Investment Banking Firms in India – Rankings, Deals & Careers

09 Feb 2026
Knowledge Cafe
Investment Banking Firms in India – Rankings, Deals & Careers

Investment banking is one of the most misunderstood careers in finance. Many people assume it is about stock trading or managing personal investments. In reality, investment banking operates at a very different level and works closely with India’s biggest companies and investors.

Today, investment banking firms in India play a crucial role in IPOs, mergers, acquisitions and large fundraises that shape corporate India. This blog explains what investment banking is, who are the major players and what careers in this field really look like.

What is Investment Banking?

Investment banking is a specialised financial service that helps companies raise capital and execute major strategic decisions. And investment bankers act as financial advisors to businesses during high-stakes situations.

For example:

  • When a company plans an IPO to access public markets...
  • When two companies want to merge
  • When promoters want to sell part of their stake
  • When a firm raises money from private equity or global investors

Investment banking firms value the business, structure the deal, identify investors or buyers, negotiate terms and ensure regulatory compliance. These are large-ticket transactions, often running into thousands of crores and are executed behind the scenes.

Types of Investment Banking Firms in India

Global Investment Banks

These firms dominate large cross border and marquee transactions.

Examples:

  • Goldman Sachs
  • Morgan Stanley
  • JPMorgan
  • Citigroup

They usually handle billion-dollar IPOs, global M&A deals and large PE exits. Entry is extremely competitive, especially at junior levels.

Indian Full-Service Investment Banks

These firms understand local regulations, promoters and sector dynamics deeply.

Few names include:

They are very active in IPOs, QIPs and domestic M&A. Recent mandates, such as the Goldiam International QIP, highlight the execution capabilities of domestic firms in the mid-market space. Many mid-sized deals in India are led by these firms rather than global banks.

Boutique and Mid-Market Firms

Boutique investment banking companies focus on specific sectors or deal sizes.

Examples:

  • Avendus Capital
  • O3 Capital
  • Ambit Capital
  • Spark Capital

These firms are strong in technology, consumer & mid market M&A deals. For careers, boutique banks often give early hands-on exposure and wider responsibilities.

Top Investment Firms in India, based on Fees in 2025

  • Jefferies  
    In 2025, Jefferies emerged as top investment banking firm in India by fees, earning around $98.9 million across IPOs, M&A, DCM and ECM deals which is a sharp rise from its 2024 position.
  • Morgan Stanley  
    Morgan Stanley earned about $85 million in fees in 2025 cementing itself as consistent leader in cross border & equity capital markets.
  • JPMorgan Chase  
    With approximately $81 million in fees, JPMorgan ranked third, driven by both ECM and M&A mandates.

Source: ET

Investment Banking Jobs Roles and Hierarchy

A typical investment banking team structure looks like this:

  • Analyst
  • Associate
  • Vice President
  • Director
  • Managing Director

Analysts and associates do most of the execution work, including financial models, pitch decks, valuations and due diligence. Senior bankers focus on client relationships and deal origination. Investment banking jobs are demanding but the skill set built here is hard to replicate elsewhere.

Investment Banking Jobs for Freshers

Breaking into investment banking straight out of college is tough but achievable.

Freshers can enter through:

  • Analyst roles at boutiques or Indian banks
  • Campus hiring at top global banks
  • Strong internships converting into full-time roles

A background in finance, accounting or economics helps but practical skills matter more than degrees. Excel, PowerPoint, valuation and financial modelling are non-negotiable.

Why Investment Banking Internship Matters

An investment banking internship is often the real entry gate. Interns work on:

  • Live deal execution
  • Financial models and valuation work
  • Pitch books and client materials

Performance during internships usually decides full time offers and for students, internships carry more weight than certifications.

Conclusion

Investment banking firms in India operate at intersection of capital, strategy and growth. And the work is demanding but the learning curve is steep and rewarding.

For those who enter with clarity and preparation, investment banking offers one of the strongest long term career platforms in finance.

FAQs

  • Are investment banking jobs only for MBA graduates?  
    No. While MBAs help, many analysts come from CA, CFA, economics or engineering backgrounds with strong financial modelling and valuation skills.
  • How competitive are investment banking internships in India?  
    Extremely competitive. Internships are limited and selection depends on skills, preparation and strong networking rather than degrees alone.
  • What is the difference between Merchant Banking and Investment Banking in India?  
    In India, the terms are often used interchangeably, but 'Merchant Banker' is the specific regulatory term used by SEBI for entities authorized to manage issues (IPOs), while Investment Banking is the broader global term for the industry.
  • How do boutique investment banks differ from full-service banks?  
    Boutique firms typically focus on specific sectors (like tech or consumer) or mid-market deals, offering specialized advice, whereas full-service banks handle a wider range of services including large-cap IPOs, retail broking, and wealth management.
  • What qualifications are needed for a career in investment banking?  
    While an MBA, CA, or CFA is highly valued, practical skills in financial modelling (Excel), valuation, and creating pitch decks are equally critical for entry-level analyst roles.
  • Which are the top investment banking firms in India by fees?  
    As of early 2025, firms like Jefferies, Morgan Stanley, and JPMorgan are leading in fee tables, alongside strong domestic players like Kotak, Axis Capital, and Monarch Networth Capital in the mid-market segment.

Looking for strategic capital advice? Explore how our Merchant Banking division helps corporates navigate complex growth cycles.

Related Reading Context

Disclaimer: Investments in the securities market are subject to market risks, read all the related documents carefully before investing. The information provided in this material is only for education purposes and should not be used for public distribution and must not be reproduced or redistributed to any other person. One must consult their legal, tax and financial advisors before taking any investment related decisions. https://www.mnclgroup.com/research-disclaimer

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    Monarch Networth Capital Limited (‘MNCL’) | CIN No.: L64990GJ1993PLC120014

    Registered Address

    Unit No. 803-804A, 8th Floor, X-Change Plaza, Block No. 53, Zone 5, Road-5E, Gift City, Gandhinagar - 382050, Gujarat

    Corporate Address

    Ahmedabad

    “Monarch House”, Opp Prahladbhai Patel garden, Near Ishwar Bhuvan, Commerce Six Roads, Navrangpura, Ahmedabad - 380009

    Mumbai

    Monarch Networth Capital Limited, G Block, Laxmi Tower, B Wing, 4th Floor, Bandra Kurla Complex, Bandra East, Mumbai - 400051.

    Contact Details

    Tel:079-26666500 / 6600500
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    Compliance Officer:Nikhil Parikh (Click to view details)
    Compliance Email:compliance@mnclgroup.com
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    CLIENT BANK ACCOUNT DETAILS

    Investors are requested to note that Stock broker (Monarch Networth Capital Ltd) is permitted to receive money from investors through designated bank accounts only named as Up streaming Client Nodal Bank Account (USCNBA). Stock broker (Monarch Networth Capital Ltd) is also required to disclose these USCNB accounts to Stock Exchange. Hence, you are requested to use following USCNB accounts only (Click to View) for the purpose of dealings in your trading account with us. The details of these USCNB accounts are also displayed by Stock Exchanges on their website under “Know/ Locate your Stock Broker".

    Registered Numbers

    SEBI Registration No:INZ000008037
    NSE Member ID:06386
    BSE: Member ID :197
    MCX: Member ID :10585
    Date of Admission:28/02/2004
    NCDEX: Member ID :00011
    Date of Admission:06/12/2003
    CDSL-DP ID:35000
    NSDL-DP ID:IN303052
    SEBI Reg (DP):IN-DP-278-2016
  • Complete name of entity registered with SEBI as Portfolio Manager:Monarch Networth Capital Limited
    Type of Registration (Individual, Non-Individual):Non-Individual
    PMS Registration No.:INP000006059
    Corporate Identification No.:L64990GJ1993PLC120014
    Principal Place of Business:301-302, 3rd Floor, Arunachal Building, Barakhamba Road, New Delhi - 110001
    Registered Office Address:Unit No. 803-804A, 8th Floor, X-Change Plaza, Block No. 53, Zone 5, Road-5E, Gift City, Gandhinagar, Gujarat, India, 382050
    Corresponding SEBI regional/local office Address:8th floor, Plate B, Tower 1, NBCC Complex, East Kidwai Nagar, New Delhi – 110023

    Contact Details

    Principal Officer:Md Shaukat Ali
    Contact No.:011-40851303
    Compliance Officer:Ms. Bhumika Gowda
    Contact No.:011-40851312

    Mechanism for addressing grievances and information about SCORES.

    Contacts for Investor Grievance

    pms.grievance@mnclgroup.com

  • Fund Name:Monarch AIF
    Category of AIF :Category III
    AIF Registration number :IN/AIF3/20-21/0787
    Registration Date :April 23, 2020
    Registered Office Address :Laxmi Tower, B Wing, 4th Floor, G Block, Bandra Kurla Complex, Bandra East, Mumbai 400051

    Contact Details

    Fund Manager:Mr. Abhisar Jain
    Phone :+91 22 66746425
    Compliance Officer:Ms. Yukti Jain
    Phone :+91 22 66746424

    Gift City AIF Disclaimer

    Monarch Networth Capital IFSC Private Limited (Wholly owned subsidiary of Monarch Networth Capital Limited) is a Registered Fund Management Entity (Retail) having Registration No: IFSCA/FME/III/2025-26/169. Monarch India Growth Fund will be an open-ended Restricted Scheme (Non-Retail) construed as a Category III AIF under the IFSCA (Fund Management) Regulations, 2025. Monarch AIF is a Category III AIF having SEBI Registration No. IN/AIF3/20-21/0787. This material is for informational purposes only and is not intended as an offer or solicitation or investment advice to buy or sell securities. Investments are subject to market risks. The offering is made only through official scheme documents to eligible investors under GIFT IFSC regulations. Investors should read all documents carefully and consult their advisors before investing.

  • Complete name of entity registered with SEBI as Merchant Banker:Monarch Networth Capital Limited
    Type of Registration (Individual, Non-Individual):Non-Individual
    MB Registration No.:INM000011013
    Corporate Identification Number:L64990GJ1993PLC120014
    Principal Place of Business:4th FLoor, B Wing, Laxmi Tower, Bandra Kurla Complex, Bandra East, Mumbai-400051
    Registered office address:Unit No. 803-804A, 8th Floor, X-Change Plaza, Block No. 53, Zone 5, Road-5E, Gift City, Gandhinagar, Gujarat, India, 382050

    Contact Details

    Compliance Officer:Mr.Jayesh Bhagwat
    Contact No.:(022) 66476400
    Email for Regulatory Communication:mbdcompliance@mnclgroup.com

    Mechanism for addressing grievances and information about SCORES.

    Contacts for Investor Grievance

    mbd@mnclgroup.com

  • Complete name of entity registered with SEBI as Research Analysts :Monarch Networth Capital Limited
    Type of Registration (Individual, Non-Individual):Non-Individual
    RA Registration No.:INH000000644
    BSE Enlistment No.:5039
    Corporate Identification Number: L64990GJ1993PLC120014

    Contact Details

    Registered office address: Unit No. 803-804A, 8th Floor, X-Change Plaza, Block No. 53, Zone 5, Road-5E, Gift City, Gandhinagar, Gujarat, India, 382050
    Principal Place of Business: 4th FLoor, B Wing, Laxmi Tower, Bandra Kurla Complex, Bandra East, Mumbai-400051
    Principal Officer: Sahil Sanghvi
    Compliance Officer: Nikhil Parikh
    Telephone no.: +91-79-26666768
    Contacts for Investor Grievance: ragrievance@mnclgroup.com
  • Complete name of entity registered with SEBI as Investment Adviser : Monarch Networth Investment Advisors Private Limited
    Type of Registration (Individual, Non-Individual) :Non-Individual
    IA Registration No.: INA000005721
    BSE Enlistment No.:2005
    Validity of registration : Perpetual
    Corporate Identification Number : U74140GJ2007PTC052348
    Registered office address : Monarch House, Nr. Ishwar Bhuwan Cross Road, Nr. Commerce Six Road, Navrangpura, AHMEDABAD, GUJARAT, 380009
    Corresponding SEBI Office address: SEBI Bhavan, Western Regional Office, Panchvati 1st Lane, Gulbai Tekra Road, Ahmedabad - 380006, Gujarat

    Contact Details

    Principal Officer : Arpan Dhirendra Shah
    Email address : Arpan.shah@mnclgroup.com
    Compliance Officer : Ankita Sudhir Madhwani
    Telephone no. : +91 22-66476405
    Registration granted by SEBI, enlistment of IA with Exchange and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.
  • Monarch Networth Capital Limited (‘MNCL’) | CIN No.: L64990GJ1993PLC120014

    Company Secretary & Compliance Officer

    (As per LODR Regulations and Companies Act, 2013)

    Contact information of the designated officials of the listed entity who are responsible for assisting and handling investor grievances : Mr. Nitesh Tanwar

    Monarch Networth Capital Limited

    Registered Address

    Unit No. 803-804A, 8th Floor, X-Change Plaza, Block No. 53, Zone 5, Road-5E, Gift City, Gandhinagar - 382050, Gujarat

    Corporate Address

    Ahmedabad

    “Monarch House”, Opp Prahladbhai Patel garden, Near Ishwar Bhuvan, Commerce Six Roads, Navrangpura, Ahmedabad – 380009

    Mumbai

    Monarch Networth Capital Limited, G Block, Laxmi Tower, B Wing, 4th Floor, Bandra Kurla Complex, Bandra East, Mumbai - 400051.

    Phone: 022 - 66476400 / 66476405

    Email: cs@mnclgroup.com

    Contact Details

    “Filing of complaints on SCORES – Easy & quick
    (Link is given in our useful link option on our website)

    • A. Register on SCORES portal
    • B. Mandatory details for filing complaints on SCORES:
      • I. Name, PAN, Address, Mobile Number, Email ID
    • C. Benefits
      • I. Effective communication
      • II. Speedy redressal of the grievances

    Email for Grievance: cs@mnclgroup.com

    Listing of Equity Shares on Stock Exchange at

    BSE

    Add :Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400 001
    Scrip Id :Monarch Scrip Code : 511551

    NSE

    Add :Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra (E) Mumbai – 400 051.
    Scrip Id :Monarch Scrip Code : MONARCH

    Demat ISIN Numbers in NSDL & CDSL for

    Equity Shares:INE903D01011

    REGISTRAR AND SHARE TRANSFER AGENT

    MUFG Intime India Private Limited

    (Formerly known as Link Intime India Private Limited)

    Add:C 101, 247 Park, L.B.S. Marg, Vikhroli (West), Mumbai - 400083
    Tel:(0) 810 811 6767
    Toll-free number:1800 1020 878
    Fax:022 - 4918 6060

    Escalation Matrix

    For any queries related to broking please contact helpdesk@mnclgroup.com.

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