Next Generation Partners

Firms To Watch: Private equity and investment funds

Acuity Law reguarly represents investors, entrepreneurs, financial institutions and funds on Series funding rounds, fund deployment, and fund formation related matters. The firm maintains a dedicated Japan practice which focuses specifically on private equity and venture capital funding. Souvik Ganguly leads the team from Mumbai.
The team at Bombay Law Chambers is frequently instructed by corporates, multilateral organisations, and investment funds to advise on exits and seed funding, under the leadership of Karan Kalra, Abhinav Harlalka, and Dipanshu Singhal.
Pioneer Legal‘s team dispenses advice to private equity funds concerning structuring transactions, and regularly advises venture capital funds on the setting up of alternative investment funds (AIFs). Under the guidance of practice head Satish Kishanchandani, the Mumbai based team advises clients across the education, transportation, and healthcare sectors.

Private equity and investment funds in India

AZB & Partners

AZB & Partners‘ houses a comprehensive practice, which represents domestic and international funds on structuring investment routes and exits, in addition to regulatory procedures, and negotiations. Ashwath Rau is an experienced practitioner in private equity and investment funds and leads the team. Gautam Saha left the firm in September 2022 to Talwar Thakore & Associates.

Practice head(s):

Ashwath Rau

Other key lawyers:

Ajay Bahl; Zia Mody; Anil Kasturi; Darshika Kothari; Srinath Dasari; Hardeep Sachdeva; Vinati Kastia

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

Hero Enterprise Venture Partners

Ecom Express Private Limited

AM Marketplaces Private Limited (Limeroad)

Danish Sustainable Development Goals Investment FundK/S managed by Investment Fund for DevelopingCountries and Asian Development Bank

Makers Fund II Company Limited

Courtside Ventures II, L.P.c. CSV Winzo LLC (Courtside)

Mahogany Singapore Company Pte. Limited

DEG – Deutsche Investitions

Cashgrail Private Limited

Maiden Marketing Pte. Ltd

Cinven Capital

Xander Group

Michael & Susan Dell Foundation

The Rockefeller Foundation

Work highlights

  • Advised KKR on the acquisition of a majority stake in of Vini Cosmetics Private Limited (Target) from the founder group of the Target and Sequoia Capital
  • Advised Blackstone on its proposed acquisition of 75% stake in VFS, and indirect control over the VFS Indian Subsidiaries.
  • Represented General Atlantic, Temasek, TA Associates and CVM Group in the proposed exit from BillDesk.

Cyril Amarchand Mangaldas

The team at Cyril Amarchand Mangaldas make use of their ‘excellent knowledge‘ to advise sovereign wealth, and blue chip funds on strategic transactional matters including buyouts and future capital raisings. Ravindra Bandhakavi heads the practice, with over 19 years’ experience in advising domestic and overseas funds, and Reeba Chako advises on the structuring of venture capital investments and private equity deals in addition to foreign exchange control matters from a regulatory perspective. S. Harish handles a full range of transactions in the private equity space, including pre-IPO transactions and early range start-ups, with a particular focus on the e-commerce and retail sectors.

Practice head(s):

Ravindra Bandhakavi

Other key lawyers:

Nivedita Rao; Reeba Chacko; Cyril Shroff; S. Harish


‘A market leading private equity practice with unique capability to serve international development finance institutions such as IFC, ADB and others. They bring a highly pragmatic and commercial approach to deals along with excellent knowledge of the local market and regulations.’

‘Ravi Bhandakavi is a stand out practicioner’

Key clients

Asian Development Bank (ADB)




International Finance Corporation (IFC)

Kedaara Capital

Multiples Alternate Asset Management




Warburg Pincus

Alpha Wave Ventures

Work highlights

  • Advised CPPIB in a pre-IPO fund raised by Flipkart Pte Limited (holding company of the Flipkart group). The firm conducted due diligence on behalf of CPPIB, Softbank, GIC, ADQ, Franklin Templeton and other follow on investors who invested alongside CPPIB.
  • Advised Blackstone in acquiring commercial, retail assets, hotel, and solar assets by way of share acquisitions and asset or business transfers.
  • Represented API Holdings Private Limited, India’s largest digital healthcare platform, in a pre-IPO funding round from ADQ Abu Dhabi, Neuberger Berman, and Janus Henderson.


The team at IndusLaware exceptional where Indian equity law is concerned‘; it advises both funds and companies at different stages of growth across the healthcare, health-tech, pharmaceutical, and retail sectors. Kartik Ganapathy has a great deal of expertise in private equity and venture capital investments, whilst Anindya Ghosh has over 15 years’ experience in advising funds and unicorn companies on early and growth stage investments. ‘All-starWinnie Shekhar has experience across the TMT, e-commerce, fintech, and education services sectors, and advises clients on strategic investments and exits. Ashwin Krishnan was promoted to partner in 2021, contributing his experience in transactional work and commercial agreements.

Other key lawyers:

Kartik Ganapathy; Srinivas Katta; Suneeth Katarki; Anindya Ghosh; Ashwin Krishnan; Winnie Shekhar; Rashi Saraf


‘The people at Induslaw are excellent. They always deliver quality work and are exceptional where Indian equity law is concerned, which is vital for foreign clients.’

‘Rashi Saraf is outstanding. She goes above and beyond with her work and negotiates her way through very tough areas, giving her clients the upper hand.’

‘The sheer amount of knowledge earned with experience of executing tonnes of transactions in the space comes in very handy for any client. Practically dealing with situations involving technical issues and trying to find a solution is one of their key strengths.’

‘Honestly smart lawyers! One of the qualities you always admire in an advisor is the ability to confront the client and advise them correctly, considering the interests of all the stakeholders.’

‘Winnie Shekhar is responsive, humble, diligent and solution-oriented.’

‘Very engaged, responsive, knowledgeable, commercially-inclined. One of the hardest working teams we work with.’

‘Winnie Shekhar is an all-star. She helps provide a much welcome perspective on the Indian legal landscape and is always striving to ensure that legal/commercial considerations are well-balanced and taken into account.’

Key clients

CX Partners

Premji Invest

Accel Partners


Elevation Capital



Jungle Ventures

Nexus Ventures

FirstCry and its subsidiary Globalbees


Sequoia Capital



Ribbit Capital

Stellaris Venture Partners


Lightspeed India

Hella Infra

Vertex Ventures

Xiaomi Singapore

Curefit Healthcare Pvt. Ltd.

Unilever ventures

Sapphire Foods India Limited

MBX Capital


Endiya Partners

RTP Global


Aiquire Inc. (Pixis)

Coatue PE

Bond Capital

Accion Quona


Physics Wallah

Infoedge Ventures

Work highlights

  • Advised social media unicorn, Mohalla Tech, the operator of Indic language social media platform ShareChat, on multiple rounds of investment from a clutch of invertors.
  • Advised Ed-tech Unicorn, Unacademy, on a series H round of investment by Softbank, Tiger, GA, Temasek and Mirae. This investment bolstered Unacademy’s ability to consolidate in the edtech space and increase its market share substantially.
  • Advised used car retailing platform unicorn, Spinny, on multiple rounds of investment from a clutch of investors.

Khaitan & Co LLP

Khaitan & Co LLP‘s practice routinely represents a full range of multinational and domestic financial sponsors and corporates on investments, deals, and regulatory matters. Aakash Choubey is proficient in advising on private equity investments, while Vivek Mimani has comprehensive expertise in advising on the creation of overseas and domestic private equity, venture capital, and hedge funds. The team’s combined experience culminates in them advising funds across a myriad of asset classes, including angel, buy-outs, InvITs, and REITs. Siddharth Shah has over 25 years’ experience in advising foreign and domestic funds on regulatory matters concerning the structuring on investment and funds platforms. Nidhi Killawala is a key member of the team regarding private equity deals, whilst Kartick Maheshwari is a ‘fantastic lawyer‘ with expertise spanning the healthcare, financial services, real estate, and technology sectors.

Practice head(s):

Haigreve Khaitan; Aakash Choubey; Siddharth Shah

Other key lawyers:

Vivek Mimani; Bharat Anand; Kartick Maheshwari; Divaspati Singh; Aashutosh Sampat; Nidhi Killawala


‘Kartick Maheshwari is a fantastic lawyer: high quality, pragmatic, attentive, service minded, always accessible, and has a great team working for him.’

Key clients

Brookfield Asset Management

Tata Motors Limited (Tata Motors)

Blackstone Group

RMG Acquisition Corporation II, managed by Riverside Management Group

GC India Investment Holdings – Group XI Ltd.

Phoenix Mills Limited

TPG Global, LLC

Advent International Corporation

Sheares Healthcare Group Pte Ltd

TA Associates Advisory Pvt. Ltd

Temasek Capital Management Pte Ltd

Aakash Educational Services Limited (AESL) and its promoters

JSW Cement Limited


Insight Venture Management, LLC

Newquest Capital Partners

Think Investments

Maj Invest

Baron Capital, Inc

Axis Asset Management Company Limited

SoftBank Vision Fund II

NSIC Venture Capital Fund Limited (NVCFL)

Alberta Investment Management Corporation

Incofin India Investment Management Private Limited

Unitus Capital

Blume Venture Advisors Private Limited

Axis Asset Management Company Limited

Sorin Advisors LLP

BPEA Investment Managers Private Limited (Barings Credit group)

Embassy Group and its flagship entity Embassy Property Developments Private Limited

MacRitchie Investments Pte. Ltd.

HealthQuad Capital Advisors Private Limited

Motilal Oswal Real Estate Investment Advisors II Private Limited

Kotak Investment Advisors Limited.

Alteria Capital Advisors LLP

Indiabulls Alternate Investments Limited

Endiya Fund Advisors Private Limited

TrueScale Venture Capital LLP

White Oak Management Consultants LLP

Iron Pillar Group

Waterfield Fund Managers Private Limited

Work highlights

  • Advised Brookfield Asset Management on due diligence, structure of transaction, drafting, negotiating, and finalisation of transaction documents.
  • Advised Tata Motors on the transaction documents and structuring and general legal advisory work for an agreement between Tata Motors and TPG Rise Climate.
  • Advised the Blackstone Group on an acquisition by BREP Asia II EIP Holding (NQ) Pte Ltd of a 100% equity interest of a joint venture company of Warburg Pincus and Embassy group, by way of a secondary share transfer; the deal was for the development and management of warehouses and logistics industrial parks located across India.


The team at Trilegal use ‘sound technical knowledge‘ to advise large private equity firms, state-backed and multilateral funds, and sovereign wealth funds on fund formation and structuring, offshore funding, and exits. Yogesh Singh heads the practice with his broad experience in advising international funds, investors, and corporates on the regulatory framework within India. Singh has lately directed his focus towards advising inbound investors from the Nordics. Aditya Jha specialises in funds and asset management, and regularly advises fund sponsors and investors, including financial institutions and family businesses; and Nishant Parikh uses his ample corporate expertise to advise private equity funds and corporates on investment matters.

Practice head(s):

Yogesh Singh

Other key lawyers:

Ganesh Rao; Aditya Jha; Nishant Parikh; Sridhar Gorthi


‘Sound technical knowledge and commercial understanding.’

‘Well rounded team who tailor their advice to the client’

Key clients

Ontario Teachers’ Pension Plan (OTPP)


National Infrastructure Investment Fund

The Blackstone Group

Ontario Municipal Employees Retirement System

CDC Group Plc

Brookfield Private Equity

ISQ Asia Midstream Investments Pte. Ltd

Copenhagen Infrastructure Partners

Premji Invest

Alibaba Group

Lightstone Fund S.A.

Apollo AIF

BP Technology Ventures Limited

A91 Partners

Faering Capital Private Limited

Tata Capital Limited

Edelweiss Financial Services Limited

Falcon Edge Capital – ALPHA WAVE VENTURES LP

Manipal Health Enterprises Private Limited

Kogta Financial (India) Limited

Work highlights

  • Represented Ontario Teachers’ Pension Plan in its investment in a roads platform sponsored by KKR through an InvIT structure, which comprises 12 highways assets.
  • Advised Ontario Teachers and CPPIB. Two major investors acquired a stake in a portfolio of highway assets being sold by the National Highways Authority of India.
  • Represented National Infrastructure Investment Fund in a joint venture with Digital Edge and AGP Partners to invest in acquiring and developing data centres in India. NIIF is India’s sovereign wealth fund.


The team at JSA Law regularly advise private equity firms, venture capital and sovereign weath funds, and investee companies on downstream investments, compliance matters, negotiations, and exit strategies. Sajai Singh and Shivpriya Nanda co-head the practice, whilst Anand Lakra remains a key member of the team. Vikram Raghani and Manvinder Singh advise domestic and international corporates on investment structuring issues.

Practice head(s):

Sajai Singh; Shivpriya Nanda

Other key lawyers:

Vikram Raghani; Manvinder Singh; Anand Lakra

Key clients

Amicus Partners

Advent International

Affirma Capital

A91 Capital Partners

Baring Private Equity Asia

Carlyle group

Creador Private Equity

eBay Singapore Services Pte LtdPrestige Estates Projects Limited

Evolvence Fund

Good Capital Fund I


Motilal Oswal Private Equity

Multiples Alternate Asset Management Private Limited

Norwest Venture Partners

Oman India Joint Investment Fund

Premji Invest

Sanaka capital

Tata Healthcare Fund

Qualitest Group


Unitus Seed Fund II

B Capital

Samvad Partners

The team at Samvad Partners represent funds, promoters, and corporates across a number of sectors, including fintech, agricultural technology, and logistics. Vineetha MG heads the practice from Mumbai, frequently representing domestic and international funds in both private equity and venture capital investments; Ashwini Vittalachar leads from New Delhi and advises a full range of stakeholders in early-stage investments, mid and late-stage investments, and co-investments; Neela Badami leads from Bangalore and specialises in advising start-ups and investment funds on their series A investments and exits. Neha Mirajgaoker was promoted to partner in April 2022, and contributes her expertise in advising domestic and overseas investors and investee companies on structuring matters. Jeeta Nayak joined the team from Cyril Amarchand Mangaldas in 2021, bringing over 12 years’ experience in advising on strategic investments, divestments and exits in the healthcare, insurance, and e-commerce sectors.

Practice head(s):

Vineetha MG; Ashwini Vittalachar; Neela Badami

Other key lawyers:

Harish Narasappa; Natasha Mahajan; Nivedita Nivargi; Aparna Ravi; Junaira Rahman; Neha Mirajgaoker; Neeraj Vyas; Jeeta Nayak


‘They give us attention when required and are good at negotiations. They now have some of our portfolio companies that have scaled considerably as clients – that speaks to the respect they garner on both sides of the table.’

‘The big differentiator for Samvad partners is the ownership that they take in the process. There came a time for us where we could trust them completely. They had our best interests at heart and invested time and effort in understanding our business. Their assessment of what works for us and what does not was no different from our own.

‘They have a deep understanding of the client’s business as opposed to just the letter of law,  focused on finding solutions that work for both parties.’

Key clients

Aeries Financial Technologies Private Limited

Bank Open (Open Financial Technologies Private Limited)

Bharat Innovation Fund

Bizongo (Smartpaddle Technology Private Limited)

Careerlabs Technologies Private Limited


DeHaat (Green Agrevolution Private Limited)

Delhivery Limited

Eight Roads Ventures India III LP


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

Jungle Ventures, 3one4 Capital Fund, Unitus, and VH Capital

Kaleidofin Private Limited

Kaycee Industries Limited

KiranaKart Pte Limited

Knoctowl Technologies Private Limited (owner of Pariksha app)

KTB Network

LB Next Unicorn Fund

Lentra AI Private Limited

LocoNav (BT TechLabs Private Limited)

Mensa Brand Technologies Pte. Ltd.

Munich Re Ventures

Nexus Venture Partners

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 (PB Fintech Private Limited)

Pravega Ventures


Saama Capital (Saama Capital India Advisors LLP)

Sanghvi Beauty & Technologies Private Limited (MyGlamm)

Securens Systems

Seimens Ventures

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)

Ultrahuman Healthcare Private Limited

Vertex Ventures

Voxel Grids Innovation Private Limited

Vulcan Capital Singapore Greenhouse Pte. Ltd

WEH Ventures II

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

Zetwerk Manufacturing Businesses Private Limited

Zomato Media Private Limited

Work highlights

  • Represented GIC in their exit from Atria Convergence along with TrueNorth and in the recent investment by Warburg in Ola.
  • Advised Fundamentum Partnership Fund I and other existing investors on a Series F round of investment in API Holdings Private Limited.
  • Advised NoBroker Technologies Solutions Private Limited on its investment in a Series E unicorn round from General Atlantic, Tiger Global and Moore Strategic Ventures.

Shardul Amarchand Mangaldas & Co

The team at Shardul Amarchand Mangaldas & Co provide blue chip investment funds and domestic conglomerates with ‘high quality’ advice on strategic transactions and investments. Shardul Shroff heads the practice, and Iqbal Khan advises global strategic investors on investments and foreign investment legal regimes. Raghubir Menon has substantial experience in advising sovereign wealth and private equity funds, as well as corporates on a range of domestic and overseas transactions.

Practice head(s):

Shardul S. Shroff

Other key lawyers:

Iqbal Khan; Raghubir Menon


‘High quality of legal services, matching the expectations of demanding clients. Very quick and responsive by all means. Mindful about possible issues of foreign clients investing in India.’

‘The team has knowledge of the maket practice in the area, good availability, negotiation skills, and speed.’

Key clients

National Investment and Infrastructure Fund

Aseem Infrastructure Finance Limited

NIIF Infrastructure Finance Limited

Bundl Technologies Private Limited

TPG Rise Climate Limited

Flipkart Private Limited (Flipkart)

Blackstone Advisors India Private Limited.

Think & Learn Private Limited

API Holdings Private Limited (PharmEasy)

Reliance Retail Ventures Limited

Biocon Biologics Limited

ALMT Legal

The team at ALMT Legal advises funds and investee companies across the beauty, education, logistics, and food manufacturing sectors. Statira Ranina leads the team alongside Dhanya Menon, who handles structuring and documentation related matters for foreign and domestic private equity investors. Ranina has over 22 years’ experience advising overseas and domestic funds, promoters, and companies receiving investment on deals and structuring matters.

Practice head(s):

Statira Ranina; Dhanya Menon

Key clients

Deliveryontime Logistics Private Limited

Indusage Technology Venture Fund-II (India) (WRVI Capital)

Safari Industries (India) Limited

Sanghvi Beauty & Technologies Private Limited

SIDBI Venture Capital Limited

Nabventures Fund I and Foundation for Innovation and Social Entrepreneurship

Bharucha & Partners

The team at Bharucha & Partners handles a full spectrum of investment matters, from fund formation to exits, in addition to transaction structuring for pre-IPO placements and private investment public equity (PIPE) deals. Vandana Pai  heads the practice, and frequently advises financial institutions and fund houses on agreement negotiations and investments across the hospitality, real estate, and technology sectors. Swathi Girimaji directs her focus towards advising start ups on their initial funding rounds and late-stage investments.

Practice head(s):

Vandana Pai

Other key lawyers:

Swathi Grimaji

Key clients

Brighton Park Capital

General Atlantic

Flourish Ventures

LR India Holdings Limited

Epigeneres Biotech Private Limited

Girnarsoft Education Services Private Limited

MentorCap Management Private Limited

Finzoom Investment Advisors Private Limited

Vedantu Innovations Private Limited

Apollo Global

Macquarie Infrastructure & Real Assets

Developing World Markets

DSK Legal

DSK Legal‘s practice regularly advises limited partners and private equity mangers on the creation of alternate investment funds, and foreign and domestic venture capital funds in different jurisdictions. Anand Desai oversees the practice as the managing partner, whilst Harvinder Singh and Gaurav Mistry remain key members of the team. Hemang Parekh  focuses on advising domestic and international investee corporates and funds across the education, e-commerce, pharmaceutical and agriculture sectors. Sharath Chandrasekhar focuses on advising start-ups and investment funds in the fintech, hospitality, and power sectors on structuring transactions.

Practice head(s):

Anand Desai; Aparajit Bhattacharya; Ajay Shaw

Other key lawyers:

Hemang Parekh; Rishi Anand; Harvinder Singh; Aninda Pal; Sharath Chandrasekhar; Gaurav Mistry; Srinivas B.R; Siddarth Suresh


‘Speed without compromising quality.’

Key clients

Stelis Biopharma Private Limited

Bharat Innovation Fund

SBI Life Insurance Company Limited

ICICI Venture (and funds managed by ICICI Venture)

Neuberger Berman USA

WyridianAdvisorsPrivate Limited

Tata CapitalHealthcareFund II

Infifresh Foods Private Limited

Aytas Capital B.V.

HCL Capital Private Limited

Rising Stars I Opportunities Cooperatief U.A.

Paine Schwartz Partners

Ruchirans Jaipuria and Anurag Jaipuria and Jai Beverages Private Limited

Healthquad Fund II

MoneyclubTechnologiesPrivate Limited

Glamyo Technologies Private Limited

CK Jaipuria Group


Manash Lifestyle Private Limited

Deep Science India Fund Trust

Siana Capital

Oben Electric Vehicles Private Limited

HDFC Capital Advisors Limited

Qunu Labs Private Limited

Satsure Analytics India Private Limited

Arena Investors

MV Opportunities India Limited (part of CM Ventures)

Tenshi Kaizen Private Limited

M/S Canbank Venture Capital Fund Limited

Hippocampus Learning Centres Private Limited

Work highlights

  • Advised Stelis Biopharma Private Limited and its promoters on the primary investment by Medella Holdings Pte. Ltd.
  • Represented Neuberger Berman USA and its funds on a primary investment by way of subscription of equity shares in API Holdings Private Limited, the holding company of Pharmeasy in its pre-IPO funding round.
  • Advised InfifreshFoodsPrivate Limited and its Founder, Mr. Utham Gowda in relation to their Series C funding Round.

Majmudar & Partners

The team at Majmudar & Partners regularly advise venture capital and private equity funds on a full range of matters concerning fund structuring, buyout transactions, exits, and regulatory advice. Akil Hirani co-heads the practice alongside Raja Sujith, and Rukshad Davar. Leading from Mumbai, Hirani and Davar have ample experience in advising on private equity deals and fund structuring matters across the manufacturing, retail, and life sciences sectors. Sujith heads the Bangalore based practice, contributing his expertise in venture capital deals and the technology sector.

Practice head(s):

Akil Hirani; N. Raja Sujith; Rukshad Davar

Other key lawyers:

Amrit Mehta


‘The firm was very comfortable with US investment in India and the team of three lawyers easily guided us on all substantive matters and issues that arose. Each team member was responsible and provided practical, commercial guidance.’

Key clients

Five Elms Capital Management, LLC

Centre Lane Partners, LLC

FTV Management Co LLC

QB Health Technologies Private Limited

cPaperless, LLC

Bugworks Research India Private Limited

Work highlights

  • Advised Five Elms Capital Management, LLC, a leading global growth equity firm that invests in fast-growing B2B software businesses, on its acquisition of minority stake in Vajro, Inc.
  • Advised Centre Lane Partners, LLC, a private investment firm that invests in the equity and debt of middle market companies in North America, on its acquisition of Synacor, Inc.
  • Advised FTV Management Co LLC, a sector-focused growth equity investment firm, in Series-B Funding of Plate IQ.

Nishith Desai Associates

Nishith Desai Associates houses a ‘professionally magnificent‘ team, which has a niche focus on the alternative investment funds industry, and most recently has been advising India focused funds on setting up in the Netherlands. Founding partner Nishith Desai oversees the practice from Mumbai, while Parul Jain leads the team from New Delhi. Jain has over 20 years’ experience in advising on the structuring and negotiation of domestic and foreign venture capital, angel, and growth funds. Nandini Pathak focuses on adivisng clients on fund management, with an emphasis on sustainable investing.

Practice head(s):

Nishith Desai; Parul Jain

Other key lawyers:

Nandini Pathak; Srishti Chhabra


‘The Team is excellent in rendering its services it meant for. The best thing is that once you entrust them with the deliverables, you need not concern about it. They are professionally magnificent and know the job end to end.’

‘Their professional outlook doesn’t hamper their warmth in work relationships. Each member of the team, including the partners are one call away for any type of advices, supports and co-operations. Each member has been genuinely proactive, rational and prompt in services which bestow them with an edge over peers.’

Veritas Legal

The ‘results oriented‘ team at Mumbai based boutique firm Veritas Legal regularly advises funds and corporates on series funding investments and exits. ‘Seasoned, savvy veteranAbhijit Joshi heads the practice as the managing partner of firm, and has ample experience in handling private equity matters, supported by Tushar B. Raut, who has a distinct focus on cross-border TMT investment transactions. Manav Raheja combines his experience in the manufacturing, infrastructure, and financial services sectors to advise a variety of venture capital and private equity strategic investors.

Practice head(s):

Abhijit Joshi

Other key lawyers:

Manav Raheja; Natasha Sethna; Tushar B Raut; Kunal Doshi


‘Veritas is excellent for complex corporate and private equity transactions. Though they are smaller, their deal list and list of clients are on par with the larger firms. Overall, a very good, solid firm that you can trust to get the job done right.’

‘Abhijit Joshi knows how to work with multinational and Indian clients. He is a seasoned, savvy veteran.’

‘Veritas team is experienced, expert and result oriented.’

‘I had the pleasure of working with Abhijit and Kunal Doshi. They are practical, pragmatic and full of energy. They bring their experience and expertise to the table, which is useful in solving problems.’

Key clients

Mirae Asset

Masaba Gupta

Amagi Media Labs

Brookfield Asset Management

Mayfield India

Raise Fintech

Tomales Bay Capital

TPG Growth

Epiq Capital

Nova Medical

Kedaara Capital

Partners Group

Picus Capital

Work highlights

  • Advised TPG Growth on its investment in Dr Agarwal in the largest-ever fundraising in the Indian eye care space.
  • Advised the Mirae Asset entities on the structure of the transaction and negotiated the transaction documents for the primary investment by Mirae and other investors in Nextbillion.
  • Advised BSREP III on the purchase of half of the shareholding of Tulsi Palace Resorts Private Limited, the owner of a luxury five-star hotel in Jaipur. The firm conducted the due diligence of the target company, negotiated and drafted the transaction documents.

Dua Associates

Dua Associates houses a varied practice which represents both investors and target companies. Manoj Menon leads the team from Bangalore, supported by Sharan Balasubramanian in Chennai. The team focuses on advising private equity houses on foreign exchange investments, buyouts, and exits across the logistics, renewable energy, and power sectors.

Practice head(s):

Manoj Menon

Other key lawyers:

Sharan Balasubramanian


‘Their capability lies in understanding transactions at depth, working out plausible solutions, negotiation strategy and most importantly, owning the transaction.’

‘It is the understanding of complex transactions and advising on real-time basis which makes the firm / its team unique. Sharan Subramanium has added value with his negotiation skills and real-time inputs in stringent timelines.’

Key clients

Mahindra Logistics Limited

Fourth Partner Energy Private Limited

Maniv Mobility II L.P

Siana Capital Management LLP

CanFin Venture Capital Fund Limited

Kotak Investment Advisors Limited

Alliance Mall Developers Pvt Ltd

Punjab Renewable Energy Systems Private Limited


Work highlights

  • Represented Mahindra Logistics Limited in the acquisition of a stake in ZipZap Logistics, a last-mile logistics service provider that operates under the brand ‘Whizzard’.
  • Advised Fourth Partner Energy in successfully raising equity funding from Norfund and its existing shareholder, The Rise Fund, TPG’s global impact investing platform.
  • Advised Maniv Mobility II L.P, a venture capital firm investing globally across the automotive, transportation, energy, and logistics spaces,on an investment in the share capital of World of River Private Limited by subscription to equity shares and preference shares.

Economic Laws Practice

The team at Economic Laws Practice advises a full range of stakeholders in private funds and portfolio companies on fund formation, transactional issues, investment structures, and exits. Suhail Nathani, Sujjain Talwar, and Yashojit Mitra jointly lead the team from Mumbai using their combined expertise in the healthcare, electric vehicle, and manufacturing sectors. Mitra joined the team from Cyril Amarchand Mangaldas in 2021.

Practice head(s):

Suhail Nathani; Sujjain Talwar; Yashojit Mitra

Other key lawyers:

Manendra Singh

Key clients

Somerset Indus Healthcare India Fund

Xponentia Opportunities Fund

National Infrastructure and Investment Fund II represented by and acting through its investment manager, National Investment and Infrastructure Fund Limited (“NIIF”)

100Percent Nourishment Private Limited

Clover Infotech Private Limited

Work highlights

  • Advised Xponentia Capital Partners on a deal where a Leading In-Vitro Diagnostics manufacturer Medsource Ozone Biomedicals has fundraised from Xponentia.
  • Advised NIIF, the Government of India’s sovereign fund, on an the Series E fundraise for Ather Energy Private Limited, an electric scooter maker. This will be NIIF’s first direct investment in the manufacturing sector and in electric mobility.

Krishnamurthy and Co

Krishnamurthy and Co‘s practice predominantly represents funds, investee entities, and strategic investors seeking regulatory advice on cross-border and domestic transactions. Naina Krishna Murthy and Shwetambari Rao lead the team jointly from Mumbai and Bangalore respectively. The team uses its combined experience to advise corporates raising funds across the healthcare, digital media, technology, and e-commerce sectors. Alok Sonker and Rukmini Roychowdhury remain key contacts at the firm.

Practice head(s):

Naina Krishnamurthy; Shwetambari Rao

Other key lawyers:

Alok Sonker; Rukmini Roychowdhury; Samiksha Sisodia


‘Have been working with them over 5 or 6 years. Very prompt, diligent, respects principle client relationship, assertive in counter-party negotiations.’

Key clients

Axis Bank Limited and consortium of Lenders

Reliance Industries Limited

Lightrock India Holdings Limited

JSW Ventures


Capfloat Financial Services Private Limited

Ascent Capital Advisors India Private Limited

SACAP India Private Limited and Sistema Asia Fund Pte. Ltd

GPS Renewables Private Limited

Atulaya Healthcare Private Limited

Multiply Ventures

Paragon Advisor Partners LLP

Cloudphysician Healthcare Private Limited and its Founders

KFin Technologies Private Limited

Hearth Ventures

Mount Judi India Growth Fund

Our Food Private Limited

Goals101 Data Solutions Private Limited

Evqpoint Solutions Private Limited

Mebigo Labs Private Limited (Kuku FM)

Work highlights

  • Advised Reliance Industries Limited in its acquisition of a stake in SWSL (which provides a range of solar energy turnkey solutions) through a combination of primary investment, secondary purchase and open offer.

Luthra and Luthra Law Offices India

Rajiv Luthra oversees the team as the founder and managing partner of Luthra and Luthra Law Offices India which combines its expertise with that of the firm’s tax, regulatory, and disputes practices to advise investment and venture capital funds, and corporates. Navin Sylem regularly advises clients on cross-border investments across the infrastructure, telecommunications, and energy sectors. Nishant Singh joined the team from IndusLaw in 2021, contributing his broad expertise in private equity and hedge fund related matters. The group has been further boosted since partner Sarika Raichur joined.

Practice head(s):

Rajiv K. Luthra

Other key lawyers:

Nitin Gera; Deepak THM; Nishant Singh; Navin Sylem; Sarika Raichur

Key clients

Accurant International, LLC

Steadview Capital Mauritius Limited

Data Glove IT Solutions Private Limited and Data Glove Incorporated

TR Capital III Mauritius III

PTV International Ventures Limited

Spice Route Legal

The team at Spice Route Legal dispenses advice on exits, Series A to Series C investment deals, and regulatory issues for both investee and investor clients. Praveen Raju heads the practice from Mumbai, alongside Mathew Chacko, who leads from Bangalore. Raju directs his focus towards advising on investment transactions in the healthcare, life sciences, and alternative energy sectors, whilst Chacko handles matters relating to the technology and media sectors.

Practice head(s):

Praveen Raju; Mathew Chacko


‘SRL team is unique as along with providing the legal support, they think about the commercial or holistic aspects of the clauses while supporting on transaction documents.’

‘The team is very approachable and always give their best.’

Key clients

Bizmo Technologies Pte. Ltd.

Butterfly Innovations Private Limited (CollPoll)

Esco Micro Pte. Ltd.

Finarkein Analytics Private Limited

Foundamental GmBH

India Filings (Verve Financial Services Private Limited)

Jambox Games Pte.

Java Capital


McLaren Fund


Nimai Trade Fintech

Prana Health Inc.

Pillow Fund

Sequoia Capital

Season2 Ventures

Shareholders of ANI Technologies (OLA Cabs)

SILRES Energy Solutions

WeGot Utilities


Work highlights

  • Advised Esco Micro Pte. Ltd. on successfully raising a Series A investment from a club of investors consisting of Novo Holdings, Vivo Capital, EDBI, and China Investment Corp. It is the largest private fundraising round by an Asia-based life sciences tools company.
  • Acted on the exit of shareholders of ANI Technologies, after its buyout by private equity funds managed by Warburg Pincus LLC.
  • Advised MoneyView on a Series C fund infusion, then on venture debt funding from Alteria Capital India Fund and Stride Ventures Debt Fund II.

Vertices Partners

The team at Vertices Partners often represents mid-market corporates and funds on private equity financing, mezannine, and secondary sale transactions, in addition to pre-IPO deals. Vinayak Burman co-heads the practice and regularly advises clients on Series fundraising deals, whilst co-head Archana Kholsa Burman focuses on advising start-ups and entrepreneurs on investment forums. Vishal Mehta was promoted to partner in 2021, contributing his experience in advising domestic and overseas companies and startups on the formation of alternative investment funds across the health tech, e-commerce, and pharmaceutical sectors.

Practice head(s):

Vinayak Burman; Archana Khosla Burman

Other key lawyers:

Vishal Mehta

Key clients

Teachmint Technologies


Corona Remedies

SUGAR Cosmetics

Pickrr Technologies

Avaana Capital

Finova Capital


GoQuest Media

Windlas Pharma

Work highlights

  • Advised DeHaat (Green Agrevolution) on its fundraise from Sofina & Lightrock.
  • Advised Corona Remedies and its founders on Chrys Capital’s investment in the company and exit of Creador.
  • Advised Teachmint Technologies in its fundraise from Rocketship vc & Vulcan Capital.


ATLAS LAW PARTNERS‘ team serves a varied client base of portfolio companies, venture capital and distressed funds and their sponsors, and emerging companies; the team often advises on regulatory approvals required for investments into the Indian market by venture capital funds. Niti Paul leads the team using her extensive experience in advising domestic and foreign clients across the hospitality, real estate, and retail sectors on inbound and outbound foreign investments, transactional structuring, and private equity deals. Harry Chawla acts for overseas investors in the construction and development project sphere, often advising on exits and fundraising.

Practice head(s):

Niti Paul

Other key lawyers:

Harry Chawla

Key clients

Fosun Group

Hashed Inc.

Goodwater Capital

Euramco GmBh (Sachsenfonds)

Atria Group

M3M Group

Work highlights

  • Advised Deli CMF Pte Limited in making a part exit from Delhivery Private Limited by way of sale of its equity convertible securities to Addition and Amansa Capital.

Begur & Partners

The team at Begur & Partners regularly advises on alternative investment, private equity, and venture capital funds, particularly in the TMT sector. Rajeesh Begur heads the practice and handles domestic and cross-border leveraged buyouts and advises investment funds.

Practice head(s):

Rajesh Begur

Dentons Link Legal

Dentons Link Legal‘s practice focuses on advising funds and private equity firms, start-ups, emerging, and early stage companies on viable investment structures. Nusrat Hassan heads the practice alongside Anand Srivastava . Hassan advises multinational clients on investment structuring and regulatory issues. Ketan Mukhija is also a key contact in the team.

Practice head(s):

Nusrat Hassan; Anand Srivastava

Other key lawyers:

Ketan Mukhija; Vinu Peter Immanuel; Ambuj Sonal


‘Team has a lot of experience. They respond in real time.’

‘Customer centred and willingness to find resolution to issues real time.’

Key clients

SarvaGram Group

RIB International Holding PTE Limited

Twin Technology SE

Vinzero PTE Limited

Almas Global Opportunity Fund SPC

JSW Foundation

Mission1 Investments LLC

Probus Insurance Broker Private Limited

Digiexpress Trade Private Limited

Creanovation Technologies Private Limited

Emerging Vision, Cayman Islands

Inyantra Technologies Private Limited

March Work Private Limited

Phoenix Legal

The team at Phoenix Legal regularly advise domestic and international private equity and venture capital funds on structuring and exit strategies. Based in New Delhi, Pranav Srivastava and Saket Shukla  provide strategic advice with a regulatory focus, particularly to corporates relating to fundraising activity. Sriram Ramachandran advises on early and late-stage investments, and deals within the financial services and fintech spaces, supporting the team from Mumbai.

Other key lawyers:

Manjula Chawla; Saket Shukla; Sawant Singh; Sriram Ramachandran; Pranav Srivastava

Key clients

Pine Labs Limited

FirstPay Technologies (Junio)

Abu Dhabi Development Holding Company P.J.S.C

Dell Technologies Inc.

Sojitz Corporation

Work highlights

  • Advising Pine Labs Limited on a deal involving a mix of primary and secondary transactions with investors. The latest round of fundraising was investment by Invesco Developing Markets Fund by way of primary subscription and share purchase from existing shareholders.

Stratage Law

Stratage Law serves a varied client base of promoters, investors, and founders on the creation of investment platforms and Series funding rounds. Darshan Upadhyay oversees the practice as managing partner of the firm, frequently advising funds across a number of sectors, including healthcare, hospitality, and aviation. Shyam Pandya has over 18 years’ experience in advising on investments and transaction structuring, and fund format matters in the clean technology, manufacturing, and payment gateways sectors.

Practice head(s):

Darshan Upadhyay

Other key lawyers:

Shyam Pandya; Soumya Shanker

Key clients


Safex Chemicals India Limited

IvyCap Ventures Fund

Samara Alternate Investment Fund

Mynd Solutions Private Limited

Bloombay Enterprises

PT Invent India Private Limited

Multi-Act Private Equity Investment Trust

Ivycap Ventures


Work highlights

  • Advised Samara Alternate Investment Fund in a deal where Samara Capital and Godrej Family Investment Office came together to set up Marengo Asia Healthcare, a platform that will run multispecialty hospital chains.
  • Advised Edelweiss on its additional investment in Sapphire.
  • Advised investors wherein Byju raised funds from investors including Edelweiss, IIFL, and others.

Tatva Legal

Tatva Legal's team regularly advises sovereign wealth funds, family offices and domestic corporates with transactional investment issues. Dilip N.K oversees the practice in Bangalore and has ample experience in domestic and international investment transactions, and Anu Iyer supports the team from Mumbai, and advises venture capital funds. Rashmi Talukdar combines her experience in the manufacturing, software and information technology, and food processing sectors to advise funds on their investment transactions.

Practice head(s):

N.K. Dilip; Anu Iyer

Other key lawyers:

Rashmi Talukdar

Key clients

Financial Investments SPC

Quona Capital (Accion Quona)

Amicus Capital Partners

Ideaspring Capital

MEMG Family Office

Accion Quona

Work highlights

  • Advised MEMG Family Office on its investment into Finnable Credit Private Limited, its acquisition of a minority stake. The firm carried out negotiations with the target and co-investors.
  • Advised Quona Capital and other co-investors on their investment into Rupifi Technologies Pvt. Ltd. with the acquisition of a minority stake. The firm handled negotiations with Rupifi Technologies Pvt. Ltd. and the other co-investors.