New Delhi, June 4 -- Anshul Gupta, managing director and head of healthcare investment banking at Avendus Capital, has quit the firm and is likely to join Bank of America to lead its investment banking business in India, people familiar with the matter told VCCircle.

Gupta had joined Avendus in 2023 from Citigroup. A senior dealmaker with more than 25 years of experience, he has held leadership roles at Deloitte, Deutsche Bank, Greenhill & Co, Citigroup and Avendus.

Bloomberg first reported the development.

People cited above said Gupta's move is expected to strengthen Bank of America's investment banking business in India. They also stressed that his departure is unrelated to any changes following Mizuho Securities' acquisition of a majority stake in Avendus.

In December 2025, Japan's Mizuho Securities agreed to acquire a majority stake in Avendus from KKR in a deal estimated at $523 million. As part of the deal, Avendus co-founder and executive vice-chairman Ranu Vohra also sold his stake.

"There has been no reshuffle or rejig because of Mizuho coming onboard. It is business as usual for bankers at Avendus," a senior company executive told VCCircle.

"These movements are a result of professionals seeking better avenues for themselves. In the case of Anshul Gupta, he came from a bigger brand and is moving to a bigger banner, so it is a matter of comfort zone and personal goal for him, with no connection to the larger changes at the group," the executive added.

The development comes after another senior management change at Avendus recently.

In April this year, Avendus Capital roped in Gaurav Arora as managing director and head of infrastructure, replacing Prateek Jhawar. Jhawar, who had led the firm's infrastructure and real assets vertical for several years, left in December 2025 to join Macquarie.

Founded in 1999 by Ranu Vohra, Kaushal Aggarwal and Gaurav Deepak, Avendus Capital offers services across M&A advisory, institutional equities, wealth management and asset management.

Published by HT Digital Content Services with permission from VC Circle.