MUMBAI — Three former senior bankers from advisory firm Raine Group are planning an aggressive hiring drive for a newly established investment banking firm in India, seeking to capitalize on growing demand for mergers, acquisitions and capital-raising advice despite a slowdown in deal activity this year, according to the founders and people familiar with the matter.
The new firm was launched by former Raine India head Gaurav Mehta and former managing directors Naveen Asopa and Girish Punjabi, who left the New York-based advisory firm earlier this year. The trio said on Tuesday they intend to build a team of experienced bankers across key sectors including technology, consumer businesses, financial services and industrials.
“We see a significant opportunity to build a differentiated advisory platform in India,” Mehta said in comments reported by Reuters. He said the firm plans to recruit senior and mid-level bankers over the coming months as it expands operations in Mumbai and other financial centers. Details regarding the total number of planned hires were not immediately disclosed.
The launch comes as India’s investment banking industry undergoes a period of transition. While mergers and acquisitions activity has been weaker in 2026 compared with the previous year, bankers and recruiters continue to report strong demand for experienced dealmakers, particularly in equity capital markets and private capital advisory.
Mehta, who previously led investment banking operations in India for UBS before joining Raine in 2017, is among the country’s best-known technology and media deal advisers. Asopa and Punjabi also bring experience from firms including Morgan Stanley, UBS and PwC, according to publicly available professional profiles.
The departures from Raine were first reported in February. At the time, Raine said it remained committed to the Indian market and continued to see substantial opportunities in cross-border transactions and advisory mandates. Raine co-founder Jeff Sine assumed oversight of the firm's India operations following the departures.
Raine has advised on several prominent transactions in India, including the multibillion-dollar combination of media assets involving Walt Disney and Reliance Industries. The firm has also worked on transactions linked to sports and technology sectors.
Industry data indicate that India remains one of the world's most active capital markets despite a slower start to the year. Recruiters have reported continued competition for experienced bankers as domestic firms, international banks and boutique advisers expand their presence in the country.
As of Wednesday, the new firm had not publicly announced its name, financing structure or a timeline for reaching its hiring targets. The founders said recruitment efforts were underway and additional details would be disclosed in the coming months.
