Private equity and investment funds in India

AZB & Partners

Premier names in the investment funds market retain AZB & Partners to handle high-value fund formation projects. Co-head Ashwath Rau and Pallabi Ghosal field expertise in handling fund establishments for domestic and international clients in the healthcare and infrastructure fields while Sai Krishna Bharathan is a go-to partner in the real estate funds space. Distressed fund ventures, mezzanine finance arrangements and offshore structures are all advised on. The extensive bench of private equity experts, which includes co-heads Zia Mody, Ajay Bahl, Gautam Saha and Darshika Kothari, regularly handles high-value downstream transactions for market-leading private equity funds, as well as assisting with portfolio company management and exits.

Key clients

Warburg Pincus

Softbank Group

ORIX Corporation

DFM Foods

Brookfield Asset Management

ECP III Ventures

Binny Bansal

Sequoia Pine Investment Holdings

BCP V Multiple Holdings

Tiger Global Management

Westbridge Capital

KKR & Co Inc.

Premji Invest

Reco Altius (a wholly owned subsidiary of GIC of Singapore)

IFC – Restructuring of India Resurgence Fund, L.P.

Tata AIA Life Insurance Company Ltd.

CDPQ Fixed Income X INC., acting through CDPQ

Avendus Future Leaders Fund I

BASF Venture Capital GmbH

BOLD Business Opportunities for L’Oréal Development

Blacksoil Asset Management

Work highlights

  • Advised Carlyle on its acquisition of up to 74% stake in SeQuent Scientific Limited, a listed animal healthcare company, for approximately $208m.
  • Advised KKR Singapore on the acquisition of 100% of the equity share capital of five target companies from Shapoorji Pallonji Group.
  • Advised CDPQ, on its partnership with Piramal Enterprises Limited, to set up a $300m platform, Piramal Structured Credit Opportunities Fund (an AIF) for targeting private credit financing opportunities in India across various sectors, including manufacturing, consumer, healthcare, chemicals, pharmaceuticals, and logistics among others.

Cyril Amarchand Mangaldas

Ravindra Bandhakavi heads the private equity practice at Cyril Amarchand Mangaldas, handling transactions for global funds clients operating in the financial services sector, and sovereign wealth funds in the infrastructure sector. Shagoofa Khan leads a team handling fund formation and structuring, and also leads on fund of funds mandates. The team regularly advises on the establishment of AIFs, retail funds, joint venture funds, venture capital funds and distressed fund restructurings. In the REIT space, Arjun Lall recently advised on the restructuring, due diligence and acquisition of a real estate portfolio leading to a landmark listed REIT. The expansive bench of corporate partners, including co-heads Reeba Chako and Nivedita Rao, adds strength to the downstream investment phase.

Other key lawyers:

Arjun Lall

Key clients

Warburg Pincus





General Atlantic



National Infrastructure and Investment Fund Limited

Premji Invest

Work highlights

  • Acted as the Indian advisors to the Brookfield Group in its $13.2bn global acquisition of Johnson Control Group’s power solutions business.
  • Acted as Indian legal counsel to Stone Point Capital LLC, a private equity firm, in relation to its acquisition of Duff & Phelps, along with funds managed by another investor, Further Global from Permira Funds.
  • Assisted members of the GVK Group in negotiating and executing definitive documents with subsidiaries of the Abu Dhabi Investment Authority (ADIA) and Public Sector Pension Investment Board (PSP), and the National Investment and Infrastructure Fund in acquiring a 79.1% stake in the client by way of a subscription to shares for an aggregate consideration of $1.3bn. approximately INR 7,614 Crores (USD 1.3 Billion).

Khaitan & Co LLP

Khaitan & Co LLP’s premier investment funds practice acts for some of the largest funds on the market on end-to-end formation and structuring across all asset classes. Siddharth Shah, Divaspati Singh, Vivek Mimani and principal associate Gaurita Udiyawar provide tax-forward advice on structuring funds both in India (including regional funds) and cross-jurisdictionally. Key names for private equity deals include practice head Haigreve Khaitan, Aakash Choubey, Ganesh Prasad and Kartick Maheshwari, who are retained by market-leading international financial sponsors including funds, banks, REITS, hedge funds and specialist secondary funds to handle high-value transactions. The firm maintains a highly comprehensive knowledge portal ‘Academia’, which makes cutting-edge legal knowledge available to all retained clients.

Practice head(s):

Haigreve Khaitan

Key clients

Citiustech Healthcare Technology Private Limited

Sterlite Power Grid Ventures Limited

Advent India PE Advisors Pvt Ltd

JM Financial Asset Reconstruction Company Limited

Bharat Serums and Vaccines Limited and its promoters, the Daftary family

Promoter of Essel Propack Limited, i.e., Ashok Goel Trust and its affiliates

Temasek Holdings (Private) Limited

True North Managers LLP

Meritz Group

RattanIndia Power Limited

Punjab National Bank

EverSource Advisors Private Limited

Harbourvest Partners (Asia) Ltd

TA Associates

Advent International Corporation

The Blackstone Group

Ola Electric Mobility Private Limited

ICG Strategic Equity Advisors LLC

Bhavish Aggarwal and Ankit Bhati, founders ANI Technologies Private Limited (“Company”) and ANI Technologies Private Limited

Bessemer Venture Partners and Bessemer India Capital Holdings II Ltd

Northern Arc Capital Limited

Foundation Holdings

Meritz – Edelweiss Platform deal

Piramal Structured Credit Opportunities Fund

India Housing Fund – Series 2

Investment by the Canadian Pension Plan Investment Board (CPPIB) in India Resurgence Fund

Work highlights

  • Advised the founder investors and Citiustech Healthcare Technology Private Limited in relation to the part sale of shares held by the founder promoters and the going-forward arrangement between the company, the founder investors and the purchaser.
  • Advised advised Sterlite Power Transmission Limited – parent entity of Sterlite Power Grid Ventures Limited and current 100% owner of IGT’s investment manager, Sterlite Investment Managers Limited – on certain aspects in connection with the definitive agreement with Electron IM (a KKR entity) for investment by Electron IM in Sterlite Investment Managers Limited.
  • Advised and successfully represented Milestone India Professional Investor’s Private Real Estate Investment Limited Liability Company, part of Mertiz Financial Group, South Korea, in relation to its investment in the units of Real Estate Credit Opportunities Fund, a Category II alternative investment fund managed by Edelweiss Alternative Asset Advisors Limited.

Nishith Desai Associates

Multinational investment vehicles retain Nishith Desai Associates’ top-tier funds practice for advice on the entire fund lifecycle. The ongoing work portfolio comprises multibillion-dollar private equity, venture capital, hedge and distressed funds, for which co-head Richie Sancheti, co-head Pratibha Jain and Nandini Pathak advise the funds’ general practitioners on formation, structuring, operation and exit strategy. Particularly impressive is the team’s handling of the creation of $1bn+ sovereign infrastructure funds for the central government. Advising on distressed funds in the real estate sector is another point of focus, while representation in limited partner negotiations and disputes is routinely supplied. The firm is also regarded for advising on and developing policies and regulations for industry regulators, both domestically and abroad.

Practice head(s):

Richie Sancheti; Pratibha Jain

Other key lawyers:

Nandini Pathak


Has client dedication and strong trusted relationships with regulators and government.

Pratibha Jain is superb – calm, knowledgeable, relationship-oriented and always available to help. Her team goes beyond the call of duty to get things done.

Key clients

National Investment and Infrastructure Fund Limited

Multiples Alternate Asset Management Private Limited

WestBridge Capital

Omnivore Capital Management Advisors Private Limited

SWAMIH Investment Fund – I (SBICAP Ventures Limited)

Ankur Capital

Blume Ventures

Nuveen (A TIAA Company)

Lok Capital

Work highlights

  • Assisted National Investment and Infrastructure Fund Limited with the third and fourth closing/fundraising round of the National Investment and Infrastructure Fund, where OTPP, AustralianSuper participated in the third closing and CPPIB participated in the fourth closing.
  • Assisted Multiples Alternate Asset Management Private Limited with (i) the structuring of Multiples Private Equity Fund III platform; and (ii) multiple closings/fundraising rounds with large institutional investors such as CPPIB, ADB, IFC, NIIF Fund of Funds.
  • Assisted the Department of Economic Affairs, Ministry of Finance, Government of India with structuring the Special Window, setting up the first fund under it and advising on investmens into it. For the first fund, also worked with the Investment Manager SBICAP Ventures to assist with various legal, tax, structuring and regulatory aspects of the fund including documentation and registrations.


Trilegal provides expertise on the entire funds lifecycle for global fund managers and LPs, from initial formation to downstream transactions and exits. Co-head Harsh Pais advises on private equity transactions for a long list of pension funds and sovereign funds, having brought in new clients from Canada and Australia, while co-head Yogesh Singh is the go-to name for real estate and infrastructure investments. Distressed assets and fund restructuring engagements are spearheaded by Nishant Parikh. Further notable names on the team include Ganesh Rao and Aditya Jha, who add strength to the fund structuring (including the establishment of $1bn+ vehicles) and asset management offering.

Practice head(s):

Harsh Pais; Yogesh Singh

Other key lawyers:

Nishant Parikh; Ganesh Rao; Aditya Jha

Key clients


Brookfield Asset Management

LGT Group



Blackstone Group

Ontario Teachers’ Pension Plan Board

Varde Partners Asia Pte. Ltd.

Morgan Stanley

CDC Group Plc

Naspers Ventures BV

Edelweiss Group

International Finance Corporation

Kotak Investment Advisors

Khazanah Nasional Berhad

Blackrock Inc.

Work highlights

  • Represented Ontario Teachers’ Pension Plan Board and Australian Super on their investment in the National Investment and Infrastructure Fund (NIIF). The deal included a commitment to the Master Fund of NIIF, an agreement to co-invest in future investment opportunities and acquisition of a 25% stake in NIIF Limited, the manager of NIIF (which includes governance rights).
  • Advised a consortium of investors on a majority stake in Mumbai International Airport Limited, including development rights in Navi Mumbai International Airport.
  • Advised Kotak Investment Advisors Limited on setting up the fund and also in the investment made by investors to set up “Kotak Special Situations Fund”., targeting both pre-stress and distressed opportunities and financially support businesses to prevent them from entering insolvency.

ALMT Legal

ALMT Legal advises venture capital and private equity investors on fund formations, downstream investments and exit strategy. Practice co-head Dhanya Menon recently handled high-value investment transactions into the pharmaceuticals sector, while Aliff Fazelbhoy applied his extensive tax knowledge to multi-tranche investment structures and shareholder agreement negotiations in the sports and leisure sectors. Refinancing and bridge financing are also points of focus, with both investors and target companies in the retail and technology sectors recently enlisting co-head Statira Ranina to handle a suite of negotiations.

Practice head(s):

Dhanya Menon; Statira Ranina

Other key lawyers:

Aliff Fazelbhoy


The team is very approachable and works very collaboratively with the clients. We work with them across multiple businesses and different functionalities and everyone has a pleasant experience regardless of designation or role.

Key clients

Ascent Capital Private Equity Trust (through its trustee Axis Trustee Services Limited)

Aquasail Distribution Company Private Limited

Innovation in Food and Agriculture Fund

Sanghvi Beauty and Technologies Private Limited

August Jewellery Private Limited

WRV II MauritiusandIndusAge Technology Venture Fund I

Akshayakalpa Farms and Foods Private Limited

SIDBI Venture Capital Limited

Work highlights

  • Advised Sanghvi Beauty and Technologies Private Limited, a company involved in buying, selling, importing, exporting and distributing beauty, wellness and lifestyle products, and its promoter, Mr. Darpan Sanghvi on an investment transaction with Trifecta Venture Debt Fund.
  • Advised Aquasail Distribution Company Private Limited on a strategic private investment in a company involved in the business of providing sailing products and services to retail and corporate clients in India.
  • Acted as the legal counsel to Ascent Capital Private Equity Trust. The scope of work included drafting of definitive documents, reviewing the conditions of precedent and closing documents and negotiations with other party; and amendment of the articles of association of the target company.

Economic Laws Practice

Sujjain Talwar and Suhail Nathani, co-heads of Economic Laws Practice’s private equity and venture capital practice, are retained by sovereign funds, fund of funds and private equity clients operating in the infrastructure, healthcare, hospitality and construction sectors to handle fund formation, investment structuring and downstream transactions. Darshan Upadhyay fields expertise in managing investments in the aerospace sector while Tushar Ajinkya brings a wealth of technology sector experience to the team, bringing in clients from the fields of IT, digital security and software. The team advises on exit considerations and provides ongoing corporate assistance to portfolio companies.

Practice head(s):

Suhail Nathani; Sujjain Talwar

Other key lawyers:

Darshan Upadhya; Tushar Ajinkya

Key clients

Seven Islands Shipping Limited

Samara Capital

IvyCap Ventures Trust – Fund II

Mayfield India II Limited

Multi-Act Trade & Investments Private Limited

Spoton Logistics Private Limited

Accor Group

Powerica Limited

Work highlights

  • Advised IvyCap Ventures Trust – Fund II (IvyCap) in relation to investment by IvyCap in Biryani By Kilo by way of primary issuance of shares.
  • Advised Spoton Logistics Private Limited, investee company of Samara Alternate Investment Fund, on an investment of INR215m in Raag Technologies and Services Private Limited by secondary purchase from the promoters.
  • Advised Samara Capital on an investment in a holding company with a focus on duty free shops in Asia and the Middle East.


A number of new partner hires and promotions - including Manish Gupta and Mayukh Datta - further strengthened IndusLaw’s formidable private equity practice, which also includes key partners Suneeth Katarki and Gaurav Dani. The team advises both company promoters and investors on deal structuring, early-stage and late-stage investments, consolidation transactions and exits. Recent high-value engagements were in the energy, technology, pharmaceuticals, healthcare, retail and e-commerce sectors.

Key clients


Ribbit Capital Mauritius IV

Nexus Venture Partners

Wickedride Adventure Services Private Limited

Accel India

Vertex Ventures


SAIF Partners


Mahindra Partners

Qualcomm Asia

ON Mauritius

RTP Global Investment


CDH Vision Fund


Lightspeed India

Vitalic Health Private Limited (Netmeds)

Sunshine Teahouse Private Limited

RKSV Securities India Private Limited

Pocket Aces Private Limited

Qualcomm Asia Pacific Pte. Ltd

Dunzo Digital Private Limited

Lisbrine Pte. Limited

Vertex Growth Fund

Aye Finance Private Limited

Chiratae Ventures

Roppen Transportation Services Private Limited

Montane Ventures Private Limited

Exfinity Technology Fund

Work highlights

  • Advised OYO in relation to funding into it from Softbank Vision Fund and RA Hospitality Holdings.
  • Advised Ribbit in relation to its investment into Dreamplug Technologies Private Limited along with multiple investors including SCI Investments V (“Sequoia”), Gemini Investments L.P. (“Gemini/DST Global”), RTP Global Investments Limited (“RTP Global”) and others.
  • Advised Wickedride Adventure Services Private Limited (“Bounce”), Accel India V (Mauritius) Limited, ON Mauritius, Qualcomm Asia Pacific Pte. Ltd in relation to investment into Bounce along with other investors.

J Sagar Associates

J Sagar Associates is retained by a substantial roster of fund managers for advice on onshore and offshore fund structuring, downstream investments and exits. Practice co-head Vikram Raghani is advising lead investors in the retail, ITES, healthcare and renewable energy sectors on high-value transactions. Portfolio companies and company promoters also engage the team on inward investments; co-head Aarthi Sivanandh is a go-to name on this side. Further sectors of focus include oil and gas, agriculture and technology.

Practice head(s):

Vikram Raghani; Aarthi Sivanandh

Key clients

Amicus Partners

Advent International

Baring Private Equity Asia


Suryoday Small Finance Bank Limited

Oman India Joint Investment Fund

ANI Technologies Private Limited

Prestige Estates Projects Limited

Royal Sundaram

Multiples Alternate Asset Management Private Limited

eBay Singapore Services Pte Ltd


Carlyle group

Affirma Capital (formerly SCB PE)

Iron pillar fund

Northwest Venture Partners

Sanaka capital

Unitus Seed Fund II

Good Capital Fund I

Vikara Services Private Limited

Work highlights

  • Advised Baring Private Equity Asia on its $700 million acquisition of IT and ITES provider NIIT Technologies from NIIT Limited and its founders.
  • Advised Indiabulls Real Estate Limited in divestment of its remaining stake of 50% in each of its joint venture companies to entities controlled by the Blackstone Group.
  • Advised Baring Private Equity Asia in relation to its acquisition of an 80% stake in CitiusTech Healthcare Technology Private Limited.

L&L Partners Law Offices

The investment funds team at L&L Partners Law Offices advises venture capital firms, hedge funds, private equity funds, mezzanine funds and infrastructure funds on structuring investment vehicles, including sector specific funds such as technology, healthcare, infrastructure and real estate.

Shardul Amarchand Mangaldas & Co

Jay Gandhi is the key name at Shardul Amarchand Mangaldas & Co for investment fund formations and structuring, while Raghubir Menon is the regional practice head for private equity transactions. The team is retained by a diverse list of sovereign wealth funds, private equity investors, hedge funds, venture capital funds and infrastructure finds.

Begur & Partners

Subharekha Ravi and founding partner Rajesh N Begur head the private equity and venture capital practice at Begur & Partners. The team handles fund establishments, management and exits, and received high peer praise in the mid-market deal range.

DSK Legal

DSK Legal’s corporate partners are retained by a solid list of investment fund managers and limited partners from the Indian market and across the APAC region to handle fund formation, management, and exits. Key partners Aparajit Bhattacharya and Hemang Parekh also act for subsequent portfolio companies, while also advising on fund/investee disputes. The addition of private equity investors and AIFs in renewable energy, infrastructure, healthcare, and manufacturing to the client roster broadened the team’s sector knowledge. Deputy managing partner Sajit Suvarna is a leading name for real estate funds, including complex hybrid debt structures.

Other key lawyers:

Sajit Suvarna

Key clients

Prestige Hospitality Ventures

ICICI Venture Funds Management

National Investment and Infrastructure Fund

Hero Electric Vehicles Private Limited

Korea Investment Partners

VKL Seasoning Private Limited

Manash Lifestyle Private Limited

Lightbox Ventures

Gaja Capital

Trust Investment Advisors

Siguler Gulf

RPG Ventures

JSW Ventures

Shapoorji Pallonji Real Estate Fund

India Alternatives Private Equity

Alpha Alternatives

S. J. Healthcare Private Limited (Dentzz)

Work highlights

  • Advised Hero Electric Vehicles and Munjal Family on follow-on investment into the company by way of primary subscription of compulsory convertible debentures by foreign venture capital fund through Alpha Capital Advisors Private Limited, and V’Ocean Investment Limited.
  • Advised Manash Lifestyle Private Limited, a company incorporated in India, and the promoters of the company on investments by Goldman Sachs Asia Strategic and Verlinvest SA.
  • Advised S J Healthcare Private Limited, S J Dental Clinics Private Limited, Dentzz Dental DMCC and the promoters of the companyieson investments by Culbro Helix Investments LLC.

Majmudar & Partners

Led by Akil Hirani, N. Raja Sujith and Rukshad Davar, Majmudar & Partners’ private equity practice is retained by Indian and US-based funds operating in the manufacturing, pharmaceuticals and technology sectors. Ongoing engagements for the team include cross-border portfolio acquisitions, minority buyouts and exits. Tax-led advice on fund structuring is also provided to venture capital and private equity funds.


The team is well experienced and handled our legal requirements to our total satisfaction.

Raja Sujith is a total professional and well experienced.

Key clients

Bertram Capital

Wynnchurch Capital

Browndove Healthcare Private Limited

Accelerator Enterprise Private Limited

Sloki Technologies Private Limited

Work highlights

  • Advised Bertram Capital on the acquisition of Perennials and Sutherland, LLC.
  • Assisting Wynnchurch Capital on its proposed acquisition of a US-based group engaged in manufacture of steel flanges and having subsidiaries in Europe and India.
  • Advised Browndove Healthcare Private Limited on the Bridge Investment by Dr. Ramesh Kancharla and Mrs. Rajini Meka.

Samvad Partners

A highly active firm in the venture capital space, Samvad Partners is retained by venture investor platforms, start-ups and growth companies alike to handle the full investment lifecycle, from Series A investments to exits. Co-heads Vineetha MG, Ashwini Vittalachar and Harish Narasappa each maintain a sizeable portfolio of domestic and international clients operating in the technology (including medtech, fintech and edutech), consumer electronics, insurance, leisure and healthcare industries. Co-head Neela Badami maintains a practice advising social impact funds while Natasha Mahajan is a go-to name for venture debt deals.

Other key lawyers:

Natasha Mahajan


They are diligent, thoughtful folks. Have the right balance on when to be high touch and when to be low touch with clients.

We work with Siddharth Seshan primarily. He has stood out among all the other legal professionals I have worked with on the following grounds: Knows his subject matter inside out; has an opinion on subjects outside his domain of expertise, hence has become my go to person to talk to on all legal topics even outside private equity.

Highly reliable and follows through on their stated word without requiring us to follow up on them.

Key clients

Bank Open (Open Financial Technologies Private Limited)

Bharat Innovation Fund

Bizongo (Smartpaddle Technology Private Limited)

Deepak Fertilisers and Petrochemicals Corporation


DeHaat (Green Agrevolution Private Limited)

Delhivery Private Limited

Eight Roads Ventures India III LP

Inventus (Inventus Advisory (Services) Private Limited Inventus Capital Partners Fund II)

Jumbotail Technologies Private Limited

Kaleidofin Private Limited

Kaycee Industries Limited

Lentra AI Private Limited

LocoNav (BT TechLabs Private Limited)

Next47 Fund 2020 LP (Siemens Investment Arm)

NoBroker Technologies Solutions Private Limited

ON Mauritius (Omidyar Network Mauritius)

Paisa Bazaar (Etechaces Marketing and Consulting

Private Limited)

Policy Bazaar (Etechaces Marketing and Consulting Private Limited)

Pravega Ventures

Saama Capital (Saama Capital India Advisors LLP)

Securens Systems

Sequoia Capital

Shiksha Finance (Shiksha Financial Services India

Private Limited)


Treebo Hotels (Ruptub Solutions Pvt Ltd)

Trifecta Capital (Trifecta Venture Debt Fund – II)

Truebil (Paix Technology Private Limited)

Vertex Ventures

Zapr Media Labs (Red Brick Lane Marketing Solutions Private Limited)

Zetwerk Manufacturing Businesses Private Limited

Zomato Media Private Limited

Work highlights

  • Advised Inventus Capital Partners, one of Policybazaar’s early-stage investors, and Policy Bazaar, in relation to its partial exit from PolicyBazaar, by selling approximately 1.7% of its stake to SVF Python II.
  • Advised (a) Deepak Fertilisers and Petrochemicals Corporation Limited in connection with issuance of foreign currency convertible bonds for an amount aggregating to up to $30m and (b) Smartchem Technologies Limited, a subsidiary of Deepak Fertilisers, in connection with issuance of compulsorily convertible debentures of $30m to International Finance Corporation.
  • Advised Trifecta Capital on its $14.3m debt investment in Big Basket.

Bharucha & Partners

Bharucha & Partners advises on transactions for foreign private equity funds and target companies, with recent engagements in the sectors of food and drink, TMT and real estate. Practice head Vandana Pai is advising US-based private equity investors on high-value investments in the e-learning space and multinational AIFs on exits and sovereign fund sales in the infrastructure sector. Assistance with fund restructuring is also provided.

Practice head(s):

Vandana Pai

Key clients

Apollo Global

General Atlantic

Macquarie Infrastructure & Real Assets

Ivanhoe Cambridge

White Oak Capital

Global Innovation Fund

Vedantu Innovations Private Limited

International Containers & Terminals

Girnar Software Private Limited

63Ideas Infolabs Private Limited


VisVires Indian Wineries

Developing World Market


Work highlights

  • Advised General Atlantic on its $110m investment in Unacademy (Sorting Hat Technologies Private Limited).
  • Advised Vedantu Innovations Private Limited on its Series C, Series C extension, and Series C2 round of funding.
  • Advised Ivanhoe Cambridge on its investment in India through the Logos platform.

Dua Associates

Dua Associates taps into its sister consulting firm Dua Consulting to provide tax-forward fund structuring advice for domestic and international private equity funds. Practice head Manoj Menon advises on downstream transactions in the technology, renewable energy and e-commerce sectors. investors and target companies in food delivery and online education are retained, and real estate fund restructuring was also recently handled by the team.

Practice head(s):

Manoj Menon

Key clients

Fourth Partner Energy Private Limited

Gokaldas Intimatewear Private Limited

Siana Capital Management LLP

Greater Pacific Capital

Mangrove Capital Partners

Work highlights

  • Advised Fourth Partner Energy Private Limited and its wholly owned subsidiary on the financial facility of $50m advanced by Bank of America Merrill Lynch (acting through its Mumbai Branch).
  • Advised the promoters of Hinduja Investments Private Limited and Gokaldas Intimatewear Private Limited on the sale of 100% of the shares held by them in the said companies to funds managed by Advent International Corporation.
  • Advised on an investment by a fund managed by Greater Pacific Capital in the share capital of Enzen Global Solutions Private Limited.

Fox Mandal & Associates

The team private equity and investment funds practice at Fox Mandal is particularly active in the field of investment restructurings for local all international asset management companies. Private investors and fund managers in the real estate sector regularly engage the team to advise on the early-stage establishment of AIFs and investments into real estate developments. Investees also retain the team for assistance with unbound private equity deals in sectors including IT, pharmaceuticals and manufacturing.


The firm has a global view with qualified exposure to several key countries with the interests in India. The partners are very well versed with the latest developments in the industry, business and law. The team has unique and incisive expertise around their subjects specialisations.

The individuals have good knowledge of their respective subjects, very courteous, meticulous in vetting the relevant documents or analysing the issue and easily accessible.

Key clients

Bayside Media

Saisrushti Lakshmipura-1 Developments Private Limited


Inventive Global Solutions

Karvy Capital

Scient capital

Work highlights

  • Advised construction company Sai Srushti Group on investments was made by a registered AIF structured through multiple investment products, wherein partly it was invested in the form of different classes of compulsorily convertible debentures issued by the investee companies and partly as non-convertible debentures which were invested through a group entity.
  • Advised investee Bayside Media on the proposed investment by private equity investors in multiple tranches, wherein the investment was structured through equity investment in the form of private placement and rights issuance.
  • advising Karvy Capital on the restructuring of an investment which was undertaken in the year 2014 in investee company Greens Farm Tech.

Link Legal

The private equity team at Link Legal had recent successes in assisting international funds clients with establishing their India-based operations. Co-head Milind Jha handled exits for private equity clients operating in the real estate sector. On the target company side, Co-head Anuj Trivedi advised promoters in the fintech space on Series B investment rounds, while Co-head Venkat Satyanarayana maintains a high profile in the infrastructure and projects space and Nusrat Hassan is the go-to name in the financial services sector.

Key clients

Ramky Enviro Engineers Limited

Hindustan Media Ventures Limited – part of HT Media Group)

Xiaomi Singapore

Morningside Venture Capital

Qiming Venture Partners

Bright Lifecare Private Limited


Lightspeed Indian Partners

Ami Lifesciences Limited

Fab Hotels

Kalpavriksh Fund

MedOps Technology Private Limited

Asha Impact, Info Edge and Sterlite Ventures

Falcon Edge Capital


Sarvagram Group

Work highlights

  • Advised Xiaomi Singapore in the Series B1 investment of $3m in Talent Unlimited Online Services Private Limited.
  • Advised Chinese venture capital firm Qiming Venture Partners on its entry into the Indian market.
  • Acted for Healthkart on its Series G Round of $25m investment by Belgium-based private equity fund Sofina Group.

S&R Associates

Key names at S&R Associates’ venture capital and private equity practice include Rajat Sethi, Sandip Bhagat, and Sanjeev Adlakha, who act for investors and target companies on minority investments, PIPE transactions, fund restructuring, and exits. Recent highlights were in the infrastructure, real estate, and education sector, while newly elected partner Prachi Goel has a focus on the financial services sector, having recently provided advice on follow-on investment rounds into fintech companies.

Work highlights

  • Advised IRB Infrastructure Developers Limited on investments into the company by affiliates of GIC, Singapore’s sovereign wealth fund.
  • Advised Aakash Educational Services Limited on its sale of 37.5% of its equity shares for an aggregate consideration of INR13.5bn and investments in 100% of its DVR shares by private equity funds managed by Blackstone.
  • advised Everstone, the seller and promoter of Indostar Capital Finance, on Brookfield Business Partners’ proposal to invest INR14.5bn in IndoStar Capital Finance Limited.

Tatva Legal

Recent highlights for the private equity team at Tatva Legal saw practice heads Manav Nagaraj and N. K. Dilip provide advice to impact investors on follow-on transactions in the healthcare, fintech, real estate and education sectors. Assistance with the establishment of AIF platforms in provided, and the team also provides advice to target companies - including established and growth-stage technology companies - on inward investments by global financial sponsors.

Practice head(s):

N.K. Dilip; Manav Nagaraj

Key clients

Lightstone Global Fund

Accion Frontier Inclusion Mauritius

Manipal Health Enterprises Private Limited

Healthmap Diagnostics Private Limited

Stempeutics Research Private Limited & MEMG Family Office LLP

Aaruha Technology Fund

Aspada Investment Company

Ideaspring Capital Future Now

Start 2 Scale Venture LLP

Accion Quona Inclusion Fund L.P

Work highlights

  • Dunzo Digital Pvt. Ltd. raised funds from Lightbox venture, 3L Capital and others. Tatva Legal acted as advisor to Aspada Investment Company which is an existing investor.   Reviewed and negotiated transaction documents.
  • North Haven India Infrastructure Fund invested in Healthmap Diagnostics Pvt. Ltd. to acquire a significant stake   Documentation, negotiation and closure of the transaction.
  • Accion Quona inclusion Fund L.P being an existing investor acquired additional stake in Primrose Hill Ventures Pte. Ltd. Review of the transaction documents and finalisation of the deal Accion Quona invested USD 1.6 million as a part of entire investment amount invested by 5 investors includuing Accion Quona.

Veritas Legal

Veritas Legal has an expanding roster of private equity investors, including high-profile global players, for which department heads Abhijit Joshi and Nandish Vyas recently assisted with private equity investments in the cosmetics, food and drink and FMCG sectors. The practice also advises company promoters on primary investments and funding rounds across a broad range of sectors including retail cybersecurity and fashion.

Practice head(s):

Abhijit Joshi; Nandish Vyas

Key clients


Partners Group

Kedaara Capital

Goldman Sachs

A91 Emerging Fund


Recipharm Ab

Raheja Group

Provenance Land (Owners Of The Four Seasons Hotel)

Lodha Group

True North

House Of Masaba

Epiq Capital

Z3 Partners



Work highlights

  • Acted for and advised Goldman Sachs in relation to is primary investment in Manash Lifestyle Private Limited (Purplle) and the further Series C investment into Purplle by Verlinvest.
  • Joint advisor to Partners Group for the acquisition by KKR of a significant majority stake in Eurokids International and Euroschool International purchased from Gaja Capital and Partners Group.
  • Handled a primary investment in securities and acquisition of securities from Hector Beverages Private Limited through secondary transactions for A91 Emerging Fund I LLP.

Vertices Partners

With an emphasis on the technology sector, Vertices Partners advises start-ups and mid-market growth companies on capital raising exercises and seed funding rounds. The team is also retained by company promoters in the real estate, manufacturing, education and pharmaceutical sectors. On the investor side, practice heads Vinayak Burman and Archana Kholsa Burman act for international funds in the venture capital space on downstream transactions and microfinancing initiatives.


Deep knowledge, thinks practically for the best outcome, no lesser than bigger names in industry.

Vinayak Burman gives a very personal touch and fights from your side. He has deep understanding and never gives up on the points which are of importance however tough it might be.

Key clients


Loan Frame Technologies

Accela Fiduciary

Tano Capital

Sindhuja Microcredit Pvt. Ltd.

Nordic Microfinance Initiative

NoBroker Technology Solutions Pvt. Ltd



GoQuest Media Ventures


Corona Remedies

Finova Capital



Edureka (Brain4ce)




Windlas Pharma

Work highlights

  • Acted for Loan Frame Technologies and its promoters in relation to an investment into the company by Gojo & Company Inc.
  • Acted for Knight Fintech and its promoters in relation to an investment in the company by Seabright III Ltd.
  • Acted for Nordic Microfinance Initiative Fund III KS in relation to the acquisition of a stake of Michael & Susan Dell Foundation and Bamboo Financial Inclusion Mauritius respectively in Svasti Microfinance Private Limited.

AP & Partners

Recently established by ex-Trilegal founder Anand Prasad, AP & Partners retains a solid book of venture capital investors and promoters in the technology space (particularly e-commerce, edutech fintech) operating in the mid-market and start-up brackets. Prasad and co-heads Moksha Bhat and Arjun Sinha are currently advising asset managers on downstream investments and target companies on debt funding exercises and Series A investments.

Key clients

InfoEdge India Limited

Kois Holdings

Cars24 Services Private Limited

Nayan Science and Technologies Private Limited

Teacher Tools Private Limited

Sunrise Mentors Private Limited

Mebigo Labs Private Limited

HealthAssure Private Limited

Work highlights

  • Advising Cars24, an automotive-focused e-commerce and fintech platform, its debt fundraising exercise.
  • Assisting InfoEdge India Limited/InfoEdge Venture Fund on all aspects of its proposed investments in Bulbulive, Intellihealth Solution, Firsthive Tech, Happily Unmarried, Kyte Technologies Inc, RoundOne Network and Medcords Heads Solution.
  • Advised Kois Holdings on all aspects of its investment in Great Learning Education.


With a book of international private equity and venture capital funds (from jurisdictions including Germany and China) on the client roster, ATLAS LAW PARTNERS advises on investments and seed funding for start-ups and growth companies in the real estate, TMT, e-commerce and financial services industries. Practice head Niti Paul and Harry Chawla are the key contacts.

Practice head(s):

Niti Paul

Other key lawyers:

Harry Chawla

Key clients

Euramco GmBh

Fosun Group

M3M Group

Superkisan E-Commerce Private Limited

Work highlights

  • Advised Fosun RZ Capital on its seed round investment in Dotpe Private Limited, a fintech start up. The round size was $8m.
  • Advised Fosun RZ Capital on its pre-series A round investment in Trell Experiences Private Limited, a video blogging start up. The round size was $4m.
  • Advised Deli CMF on its merger control filings before the Competition Commission of India (CCI) in relation to its acquisition of Series F preference shares in Delhivery Private Limited.

Rajaram Legal

Archana Rajaram of Rajaram Legal is retained by domestic private equity and venture capital investors to handle investment portfolios comprising entrepreneurial companies in cutting-edge sectors such as fintech, edtech, new media, healthcare e-commerce, and other new technologies. The firm also advises company promoters on inward investments from high-profile investment fund platforms.

Key clients

Unilazer Ventures

Matrix Partners India

Saama Capital

Chiratae Trust (formerly IDG Ventures)

Sequoia Capital Investments

Stellaris Ventures

TR Capital Group


Five Star Business Finance Limited






Bombay Shaving Company

Treebo Hotels

Kalaari Capital

Lightspeed Ventures

Vogo Automotive

Oye! Rickshaw

Work highlights

  • Advised Matrix Partners on a $56m investment into Ola Electric.
  • Advised Daily Hunt with its Series F fund raise from Goldman Sachs Asia Strategic Fund and Advent Management Belgium.
  • Advised Lenskart Solutions Private Limited, Chiratae Trust and  Unilazer Venture Private Limited on a $225m investment by Softbank.

Spice Route Legal

The technology-focused private equity and venture capital team at Spice Route Legal had an active year advising investors and target companies in the fintech, proptech, healthcare and renewables industries. Practice head Praveen Raju and Mathew Chacko are the key names, and the addition of Arun Jerome from Cyril Amarchand Mangaldas expanded the team’s presence in the traditional sectors of real estate, projects and infrastructure.

Practice head(s):

Praveen Raju

Other key lawyers:

Mathew Chacko; Arun Jerome


The team is very agile and customer centric.

Key clients

Sequoia Capital India

Rahi Care Private Limited


Zenfold Ventures



Helix Investments

G.C. Beverages

Prestellar Ventures Fund 1 Pte. Ltd.

SenseHawk Inc.

Ronin Wines Private Limited


Montane Ventures

Village Capital

Foundamental VC


Snaptrude Technologies


Gigi Benefits


WeGot Utilities


xQ Capital


Plutonomic Savtech Pvt. Ltd.

Aapkapainter Solutions Pvt. Ltd.

Work highlights

  • Acted as global counsel to Helix regarding its investment in SJ Healthcare (Dentzz), a dental chain in India and the UAE that brings cutting-edge dental technology to what is an under-served market.
  • Advised SETU on a $15m fundraising round from Falcon Edge Capital, Light Speed Ventures and Bharat Seed Fund.
  • Advising Foundamental GmbH on a number of proptech and logistics investments in India, Singapore and Indonesia.