AI-driven investment banking for Indian SMEs.
S45, founded in early 2025, is leveraging AI to disrupt the traditional investment banking model in India, focusing on small and medium-sized enterprises (SMEs). The company aims to streamline IPO journeys by automating manual workflows, addressing a gap in the market overlooked by larger investment banks.
According to the National Stock Exchange’s March 2026 report, FY26 saw ₹1.65 Lakh Cr raised in mainboard IPOs and over ₹5,000 Cr through SME IPOs. S45 believes the increasing number of listed companies—currently around 5,000-7,000—necessitates a more efficient investment banking approach.
S45 raised $5 million in seed funding from RTP Global last year to further its vision of automating investment banking processes. The company’s AI-driven platform is designed to expedite tasks such as assessing potential clients and preparing offer documents. For instance, S45 claims it can evaluate a company’s suitability for an IPO in approximately 90 minutes, a process that traditionally takes around 10 days.
The founding team includes Deepank Bhandari, Pankaj Harlalka, and Aman Singh, each bringing expertise in private equity, capital markets, and AI. Singh noted that S45’s technology can prepare the capital structure section of a DRHP in about a day, significantly faster than the weeks it typically takes.
S45 targets mainboard and SME IPOs in the ₹50-500 Cr range, offering up to a 30% cost discount compared to traditional investment banks. Since starting pilot operations eight months ago, S45 has facilitated IPOs for 26 companies, raising over ₹1,120 Cr on the SME board. These IPOs include DSM Fresh Foods Limited (Zappfresh parent) and Encompass Design India Limited.
Looking ahead, S45 plans to expand its tech team and internal systems to further streamline operations. The company projects revenue of around $10 million for FY26-27. While S45 aims to automate many investment banking tasks, it intends to maintain human oversight for critical decisions requiring intuition and experience.
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