Inside S45’s Plan To Revamp Investment Banking, IPO Journeys With AI

India's capital markets have witnessed a surge in initial public offerings (IPOs) in recent years, reflecting the maturation of the country's financial ecosystem. The fiscal year 2026 (FY26) alone saw ₹1.65 lakh crore raised through mainboard IPOs and over ₹5,000 crore via SME IPOs, according to data from the National Stock Exchange's March 2026 report. By February 2026, the year had already recorded the highest-ever number of listings and capital raised through mainboard IPOs. Even though the SME IPO trend moderated slightly compared to FY25, the average SME IPO size grew to ₹49 crore, nearly four times that of six years prior. Today, India hosts approximately 5,000-7,000 listed companies, and this growing number poses challenges for the traditional investment banking model, which may become a bottleneck for middle-market companies.

Enter S45, a startup founded in early 2025 by Deepank Bhandari, Pankaj Harlalka, and Aman Singh, which aims to revolutionize investment banking in India by leveraging AI. Positioning itself as an "AI-native investment bank for India," S45 was established with the vision of addressing structural gaps in the current capital market system. The company targets mandates that are often overlooked by global giants like JP Morgan and Morgan Stanley, as well as domestic leaders such as Kotak Investment Banking, Motilal Oswal, and ICICI Securities. S45's mission is to expand access to growth capital and accelerate companies' IPO journeys by automating manual workflows through AI agents.

To advance its vision, S45 raised a seed funding round of $5 million from RTP Global in 2025. In a conversation with Inc42, Aman Singh, one of the founders, explained, "We are reimagining what investment banking looks like when software and AI sit at the centre of execution, and humans sit at the judgment layer."

The founders of S45 bring a diverse range of expertise to the table, each contributing unique perspectives to the company's mission. Deepank Bhandari, who spent years in private equity and banking in London before returning to India, brings a global perspective. Pankaj Harlalka, an experienced investor and entrepreneur, provides insights into the Indian market's dynamics. Aman Singh, a tech and fintech enthusiast, ensures that the company's approach is rooted in cutting-edge technology.

S45's AI-native model is designed to streamline the investment banking process, reducing inefficiencies and lowering costs for companies looking to go public. By automating routine tasks, S45's AI agents can handle document preparation, compliance checks, and other manual processes, allowing investment bankers to focus on strategic decision-making. This not only speeds up the IPO process but also makes it more accessible to a wider range of companies, particularly those in the middle market that may have struggled to secure traditional investment banking services.

The founders of S45 are optimistic about the potential of AI in transforming the investment banking landscape in India. As the country's capital markets continue to grow, they believe that a more efficient and accessible investment banking system is essential to support the expansion of domestic companies. By leveraging AI, S45 aims to bridge the gap between the needs of middle-market companies and the capabilities of traditional investment banks, paving the way for a more dynamic and inclusive capital market in India.

In the coming years, S45 plans to expand its services, exploring new opportunities in areas such as secondary offerings, acquisitions, and corporate finance. The company's founders are confident that their AI-driven approach will not only disrupt the investment banking industry in India but also set a new standard for efficiency and accessibility in the global market. As India's capital markets mature, S45 is poised to play a pivotal role in shaping the future of investment banking in the country.