Avendus raises Rs 100 cr from Eastgate Capital

MUMBAI: Financial services company Avendus Capital has raised Rs 100 crore from private equity firm Eastgate Capital to fund the expansion of its institutional broking franchise and international presence.

"We have raised Rs 100 crore from Eastgate Capital, a private equity subsidiary of NCB Capital," Avendus Managing Director and CEO Ranu Vohra told reporters here on Wednesday.

The funding would be used to strengthen Avendus' presence in new geographies, particularly in the Middle East. "Besides, the investment will strengthen our institutional broking franchise," Vohra said.

Avendus offers the full range of financial services, including PE syndication, M&A advisory, structured finance advisory, equity capital markets and institutional broking.

The transaction would also help Avendus gain access to Eastgate customers, he said, adding it would benefit customers of both companies.

On acquisitions, Vohra said, "we have always believed in investing at the right time and in the right place. We will consider all opportunities for acquisitions."

"We can do something that will be small and helps us to enter the markets where we could not enter otherwise," he said.