Hall Of Fame

Rising Stars

Firms To Watch: Private equity and investment funds

Anoma Legal advises clients on venture capital, private equity and venture debt transactions, with experience in a multitude of sectors including e-commerce, insurance and digital assets. The team is co-headed by Sankar Swamy  and Krishna Venkat from Mumbai, while Abhinav Singh leads from Bengaluru.
Bombay Law Chambers excels in private equity and venture capital investments, with a distinct emphasis on exits for both buyers and sellers. Operating from Mumbai, the team is led by Karan Kalra, Dipanshu Singhal, and Abhinav Harlalka, while Parag Srivastava leads from Bengaluru.
Burgeon Law covers a broad spectrum of investment transactions, offering comprehensive support from initial startup phases to exit transactions. Co-headed by Roma Priya, Abhisshek Singlla and Ankit Bhasin, the team’s experience is centered in New Delhi.
NovoJuris Legal’s team is adept at private equity investments, covering the investment life cycle: series A, B, C, seed investments, strategic buyouts, asset buy-overs, promoter buybacks, and IPO exchanges. The team is co-led by Sharda Balaji and Ashwin D Bhat.

Private equity and investment funds in India

AZB & Partners

AZB & Partners offers a ‘thoroughly professional’ service in its diverse representation of private equity investors across various sectors. The firm’s advisory scope encompasses regulatory protocols, exit strategies and negotiation processes. Ashwath Rau brings experience in private equity and investment funds, supported by Zia Mody’s specialisation in acquisitions, joint ventures, restructurings and inward investments. Darshika Kothari specialises in private equity investments, extending her expertise to marquee private equity clients, as well as domestic and international corporations and financial institutions, while Anil Kasturi’s ability to ‘think outside the box’ complements his capability in the private equity arena, engaging with a wide spectrum of sectors including healthcare, telecom, education and real estate.

Practice head(s):

Ajay Bahl; Zia Mody; Ashwath Rau; Anil Kasturi; Darshika Kothari; Srinath Dasari; Vaidhyanadhan Iyer; Vinati Kastia; Hardeep Sachdeva

Other key lawyers:

Atreya Bhattacharyya; Daksh Trivedi


‘Ajay Bahl is one of the best lawyers and thought leaders in the country.’

‘Anil Kasturi is practical and solution-oriented in his approach and has the ability to cut through to issues very quickly. His domain knowledge is excellent and has the ability to think outside of the box.’ 

‘Zia Mody, Ashwath Rau and Atreya Bhattacharyya provide solid and practical advice that is actionable and solution oriented.’ 

‘The firm is thoroughly professional, understands the commercial aspects of a transaction and an individual’s legal requirements. The firm has been delivering outstanding service over the years.’  

‘The team is easily approachable, has in-depth knowledge and expertise of the subject matter and has a quick turnaround time. They work well together and provide quality legal service.’ 

‘Daksh Trivedi at AZB has been nothing short of phenomenal, bringing insights proactively to transactions and identifying problems and counter-measures before they even arise.’ 

‘The team has a deep level of subject matter expertise, offering a comprehensive service and a high level of commitment.’

Key clients

Warburg Pincus LLC, U.S.A

Softbank Group

Brookfield Asset Management

Sequoia Pine Investment Holdings

Tiger Global Management

Westbridge Capital

KKR & Co Inc.

Schneider Electric Industries SAS

Temasek Holdings Private Limited

TPG Capital

Bain Capital, U.S.A

Hero Enterprise Venture Partners, India

Ecom Express Private Limited, India

AM Marketplaces Private Limited (Limeroad)

Maiden Marketing Pte. Ltd

Cinven Capital, United Kingdom

Xander Group

Michael & Susan Dell Foundation

The Rockefeller Foundation

Filter Capital (Mauritius) Ltd

Dragoneer Partners

Premji Invest

Addition Capital

Vitruvian Partners

Bodhi Tree (BTS Investment 2 Pte. Ltd.)

PAG (Sekhmet Pharmaventures Private Limited)

Stone Plant Investments B.V. (an affiliate of Warburg Pincus, LLC)

R Systems International Limited

BC Asia Investments X Limited (an affiliate of Bain Capital)

Discovery Row Bidco 1 & Discovery Row Bidco 2 (affiliates of Cinven)

Cashgrail Private Limited (Zupee)

Ghisallo Master Fund LP

Sunshine Teahouse Private Limited (Chaayos)

LC Nueva AIF

Sequoia Capital India LLP

Housr Technologies Private Limited

Varde Partners Asia Pte. Ltd.


Bharti Realty Limited & Bharti Enterprises Limited

Scholiverse Educare Private Limited

Hydreq Pte. Ltd.

Accion Digital Transformation Fund, LP

Cyril Amarchand Mangaldas

The ‘market leading private equity and venture capital practice’ at Cyril Amarchand Mangaldas represents sovereign wealth and blue-chip funds in transactional matters, spanning buyout deals and capital raising across various regions. At the helm, Ravindra Bandhakavi provides counsel on private equity, sovereign and pension fund matters, while Reeba Chacko specialises in private equity and venture capital investments, coupled with expertise in foreign exchange control regulations and acquisition strategies. S. Harish adeptly manages a wide spectrum of transactions in the private equity domain, with a significant focus on pre-IPO deals within the e-commerce and retail sectors. Vandana SekhriRuetveij PandyaChandan Kota, and Santosh Janakiram all contribute their sectoral expertise, covering fintech, infrastructure, corporate and securities, real estate, and retail, among others.

Practice head(s):

Cyril Shroff; Reeba Chacko; Ravindra Bandhakavi; Nivedita Rao

Other key lawyers:

S. Harish; Vandana Sekhri; Ruetveij Pandya; Santosh Janakiram; Chandan Kota


‘Ravindra Bandhakavi is an exceptional lawyer, very commercial and astute.’ 

‘A market leading private equity and venture capital practice which matches a strong understanding of the legal and regulatory landscape with a pragmatic and solutions-oriented approach. The team brings broad sector and transactional experience to bear on their work for foreign institutional investors with excellent results.’

‘Ravindra Bandhakavi and Srabnee Ghosh form a highly responsive and solutions-focused team.’ 

Key clients

Indinfravit Trust

Advent International

International Finance Corporation

The Blackstone Group

Ontario Teachers’ Pension Plan

British International Investment

Multiples Alternate Asset Management Private Limited ( Multiples )

Alpha Wave Ventures

Bessemer Venture Partners



Naspers Ventures

RPSG Capital Ventures

Amicus Capital

Akshayakalpa Farms and Foods Private Limited

Fireside Ventures

Saudi Agricultural and Livestock Investment Company


The team at IndusLaw goes ‘above and beyond’, assisting clients at every stage of the investment cycle and stages of growth. Key areas of expertise span a variety of sectors, including healthcare, technology, e-commerce, infrastructure, and retail. Gaurav Dani focuses on private equity and venture capital financings, while Kartik Ganapathy has experience in cross-border private equity investments. Winnie Shekhar holds expertise across multiple sectors, including TMT, fintech and travel, guiding clients through strategic investments and exits. Suneeth Katarki is another key contact in the team, with experience encompassing private equity investment and advisory roles in corporate restructurings and joint ventures.

Practice head(s):

Avimukt Dar; Gaurav Dani; Kartik Ganapathy; Srinivas Katta; Suneeth Katarki

Other key lawyers:

Saurav Kumar; Manish Gupta; Pallavi Kanakagiri; Winnie Shekhar; Anindya Ghosh; Rahul Tiwari; Minhaz Lokhandwala


‘Detail-oriented, readily available and always prompt. Creative in their problem-solving, collegial in working across companies where it is important to maintain a strong working relationship.’ 

‘Winnie Shekhar stands above in her knowledge of the industry, willingness to dive into the details and leave no stone unturned to unlock barriers to finish transactions.’

‘The team is willing to go above and beyond in meeting our expectations in respect of the scope of work and the timelines. They gave legally sound, commercially viable advice and were absolutely professional at all points.’ 

Key clients

CX Partners



Accel Partners

Elevation Capital


Sequoia Capital


FirstCry and its subsidiary Globalbees



B Capital



Ribbit Capital

Stellaris Venture Partners

Hummingbird Ventures

Unilever Ventures

Yulu Bikes

Endiya Partners


Brunei Investment Agency

Kinara Capital

Juspay Technologies

Nexus Ventures

Aiquire Inc. (Pixis)



British International Investment



Cygni Energy Private Limited



Work highlights

  • Advised and represented PhonePe in relation to its fund raise of USD 350 million from General Atlantic at a pre-money valuation of USD 12 billion.
  • Advised and represented Mohalla Tech Private Limited in relation to its Series H funding round of approximately USD 255 million from group marquee, private equity and strategic investors – Google, Temasek, Times group and other existing investors.
  • Advised and represented PhonePe in relation to its fund raise of USD 200 million from Walmart, at a pre-money valuation of USD 12 billion.

Khaitan & Co LLP

Khaitan & Co LLP represents a range of domestic and international financial sponsors on funds, investments and regulatory matters. Haigreve Khaitan co-heads the practice from Mumbai, advising on corporate matters including investments, corporate governance and restructuring across a spectrum of sectors including financial services, manufacturing, retail, and infrastructure. Aakash Choubey supports Khaitan as co-head, advising on various corporate and commercial transactions with proficiency in private equity investments. Siddharth Shah has experience advising foreign and domestic funds on regulatory and tax matters involving the structuring on investment and funds platforms, while Bharat Anand focuses on private equity transactions and joint ventures. Ganesh Prasad and Kartick Maheshwari are also key contacts in the team, with expertise spanning the e-commerce, IT and gaming, healthcare, financial services and real estate sectors between them.

Practice head(s):

Haigreve Khaitan; Aakash Choubey

Other key lawyers:

Siddharth Shah; Bharat Anand; Ganesh Prasad; Kartick Maheshwari; Shreya Dua; Mayank Singh


‘Khaitan & Co’s advice is designed to our needs and delivered in a fashion that is not only timely but also solution-oriented.’

‘Partner-driven practice approach, with unique sectoral experience and being a full-service firm, Khaitan & Co is adept at providing wholesome advice which aids us make quality investment decisions.’

‘Mayank Singh takes keen interest in resolving deal issues with a practical lens and has a great eye for detail.’

Key clients

Poonawalla Fincorp Limited (formerly Magma Fincorp


Brookfield Asset Management

Oman Investment Corporation (S.A.O.C.)

Sahyadri Hospitals Private Limited

Bandhan Financial Holdings Limited

Rhea Trading & Investments Private Limited

IIFL Finance Limited and IIFL Home Finance Limited

Global Dental Services Limited

TrueScale Venture Capital LLP and IIFL Asset Management Limited

Apis Partners

Euler Motors Private Limited

Porus Laboratories Private Limited

The Phoenix Mills Ltd

Kedaara Capital Advisors LLP

Sajjan India Limited

Insight Venture Management LLC through Insight Luxembourg XII S.à r.l

Digital Edge (Singapore) Holdings Pte. Ltd

B9 Beverages Limited.

Multiples Alternate Asset Management Pvt. Ltd.

Investcorp India Asset Managers Private Limited

Bryden Capital Limited

MUFG Innovation Partners Co. Ltd

Softgel Healthcare Private Limited (Softgel)

Odessa Technologies I

Shardul Amarchand Mangaldas & Co

Shardul Amarchand Mangaldas & Co, noted for its expertise in private equity transactional advisory mandates, advises blue-chip and sovereign funds on strategic transactions and investments. The ‘flawless’ practice is led by Shardul ShroffGunjan ShahRaghubir Menon and Iqbal Khan. Other key contacts include Puja Sondhi and Nivedita Tiwari, both of whom bring experience in private equity and venture capital investments, Manav Nagaraj , Mithun Thanks, Anuj Bhasme, Abhishek Guha and Tanya Uppal, who collectively boast specialisation in private equity across a diverse range of sectors including finance, technology, logistics and healthcare, among others.

Practice head(s):

Shardul Shroff; Gunjan Shah; Raghubir Menon; Iqbal Khan

Other key lawyers:

Puja Sondhi; Nivedita Tiwari; Manav Nagaraj; Mithun Thanks; Anuj Bhasme; Abhishek Guha; Tanya Uppal


‘This team is our go-to firm for India transactions. They are an excellent team and provide us with the best service in terms of deal knowledge, execution, communication and fees. A flawless set-up and we couldn’t be happier.’

‘Abhishek Guha is excellent; he tells us what we need to know and considers all the options. Always considerate of our fees and goes the extra mile.

‘Tanya Uppal has amazing drafting skills and is consistently delivering the best documentation for our transaction.’

Key clients

Sequoia Capital India Operations II LLC

Norwest Venture Partners X-Mauritius

Accel India VII (Mauritius) Limited (Accel), Matrix Partners India Investments III, LLC (Matrix LLC), Matrix Partners India III AIF Trust, Elevation Capital VII Limited (ECL)

Leap Technologies Private Limited

Norwest Capital, LLC

Norwest Capital, LLC

Citi Ventures, Inc.

Norwest Venture Partners VII-A Mauritius

Alpha Wave Incubation LP

Raine Partners II LP


National Investment and Infrastructure Fund Limited

Sembcorp Utilities Pte Limited

Crimson Winter Limited


Funds managed by Apollo Global Management, Inc.

AION Capital Partners Limited and the IGT Group, which includes IGT Solutions Private Limited


Bain Capital Credit, L.P.

Partners Group Administration Services AG

A consortium comprising of HHLR Management Pte. Ltd and Alta Capital Management LLP

Bain Capital Credit, LP.



CA Basque Investments

Ontario Municipal Employees Retirement System

Leeds Equity Partners, LLC, CeriFi LLC and LRN Corporation

Leeds Equity Partners, LLC and Talent AcquisitionCo, LLC

Hillhouse Capital Group

Leapfrog Investments Group

FPL Technologies Private Limited

Barentz International B.V.

Insight Enterprises, Inc.

Xebia Group

L Catterton Asia 3 Pte Ltd

Work highlights

  • Advised Hillhouse Capital Group in their investment in Tablespace Technologies Private Limited, an entity engaged in the business of providing managed office solutions to enterprise customers, INR 16.60 billion.
  • Advised LeapFrog Investments Group in their Series B round of investment in Redcliffe Lifetech, Inc. (USA) for INR 4.70 billion.


The team at Trilegal provides comprehensive advice, spanning the entire journey for private equity investors, from entry to exit, offering expert guidance on control transactions, private investment in public equity, and minority investments. Leading the practice is Yogesh Singh, whose experience includes advising international corporations, funds, and investors on India’s intricate regulatory landscape. Meanwhile, Kosturi Ghosh excels in advising multinational clients on regulatory and strategic considerations, adeptly structuring investments and exit strategies across regulated sectors, including IT, education, food, and healthcare. Leveraging his deep-rooted corporate expertise, Nishant Parikh acts for private equity funds and corporations in investments, and Aditya Jha is a key contact for a variety of investment funds.

Practice head(s):

Yogesh Singh

Other key lawyers:

Yash Bansal; Ganesh Rao; Kosturi Ghosh; Nishant Parikh; Aditya Jha; Sridhar Gorthi


‘The largest funds team in India, with some of the brightest and sharpest lawyers.’

‘Ganesh Rao is one of the best funds lawyers in the country, very well-read and updated on regulatory issues across the globe, providing excellent advice on complicated issues.’

‘Yash Bansal is excellent, sharp, commercially attuned and able to deliver quality advice within tight timelines.’

Key clients

Actis Group

Bain Capital

Blackstone Inc.

CPP Investment Board Private Holdings (4) Inc

Carlyle Group

Health Arx Technologies Private Limited (BeatO)

GIC and ChrysCapital

Bytedance (HK) Limited

Prosus N.V.

British International Investment plc (formerly known as CDC Group plc)

Ontario Teachers’ Pension Plan

Kogta Financial (India) Limited


India Resurgence Asset Management Business Private Limited (IndiaRF)

KKR & Co. Inc. (acting through Ardor Holdings II Pte. Ltd.)

Artian Capital SCSp SICAV-RAIF – Artian Private Equity (Artian)

Sterlite Power Transmission Limited

LR India Fund II IFSC

Virescent Renewable Energy Trust

Chiratae India Investment Manager LLP

Aavishkaar Advisors Private Limited

Asia Pragati Capfin Private Limited

Lightrock India

True North Credit Fund Managers LLP

Kotak Investment Advisors Limited

HDFC Capital Advisors Limited

ICICI Ventures

True North Managers LLP

Faering Capital Advisors LLP

Tablespace Technologies Private Limited

Work highlights

  • Represented Actis in its direct investment in RX Propellant Asset Advisors Private Limited (RX) and indirect investment in JVRX Asset Management Private Limited (JVRX).
  • Assisted Actis in the purchase of Welspun Enterprises Limited’s roads portfolio comprising toll and annuity assets.
  • Advised the transaction of Hong Kong-based Baring Private Equity Asia’s (BPEA) customized technology solutions provider Interplex to private-equity funds managed by Blackstone Inc in a manner to permit PN3 compliance for Blackstone.

Samvad Partners

Samvad Partners represents a diverse clientele and operates across a range of sectors, including technology, logistics, healthcare, and insurance, among others. Leading the practice from Mumbai, Vineetha MG brings robust experience in private equity investments and venture capital transactions on both domestic and international fronts. In New Delhi, Ashwini Vittalachar advises a range of private equity investors in early, mid, and late-stage investments. Based in Bengaluru, Neela Badami specialises in advising investment funds and start-ups, assisting from their series A investments through to their exits. Enhancing the team’s expertise, Manu Varghese, who joined in February 2023 from White & Brief Advocates and Solicitors, provides valuable insights into buy-side and sell-side private equity investments, joint ventures, divestment of business assets, and inbound and outbound investments. Since publication, Neeraj Vyas has left for Saga Legal.

Practice head(s):

Vineetha MG; Ashwini Vittalachar; Neela Badami

Other key lawyers:

Neha Mirajgaoker; Aparna Ravi; Nivedita Nivargi; Natasha Mahajan; Manu Varghese

Key clients

Creditail Technologies Private Limited

Eight Roads Ventures India III LP

Eight Roads Ventures India Technology IV, L.P.

Elevation Capital VII Limited

Indus Insights and Analytical Services Private Limited

Kaleidofin Private Limited

KTB Network (now DAOL investment)

Moshpit Technologies Private Limited (Finbox)

RPSG Capital Ventures

Sagar Cements Limited and its promoters

Sauce VC

Sequoia Capital

Stellaris Venture Partners India I

The Fundamentum Partnership Fund–I & The Fundamentum Partnership Fund–II

Trifecta Capital

Wahi Automotive Private Limited

WEH Ventures II (a scheme under WEH Ventures Trust II)

Work highlights

  • Acted as legal counsel to Trifecta Capital in relation to multiple venture debt investments by Trifecta; and M&A transactions involving a complete/partial sale by Trifecta of its holdings in the portfolio companies.
  • Advised SCI Growth Investments III, an existing shareholder of Desiderata Impact Ventures Private Limited, in its Series C’s investment in the company.
  • Advised The Fundamentum Partnership – Fund II with respect to its Series B1 round investment in Mebigo Labs Private Limited (Kuku FM) along with other investors.

ALMT Legal

ALMT Legal’s ‘knowledgeable, responsive and high calibre’ team acts for private equity funds, venture capital funds and investee companies on various aspects of transactions, from due diligence and investment structuring to drafting and negotiating documentation and shareholder agreements. Statira Ranina, who has considerable experience acting for domestic and international private equity investors, jointly leads the team alongside Dhanya Menon, whose expertise lies in private equity and venture capital investments. Other key contacts in the group include ‘outstanding professionalAliff Fazelbhoy, who advises on entry strategies for investment funds and downstream investments, and S.R. Arun.

Practice head(s):

Statira Ranina; Dhanya Menon

Other key lawyers:

Aliff Fazelbhoy; S.R Arun; Rajat Bopaiah


‘ALMT is an all-purpose law firm and the team is very responsive.’

‘The team in ALMT has talented associates.’

‘A knowledgeable, responsive and high calibre team with wide-ranging experience.’

Key clients

Sanghvi Beauty & Technologies Private Limited

SIDBI Venture Capital Limited

Bharucha & Partners

Noted for its 'capability in handling complex transactions', Bharucha & Partners manages the entire investment life cycle, ranging from fund formations to exits, specialising in transaction structuring for pre-IPO placements and private investment public equity deals, with demonstrable experience across a range of sectors, encompassing financial services, technology, healthcare, and real estate. Vadana Pai leads the practice and acts on investments and exits for fund houses and financial institutions, while Swathi Girimaji provides 'sound and pragmatic advice' to clients across the telecommunications, cosmetics, ed-tech, and financial services industries.

Practice head(s):

Vandana Pai

Other key lawyers:

Justin Bharucha; Swathi Girimaji


‘The team has the capability in handling complex transactions.’

‘Swathi Girimaji gives sound and pragmatic advice on complex deal structurings. Her level-headed approach is extremely valuable when it comes to high-value deal negotiations.’

Key clients

Ivanhoe Cambridge

General Atlantic

Lightrock Fund

Sunways Group

Girnarsoft Education Services Private Limited

Flourish Ventures Fund LLC

CI Capital Partners

SDC Capital

Macquarie Infrastructure & Real Assets

Global Innovation Fund

Work highlights

  • Advised a Canadian pension fund on entering into a USD 1 billion joint venture to develop digital assets in India.
  • Advised General Atlantic in its investment in Acko Technology & Services Pvt. Ltd, a leading insurtech company in India.

DSK Legal

DSK Legal acts for private equity managers and limited partners in the establishment of alternative investment funds, as well as advising domestic and foreign venture capital funds across various jurisdictions, including India and Mauritius. Managing partner Anand Desai leads the team and advises on private equity and hedge fund transactions, in addition to disputes arising between funds and investee companies. Sharath Chandrasekhar acts for startups and investment funds across the banking, hospitality and fintech sectors on transaction structuring mandates, while Aninda Pal handles a range of domestic and cross-border private equity and venture capital deals. Other key contacts in the group include Aparajit BhattacharyaHemang Parekh and Ajay Shaw and Harvinder Singh.

Practice head(s):

Anand Desai

Other key lawyers:

Aparajit Bhattacharya; Ajay Shaw; Hemang Parek; Niraj Kumar; Rishi Anand; Srinivas B.R.; Harvinder Singh; Aninda Pal; Sharath Chandrasekhar; Kunal Mehra; Gaurav Mistry; Siddharth Suresh; Nakul Batra; Jayesh Kothari; Akanksha Tiwary

Key clients

Dynamic India Fund S4 US I, India Advantage Fund S4 I and India Advantage Fund S5 I

Axis Trustee Services Limited through its investment manager, Siana Capital Management LLP

Aquaexchange Agritech Private Limited

Mimansa Industries Private Limited and its founders Sneh Jain and Aditi Handa

Infifresh Foods Private Limited and its Founder, Mr. Utham Swamygowda

HDFC Capital Advisors Limited

Deep Science India Fund

HealthQuad Fund II

Artha Venture Fund I

Staqu Technologies Private Limited

Gajju Technologies Private Limited

Sahyadri Farmers Producer Company Limited

QuNu Labs Private Limited

CapitaLand Group (Ascendas)

Neuberger Berman, USA

Kois Holdings

Cybercity Builders & Developers Private Limited

ICICI Bank Limited

MV Opportunities India Limited (part of CM Ventures)

Satsure Analytics India Private Limited

Entropik Technologies Private Limited

Work highlights

  • Acted as the legal advisor for Dynamic India Fund S4 US I, India Advantage Fund S4 I and India Advantage Fund S5 I (funds managed by ICICI Venture), for their primary investment into Cello World Private Limited for a minority stake of about 8% (on fully diluted basis) by subscribing to compulsory convertible preference shares issued by Cello, in multiple tranches.
  • Advised Infifresh Foods Private Limited and its Founder, Mr. Utham Swamygowda in relation to their Series C – Tranche 2 Round from Evolvence India Fund IV Ltd.
  • Advised HealthQuad Fund II in relation to its primary and secondary investment in the Series A funding round of GoApptiv Private Limited along with Cipla Limited as a co-investor, wherein Cipla is an existing investor in the Company.

Majmudar & Partners

Majmudar & Partners acts for private equity and venture capital funds, covering a range of matters including investment transactions, exits and regulatory mandates, with demonstrable experience across the technology, retail, manufacturing and financial services sectors. Akil Hirani, who handles fund structuring and private equity deals, jointly leads the team alongside head of the firm's M&A group Rukshad Davar, Ravi Raghavan, who handles tax structuring issues for funds, and Raja Sujith, who spearheads the offering Bangalore and advises on venture capital transactions, with notable expertise in the technology sector.

Practice head(s):

Akil Hirani; Raja Sujith; Rukshad Davar; Ravi Raghavan

Key clients

STIC Investment and Mainstreet Digital Life IV Pte. Ltd.

Five Elms Capital Management, LLC

Edgewater Capital Partners and SK Capital Partners

Centre Lane Partners, LLC/ Bedding Acquisition LLC

DLA Piper, Hong Kong

Work highlights

  • Advised STIC Investment and Mainstreet Digital Life IV Pte. Ltd. on the acquisition of minority stakes in Ninjacart, which is a leading B2B marketplace for agricultural products in India.
  • Acted as Indian legal counsel to Five Elms Capital Management, LLC, on its acquisition of a minority stake in Vajro, Inc., and also advised on the grant of ESOPs.
  • Advised Edgewater Capital Partners and SK Capital Partners on the acquisition of the scintillation and photonic crystals business of Saint-Gobain, S.A., a French multinational.

Nishith Desai Associates

The ‘diligent’ practice at Nishith Desai Associates specialises in the structuring of investment funds, offering advice to both domestic and cross-border funds. With offices in Mumbai, Delhi, Bangalore and Gujarat, the team is well-placed to collaborate and leverage the expertise of the firm’s offices in Singapore, Silicon Valley, New York, Munich and Amsterdam. Based in Mumbai, Nishith Desai leads the practice and is supported by Parul Jain, who heads the fund formation group in New Delhi and represents venture capital, growth and angel funds in setting up onshore and offshore fund structures. Nandini Pathak is another key contact in the team, handling fund governance matters and sustainable investing issues.

Practice head(s):

Nishith Desai; Parul Jain

Other key lawyers:

Dibya Behera; Nandini Pathak


‘Good knowledge of the local market. They are diligent and provide advice with clarity.’ 

‘Dibya Behera and Nandini Pathak are diligent and responsive.’

Spice Route Legal

Spice Route Legal is actively involved in a variety of private equity transactions, encompassing buyouts, investor representation, and investee-side representation. The team possesses expertise in sectors spanning technology, energy, life sciences, retail and consumer goods. Praveen Raju co-leads the practice from Mumbai, with demonstrable experience in private equity and venture capital investments in the alternative energy, healthcare, and life sciences sectors, alongside ‘well-respected and top lawyer’ Mathew Chacko, who spearheads the offering in Bangalore and handles transactions involving technology companies.

Practice head(s):

Praveen Raju; Mathew Chacko


‘SRL team is extremely competent. The team have sound judgement on what is and what is not possible.’

‘Matthew Chako is a well-respected and top lawyer.’

‘Harsh Kumra is a sharp lawyer, who has a lot of potential and is great to work with.’

‘Always available, calm, highly organised, and very pleasant to work with.’

Key clients


Aerem Solutions

Ananta Capital

Culbro Helix Investments


Digiotech Solutions Private Limited


Ohmium International Inc.

Seclore Technology


Urban Company

Verve Financial Services

Zenfold Ventures

Pillow Fund

Recur Technologies

Work highlights

  • Advised Ohmium International on the $250 million Series-C fundraise from TPG Rise, a deal that is potentially the largest deal in the green hydrogen sector.
  • Advising Foundamental on an extensive sequence of investments across the Asia Pacific totalling over $110.39 million in the reporting period.
  • Acting for Ananta Capital on over $36 million of investments, including its $22.6 million control investment into Springwel Mattresses Private Limited, in what is one of the largest takeovers within the home furnishings industry.

Economic Laws Practice

Economic Laws Practice acts for stakeholders in private funds, including investment managers, sponsors, lead investors, placement agents and co-investors, as well as portfolio companies, on a broad range of investments and advisory mandates. Praised for its 'business acumen combined with strong legal skills', the team is jointly led by Suhail Nathani and Yashojit Mitra, who advises on the negotiation, drafting and due diligence aspects of private equity transactions.

Practice head(s):

Suhail Nathani; Yashojit Mitra


‘The team has good business acumen combined with strong legal skills.’ 

Key clients

Somerset Indus Healthcare India Fund

100Percent Nourishment Private Limited popularly known as WickedGud

MProfit Software Pvt. Ltd

Samarthya Investment Advisors LLP

Loyalie IT-Solutions Private Limited (Reloy)

Krishnamurthy and Co

The team at Krishnamurthy and Co has demonstrable experience in handling domestic and cross-border transactions, representing funds, investee entities, and strategic investors across a range of sectors, including healthcare, retail, renewable power, education, and technology. Based in Mumbai, Naina Krishna Murthy jointly leads the team alongside Rukmini Roychowdhury, while Shwetambari Rao operates from the firm's Bangalore office and advises on private equity and venture capital transactions, in addition to inbound and outbound investments. Alok Sonker is another key contact in the team.

Practice head(s):

Naina Krishna Murthy; Shwetambari Rao; Rukmini Roychowdhury

Other key lawyers:

Alok Sonker


‘Diligent and assertive in counter-party negotiations.’

Key clients

L R India Holdings Limited

Mebigo Labs Private Limited

Ascent Capital

Immuneel Therapeutics Private Limited

Zeo Fin Technology Private Limited

Unitus Seed Fund Advisors LLP

Aspire Fintech Private Limited

Serosoft Solutions Private Limited

Multiply Ventures India Trust

Mount Judi Ventures

Healthcare Process Solutions (India) Private Limited

JSW Ventures

Capria Fund LLC

Finone Technologies Private Limited

Bosch Limited

Work highlights

  • Advised L R India Holdings Limited in its investment of approx. USD 90 Million in Phasorz Technologies Private Limited (Medibuddy).
  • Advised Centre Court Capital (CCC) Fund, a JSW Group backed SEBI AIF fund on its co-investment of USD 100 Million in FanCraze, a digital collectibles company along with Insight Partners, B Capital, Mirae Financial, Tiger Global, Coatue Management, Sequoia Capital India, Courtside Ventures, and Cristiano Ronaldo’s CR7.
  • Advised Mebigo Labs Private Limited (Kuku FM) on its Series B and Series B1 round of fundraise of approx. USD 41 million from The Fundamentum Partnership Fund, Paramark KB Fund, Krafton, Inc., India Quotient Startup Fund, Vertex Ventures Sea Fund, 3one4 Capital and V Cube Ventures S.A.

Luthra and Luthra Law Offices India

Luthra and Luthra Law Offices India is noted for its capability in handling cutting-edge private equity and structured transactions, advising on the full life cycle of investments. Nishant Singh‘s experience covers equity and debt financing transactions, while Navin Syiem handles cross-border investments arising out of the infrastructure, banking, and finance sectors. Other key contacts in the group include Shinoj KoshyDeepak Kumar Thakur, and Jay Parikh.

Practice head(s):

Deepak THM; Jay Parikh; Navin Syiem; Nishant Singh; Shinoj Koshy; Sudipta Routh; Vasudev Dibbur

Key clients

Investment Fund for Developing Countries through DSDG Holding ApS (IFU).

Accurant International, LLC

Llama Logisol Private Limited (Shipsy)

Smytten (Surfboats Solutions Private Limited)


SVL-SME Fund (Neev II Fund)

Amicus Capital

Silveredge Technologies Private Limited

Howden Insurance Brokers Private Limited

Crystal Crop Protection Limited

Novo Holdings A/S

HealthQuad Fund

Loco Interactive Pte. Ltd.

Sanjana Cryogenic Storages Limited

Psila Tech Pte. Ltd

Export-Import Bank of India

Awfis Space Solutions Private Limited

Kidvento Education and Research Private Limited

Atozlearn Edutech Private Limited (ixamBee)

Minda Corporation Limited

Pocket Aces Pictures Private Limited

Work highlights

  • Advised Novo Holdings in its investment in MedGenome Inc.
  • Represented and advised Scaler, a company engaged, inter alia, in the business of providing online courses to provide online recipients to procure jobs at technology companies in its Series B fund raise aggregating to USD 55,000,000 from Lightrock India, Sequoia Capital, Tiger Global and other existing investors.
  • Advised Loco in its Series A fundraise worth USD 42,000,000.

S&R Associates

S&R Associates advises on a range of structures, including alternative investment funds, mutual funds, foreign portfolio investors, foreign venture capital investors and collective investment schemes, with demonstrable expertise in the structuring, registration, listing, and post-listing of infrastructure investment trusts and REITs. Key contacts in the firm’s New Delhi office include Mohit GogiaRadhika IyerSanjeev Adlakha, and Venkatesh Vijayaraghavan, while Rachael IsraelRajat SethiSudip Mahapatra and Viral Mehta operate from Mumbai.

Other key lawyers:

Mohit Gogia; Radhika Iyer; Sanjeev Adlakha; Venkatesh Vijayaraghavan; Rachael Israel; Rajat Sethi; Sudip Mahapatra; Viral Mehta; Swapneil Akut

Key clients

Aavishkaar Bharat Fund

Andreessen Horowitz (a16z)

Artha Venture Fund I

Bright Cove Alternate Investment Opportunities Fund

Capeview Investment Managers Limited

DSG Consumer Partners III

First Global AIF Trust

IndInfravit Trust

IndValue Opportunities Fund

IRB Infrastructure Trust/ IRB InvIT Fund

Light Microfinance Private Limited

Paradigm Fund L.P.

Providence Strategic Growth Capital Partners L.L.C.

Ribbit Capital

Roadstar Infra Investment Trust

Rubicon Technology Partners

SAR Group

Seafund Venture India Trust

Stress Revival Fund

Susquehanna International Group (SIG)

Tech Vision Fund

Work highlights

  • Represented DSG Consumer Partners, an existing investor in StayVista, a manager of luxury villas and holiday homes in India for vacation rentals, in INR 400 million Series B funding round also involving Capri Global and certain existing investors.
  • Represented New Mountain Capital, a growth-oriented investment firm, on Indian legal aspects of the acquisition of the Applied, Food and Enterprise Services businesses from PerkinElmer, Inc.’s Discovery & Analytical Solutions segment.
  • Represented Arohan Financial Services, an RBI-registered NBFC-MFI, in an investment by Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO), a Dutch development bank.

Vertices Partners

Praised as ‘collaborative, helpful and solution-focused’Vertices Partners handles a broad range of transactional, advisory and regulatory matters, with demonstrable experience in the private equity, venture capital and seed capital arenas. Based in Mumbai, Vinayak Burman jointly leads the practice alongside Amit Manubarwala and Archana Kholsa Burman, while Siddharth Raja spearheads the offering from Gurgaon.

Practice head(s):

Vinayak Burman; Amit Manubarwala; Siddharth Raja; Archana Khosla


‘Entrepreneurial mindset. The team are collaborative, helpful and solution-focused.’

‘Great listening, mentoring, available at all times and polite. Thoroughly professional.’ 

Key clients

Enaltec Labs Private Limited

PEP Technologies Private Limited

Gojo & Company (Inc.)

Redcliffe Lifetech Private Limited and Redcliffe Lifetech Inc. (USA)

Nordic Microfinance Initiative (NMI)

Green Agrevolution Private Limited (Dehaat)

Aavishkaar India Fund VI

Ineuron and its Founders

WestBridge AIF

Josh Talks Private Limited

Work highlights

  • Prepared documents for Finova Capital Private Limited throughout a deal involving acquisition of a certain stake by an incoming investor from certain angel investors and the founders, and Series D Round primary investment in the Company by certain existing investors and a new investor.
  • Drafted definitive documents in line with NVCA drafts for Redcliffe Lifetech Private Limited and Redcliffe Lifetech Inc. (USA) for the deal involving investment in a US holding company by certain investors, and investment in the Indian subsidiary by certain investors.
  • Structured and negotiated a deal for Nordic Microfinance Initiative (NMI) involving Series D Round of funding by NMI and certain existing investors.

AP & Partners

AP & Partners‘ team acts for both domestic and international funds and sponsors on an array of matters, encompassing fund formation and structuring issues arising out of inbound and outbound investments. Anand Prasad jointly leads the team alongside Moksha Bhat, Arjun Sinha, and Harshit Anand, who joined the firm from Trilegal in July 2022.

Practice head(s):

Anand Prasad; Moksha Bhat; Arjun Sinha; Harshit Anand

Key clients

Info Edge Venture Fund

Teacher Tools Private Limited (Toddle)

LeanCrop Technology Solutions Private Limited


Intellihealth Solutions Private Limited

HealthAssure Private Limited


Centricity Wealth Tech

Devtron Inc.

Amishi Consumer Technologies Private Limited (Momsco)

Sunrise Mentors Private Limited (Coding Ninjas)

Capital 2B Fund

Red Start Labs

IndieJewels Fashions Private Limited

ColdBrew Tech Private Limited

Founders of Narang Eye Institute

Dentons Link Legal

At Dentons Link Legal, the team advises funds, private equity firms, start-ups and early-stage companies on devising effective investment structures, with additional expertise in investments, exit and entry strategies, negotiating processes, and addressing regulatory issues. Based in Mumbai, Nusrat Hassan leads the team, while Jinni Sinha and Vinu Peter Immanuel spearhead the offering in New Delhi. Other key contacts in the group include Namita Das and Ketan Mukhija.

Practice head(s):

Nusrat Hassan; Jinni Sinha; Vinu Peter Immanuel

Other key lawyers:

Namita Das; Ketan Mukhija

Key clients


Ami Organics Limited

Digiexpress Trade Private Limited

Creanovation Technologies Private Limited

Emerging Vision, Cayman Islands

March Work Private Limited

Stratage Law

Counting domestic companies, venture capital funds and angel investors across the technology, healthcare, and consumer products sectors among its key roster of clients, Stratage Law advises on the full life cycle of private equity and venture capital transactions, covering formation, structuring, post-closing integration and exit strategies. Managing partner Darshan Upadhyay leads the practice and acts for funds on matters concerning entry, acquisitions and joint ventures. Other key contacts include Bhavin Gada and Shyam Pandya, who handle investments and fund-related issues across the financial services, retail and technology sectors.

Practice head(s):

Darshan Upadhyay

Other key lawyers:

Bhavin Gada; Shyam Pandya

Key clients

Ambit Pragma Ventures

BlackCap Equity Management ApS

Bloombay Enterprises LLP

Collab Advisors LLP

Easy Home Finance Limited

ESL Securities Limited

Food Memories

Impresario Entertainment and Hospitality Private Limited

India SME Investments

IvyCap Ventures Advisors Private Limited

Magicrete Building Solutions

Mayfield Fund

Motilal Oswal

Multi-Act Fund

Nuvama Group

Samara India Advisors Private Limited

SMS Integrated Facility Services Private Limited

ThomasLlyod Group

Trigyn Technologies Limited

Xponentia Capital Partners LLP

Work highlights

  • Advised Impresario Entertainment and Hospitality Private Limited and the Promoters in a deal where India Resurgence Fund (IndiaRF) has acquired the five-year-old stake from L Catterton Asia and is also investing in our client’s company by subscribing to shares.
  • Advised Nuvama Asset Management Limited on its investment in Course5 Intelligence Limited.
  • Advised Nuvamain its acquisition of a substantial minority stake of the respective Ozone Entities through a mix of primary and secondary investment.

Tatva Legal

At Tatva Legal, the team counts sovereign wealth funds, family offices, and government agencies among its key roster of clients. Based in Bangalore, N.K. Dilip leads the team and advises on domestic and cross-border investment transactions, while Anu Iyer operates from the firm's office in Mumbai and acts for venture capital funds. In New Delhi, Avinash Mody has experience in formulating entry and exit strategies, in addition to advising on restructuring matters and buyouts.

Practice head(s):

N.K. Dilip

Other key lawyers:

Anu Iyer; Avinash Mody; Raghu Nandana

Key clients

MV Core Tech Fund-I

Work highlights

  • Invested in Knolskape Solutions Pte. Ltd. Acted for Investors, drafted transaction documents, negotiated and assisted in closing the transaction.
  • Invested in Thermal Energy Service Solutions Pvt. Ltd. and acquired 19.53%. Drafted transaction documents and assisted in closure of the transaction.

Acuity Law

Acuity Law acts for angel investors, early-stage investors, venture capital and private equity funds and financial institutions on a range of private equity and venture capital mandates, with additional experience advising on the establishment of various alternative investment funds. Key sectors of expertise include retail, infrastructure, healthcare, technology and financial services. Souvik Ganguly leads the team and focuses on private equity and venture funding mandates.

Practice head(s):

Souvik Ganguly

Key clients

Sreyas Holistic Remedies Private Limited

Venktesh Investment and Trading Company Private Limited


Rebright Partners III Investment Partnership NoAvaana Capital Growth Fund I

Work highlights

  • Advised Sreyas Holistic Remedies Private Limited operating under the brand name of ‘Oliva’ in an investment of USD 65 million by Kedaara Capital Growth Fund III LLP.
  • Advised Venktesh Investment and Trading Company Private Limited in its investment in Arcatron Mobility Private Limited in the series B funding round of USD 1.5 million.
  • Advised Rebright Partners III Investment Partnership, Avaana Capital Growth Fund I, and NABVENTURES Fund I in the series B funding round of Nupa Technologies Private Limited operating under the brand of ‘Eggoz’,

Ahlawat & Associates

Ahlawat & Associates acts for founders, investors, venture capitalists and funds on a range of private equity and venture capital mandates, from structuring and negotiation of transactions to exit strategies and regulatory compliance issues. Noted for his expertise in private equity and capital investments, Uday Singh Ahlawat jointly leads the team alongside Sheena Ogra, who has experience across the infrastructure, energy and TMT sectors.

Practice head(s):

Uday Singh Ahlawat; Sheena Ogra

Key clients

Rooter Sports Technologies Private Limited

Motovolt Mobility Private Limited

Lotus Holdings

Shorea Softech Private Limited

Work highlights

  • Advised Rooter Sports Technologies Private Limited on its ‘Pre-Series B Investment’ round of USD 16 million, led by Lightbox Ventures III.
  • Advised Lotus Holdings on its strategic investment in Yogicsecret Healthcare Private Limited.

Argus Partners

Argus Partners advises on the full lifecycle of private equity transactions, ranging from the initial investment to exit strategies, in addition to structuring investments and negotiations. Based in Mumbai, Krishnava Dutt co-leads the team and is supported by Ankit Guha, who operates from the firm’s Bengaluru office. In Kolkata, Arka Majumdar acts for domestic and international clients in primary and secondary investments, and New Delhi-based Jitendra Soni is another key contact in the group.

Practice head(s):

Krishnava Dutt; Abhinav Bhalaik; Adity Chaudhury; Ankit Guha; Arka Majumdar; Armaan Patkar; Jitendra Soni; Neha Madan

Key clients

CRED (Dreamplug Technologies Private Limited)

Piramal Capital and Housing Finance Limited


Together Fund

Fitterfly Healthtech Private Limited

Exponent Energy

Malabar Investments

Kotak Pre-IPO Opportunities Fund

HDFC Limited

Sequoia Capital

Chiratae Ventures

Negen Capital

Arkam Ventures

Whiteboard Capital

Bharat Innovation Fund

Antler India

3one4 Capital

Kapiva Ayurveda

Work highlights

  • Advised CRED (Dreamplug Technologies Private Limited) on raising USD 140 million in its Series F funding round with a post-money valuation of USD 6.4 billion.
  • Advised Piramal Capital and Housing Finance Limited invested in Pune-based fintech start-up, ‘EarlySalary’ which raised a total of USD 110 million.
  • Advised MedGenome on its USD 50 million Series D fund-raise, led by Novo Holdings.

Phoenix Legal

Based in New Delhi, Phoenix Legal acts for domestic and international private equity and venture capital funds on structuring and exit strategies, spanning across various phases of the funds lifecycle. Jointly led by Saket Shukla, Pranav Srivastava, and Abhishek Saxena, the team also assists clients in restructurings, from inception to exits, in addition to navigating regulatory landscapes.

Practice head(s):

Saket Shukla; Abhishek Saxena; Pranav Srivastava

Pioneer Legal

Pioneer Legal’s team acts for private equity and venture capital funds on mandates concerning transaction structuring, due diligence and negotiations to post-deal closure issues and compliance matters. Key sectors of expertise include education, advertising, financial services and logistics. Key contacts in the team include Satish Kishanchandani, Narendra Dingankar and Pritha Jha.

Other key lawyers:

Satish Kishanchandani; Narendra Dingankar; Pritha Jha

Key clients

Amicus Capital Partners

Gold Plus Glass Industry Limited

Rapid Due

Tata Capital Healthcare Fund II

Zephyr Peacock India Growth Fund

VLCC Health Care Limited

Work highlights

  • Advised VLCC on a transaction wherein Carlyle, a global diversified private equity investor has acquired a majority stake in VLCC, a home-grown beauty, health and wellness brand through a primary and secondary transaction.
  • Advised Tata Capital Healthcare Fund II in a transaction wherein TCHF has acquired approx. 15% stake in Anderson.
  • Advised and assisted Gold Plus Glass Industry Limited in relation to its issuance of compulsorily convertible debentures on a private placement basis to Kotak Special Situations Fund and PI Opportunities Fund I – Scheme II.

Saraf and Partners

Praised as 'responsive and knowledgeable', the team at Saraf and Partners covers the entire private equity transaction lifecycle, spanning primary and secondary investments to exit strategies, with demonstrable experience across the infrastructure, telecommunications, healthcare, pharmaceuticals, and real estate sectors. Founder and managing partner Mohit Saraf jointly leads the team alongside Vaibhav Kakkar, who focuses on private equity mandates and cross-border transaction structuring. Other key contacts in the group include Arjun Rajgopal and Rohan Shah.

Practice head(s):

Mohit Saraf; Vaibhav Kakkar

Other key lawyers:

Arjun Rajgopal; Rohan Shah


‘The extremely competent team has developed a reputation for cutting-edge legal advice, while upholding the highest standards. The PE team of S&P adopts a multidisciplinary approach for its practice, drawing on the strength of other practices to complete the most challenging investment transactions in a speedy and responsive manner.’

‘Responsive and knowledgeable.’

Key clients

Carlyle Group

Tencent Holdings Ltd

Zomato Limited

IndusInd Bank Limited

Lighthouse Funds

TR Capital

Samara Capital

Peepul Capital

Orchid Asia

Qritive Pte Ltd

Play Games 24×7 Private Limited

Talwar Thakore & Associates

Gautam Saha leads the team at Talwar Thakore & Associates and provides ‘sound judgment’ on cross-border equity financing and private equity investments across the telecoms, infrastructure, financial services and healthcare sectors. Sachin Mehta is noted for his expertise in the telecoms and technology arenas, Amrita Patnaik focuses on private equity and venture capital investments, with experience in handling domestic and cross-border equity transactions. The team 'offers a strong combination of knowledge with a pragmatic and commercial approach'.

Practice head(s):

Gautam Saha

Other key lawyers:

Sachin Mehta; Amrita Patnaik


‘The team offers a strong combination of knowledge with a pragmatic and commercial approach. They have a good understanding of the priorities and objectives of foreign institutional, private equity and venture capital investors.’

Key clients

WestBridge Capital


Courtside Ventures

A91 emerging Fund II

KNI India AS

National Infrastructure and Investment

Asian Development Bank Ventures

Asia Debt Management Hong Kong Limited

International Finance Corporation (“IFC”)

Treeline Investment Management

Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. and Société de Promotion et de Participation pour la Coopération Economique (PROPARCO) S.A

I Squared Capital


Asian Development Bank

Work highlights

  • Advised (i) WestBridge AIF I along with co-investors MMPL Trust and Konark Trust (“WestBridge Capital”); (ii) Info Edge (India) Limited (“Info Edge”); (iii) Asha Edu Tech LLP along with JM Financial & Investment Consultancy Services Private Limited (“Asha”) in consolidation of their stake in the Metis Eduventures Private Limited through preferential allotment of Series B Preference Shares.
  • Advised National Investment and Infrastructure Fund in primary equity investment of INR 6.31 billion in the form of Compulsory Convertible Debentures in GMR Goa International Airport Limited (GGIAL), a special purpose vehicle to run and operate the new Goa airport.
  • Advised A91 Emerging Fund II LLP (“A91”) in connection with its investment into Muhavra Enterprises Private Limited, a speciality coffee brand startup which principally operates under the popular brand name “Blue Tokai”. A91 acted as the lead investor in the $30 Mn Series B funding round of the Company.