Citi helps Indian companies raise nearly US$16bn year to date, strong deal flow expected to continue
Bengaluru – Citi’s Investment Banking business has supported Indian companies in completing dozens of landmark transactions across mergers and acquisitions (M&A), equity capital markets, and debt capital markets, securing the leading market share in India.
Year to date Citi is ranked top for Investment Banking revenues in data provider Dealogic’s League Table, with a market share of 7% with revenues up close to 100% year on year according to Dealogic data. (Reported Dealogic revenues up from US$29m to US$52m).
Indian companies have continued to expand their international presence and raise cost effective financing to support their growth ambitions, largely across the tech space.
Citi has been at the heart of this trend, leveraging its leading global network to help Indian companies access global capital markets and advise on transformational strategic transactions.
Year to date Citi has raised close to US$16bn for local clients, including landmark financings and has advised on US$36bn of M&A involving key Indian companies. The bank is currently top in Dealogic’s M&A league table with a market share of 28%.
Citi remains committed to helping Indian companies strengthen their international competitiveness amid a complex and evolving business landscape.
“Citi is growing with our clients in India as we deliver the full power of the franchise to clients both locally and across Citi’s global network. India is a key market for Citi globally, home to a range of world class companies who we are supporting both at home and abroad. We have a very strong pipeline of business ahead and we are excited by the growth opportunity with our clients,” said Rahul Saraf, India Head of Investment Banking, Citi.
| India IB Revenue by Bank (YTD) | |||||||
| 2026 YTD | 2025 YTD | ||||||
| Rank | Bank | Net Revenue USD (m) | % Share | Rank | Bank | Net Revenue USD (m) | % Share |
| 1 | Citi | 52 | 7 | 1 | JPMorgan | 66 | 8 |
| 2 | JPMorgan | 43 | 6 | 2 | Morgan Stanley | 61 | 8 |
| 3 | Kotak Investment Bank | 35 | 5 | 3 | Kotak Investment Bank | 32 | 4 |
| 4 | HSBC | 35 | 5 | 4 | Jefferies LLC | 30 | 4 |
| 5 | Jefferies LLC | 30 | 4 | 5 | Citi | 29 | 4 |
| 6 | Axis Capital Ltd | 29 | 4 | 6 | HSBC | 28 | 4 |
| 7 | ICICI Securities Ltd | 28 | 4 | 7 | JM Financial Ltd | 26 | 3 |
| 8 | IIFL Capital Services Ltd | 27 | 3 | 8 | Standard Chartered Bank | 23 | 3 |
| 9 | Standard Chartered Bank | 27 | 3 | 9 | Axis Capital Ltd | 22 | 3 |
| 10 | JM Financial Ltd | 26 | 3 | 10 | ICICI Securities Ltd | 21 | 3 |
| Subtotal | 332 | 43 | Subtotal | 339 | 43 | ||
| Total | 780 | 100 | Total | 796 | 100 | ||
[Source: Dealogic]
| India M&A Volume by Advisor ex Fairness Opinion (2026 YTD) | ||||
| Rank | All Advisor ex Fairness Opinion (Parent) | Deal Value at Announcement USD (m) | No. | % Share |
| 1 | Citi | 36,810 | 10 | 28 |
| 2 | Arpwood Capital Pvt Ltd | 25,048 | 9 | 19 |
| 3 | JPMorgan | 17,552 | 6 | 13 |
| 4 | Goldman Sachs | 15,052 | 4 | 12 |
| 5 | Jefferies LLC | 14,714 | 4 | 11 |
| 6 | Morgan Stanley | 14,548 | 8 | 11 |
| 7 | Rothschild & Co | 10,845 | 5 | 8 |
| 8 | Barclays | 4,965 | 6 | 4 |
| 9 | Ernst & Young | 4,046 | 34 | 3 |
| 10 | Kotak Investment Bank | 3,532 | 13 | 3 |
| Subtotal | 69,691 | 82 | 53 | |
| Total | 1,30,571 | 1,019 | 100 | |
