February 2022

Segment/ Deal Size EV/ EV/

Date Buyer Target HQ Description Vertical ($Mn) Revenue EBITDA Rationale
M&A DEAL SUMMARY

Leading cybersecurity managed services Scale, Capability

25-Feb-22 Cybersecurity NA NA NA
provider Play

MOVERS AND SHAKERS

Salesforce consulting partner and
25-Feb-22 Cloud SI NA NA NA Capability Play
application development firm

REPRESENTATIVE TRADING
Scale, Capability
COMPARABLES 22-Feb-22 Information technology services company IT Services NA NA NA
Play

Independent software testing services

22-Feb-22 ER&D NA NA NA Capability Play
GARTNER INSIGHTS organization

Offers solutions in SAP Business One across Systems Scale, Capability

22-Feb-22 NA NA NA
customer cloud, mobility & analytics Integration Play
ABOUT US

Capability Play,
Software
22-Feb-22 Software development company 56 4.0x NA Geography-
Development
Market Access

2
Source: CapIQ, Mergermarket, Company Press release and Avendus Research
 Segment/ Deal Size EV/ EV/
Date Buyer Target HQ Description Vertical ($Mn) Revenue EBITDA Rationale
M&A DEAL SUMMARY

17-Feb-22 Digital consultancy firm Consulting NA NA NA Capability Play

MOVERS AND SHAKERS

Provider of IT infrastructure & cloud services
16-Feb-22 Cloud IaaS NA NA NA Scale
on AWS, GCP, Azure

REPRESENTATIVE TRADING
Digital technology services and platform Software
COMPARABLES 16-Feb-22 NA NA NA Scale
solutions company Development

Leading cloud services consultancy

15-Feb-22 specializing primarily in the Microsoft Azure Cloud IaaS NA NA NA Capability Play
GARTNER INSIGHTS
platform

Digital transformation, modernization and

14-Feb-22 IT Services 25 NA NA Private Equity
managed services provider
ABOUT US

Software developer of innovative systems Software Scale, Capability

14-Feb-22 NA NA NA
and software Development Play

3
Source: CapIQ, Mergermarket, Company Press release and Avendus Research
 Segment/ Deal Size EV/ EV/
Date Buyer Target HQ Description Vertical ($Mn) Revenue EBITDA Rationale
M&A DEAL SUMMARY

Management, scientific & technical

14-Feb-22 Consulting 7 NA NA Scale
consulting services provider

MOVERS AND SHAKERS

Digital and technological transformation
11-Feb-22 Consulting NA NA NA Capability Play
consulting

REPRESENTATIVE TRADING Provider of management consultancy,

Scale, Capability
COMPARABLES 11-Feb-22 process and document management BPM 530 NA NA
Play
outsourcing services

Provider of transformative business Scale, Capability

10-Feb-22 IT Services NA NA NA
GARTNER INSIGHTS technology solutions Play

Scale, Capability
10-Feb-22 Company engaged in IT consulting Consulting NA NA NA
Play
ABOUT US

Specialist in digital experience, e-Commerce System Scale, Capability

10-Feb-22 NA NA NA
and CMS solutions Integration Play

4
Source: CapIQ, Mergermarket, Company Press release and Avendus Research
 Segment/ Deal Size EV/ EV/
Date Buyer Target HQ Description Vertical ($Mn) Revenue EBITDA Rationale
M&A DEAL SUMMARY
Global leader in transformative consulting
Capability Play,
services and business solutions & Microsoft
09-Feb-22 Cloud IaaS NA NA NA Geography -
Cloud Modernization services partner, Azure
Delivery
partner

MOVERS AND SHAKERS

09-Feb-22 Provider of advanced data analytics Analytics NA NA NA Capability Play

REPRESENTATIVE TRADING Scale,

COMPARABLES 09-Feb-22 Provider of cyber security services Cybersecurity NA NA NA Geography-
Market Access

Provider of cloud migration, application Scale, Capability

08-Feb-22 Cloud IaaS NA NA NA
GARTNER INSIGHTS modernization and managed service Play

Staff augmentation, IT consulting and Scale, Capability

07-Feb-22 Consulting NA NA NA
managed services solutions firm Play
ABOUT US

Software development company focused on

Software Scale, Capability
07-Feb-22 ecommerce website & application services NA NA NA
Development Play
to retail sector

5
Source: CapIQ, Mergermarket, Company Press release and Avendus Research
 Segment/ Deal Size EV/ EV/
Date Buyer Target HQ Description Vertical ($Mn) Revenue EBITDA Rationale
M&A DEAL SUMMARY
Provider of Digital Transformation, Customer
Software
03-Feb-22 Experience, and Robotic Process NA NA NA Capability Play
Development
Automation (RPA) solutions to enterprises

MOVERS AND SHAKERS Consulting & outsourcing company that

Scale, Capability
03-Feb-22 provides IT & engineering services focused ER&D NA NA NA
Play
on semiconductor & networking

Scale,
REPRESENTATIVE TRADING 02-Feb-22 IT Support & IT Services company IT Services NA NA NA Geography-
COMPARABLES Market Access

Provider of global enterprise technology,

01-Feb-22 logistics support, infrastructure services and IT Services NA NA NA Private Equity
information technology (IT) support services
GARTNER INSIGHTS
Software consulting & professional services
01-Feb-22 company specializing in automation, cloud IT Services NA NA NA Capability Play
native for telco and future networks

High-growth technology advisory and

ABOUT US 01-Feb-22 Consulting 75 NA NA Private Equity
lifecycle management company

Company providing remote and desktop

01-Feb-22 IT Services 50 NA NA Capability Play
application software support services

6
Source: CapIQ, Mergermarket, Company Press release and Avendus Research
 M&A DEAL SUMMARY

MOVERS AND SHAKERS

Appointed Appointed
REPRESENTATIVE TRADING
COMPARABLES Global CFO Global CIO
Effective 16th February 2022 Effective 16th February 2022

GARTNER INSIGHTS

Startek, a global customer experience (CX) solutions provider, today Startek, a global customer experience (CX) solutions provider, today
announced the appointment of Nishit Shah as Global Chief Financial announced the appointment of Jayanta Lahiri as Global Chief
Officer. A chartered accountant with 23 years’ experience, Shah holds a Information Officer. Shah and Lahiri report directly to Global CEO Bharat
ABOUT US bachelor’s in Commerce, Accounts and Computers from the University of Rao. Lahiri has joined Startek as Global Chief Information Officer. Lahiri
Mumbai. In his earlier roles, Shah held senior positions at Infosys, will continue the organization’s IT transformation, embracing new
Capgemini, Datamatics, Nicholas Piramal and Haribhakti & Co. technologies to drive greater agility and ensure a secure and resilient IT
environment for Startek and its clients.

7
 M&A DEAL SUMMARY

MOVERS AND SHAKERS

603
REPRESENTATIVE TRADING 485
COMPARABLES 454

306
184
161
GARTNER INSIGHTS 100 128

ABOUT US
^SPX Large Cap IT Mid Cap IT Digital Engineering Focussed CRM Focused BPM Diversified BPM SaaS

Source: Last 5 years data taken as on 28th February 2022 from CapIQ; Indices for each group have been calculated free float market cap methodology (sum of free float shares* share price) and then rebased to 100
Note: Large-Cap IT: Tata Consultancy Services Limited, Infosys Limited, Cognizant Technology Solutions Corporation, Wipro Limited, HCL Technologies Limited, Tech Mahindra Limited, International Business Machines Corporation, Accenture plc,
Capgemini SE; Mid-Cap IT: Mphasis Limited, Mindtree Limited, Hexaware Technologies Limited, NIIT Technologies Limited, Persistent Systems Limited, Zensar Technologies Limited, The Hackett Group, Inc., Larsen & Toubro Infotech Limited; Route
Mobile Limited, Happiest Minds Technologies Limited; Digital Engineering Focused: Endava plc, EPAM Systems, Inc., Globant S.A., Grid Dynamics Holdings, Inc., Nagarro SE; CRM Focused BPM: TTEC Holdings, Inc., Sykes Enterprises, Incorporated;
8 Teleperformance SE, StarTek, Inc., Firstsource Solutions Limited Diversified; BPM: WNS (Holdings) Limited, Genpact Limited, Conduent Incorporated, ExlService Holdings, Inc., TELUS International (Cda) Inc., TaskUs, Inc.; SaaS: [Link], Inc.,
Workday, Inc., ServiceNow, Inc., Box, Inc., LogMeIn, Inc.,
 M&A DEAL SUMMARY

11.0x

MOVERS AND SHAKERS

8.0x

REPRESENTATIVE TRADING 5.7x

COMPARABLES 5.3x
3.3x
3.8x
2.4x
3.0x
2.3x
2.3x
1.6x
GARTNER INSIGHTS 1.9x
1.5x
1.3x

ABOUT US
^SPX Large Cap IT Mid Cap IT Digital Engineering Focussed CRM Focused BPM Diversified BPM SaaS

Source: Average last 5 years data taken as on 28th February 2022 from CapIQ;
Note: Large-Cap IT: Tata Consultancy Services Limited, Infosys Limited, Cognizant Technology Solutions Corporation, Wipro Limited, HCL Technologies Limited, Tech Mahindra Limited, International Business Machines Corporation, Accenture plc,
Capgemini SE; Mid-Cap IT: Mphasis Limited, Mindtree Limited, Hexaware Technologies Limited, NIIT Technologies Limited, Persistent Systems Limited, Zensar Technologies Limited, The Hackett Group, Inc., Larsen & Toubro Infotech Limited; Route
Mobile Limited, Happiest Minds Technologies Limited; Digital Engineering Focused: Endava plc, EPAM Systems, Inc., Globant S.A., Grid Dynamics Holdings, Inc., Nagarro SE; CRM Focused BPM: TTEC Holdings, Inc., Sykes Enterprises, Incorporated;
9 Teleperformance SE, StarTek, Inc., Firstsource Solutions Limited Diversified; BPM: WNS (Holdings) Limited, Genpact Limited, Conduent Incorporated, ExlService Holdings, Inc., TELUS International (Cda) Inc., TaskUs, Inc.; SaaS: [Link], Inc.,
Workday, Inc., ServiceNow, Inc., Box, Inc., LogMeIn, Inc.,
 M&A DEAL SUMMARY

MOVERS AND SHAKERS

43.7x

REPRESENTATIVE TRADING 29.2x

COMPARABLES
19.9x
17.2x
12.2x
11.7x 14.6x
11.1x 12.7x
GARTNER INSIGHTS 9.8x 10.7x
9.8x

ABOUT US
^SPX Large Cap IT Mid Cap IT Digital Engineering Focussed CRM Focused BPM Diversified BPM

SaaS companies have been volatile and are hence excluded

Source: Average last 5 years data taken as on 28th February 2022 from CapIQ;
Note: Large-Cap IT: Tata Consultancy Services Limited, Infosys Limited, Cognizant Technology Solutions Corporation, Wipro Limited, HCL Technologies Limited, Tech Mahindra Limited, International Business Machines Corporation, Accenture plc,
Capgemini SE; Mid-Cap IT: Mphasis Limited, Mindtree Limited, Hexaware Technologies Limited, NIIT Technologies Limited, Persistent Systems Limited, Zensar Technologies Limited, The Hackett Group, Inc., Larsen & Toubro Infotech Limited; Route
10 Mobile Limited, Happiest Minds Technologies Limited; Digital Engineering Focused: Endava plc, EPAM Systems, Inc., Globant S.A., Grid Dynamics Holdings, Inc., Nagarro SE; CRM Focused BPM: TTEC Holdings, Inc., Sykes Enterprises, Incorporated;
Teleperformance SE, StarTek, Inc., Firstsource Solutions Limited Diversified; BPM: WNS (Holdings) Limited, Genpact Limited, Conduent Incorporated, ExlService Holdings, Inc., TELUS International (Cda) Inc., TaskUs, Inc.
 LTM
Enterprise 3 Yr.
M&A DEAL SUMMARY Mkt. Cap Value Historical Revenue EBITDA EBITDA EV/ EV/
Company ($Mn) ($Mn) Rev. CAGR ($Mn) ($Mn) Margin Revenue EBITDA P/E

ACCENTURE 1,99,725 1,98,144 7% 53,736 9,030 17% 3.7x 21.9x 32.2x

TCS 1,74,155 1,67,569 6% 24,812 6,774 27% 6.8x 24.7x 34.5x

MOVERS AND SHAKERS
IBM 1,10,174 1,58,159 (10%) 57,351 12,189 21% 2.8x 13.0x 19.2x

INFOSYS 95,255 93,344 7% 15,644 4,084 26% 6.0x 22.9x 32.8x

REPRESENTATIVE TRADING COGNIZANT 45,178 44,114 5% 18,507 3,348 18% 2.4x 13.2x 21.1x
COMPARABLES
HCL 40,428 39,168 9% 11,184 2,620 23% 3.5x 15.0x 24.3x

WIPRO 40,245 37,801 0% 9,996 2,143 21% 3.8x 17.6x 24.8x

CAPGEMINI 36,368 43,160 11% 20,653 2,475 12% 2.1x 17.4x 27.6x
GARTNER INSIGHTS
TECH MAHINDRA 18,128 17,010 3% 5,672 1,004 18% 3.0x 16.9x 26.3x

Mean 4% 20% 3.8x 18.1x 27.0x

Median 6% 21% 3.5x 17.4x 26.3x

ABOUT US

11
Source: CapIQ as on 28th February 2022
 LTM
Enterprise 3 Yr.
M&A DEAL SUMMARY Mkt. Cap Value Historical Revenue EBITDA EBITDA EV/ EV/
Company ($Mn) ($Mn) Rev. CAGR ($Mn) ($Mn) Margin Revenue EBITDA P/E

MINDTREE 8,474 8,169 9% 1,307 257 20% 6.3x 31.8x 42.2x

MPHASIS 7,719 7,644 10% 1,504 257 17% 5.1x 29.7x 42.4x
MOVERS AND SHAKERS
PERSISTENT 3,985 3,822 7% 696 114 16% 5.5x 33.5x 47.3x

COFORGE 3,659 3,707 12% 799 130 16% 4.6x 28.5x 46.4x

REPRESENTATIVE TRADING PERFICIENT 3,523 3,860 15% 761 140 18% 5.1x 27.6x 67.6x
COMPARABLES
HAPPIEST MINDS 1,846 1,801 14% 136 29 21% 13.2x 63.0x 83.3x

AKKA 1,673 2,174 5% 1,773 (106) NM 1.2x NM NM

ROUTE MOBILE 1,239 1,185 35% 233 28 12% 5.1x 42.8x 58.5x
GARTNER INSIGHTS
ZENSAR 1,036 947 3% 532 79 15% 1.8x 12.0x 20.6x

HACKETT GROUP 617 575 2% 278 51 18% 2.1x 11.2x 14.9x

Mean 11% 17% 5.0x 31.1x 47.0x

ABOUT US
Median 9% 17% 5.1x 29.7x 46.4x

12
Source: CapIQ as on 28th February 2022
 LTM
Enterprise 3 Yr.
M&A DEAL SUMMARY Mkt. Cap Value Historical Revenue EBITDA EBITDA EV/ EV/
Company ($Mn) ($Mn) Rev. CAGR ($Mn) ($Mn) Margin Revenue EBITDA P/E

EPAM 11,810 10,612 27% 3,758 628 17% 2.8x 16.9x 24.5x

GLOBANT 11,479 11,169 35% 1,297 217 17% 8.6x 51.6x 119.5x
MOVERS AND SHAKERS
ENDAVA 7,411 7,333 29% 746 134 18% 9.8x 54.7x 84.4x

THOUGHTWORKS 6,975 7,126 NA 1,070 62 6% 6.7x 115.2x NM

REPRESENTATIVE TRADING NAGARRO 1,941 2,085 28% 572 67 12% 3.6x 31.2x 83.8x
COMPARABLES
GRID DYNAMICS 793 594 16% 175 2 1% 3.4x NM NM

AGILETHOUGHT 261 341 NA 151 4 3% 2.3x 88.7x NM

Mean 27% 10% 5.3x 59.7x 78.1x

GARTNER INSIGHTS
Median 28% 12% 3.6x 53.1x 84.1x

ABOUT US

13
Source: CapIQ as on 28th February 2022
 LTM
Enterprise 3 Yr.
M&A DEAL SUMMARY Mkt. Cap Value Historical Revenue EBITDA EBITDA EV/ EV/
Company ($Mn) ($Mn) Rev. CAGR ($Mn) ($Mn) Margin Revenue EBITDA P/E

TELEPERFORMANCE 21,891 24,884 17% 8,092 1,316 16% 3.1x 18.9x 34.6x

TTEC 3,736 4,585 10% 2,232 332 15% 2.1x 13.8x 23.8x
MOVERS AND SHAKERS
FIRSTSOURCE 1,147 1,285 9% 784 107 14% 1.6x 12.0x 18.9x

STARTEK 179 408 10% 699 74 11% 0.6x 5.5x NM

REPRESENTATIVE TRADING Mean 11% 14% 1.8x 12.6x 25.8x

COMPARABLES
Median 10% 14% 1.8x 12.9x 23.8x

GARTNER INSIGHTS

ABOUT US

14
Source: CapIQ as on 28th February 2022
 LTM
Enterprise 3 Yr.
M&A DEAL SUMMARY Mkt. Cap Value Historical Revenue EBITDA EBITDA EV/ EV/
Company ($Mn) ($Mn) Rev. CAGR ($Mn) ($Mn) Margin Revenue EBITDA P/E

GENPACT 7,754 8,820 10% 4,022 677 17% 2.2x 13.0x 21.0x

TELUS 6,530 7,565 38% 2,194 400 18% 3.4x 18.9x 83.7x
MOVERS AND SHAKERS
WNS 4,034 3,941 6% 1,055 148 14% 3.7x 26.6x 33.4x

EXLSERVICE 4,011 4,044 8% 1,122 201 18% 3.6x 20.2x 35.0x

REPRESENTATIVE TRADING TASKUS 3,109 3,284 44% 761 (6) NM 4.3x NM NM

COMPARABLES
CONDUENT 1,049 2,444 (8%) 4,140 383 9% 0.6x 6.4x NM

CAPITA 626 1,858 (7%) 4,505 407 9% 0.4x 4.6x 1.7x

Mean 13% 14% 2.6x 14.9x 35.0x

GARTNER INSIGHTS
Median 8% 15% 3.4x 16.0x 33.4x

ABOUT US

15
Source: CapIQ as on 28th February 2022
 LTM
Enterprise 3 Yr.
M&A DEAL SUMMARY Mkt. Cap Value Historical Revenue EBITDA EBITDA EV/ EV/
Company ($Mn) ($Mn) Rev. CAGR ($Mn) ($Mn) Margin Revenue EBITDA P/E

LATENTVIEW 1,073 1,041 NA 50 15 31% 21.0x 67.9x 67.9x

Mean NA 31% 21.0x 67.9x 67.9x

MOVERS AND SHAKERS
Median NA 31% 21.0x 67.9x 67.9x

REPRESENTATIVE TRADING
COMPARABLES

GARTNER INSIGHTS

ABOUT US

16
Source: CapIQ as on 28th February 2022
 LTM
Enterprise 3 Yr.
M&A DEAL SUMMARY Mkt. Cap Value Historical Revenue EBITDA EBITDA EV/ EV/
Company ($Mn) ($Mn) Rev. CAGR ($Mn) ($Mn) Margin Revenue EBITDA P/E

[Link] 2,07,372 2,12,319 26% 26,492 3,846 15% 8.0x 55.2x 143.6x

SERVICENOW 1,15,984 1,14,894 31% 5,896 729 12% 19.5x 157.6x NM

MOVERS AND SHAKERS
WORKDAY 57,263 55,721 22% 5,139 227 4% 10.8x NM NM

BOX 3,798 4,234 15% 840 50 6% 5.0x 84.5x NM

REPRESENTATIVE TRADING Mean 24% 9% 10.8x 99.1x 143.6x

COMPARABLES
Median 24% 9% 9.4x 84.5x 143.6x

GARTNER INSIGHTS

ABOUT US

17
Source: CapIQ as on 28th February 2022
 M&A DEAL SUMMARY
“ The shift to the cloud has only
accelerated over the past two years
due to COVID-19, as organizations
responded to a new business and
social dynamic. Technology and
service providers that fail to adapt to
Enterprise IT spending on public cloud computing, within addressable market segments, will overtake
spending on traditional IT in 2025, according to Gartner

By 2025, 51% of IT spending in the four categories under Gartner study1 will have shifted from traditional
solutions to the public cloud, compared to 41% in 2022. Almost two-thirds (65.9%) of spending on
application software will be directed toward cloud technologies in 2025, up from 57.7% in 2022
the pace of cloud shift face increasing
MOVERS AND SHAKERS
risk of becoming obsolete or, at best, In 2022, more than $1.3 trillion in enterprise IT spending is at stake from the shift to cloud, growing to
being relegated to low-growth almost $1.8 trillion in 2025, according to Gartner. Ongoing disruption to IT markets by cloud will be
markets. amplified by the introduction of new technologies, including distributed cloud

− Michael Warrilow, Enterprise adoption of distributed cloud has the potential to further accelerate cloud shift because it

”
REPRESENTATIVE TRADING Gartner brings public cloud services into domains that have primarily been non-cloud, expanding the
COMPARABLES addressable market

GARTNER INSIGHTS ▪ To capitalize on the shift to cloud, Gartner

868 917 recommends technology and services providers
744 775 805 838 779
705 710 655 target segments where the shift is occurring most
451 544 aggressively, in addition to seeking new high-growth
304 370
cloud opportunities

ABOUT US ▪ For example, infrastructure-related segments have

2019 2020 2021 2022 2023 2024 2025 a lower level of cloud penetration and are expected
to grow faster than segments such as enterprise
Traditional % 1% 5% 4% 4% 4% 4%
applications that are already highly penetrated
Cloud % 22% 22% 21% 20% 19% 18% ▪ Providers should also target specific personas,
Traditional Cloud Growth adoption profiles and use cases with go-to-market
initiatives
18
Source: Gartner (February 2022) 1. Four categories under Gartner’s ‘cloud shift’ study include application software, infrastructure software, business process services and system infrastructure markets
 Deal Value
▪ Unparalleled track record in selling $50-500Mn revenue companies globally
M&A DEAL SUMMARY
▪ Global network of 400+ buyers and investors across the US, EU, China, Japan,
M&A and India Mergers & Acquisitions
Transactions 20% 3%
▪ Specialist in cross-border transactions
PE Syndication
78%
Professionals ▪ Raising capital of $50-250Mn from PE funds for mid-size tech companies Structured Finance
MOVERS AND SHAKERS Globally ▪ Network of over 500 funds globally

Cross-border ▪ Network to source assets globally

Deals ▪ Represented some of the leading global buyers and funds
REPRESENTATIVE TRADING
COMPARABLES
27% Sell-side

73% Buy-side
Has Acquired
Has Acquired Has Acquired Has Acquired Majority Stake Has Acquired
GARTNER INSIGHTS

Advised Prodapt Advised GAVS Advised Standav Advised SLK Global Advised QA InfoTech
January 2022 December 2021 November 2021 April 2021 February 2021
ABOUT US
32% Single-Country
Cross-Border
68%
▪ Thought Leader: Cloud, Digital, Analytics, Software Development ▪ ~80% M&A vs. 20% Fund Raising
▪ Relationship Network: Constant dialogue with 500+ firms and funds ▪ Preferred deal size: $50mn–$250mn
▪ Theme Based Advisory: Identify future trends ▪ 60%+ Mandates Closed

19
As of 28th February 2022, by number of deals
 M&A DEAL SUMMARY
Has Acquired Private Equity Has Acquired Has Acquired Has Acquired Has Acquired Has Acquired

MOVERS AND SHAKERS Advised Prodapt Advised TMC Advised GAVS Advised Standav Advised SLK Global Advised QA InfoTech Advised Assimilate
January 2022 January 2022 December 2021 November 2021 April 2021 February 2021 January 2021

REPRESENTATIVE TRADING Has Acquired Private Equity Has Acquired Has Acquired Private Equity Has Acquired Private Equity
COMPARABLES

Advised Attra Advised Tredence Advised Hashedin Advised TechMahindra Advised Accionlabs Advised Born Advised QBSS
GARTNER INSIGHTS December 2020 December 2020 December 2020 October 2020 March 2020 November 2019 October 2019

Private Equity Has Acquired Has merged with Private Equity Has Acquired Private Equity Private Equity
ABOUT US

Advised Prodapt Advised IGT Advised KPIT Advised MidEuropa Advised CitiusTech Advised UST Advised FPE
September 2019 January 2019 January 2019 November 2018 August 2018 June 2018 June 2018

20
As of 28th February 2022, by number of deals
 MUMBAI BENGALURU DELHI KOLKATA

AHMEDABAD PUNE
HYDERABAD

LONDON NEW YORK SINGAPORE

Avendus Capital Private Limited: CIN: U99999MH1999PTC123358 | SEBI Registration no.: Merchant Banking - INM000011021 | Avendus Wealth Management Private Limited: CIN: U67120MH2008PTC179931 | SEBI Registration
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