Mumbai has emerged as a premier hub for private equity firms, attracting top-tier investors like Multiples Alternate Asset Management, True North, and Everstone Capital. These firms leverage Mumbai’s robust financial ecosystem, strategic location, and access to diverse sectors including technology, healthcare, and consumer markets. With a thriving entrepreneurial landscape and sophisticated investment infrastructure, Mumbai offers private equity professionals unparalleled opportunities for growth and value creation. Interested in connecting with like-minded business leaders? Join our community at alexejpikovsky.com/community.
Multiples Alternate Asset Management
Investment Style: Multiples Alternate Asset Management specializes in growth and buyout investments in India, primarily focusing on sectors such as financial services, healthcare, consumer, and technology. The firm aims to partner with entrepreneurs and management teams to build scalable businesses with sustainable growth models.
Portfolio Companies: The firm’s portfolio includes Dream11 (fantasy sports platform), Delhivery (logistics and supply chain services), and PVR Cinemas (cinema chain).
Founding Date: 2009
Number of Investment Professionals: Approximately 20
Assets Under Management: Over $1 billion
Key Investment Professionals:
- Renuka Ramnath, Founder & CEO: Renuka brings extensive experience in private equity and has been instrumental in shaping Multiples’ investment strategy and growth.
- Prakash Bhalerao, Managing Director: Focuses on financial services and technology investments, contributing to the firm’s success in these sectors.
- Vishal Mahadevia, Managing Director: Leads investments in the consumer and healthcare sectors, leveraging his deep industry knowledge.
Recent Exits: Delhivery’s IPO and successful exits from companies like Encube Ethicals and Vikram Hospital.
Recent Investments: Invested in Acko General Insurance and MoEngage (customer engagement platform).
Office Locations: Mumbai (Headquarters)
Website: www.multiplesequity.com
Quote: “At Multiples, we believe in fostering strong partnerships with entrepreneurs to unlock the full potential of their businesses, driving transformation and creating enduring value.” – Renuka Ramnath, Founder & CEO
True North
Investment Style: True North focuses on investing in mid-market businesses in India, particularly in the financial services, healthcare, retail, and technology sectors. The firm partners with management teams to implement strategic initiatives and operational improvements to drive growth and value creation.
Portfolio Companies: True North’s portfolio includes companies like Manipal Hospitals, Shree Digvijay Cement, and Integrace Health.
Founding Date: 1999
Number of Investment Professionals: Over 20
Assets Under Management: Approximately $3 billion
Key Investment Professionals:
- Vishal Nevatia, Managing Partner: Vishal leads the firm’s strategic direction and has played a pivotal role in several key investments.
- Satish Chander, Partner: Specializes in the healthcare sector, contributing to the firm’s success in healthcare investments.
- Rajesh Khanna, Partner: Focuses on technology and consumer sector investments, leveraging his industry expertise.
Recent Exits: Exited from companies like Fincare Small Finance Bank and Cloudnine Group of Hospitals.
Recent Investments: Invested in MedPlus Health Services and Home First Finance Company.
Office Locations: Mumbai (Headquarters), Bengaluru
Website: www.truenorthco.in
Quote: “Our commitment to building value in our portfolio companies through deep industry insights and operational improvements sets us apart in the private equity landscape.” – Vishal Nevatia, Managing Partner
Everstone Capital
Investment Style: Everstone Capital focuses on Indian and Southeast Asian investments, including private equity, real estate, and infrastructure. They partner with businesses in consumer, financial services, healthcare, and technology sectors, emphasizing operational value addition and growth.
Portfolio Companies: Everstone’s portfolio includes Burger King India, SJS Enterprises, and Ascent Health & Wellness Solutions.
Founding Date: 2006
Number of Investment Professionals: Over 50
Assets Under Management: Over $6 billion
Key Investment Professionals:
- Sameer Sain, Co-Founder & CEO: Sameer plays a crucial role in driving Everstone’s investment strategy and expansion in the region.
- Amit Manocha, Managing Director: Focuses on the consumer and healthcare sectors, leveraging deep sector expertise.
- Avnish Mehra, Managing Director: Leads investments in the technology and financial services sectors.
Recent Exits: Exited investments in Sula Vineyards and SJS Enterprises through successful IPOs.
Recent Investments: Invested in API Holdings and Sahyadri Hospitals.
Office Locations: Mumbai (Headquarters), Singapore, Delhi, Bengaluru, London
Website: www.everstonecapital.com
Quote: “Our focus on operational improvements and strategic growth initiatives provides us with a unique advantage in delivering consistent value to our portfolio companies and investors.” – Sameer Sain, Co-Founder & CEO
ChrysCapital
Investment Style: ChrysCapital focuses on growth capital investments in India across sectors such as technology, financial services, consumer, and pharmaceuticals. They seek to partner with high-quality businesses with strong growth potential and provide strategic guidance and operational support.
Portfolio Companies: ChrysCapital’s portfolio includes companies such as Infogain, Hero FinCorp, and Mankind Pharma.
Founding Date: 1999
Number of Investment Professionals: Over 30
Assets Under Management: Approximately $5 billion
Key Investment Professionals:
- Kartik Manmohan Singh, Managing Director: Kartik leads investment initiatives in the technology sector.
- Kuldeep Jain, Managing Director: Focuses on financial services and consumer sectors, contributing valuable industry insights.
- Sanjoy Bhattacharyya, Managing Partner: Provides strategic direction and leadership for the firm’s overall investment strategy.
Recent Exits: Successful exits from Hexaware and Intas Pharmaceuticals.
Recent Investments: Invested in Xoriant and GeBBS Healthcare Solutions.
Office Locations: Mumbai (Headquarters), Bengaluru, Delhi
Website: www.chryscapital.com
Quote: “Our deep expertise in the Indian market and focus on partnering with industry leaders allows us to drive growth and create value across our portfolio companies.” – Sanjoy Bhattacharyya, Managing Partner
ASK Pravi Capital Advisors
Investment Style: ASK Pravi Capital Advisors specializes in growth capital investments in Indian mid-market companies, focusing on sectors such as consumer, financial services, healthcare, and manufacturing. They aim to support businesses in their growth journey by providing strategic and operational guidance.
Portfolio Companies: The firm’s portfolio includes companies like Trell Experiences, Krsnaa Diagnostics, and Fincare Small Finance Bank.
Founding Date: 2012
Number of Investment Professionals: Approximately 15
Assets Under Management: Around $500 million
Key Investment Professionals:
- Jayanta Banerjee, Managing Partner: Jayanta has extensive experience in private equity and plays a key role in driving the firm’s investment strategy.
- Sandeep Bhargava, Partner: Focuses on consumer and financial services investments, bringing valuable industry insights.
- Nitin Deshmukh, Senior Advisor: Provides strategic guidance and supports portfolio companies in achieving their growth objectives.
Recent Exits: Exited Krsnaa Diagnostics and Fincare Small Finance Bank through successful IPOs.
Recent Investments: Invested in Trell Experiences and Mrs. Bectors Food Specialties.
Office Locations: Mumbai (Headquarters)
Website: www.askpravi.com
Quote: “Our focused investment approach and strong relationships with entrepreneurs enable us to drive significant value creation in our portfolio companies.” – Jayanta Banerjee, Managing Partner
Gaja Capital
Investment Style: Gaja Capital focuses on growth capital investments in mid-market companies across India, particularly in the education, financial services, and consumer sectors. The firm aims to partner with strong management teams to build robust and scalable businesses.
Portfolio Companies: Gaja Capital’s portfolio includes companies like EuroKids International, Kinara Capital, and Chumbak.
Founding Date: 2004
Number of Investment Professionals: Over 20
Assets Under Management: Approximately $1 billion
Key Investment Professionals:
- Gopal Jain, Managing Partner: Gopal brings over two decades of experience in private equity and spearheads the firm’s investment strategy.
- Shiv Sethuraman, Partner: Focuses on investments in the education and consumer sectors, leveraging deep industry knowledge.
- Rajat Mathur, Partner: Specializes in financial services investments and has contributed significantly to the firm’s success in this sector.
Recent Exits: Exited from RBL Bank and Educomp Solutions with successful returns.
Recent Investments: Invested in Kinara Capital and Chumbak.
Office Locations: Mumbai (Headquarters), Bengaluru
Website: www.gajacapital.com
Quote: “Our deep sector expertise and collaborative approach with management teams allow us to unlock growth potential and create lasting value in our portfolio companies.” – Gopal Jain, Managing Partner
Avendus Capital
Investment Style: Avendus Capital focuses on providing investment banking services, asset management, and wealth management, specializing in growth-stage investments in India and Southeast Asia. They emphasize sectors such as financial services, consumer, technology, and healthcare.
Portfolio Companies: Avendus Capital’s portfolio includes companies like Lendingkart, Bikaji Foods International, and Camp K12.
Founding Date: 1999
Number of Investment Professionals: Over 50
Assets Under Management: Approximately $1.5 billion
Key Investment Professionals:
- Gaurav Deepak, Co-Founder & CEO: Gaurav has been instrumental in shaping the firm’s strategic direction and expanding its service offerings.
- Ranu Vohra, Co-Founder & Executive Vice Chairman: Focuses on the firm’s asset management and wealth management businesses.
- Kaushal Aggarwal, Co-Founder & Managing Director: Leads the investment banking division, contributing significantly to its growth and success.
Recent Exits: Successfully exited Lendingkart and Bikaji Foods International through IPOs.
Recent Investments: Invested in Camp K12 and Cloudtail India.
Office Locations: Mumbai (Headquarters), Bengaluru, Delhi, Singapore
Website: www.avendus.com
Quote: “Our strong focus on client relationships and sector expertise empowers us to deliver innovative and customized solutions to our clients.” – Gaurav Deepak, Co-Founder & CEO
Advent International
Investment Style: Advent International focuses on buyouts and growth equity investments across sectors such as business and financial services, healthcare, industrial, retail, and technology. They partner with management teams to drive growth and operational improvements.
Portfolio Companies: Advent’s portfolio includes Dixcy Textiles, Manjushree Technopack, and ASK Investment Managers.
Founding Date: 1984
Number of Investment Professionals: Over 240 globally
Assets Under Management: Over $100 billion globally
Key Investment Professionals:
- Shweta Jalan, Managing Director: Shweta leads investments in the Indian market and plays a pivotal role in the firm’s strategic initiatives.
- Sunil Jain, Managing Director: Focuses on healthcare and consumer investments, contributing to the firm’s success in these sectors.
- Abneesh Roy, Director: Specializes in business and financial services investments.
Recent Exits: Successfully exited Quality Care India and Dixcy Textiles with significant returns.
Recent Investments: Invested in Manjushree Technopack and ASK Investment Managers.
Office Locations: Mumbai, additional offices worldwide
Website: www.adventinternational.com
Quote: “Our global network and deep industry expertise enable us to partner with great management teams and drive transformative growth.” – Shweta Jalan, Managing Director
Sequoia Capital India
Investment Style: Sequoia Capital India focuses on venture and growth investments in India and Southeast Asia, emphasizing sectors such as consumer, technology, healthcare, and financial services. They partner with innovative and high-growth startups to scale their businesses.
Portfolio Companies: Sequoia’s portfolio includes companies like BYJU’S, Zomato, and OYO Rooms.
Founding Date: 1972 (Sequoia Capital), regional operations in India since 2006
Number of Investment Professionals: Over 40 in India and Southeast Asia
Assets Under Management: Part of Sequoia Capital’s global assets of over $85 billion
Key Investment Professionals:
- Rajan Anandan, Managing Director: Rajan leads the firm’s initiatives in technology and consumer sectors, bringing extensive experience in scaling businesses.
- Shailendra Singh, Managing Director: Focuses on growth investments, leveraging his deep market insights and experience.
- GV Ravishankar, Managing Director: Specializes in healthcare and financial services investments.
Recent Exits: Successfully exited companies like Ola and Druva with significant returns.
Recent Investments: Invested in Khatabook and Razorpay.
Office Locations: Bengaluru (India Headquarters), Mumbai, Delhi, Singapore
Website: www.sequoiacap.com
Quote: “Our mission is to partner with founders who are building enduring companies and provide them with the capital, expertise, and resources to accelerate their growth journeys.” – Rajan Anandan, Managing Director
Matrix Partners India
Investment Style: Matrix Partners India focuses on early and growth-stage investments in technology and consumer businesses across India. They partner with visionary founders to build market-leading companies with scalable business models.
Portfolio Companies: Matrix Partners India’s portfolio includes Ola, Practo, and Razorpay.
Founding Date: 2006
Number of Investment Professionals: Approximately 15
Assets Under Management: Over $1 billion
Key Investment Professionals:
- Avnish Bajaj, Founder & Managing Director: Avnish brings extensive experience in technology investments and plays a crucial role in the firm’s strategic direction.
- Tarun Davda, Managing Director: Focuses on consumer and technology investments, contributing to the firm’s success in these sectors.
- Vikram Vaidyanathan, Managing Director: Specializes in fintech and healthcare investments.
Recent Exits: Successfully exited Mswipe Technologies and Ola with significant returns.
Recent Investments: Invested in OfBusiness and Stanza Living.
Office Locations: Mumbai (Headquarters), Bengaluru, Delhi
Website: www.matrixpartners.in
Quote: “We focus on partnering with ambitious entrepreneurs who are creating transformative businesses with the potential to lead in their respective markets.” – Avnish Bajaj, Founder & Managing Director
Conclusion
Mumbai’s private equity landscape continues to evolve, reflecting the city’s dynamic economic potential. As global and local firms navigate complex investment terrains, the opportunities remain robust. The interplay between international capital and local expertise creates a compelling ecosystem for strategic financial movements.
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