Cyril Amarchand Mangaldas and Khaitan & Co. claim the No.2 & No.3 slots
AZB & Partners (AZB) topped the Venture Intelligence League Table for Legal Advisor to Private Equity Transactions in 2025 advising 50 deals worth $9.93 Billion. It was followed by Cyril Amarchand Mangaldas ($9.89 Billion across 106 deals) and Khaitan & Co. ($7.15 Billion across 98 deals) in the second and third spot respectively. Shardul Amarchand Mangaldas ($6.85 Billion across 82 deals) and Trilegal ($6.07 Billion across 71 deals) completed the top five.
Among the larger Private Equity deals during 2025, Cyril Amarchand Mangaldas, Khaitan & Co. and J Sagar Associates advised the $1.6 Billion investment in Haldiram Snacks by Temasek, Alpha Wave Global and International Holding Company – which was the largest PE-VC investment during the year. AZB & Partners, CMS IndusLaw and Cyril Amarchand Mangaldas advised the $1 Billion buyout of housing finance provider Sammaan Capital by International Holding Company. Cyril Amarchand Mangaldas, Latham & Watkins and AZB & Partners advised the $1 Billion investment in TCS HyperVault, a data centre and subsidiary of Tata Consultancy Services, by TPG Growth.
Among the notable Private Equity deals in Q4 2025, AZB & Partners advised the $704 Million investment in publicly-listed Federal Bank by Blackstone. Shardul Amarchand Mangaldas and Trilegal advised the $600 Million secondary investment in digital payments and financial services company PhonePe by General Atlantic. S&R Associates advised the $549 Million exit of Peak XV Partners, Y Combinator Continuity Fund and Ribbit Capital in consumer fintech company Groww.
The Venture Intelligence League Tables, the first such initiative exclusively tracking transactions involving India-based companies, are based on the value of PE and M&A transactions advised by Financial and Legal Advisory firms.
Among foreign firms, Latham & Watkins advised 2 deals worth $1.8 Billion. A&O Shearman and Kirkland & Ellis took the next spot, having advised 1 deal each worth $350 Million. They were followed by White & Case with 1 deal worth $225 Million.
The full league table can be viewed online at https://www.ventureintelligence.com/leagues.php
By Industry
Among IT & ITeS industry deals (by value), Shardul Amarchand Mangaldas ($3.7 Billion) took the top spot followed by AZB & Partners ($2.2 Billion). CMS IndusLaw ($1.9 Billion) took the third spot. By deal volume CMS IndusLaw (50 deals) topped the table followed by Cyril Amarchand Mangaldas (40 Deals) at the second spot. Khaitan & Co. took the third spot with 39 deals.
Cyril Amarchand Mangaldas topped the BFSI industry table by value, having advised deals worth $3.1 Billion. AZB & Partners took the second spot advising deals worth $3 Billion. It was followed by Khaitan & Co. which advised deals worth $1.7 Billion. By deal volume, Khaitan & Co. topped the table (19 deals), followed by Cyril Amarchand Mangaldas (14 deals) and AZB & Partners (9 deals).
Under the Healthcare & Life Sciences industry, Trilegal topped the table in terms of value by advising deals worth $1.6 Billion followed by J Sagar Associates advising deals worth $989 Million. AZB & Partners took the third spot advising deals worth $987 Million. By deal volume, J Sagar Associates and Cyril Amarchand Mangaldas (12 deals each) took the top spot, followed by Khaitan & Co. (11 deals) and Shardul Amarchand Mangaldas (10 deals) completing the top three.
Under the Infrastructure* industry, AZB & Partners topped the table having advised deals worth $1.6 Billion, followed by Cyril Amarchand Mangaldas which advised deals worth $1.2 Billion. Trilegal took the third spot advising deals worth $1.1 Billion. By deal volume, Trilegal (9 deals ) took the top spot followed by Shardul Amarchand Mangaldas (6 deals), Cyril Amarchand Mangaldas and AZB & Partners (4 deals each).
The FMCG industry saw Cyril Amarchand Mangaldas emerging as the table topper advising deals worth $1.7 Billion. It was followed by J Sagar Associates and Khaitan & Co. advising deals worth $1.6 Billion each. Shardul Amarchand Mangaldas, having advised deals worth $79 Million, stood third.
*Infrastructure Industry includes: Energy (excluding equipment makers, Battery Swapping station), Engg. & Construction, Shipping & Logistics, Mining & Minerals, Telecom (excluding equipment vendors and VAS providers) and Travel & Transport (excluding travel agencies, portals, etc.).
The full league table can be viewed online at https://www.ventureintelligence.com/leagues.php
To showcase your firms’ transactions in the 2026 League Tables, mail Vanathi at [email protected].
Venture Intelligence is India’s longest-serving provider of data and analysis on Private Company Financials, Transactions (private equity, venture capital, and M&A) & their Valuations in India.
