Next Generation Partners

Firms To Watch: Private equity and investment funds

Pioneer Legal assists private equity and venture capital funds with the structuring of transactions, related due diligence and the negotiation or  closing of deals. The practice also advises a range of multinational and domestic companies on its fund raisings and on broader corporate law.
Stratage Law Partners Advocates & Solicitors provides expertise to corporates and a variety of funds on areas including entry into India; acquisitions, joint ventures and exchange control regulations. Its funds work includes early-stage investments, venture capital, growth capital and late-stage investments.

Private equity and investment funds in India

AZB & Partners

AZB & Partners‘ expansive bench of transactional lawyers advises market-leading global names on high-value fund formations through to strategic exits, taking into account high-stakes regulatory and tax consideration. Ashwath Rau and Anand Shah act for fund managers targeting the pharmaceuticals, real estate and infrastructure sectors. At the deployment stage, Zia Mody, Ajay Bahl, Gautam Saha and Darshika Kothari execute deals across all major sectors, for both funds clients and target companies. The team advises financial institutions ranging from banks to sovereign funds on their investments in Asia-focused funds, including co-investments and secondary buyouts. Nandish Vyas  joined from Veritas Legal in February 2022.

Other key lawyers:

Nandish Vyas


‘Practical and commercially oriented advice. Always have an up to date understanding of a complex and ever changing local regulatory environment. Very good understanding of requirements of foreign institutional investors.’

‘Gautam Saha is very strong across the board. Particularly value the depth of his experience and sound judgment.’

‘Great team with capabilities in all practice areas, and they work seamlessly across all practice areas.’

‘Great depth of knowledge, and practical with their approach in a deal.’

‘Gautam Saha – has built a great team, and again an all round lawyer and great at negotiating complicated positions.’

‘Service orientation and ability to take on stretch assignments.’

Key clients

New Mountain Capital, LLC

Glance InMobi Pte. Ltd.

HighSage Ventures LLC

TVS Industrial & Logistics Parks Private Limited

API Holdings Private Limited

Work highlights

  • Advised the Carlyle Group on its incremental investment in PNB Housing Finance’s INR 4,000 crore preferential issue.
  • Advised Brookfield on its acquisition of a majority stake in Indostar Capital Finance Limited, a listed top–50 non–banking financial company in India.
  • Advised Tiger Global on its minority investment in Think & Learn Private Limited, which owns and operates Byju’s, India’s largest edtech platform.

Cyril Amarchand Mangaldas

Clients of Cyril Amarchand Mangaldas‘s private equity and investment funds include blue-chip sovereign wealth and private equity houses from across the globe. Cyril Shroff and Ravindra Bandhakavi lead on deployment-stage transactions. On the investee side, L Viswanathan acted for Reliance Industries on its headline $6.5bn fundraising from a host of multinational private equity investors. The team’s pan-India presence includes a substantial Bangalore office housing Reeba Chacko and Nivedita Rao. Particular sectors of expertise include real estate, infrastructure, financial services and life sciences.

Other key lawyers:

L Viswanathan 


‘A highly capable private equity team with an excellent understanding of the requirements of foreign investors into the Indian market. Commercially astute and pragmatic legal advice always delivered promptly. Excellent understanding of the complex and routinely changing Indian regulatory landscape. Very strong drafting skills relative to the market.’

‘Ravindra Bandhakavi is outstanding and a market leader in this field.’

Key clients

Reliance Industries Limited

Piramal Enterprises Limited

Brookfield Asset Management

International Finance Corporation (IFC)

Alpha Wave Incubation (Alpha Wave) and LGT Lightstone

Aspada (LGT)

Everchem Asia Private Limited (an Everstone entity)

Biocon Biologics Limited

Google International LLC

IndoStar Capital Finance Limited

Warburg Pincus Group

Multiples Alternate Asset Management Private Limited

Caisse de dépôt et placement du Québec

National Investment and Infrastructure Fund Limited

Work highlights

  • Advised Reliance Industries on its $6.5bn dollars for a circa 10% stake in investment from the following private equity investors: Silver Lake Partners (SLP), KKR, Mubadala, ADIA, GIC, TPG, General Atlantic and PIF.
  • Advised Piramel Enterprises Limited (PEL) on The Carlyle Group’s acquisition of  20% interest in the pharmaceutical business of PEL.
  • Advised Brookfield Asset Management on the acquisition of 12.4m sq ft of commercial assets from RMZ Corp.


Strengthened by strategic partner hires and a newly established tax practice, IndusLaw continues to increase its presence in the private equity, venture capital and fund investment fields. For promoters and funds clients alike, the team handles entry-stage investments through to exit strategy. Kartik Ganapathy is a go-to senior partner for series C investments and onwards. Avimukt Darr applies his regulatory expertise of the data protection and the fintech sector to associated investments while Anindya Ghosh handles significant investments into e-commerce and food delivery platforms. Further noteworthy individuals across the Delhi and Bangalore offices include Gaurav Dani, Suneeth Katarki and Srinivas Katta.


‘Solution-oriented and to the point advice. ’

‘He has a knack of exactly understanding the clients needs and acts accordingly’

‘Good understanding of the commercials involved in a transaction and partner availability are standout points. ’

‘The team has an appreciable understanding of private equity and venture capital market and how deal terms have evolved. Very seldom we see lawyers adopting such practical approach to deals, as Manish and his team at IndusLaw do.’

‘Manish Gupta and his team are very thorough in their work and very approachable. Their commitment has always impressed me.’

‘We are a startup and were looking for a startup-oriented legal partner for our seed funding round. Induslaw exceeded expectations in this regard. They know inside out how startup funding works. They recommended and took stances on our behalf that turned out to be beneficial for us. They also kept the whole process very structured. ’

Key clients




Busybees Logistics

Ribbit Capital

Accel India

Vertex Ventures

SAIF Partners (now known as Elevation Partners)


Mahindra Partners



Sequoia Capital

Hella Infra Market Private Limited

GGV Capital

Aye Finance Private Limited

Dunzo Digital Private Limited

Elevar Equity

Unbound Partners

Nexus Venture Partners

Juspay Technologies Private Limited


Jubilant Foodworks Limited

Easyplan Technology Solutions Private Limited, Easyplan Technologies Inc

India Equity Partners



Work highlights

  • Advised Zomato on late-stage fundraisings from some of the largest and most reputed PE investors in the world.
  • Advised Mohalla Tech, the parent company behind India’s leading short video app Moj on its $502m latest funding round.
  • Advised Accel in relation to its funding into Swiggy.

Khaitan & Co LLP

Khaitan & Co. provides a cradle-to-grave funds practice that is sought out by premier international private equity houses and investment managers. Working in tandem with the firm’s top-rated tax and regulatory teams, the offering advises on fund formations, strategic investments, downstream acquisitions, exits and fund wind-ups. Siddharth Shah and Vivek Mimani were recently part of a team leading the establishment of debt investment vehicles and funds targeting commercial real estate. Further notable names include Haigreve Khaitan, who regularly executes deals in the retail and renewable energy sectors; Aakash Choubey, whose clients include alternative asset managers operating in the office real estate space; and Kartick Maheshwari, whose sector expertise encompasses financial services and consumer goods.


‘Experience, regulatory understanding – even how the regulators think about a subject, the right advice.’

‘Responsiveness and ethics.’

‘Vivek Mimani as partner is very much hands-on and involved in the deals. The team can also rely on Siddharth Shah as the senior partner with very close relationship with the regulator.’

The Khaitan funds practice is one of the best regarded in the Indian market – the reason why they stand is their frequent interaction with the regulators, their representation of a wide variety of GPs and LPs. These interactions and representations have helped develop a very strong body of work on structuring of funds and regulatory issues.’

‘Excellent knowledge of India PE funds market in the context of the broader global market. Knows how to work with international law firms and international clients.’

‘Siddharth Shah is top of the market with the perfect combination of technical expertise, market practice familiarity and user-friendly commercial communications skills.’

Key clients

Brookfield Asset Management

British Columbia Investment Management Corporation (BCI)

Carval Investors Pte Limited


Advent International Corporation

Embassy Investment Management Services LLP

The Blackstone Group


PlaySimple Games Private Limited

Apax Partners LLP

Everstone Capital Asia Pte Ltd

Lightbox Ventures III

Bertelsmann Nederland B.V

Twitter Inc

Ola Financial Services Private Limited

HealthQuad Capital Advisors Private Limited

Think Investments

Barings Credit group

Multiples Private Equity Fund I Limited, Multiples Private Equity Fund, and Vikram Hospital (Bengaluru) Private Limited

Phoenix Mills Limited

Davidson Kempner Asia Limited

Motilal Oswal Real Estate Investment Advisors II Private Limited

Newquest Capital Partners

Hero Electric Vehicles Private Limited

Arison Holdings Ltd

Quadria Capital Investment Advisors Pvt Ltd

Iron Pillar Group

White Oak Management Consultants LLP

Twitter Inc

Unitop Chemicals Private Limited

Camions Logistics Solutions Private Limited (Dba GoBolt)

Work highlights

  • Advised Brookfield Asset Management on the acquisition of select assets of the RMZ Group, equivalent to 12.5 million square feet of office and co-working assets, having a total enterprise value of $2.1bn.
  • Advised British Columbia Investment Management Corporation on the acquisition of 100% stake of Tower Infrastructure Trust, an InvIT that in turn holds 100% stake in Reliance Jio Infratel Private Limited.
  • Advising Carval Investors Pte Limited, the Singapore arm of Carval Investors LP, in the implementation of the NCLT-approved resolution plans for Uttam Galva Metallics Limited and Uttam Value Steels Limited.


Fund managers and LPs alike approach Trilegal for assistance with the entire fund lifecycle, from formations to exits; the team is particularly commended for the latter. Included on the client roster are international pension and sovereign funds for which co-head Yogesh Singh advises on inward investments in the infrastructure and real estate sectors. Ganesh Rao‘s and Aditya Jha‘s core clients are alternative investment managers whereas Nishant Parikh acts for some of the largest global private equity houses on acquisitions and equity and mezzanine investments, notably in the solar power and edtech sectors. Co-head Harsh Pais and Sridhar Gorthi maintain impressive cross-border transactional practices targeting public and private entities.

Practice head(s):

Harsh Pais; Yogesh Singh

Key clients



Morgan Stanley



Baillie Gifford


Brookfield Asset Management

Varde Partners

Goldman Sachs



Edelweiss Alternative Asset Advisors Limited

British Columbia Investment Management

Clayton, Dublier & Rice

Work highlights

  • Advised on Blackstone’s exit from Aakash Educational Services Limited (AESL) by way of sale of partial stake in AESL to Think & Learn Private Limited and acquisition of shares in Byjus.
  • Advised Prosus, a global consumer internet group and one of the largest technology investors in the world, on an investment in API Holdings, owner of India’s largest integrated digital healthcare platforms.
  • Acted as the fund counsel to Edelweiss on the establishment of a separately managed account in Singapore in the form of a fund structured as a limited liability partnership with The State Board of Administration of Florida acting on behalf of the Florida Retirement System Trust Fund (SBA).

ALMT Legal

ALMT Legal acts on deployment-stage private equity transactions for a range of clients, with ongoing mandates instructed by international venture funds and sponsors alike. Dhanya Menon‘s Bangalore desk is highly active in innovative, tech-forward sectors and in Mumbai, Statira Ranina is active in the agriculture sector; Menon and Ranina jointly head the team. Further sectors of activity include logistics, pharmaceuticals and cosmetics. The firm’s London office is beneficial for clients operating in the UK and EU seeking Indian legal advice.

Practice head(s):

Statira Ranina; Dhanya Menon


‘We have worked with ALMT for 6 years over various transactions. They have always been responsive and professional. Their knowledge and experience has been valuable as demonstrated by the fact that we keep returning to them for new transactions.’

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

Work highlights

  • Drafted, negotiated and closed a Series C round for Sanghvi Beauty & Technologies Private Limited where Wipro Enterprises Private Limited; NV Investment Holdings LLC and Ascent Private Equity Trust invested.
  • Advised Bangalore-based B2B retail-tech firm operating under the brand name ‘Arzooo’ for raising $7.5m in Series A funding led by WRVI Capital.
  • Reviewed, negotiated and finalised investment documents for an investment by NV Investment Holdings LLC) in an investee company of Mynd Solutions Private Limited.


In a notable highlight at JSA Law‘ private equity practice, Rupinder Malik assisted a real estate fund manager with the establishment of a $500m investment platform targeting Grade-A office property. Bangalore-based co-head Sajai Singh incorporates robust regulatory knowledge to private equity transactions in the TMT sector. Vikram Raghani recently advised on partial exits in the financial services sector and Chennai-based Aarthi Sivanandh is a leading expert on the US-India business corridor. Manvinder Singh and co-head Shivpriya Nanda are also key names.

Practice head(s):

Sajai Singh; Shivpriya Nanda

Key clients

Amicus Partners

Advent International

Affirma Capital (formerly SCB PE)

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 (owned by Bridgepoint PE)


Unitus Seed Fund II

Work highlights

  • Assisted Baring Private Equity Asia with the successful delisting of the equity shares of Hexaware Technologies Limited from the stock exchanges in India.
  • Advised on the setting up of the Build-To-Core II platform (GBTC II) by Godrej Fund Management, the real estate private equity arm of Godrej Group.
  • Advised Altruista Health Holdings L.L.C. on the India law aspects of the sale of Altruista Health which was owned by a healthcare-focused private equity firmvMartis Capital, to HealthEdge Software.

Bharucha & Partners

Bharucha & Partners has a downstream investment practice based in Mumbai and a recently expanded presence in Bangalore under managing associate Swathi Girimaji. As practice head, Vandana Pai focuses on investor-side work whereas Alka Bharucha, Justin Bharucha and Girmaj advise target investees across the technology, financial services and infrastructure projects sectors. The team also provides support on fund registrations.

Practice head(s):

Vandana Pai 


‘We get senior partner attention along with very short turnaround times and attention to detail. Tough to beat that combination. Plus the partner has excellent domain expertise.’

‘Top-notch knowledge of the law & various industries in which we invest, immediate and full attention of the senior partners and very fast turnaround times, commercial approach to negotiation with other counsels and patient approach to negotiations, attention to detail and diligent follow-up.’

Key clients

General Atlantic

Ivanhoe Cambridge

Brighton Park Capital

Global Innovation Fund

Macquarie Group and its various funds

Apollo Global Management and its various funds

White Oak Capital

Vedantu Innovations Private Limited

J M Baxi Group

Happily Unmarried Marketing Private Limited

Flourish Ventures Fund LLC

I2india Holdings Limited

UrbanEdge Hotels Private Limited

63Ideas Infolabs Private Limited

VisVires Indian Wineries 2

Work highlights

  • Advised Vedantu Innovations Private Limited on its multiple rounds of investments from multiple foreign investors aggregating to over $136m.
  • Advised International Cargo Terminal and Infrastructure Private Limited (J. M. Baxi Group) on its investment from Bain Capital through its entity Integral Investments South Asia VIII amounting to approximately INR 50bn.
  • Advised General Atlantic on its multiple rounds of investment in Sorting Hat Technologies Private Limited (also known as Unacademy) aggregating $335m.

DSK Legal

In the real estate funds space, DSK Legal‘s corporate bench is known for advising on complex hybrid structures, often under the guidance of managing partner Anand Desai. The team is retained by highly active funds and alternative investors targeting the infrastructure sector, and investors in the renewable energy, healthcare and manufacturing sectors are also present on the client list. Aparajit Bhattacharya and Harvinder Singh advise promoters and selling shareholders on divestments and exits, and handles related arbitrations.


‘We as a client are very must satisfied with the services provided by the firm. They have a good team of thorough professionals who have good grasp on their respective fields. We as a client gets all services under one umbrella.’

‘We firmly believe in long-term business collaborations and so Mr. Aparajit Bhattacharya and Mr. Harvinder Singh believes the same. We are doing transactions together since 2009 and both of them are exceptionally well in delivering the performance which are expected from them as thorough professionals. Their patience level and knowledge on the legal matters are exceptionally good. Also, they are very good leaders and listeners.’

‘The DSK team is a network of super reliable, extremely knowledgeable people. We have used their consultation on a very wide variety of areas and always found the solutions provided by them meticulously researched and perfectly balanced for implementation.’

‘The people we deal with have repeatedly demonstrated a very high degree of passion and ownership with respect to our company.We find them highly skilled not only in legal matters but also in influencing skills to nudge different stakeholders to the right course of action.’

‘Very focused on clients, and provide customised service tailored to suit the customer’s requirement.’

‘Aparajit Bhattacharya – very balanced and experienced as a lawyer. High degree of maturity and presence.’

‘Aninda Pal – extremely hard working and responsive, very detail-oriented.’

Key clients

Manash Lifestyle Private Limited

Artha Venture Fund I

Infifresh Foods Private Limited

T. Rowe Price International Ltd

Entropik Technologies Private Limited

OmniActive Health Technologies Limited

Elliott Advisors (HK) Limited

Mr. Sonu Sood and Sonu Infotech Private Limited

Gamma Pizzakraft Overseas Private Limited and CK Jaipuria Group

Finar Limited

ICICI Venture

MV Opportunities India Limited

Paine Schwartz Partners

Stelis Biopharma Private Limited

Bewakoof Brands Private Limited

Sood Infomatics LLP

Healthquad Fund II

Onward Technologies Limited

Work highlights

  • Advised OmniActive Health Technologies on the sale of 54.81% shareholding to the new investor.
  • Advised Mr. Sonu Sood and Sonu Infotech Private Limited on the formation of a joint venture company named Lifeleap Technologies Private Limited with SchoolNet India Limited and Ekam Advisors Private Limited.
  • Advising Infifresh Foods Private Limited (operating under the brand name ‘Captain Fresh’) on acquiring the existing business of Nekkanti Consumer Foods Private Limited pursuant to a business transfer agreement.

L&L Partners Law Offices

Under the expertise of founding partner Rajiv Luthra, L&L Partners Law Offices handles private equity transactions across a diverse range of sectors, including recent mandates received from a major private equity fund pertaining to the acquisition of a distribution business. Jay Parikh acts for company promoters and shareholders on complex exits, recently in the renewable energy sector. Vaibhav Kakkar left the firm to join Saraf and Partners.

Practice head(s):

Rajiv Luthra

Other key lawyers:

Jay Parikh

Key clients

SunSource Energy Private Limited

GMM Pfaudler Limited

Neev Fund

Anthea Aromatics Private Limited/ Catasynth Specialty Chemicals Private Limited

The Carlyle Group

Play Games 24×7 Private Limited

CA Cloud Investments

Greencell Mobility Private Limited

Symphony Technologies Group

Emerson Electric

Sequoia Capital

Platinum Equity

Work highlights

  • Advised Play Games 24×7 Private Limited on an investment made by the Raine Group.
  • Acted for CA Cloud Investments (formerly, Comfort Investments II), an investment vehicle managed by affiliated entities of The Carlyle Group on its acquisition of approximately 25% shareholding of Nxtra Data Limited.
  • Advised Symphony Technologies Group (STG) on its acquisition of Dell Inc.’s RSA security business.

Majmudar & Partners

Majmudar & Partners advises venture capital and private equity houses from India and abroad on buyouts, exits and associated regulatory issues. Co-heads Akil Hirani and Rukshad Davar advise on transactions in the life sciences, retail, financial services and manufacturing sectors. The Bangalore desk — which houses co-head N. Raja Sujith — has a growing practice in advising company founders on their fundraising rounds.


‘Majmudar & Partners have a very strong knowledge base in corporate law and the ability to focus on each clients needs and advise suitably.’

‘The partners are always available and legal issues are handled in a timely manner. Mr. Raja Sujith in their Bangalore office has been our go-to person for all legal matters, specifically in equity and commercial law.’

‘I have found the Majmudar team, particularly Akil Hirani, to be particularly responsive to client needs even during trying COVID times when everyone is working remotely.’

‘I would especially note Akil Hirani, with whom I have worked the most from the Firm, as someone who is reliable, responsive, and efficient in his legal work.’

Key clients

NongHyup Financial Group

Wynnchurch Capital

Ridgemont Equity Partners

Browndove Healthcare Private Limited

Glowroad Private Limited

Work highlights

  • Represented NongHyup Financial Group, a leading South Korean financial services provider with a focus on social development, in connection with its minority equity investment through its subsidiary NH Capital Co., Ltd in IFFCO Kisan Finance Limited.
  • Assisted Wynnchurch Capital on its proposed acquisition of a US-based group engaged in manufacture of steel flanges and having subsidiaries in Europe and India.
  • Advised Glowroad on a series B1 Investment by Accel Partners, IND Funds Limited and Vertex Ventures.

Samvad Partners

Samvad Partners‘s recent deal highlights show strong activity in the pharmaceuticals, media and e-commerce sectors, with instructions received from investors and target companies. Vineetha MG handles work for sovereign wealth funds while Ashwini Vittalachar leads on the major work out of Delhi. The Bangalore office includes Harish Narasappa, Natasha Mahajan, Neela Badami and Nivedita Nivargi who all handle a high volume of venture capital work, from early-stage investment onwards.


‘Worked with Samvad Partners for last 8 years. They have represented us with multiple fundraise and investment processes. In fact when we did our first investment they represented one of our investors and we liked their work and then hired them to represent us in future. We are happy and satisfied client of theirs.’

‘Nivedita Nivargi has been leading the partnership for us. She has been supportive, transparent and always available for advice even during the odd hours sometimes.’

‘Samvad Partners has been an invaluable resource to our company. They come with a depth of experience in the nuances of contracts/agreements involved in fund raising as well as day-to-day operational issues. We were fortunate in finding Natasha Mahajan to represent us in all the VC/PE funding negotiations. She was batting for us 100% the whole time, while also being pragmatic in getting all the parties on the same page and closing the documentation in a quick manner. The team has provided practical, business-oriented advice in a timely and cost-effective manner.Their work for our company has been impeccable and unparalleled. Highly recommend them!’

Key clients

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 Private Limited

Eight Roads Ventures India III LP


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

Kaleidofin Private Limited

Kaycee Industries Limited

KTB Network

Lentra AI Private Limited

LocoNav (BT TechLabs Private Limited)

Munich Re Ventures

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)

Securens Systems

Sequoia Capital

Shiksha Finance (Shiksha Financial Services India Private Limited)


Treebo Hotels (Ruptub Solutions Pvt Ltd)

Trifecta Capital (Trifecta Venture Debt Fund – II)

Truebil (Paix Technology Private Limited)

Vertex Ventures

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

Zetwerk Manufacturing Businesses Private Limited

Zomato Media Private Limited

Work highlights

  • Advised Fundamentum Partnership Fund I, Eight Roads Ventures India III LP, and F Prime Capital Partners on their Series E2 investment in API Holdings Private Limited (Pharmeasy) by TPG; assisted Naspersand with  Series E3 investment in API Holdings Private Limited (Pharmeasy) by Tiger Global; and acquisition of API Holdings Private Limited (Pharmeasy) by B Capital.
  • Advised Policy Bazaar (PB Fintech Private Limited) on its Series F round of investment by SoftBank and Series G round of investment in PB Fintech by Falcon Q LP.
  • Advised Delhivery Private Limited on its fundraising from Fidelity, Gamnat, Pacific Horizon Investment LLC through Ballie Gifford and Co. and Chimera Investment LLC by subscribing to Series H Preference Shares of Delhivery Private Limited.

Dua Associates

With a strong presence in the energy sector including battery storage, solar and other renewables, Dua Associates‘s practice advises on private equity investments and exit-phase transactions for a balanced mix of target companies and investors. Bangalore-based Manoj Menon is also active in the financial services and healthcare sectors.

Practice head(s):

Manoj Menon

Key clients

Fourth Partner Energy Private Limited

Siana Capital Management LLP

Ramakrishna Hospitals Private Limited

Mr. K.R. Anerudan

Work highlights

  • Advised Siana Capital Management LLP on an investment made in the share capital of Proklean Technologies Private Limited.
  • Advised on the primary and secondary investment by funds managed by TPG Capital in the share capital of Fourth Partner Energy Private Limited.
  • Advised on an exit by India Growth Fund, a unit scheme of Kotak SEAF India Fund Limited from Dynaspede Integrated Systems Private Limited.

Economic Laws Practice

Economic Laws Practice‘s private equity and venture capital group is led by Suhail Nathani and Sujjain Talwar, whose clients include investors targeting the packaging, infrastructure and hospitality sectors. The team’s expertise encompasses investment structuring and portfolio acquisitions. Previously recommended partners Darshan Upadhyay and Tushar Ajinkya departed for Stratage Law and a corporate boutique ThinkLaw, respectively.

Practice head(s):

Suhail Nathani; Sujjain Talwar

Key clients

Samara Capital (Samara)

Powerica Limited

Samara Capital

Sahajanand Medical Technologies Private Limited (SMT India)

Eduauraa Technologies Private


Ms. Shital Chaturvedi

Work highlights

  • Advixed JM Financial India Trust II on a minority stake acquisition of Canpac Trends Private Limited.
  • Advised Eduauraa Technologies Private Limited on the infusion of capital of more than INR 5 crores into Beginnen Media Private Limited.

Krishnamurthy and Co

Having steadily grown Krishnamurthy and Co’s venture capital practice out of Bangalore in recent years, Alok Sonker now sits in Mumbai, where he advises a strong roster of investors from India and abroad (Japan most notably) operating in the mid-market range. Target sectors include energy, electric vehicles and other innovative fields. Impressively, the team advises on investments in the fund of funds space. Naina Krishna Murthy and Shwetambari Rao jointly lead the practice.

Other key lawyers:

Alok Sonker

Key clients

Healthcare Global Enterprises Limited

Biocon Biologics Limited Yes

Ascent Capital Yes

Nivaata Systems Private Limited No

SACAP India Private Limited and Sistema Asia Fund Pte. Ltd No

Krishiacharya Technologies Private Limited Yes

Unitus Ventures No

Multiply Ventures

Vertex Ventures SEA Management Pte. Ltd

Paragon Advisor Partners LLP

Feliz Capital Ltd. (Referred by Megadelta)

Oman India Joint Investment Fund II

Cervin Family Office & Advisors Private Limited

Work highlights

  • Advised Healthcare Global Enterprises Limited on an investment of $83m through equity and equity-linked securities (being warrants) aggregating to 36% (upon conversion of all warrants) and acquisition of certain management rights (including right to be the co-promoter of Company).
  • Advised Biocon Biologics on an investment of $75m by ADQ for acquiring 1.8% stake in the client.
  • Advised Biocon Biologics on an investment of INR2.25bn into Biocon Biologics India Limited by Tata Capital Growth Fund II.

S&R Associates

Investor-side clients of S&R Associates recently engaged the team on a series of investment rounds into software, financial services and education targets. The team advises on high-value inbound investments, including for sizeable infrastructure clients. Sandip Bhagat, Sanjeev Adlakha and Viral Mehta are the main contacts.


‘Experience, clarity of thought, technical knowledge, timely turnaround, thorough even under pressure. Solution oriented rather than only getting into technicalities.’

Spice Route Legal

An expanding roster of investor and investee clients instructs Spice Route Legal on a high volume of private equity buyouts, fundraisings and venture capital deals. Through a team spearheaded by Praveen Raju, the firm completes deals across the sectors of energy, fintech, financial services and life sciences, while Mathew Chacko acts for start-ups and investors operating in the TMT sector. Berlin-based proptech and logistics investor is engaging the practice on a spate of Series A to Series C deals.

Practice head(s):

Praveen Raju

Other key lawyers:

Mathew Chacko


‘Mathew Chacko and team are exceptional. Will continue to go with them for our future rounds as well.’

The team brings well-rounded legal expertise and local empathy for various geographies including India, Singapore, Vietnam, Indonesia & Australia, while also being able to advise us on firms from the region that flip to alternative holding structures, for example in the United States. We also greatly appreciate the flexibility of the firm to be nimble in responding to bespoke requests in a timely and effective manner‘.

Key clients

Foundamental GmbH

SILRES Energy Solutions

Brigade Real Estate Accelerator Programme

Farrallon Capital

Fenice Investments

South Lake One LLC


Zenfold Ventures LLP



Helix Investments

SenseHawk Inc.

Ronin Wines Private Limited



xQ Capital

SeasonTwo Ventures

Sequoia Capital India

Blue Lotus Capital

Java Capital


Esco Biosciences

Work highlights

  • Advising SILRES Energy Solutions (SunEdison Infrastructure) on receiving an investment of around USD25 million.
  • Advising Foundamental GmbH on 14 investments across Asia, including its a Series C USD100 million club investment deal, alongside new co-investor, Tiger Global, into Hella Infra Market.
  • Acting for prominent fintech start-up SETU on drafting, negotiating, and completing an investment from an investor club including Falcon Edge, LightSpeed Ventures, and Bharat Fund.

Tatva Legal

Tatva Legal advises target companies and domestic funds on downstream deployment including minority acquisitions. Newly acquired clients include venture capital investors in the entrepreneurial sector. N.K. Dilip leads on the majority of mandates since Manav Nagaraj’s departure to Shardul Amarchand Mangaldas & Co.


‘The team is very knowledgeable, very responsive and solves the issues that we come across in a very balanced manner.’

‘Expertise, Experience, responsiveness, attention to detail and balancing risk/upside; as well as business/law perspectives.’

Key clients

Modern Foods

Way2Wealth Securities Private Limited

Ideaspring Capital Future Now

HDFC Capital Advisors Limited

Titan Company Limited

Start 2 Scale Ventures LLP

Lightstone Global Fund

Accion Frontier Inclusion Mauritius

Coffeeday Enterprises Ltd.

Radiance Renewables Pvt. Ltd.

Indegene Private Limited

Work highlights

  • Advising Way2Wealth Securities on Shriram Trust’s 100% stake acquisition in the client.
  • Advised Lightstone Global Fund S.A. on its 14% stake acquisition of Vogo Automotive.
  • Advised Accion Frontier Inclusion Mauritius on the acquisition of a stake in Digikredit Finance Private Limited.

Veritas Legal

Acting for private equity investors and investees, Veritas Legal advises on series funding investments across a broad range of sectors; recent highlights include notable deals in the healthcare space. The addition of new transactional partner Manav Raheja from JSA Law added strength to the team which is led by Abhijit Joshi.

Practice head(s):

Abhijit Joshi

Other key lawyers:

Manav Raheja; Natasha Sethna


‘Strong deal expertise in consumer and digital sectors, integration with the fund ecosystem, diversity amongst the lawyers’’

‘Recently promoted partner Natasha Sethna is an experienced team member, she stands out for her availability on time-sensitive deals.’

Key clients














Work highlights

  • Advised Kedaara Capital on its acquisition of approximately 19% stake in Religare Health Insurance Company Limited for an aggregate consideration of approximately $78m.
  • Advised Partners Group on an acquisition of approximately 38% of the equity share capital of Ecom Express Private Limited for an aggregate consideration of over $250m.
  • Acted for Parksons Packaging Limited and existing shareholders (including the promoter group, Kedaara Capital and IIFL) on the acquisition of a majority stake in Parksons Packaging Limited by Warburg Pincus.

Vertices Partners

Vertices Partners advises on a high volume of investee funding rounds, in particular on behalf of innovative growth and mid-market companies, including players in the payment processing, fintech, agritech, edtech sectors. Vinayak Burman and Archana Kholsa Burman, who also provide advice to a small number of venture capital investors, jointly lead the team.

Key clients

Teachmint Technologies


Corona Remedies

SUGAR Cosmetics

Pickrr Technologies

Avaana Capital

Finova Capital


GoQuest Media

Windlas Pharma

Work highlights

  • Acted for Whitehat Jr on its acquisition by Byjus.
  • Advised Corona Remedies on Chrys Capital’s investment in the company by acquiring 27% stake.
  • Advised Finova Capital Private Limited, a non-bank lender to unorganised sector businesses, raising its series C round of funding from SCI Growth Investors III, Faering Capital India Evolving Fund II and Faering Capital India Evolving Fund III.

AP & Partners

The private equity practice at AP & Partners, which is jointly headed by Anand Prasad, Arjun Sinha and Moksha Bhat, is engaged by investors, funds and company founders on domestic and cross-border investments, particularly in the technology start-up scene. Fintech is also a sector that the firm is focusing on growing.

Key clients

Cars24 Services Private Limited

Nordic Eye Venture Fund

FreightBro Logistics Private Limited

Sunrise Mentors Private Limited

Teacher Tools Private Limited

Amishi Consumer Technologies

Info Edge India Limited

Mebigo Labs Private Limited

Work highlights

  • Assisted Cars24 Services Private Limited, an automotive-focused commerce and fin-tech platform, on a variety of investments, including a $200 million series E funding from a number of investors including DST Global.
  • Advised Info Edge on a range of matters including its investments in Bulbulive Shopping Network Pte Ltd, an online video-focused shopping portal.
  • Advised Nordic Eye Venture Fund on it pre series A round of funding in FreightBro Logistics Private Limited, a SaaS-based technology company.


Acting for venture capital and private equity funds from a range of jurisdictions, ATLAS LAW PARTNERS assists with investments and seed funding for start-ups and growth companies in the real estate, TMT, e-commerce and financial services industries. Throughout 2021, the group received numerous early-stage investment instructions from South Korea. Practice head Niti Paul and Harry Chawla are the key contacts.

Practice head(s):

Niti Paul

Other key lawyers:

Harry Chawla

Key clients

Hashed Inc.

Euramco GmBh (formerly Sachsenfonds GmBh)

Fosun Group

M3M Group

Work highlights

  • Advised Hashed, Inc. and a group of Korean Angel Investors on their Series B Funding of Diacoustic Labs Private Limited, in a round size of $2.2m.
  • Advised Ruizheng Investment Limited, an investment vehicle of Fosun Group’s Fosun RZ Capital, on its Series B1 funding of Lets Transport, owned and operated by Diptab Ventures Private Limited, in a round size of $7.5m.
  • Advised Ruizheng Investment Limited, an investment vehicle of Fosun Group’s Fosun RZ Capital, on its Series A funding of Dotpe Private Limited, in a round size of $27.5m.

Link Legal

Target-side clients retain Link Legal for advice on inward investment transactions into their companies. Active sectors include software services and motor vehicles and healthcare. Nusrat Hassan and Anand Srivastava jointly lead the practice from Mumbai and New Delhi respectively.


‘Thorough and timely reverts. Attention to detail.’

Key clients

Incredible Technologies Private Limited and Eight Roads Ventures

Bunch Microtechnologies Private Limited

Trayambhu Tech Solutions Private Limited

Ashoka Buildcon Limited

Medops Technology Private Limited


SarvaGram Group of Companies


Shunwei Capital

CDH Investments


Morningside Venture Capital

AMI Lifesciences Private Limited

Fab Hotels

Falcon Edge Capital, UK

RIB International Holding PTE Limited

Work highlights

  • Assistsed SarvaGram group of companies and its founders with securing $10.5m in Series B Investment round led by Elevation Capital along with pro-rata participation from existing investor Elevar Equity.
  • Advised Medops Technology Private Limited on an investment by Axilor Ventures, HealthXCapital, Singapore, Blume Ventures and Dream Incubator Inc.
  • Advised Emerging Vision Technology on an investment by Lightspeed China Partners and Lightspeed India Partners in Series A preferred shares.