Late to the party, global banks try to muscle into India’s start-up boom
By Sumeet Chatterjee MUMBAI (Reuters) – Global investment banks are scrambling to get a piece of the action from India's booming technology start-ups, having missed out on the initial flurry of deal-making to their better-connected but much smaller domestic rivals. Banks including Goldman Sachs Group Inc, Citigroup and Morgan Stanley are looking to hire more bankers in India and are now regularly attending “bake-offs” to pitch for advisory roles on deals, according to several banking industry sources. Foreign money has been pouring into India's fast-growing e-commerce sector, with investors ranging from Japan's Softbank Corp to Singapore's Temasek Holdings [TEM.UL] and GIC Private Ltd [GIC.UL] piling in. Many large global investment banks have stayed away from work in the emerging sector though due to the relatively small deal sizes.