Goldman Sachs Invests $500 Million to Scale Up India Banking Operations

Goldman Sachs has invested about $500 million in its India banking operations over the past 3 years, as per Bloomberg report. The decision followed internal discussions where the firm’s India leadership argued the country’s economic conditions had improved enough to justify a larger commitment. 

By then, inflation had eased, banks had reduced bad loans and corporate balance sheets were stronger than in earlier cycles. The firm began increasing staffing and capital to support a range of deals. 

Rise In Equity League Table 

The higher investment has coincided with better rankings in equity offerings. In 2025, Goldman placed 4th in India’s equity league table, based on Bloomberg data. 

JPMorgan topped the list with 20 deals worth ₹537 billion, followed by Citi with 28 deals totalling ₹465 billion. Kotak Mahindra Bank ranked third at ₹447 billion across 47 deals. Goldman Sachs completed 23 deals worth ₹383 billion, giving it a 7.7% share. 

The firm also moved ahead of Morgan Stanley in stock sales for the first time in a decade and finished fifth in mergers advisory. 

Active IPO Pipeline 

India’s capital markets have seen steady activity. Companies raised a record $22 billion through equity offerings last year, placing the country among the busiest IPO markets globally. 

Around 138 companies have received regulatory approval for listings, while another 68 are awaiting clearance.  

Broader Presence Across Businesses 

The bank is expanding beyond equity underwriting into mergers, private credit and structured finance. Its Mumbai-based banking team has shifted to a new office in the Worli business district, while the technology centre in Bengaluru now employs about 8,000 people. 

Goldman’s alternatives business has invested more than $8.5 billion in India since 2006, including private equity and credit deals. 

Read More: Goldman Sachs Lifts India’s CY26 GDP Growth to 6.9% After US–India Trade Deal! 

Conclusion 

The $500 million investment shows a larger commitment to India’s banking market. Improved rankings and a strong pipeline indicate a steady increase in deal activity. 

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