FY26

Exclusive financial advisor on the strategic acquisition of 24 Mantra by ITC Ltd.

Ambit acted as the exclusive financial advisor to selling shareholders of Sresta Natural Bioproducts Pvt. Ltd., the parent company of the 24 Mantra Organic brand, in its strategic acquisition by ITC Ltd.

Exclusive financial advisor on the strategic acquisition of 24 Mantra by ITC Ltd.

Ambit acted as the exclusive financial advisor to selling shareholders of Sresta Natural Bioproducts Pvt. Ltd., the parent company of the 24 Mantra Organic brand, in its strategic acquisition by ITC Ltd.

CVC Capital

ECM

INR 1 bn

FY26

Sale of Promoter's stake

Ambit Successfully Executes ~INR 100 Cr Block Deal for Dr B.S. Ajaikumar in HCG

Sale of Promoter's stake

Ambit Successfully Executes ~INR 100 Cr Block Deal for Dr B.S. Ajaikumar in HCG

Saatvik Green Energy Limited

ECM

INR 9 bn

FY26

Book Running Lead Manager for IPO of Saatvik Green Energy Limited

Ambit acted as a Book running lead manager to the INR 9.0 bn IPO consisting a Fresh Issue of INR 7.0 bn and an Offer for Sale of INR 2.0 bn. Deal was launched amidst a busy season of IPOs, yet attracted participation from Long Only Investors, highlighting confidence in Saatvik’s growth story

Book Running Lead Manager for IPO of Saatvik Green Energy Limited

Ambit acted as a Book running lead manager to the INR 9.0 bn IPO consisting a Fresh Issue of INR 7.0 bn and an Offer for Sale of INR 2.0 bn. Deal was launched amidst a busy season of IPOs, yet attracted participation from Long Only Investors, highlighting confidence in Saatvik’s growth story

Notice to Clients, Investors, Beneficiaries, Stakeholders and Third Parties

Investors, clients, beneficiaries and stakeholders are hereby made aware that Ambit Private Limited, a SEBI registered Merchant Banker (SEBI Registration No. INM000010585) may also undertake certain fee-based, non-public fund-based activities, which may not be regulated by SEBI or any other financial sector regulator. Examples of such activities include private placements and related advisory services, M&A transactions advisory etc.

It may be noted that the SEBI investor protection mechanism will not be available for any grievance or disputes arising out of, or pertaining to, non-SEBI regulated activities.

This disclosure is made in terms of Clause 11.2.6 of the SEBI Circular no. HO/49/11/11(106)2025-CFD-RAC-DIL3/I/1796/2026 dated January 2, 2026 on “Specification of the consequential requirements with respect to Amendment of Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992”.