Top Private Equity Firms in India

India’s expanding economy, digital transformation, and large consumer base have made it one of the most attractive destinations for private equity investment globally. From Bengaluru’s tech corridors to Mumbai’s capital markets, private equity companies in India are fueling scale, innovation, and long-term value creation.

In this article, we explore a curated list of top private equity firms in India, their strategies, and the sectors where they’re making significant investments. If you're choosing a private equity firm for your business, understanding their style, focus, and track record is critical.

1. Chrys Capital

Started in 1999, Chrys Capital is one of the most experienced and successful private equity companies in India, managing over $5 billion in assets. The firm specializes in growth equity and equity investments, backing high-quality businesses in healthcare services, financial services, consumer goods, and technology.

Chrys Capital deploys capital through buyouts and growth investments, often taking a significant minority stake. With a strong private equity team, it offers operational guidance and global connections. 

Portfolio highlights include HDFC, Intas Pharmaceuticals, and L&T Finance, all demonstrating its impact on investments in India.

2. True North

True North, formerly India Value Fund Advisors, is one of the pioneers in Indian private equity, with over $3 billion under management. Known for its governance-focused approach, the firm partners with companies in financial services, healthcare, and consumer brands to build sustainable businesses.

It leverages deep sector expertise and a strong post-investment model to professionalize and scale operations. 

Investments include Fincare Small Finance Bank and Manipal Hospitals, and its strategy focuses on investing in companies across the mid-market spectrum. 

True North is a prime example of an equity fund that delivers both performance and transformation.

3. Everstone Capital

Headquartered in Mumbai and Singapore, Everstone Capital is a leading South Asia and Southeast Asia-focused private equity and real estate investment firm with over $7 billion in AUM. 

The firm operates across multiple verticals including private equity, venture capital, logistics, digital infrastructure, and green energy. It’s known for offering a diversified platform for investors and companies alike.

Everstone targets businesses with scalable models in healthcare, digital commerce, consumer brands, and business services. It emphasizes long-term partnerships and brings strong operational expertise to its investments. 

Everstone’s portfolio includes companies such as Burger King India, Transcend, and Everlife, reflecting its ability to execute cross-border strategies and build globally relevant enterprises.

4. Multiples Alternate Asset Management

Founded by Renuka Ramnath in 2009, Multiples is a homegrown private equity business known for partnering with founder-led and family-owned companies. Managing over $2 billion, it backs companies in fintech, logistics, pharmaceuticals, and clean energy.

Multiples focuses on growth investments and supports IPO planning, strategic sales, and leadership development. Its portfolio includes Delhivery, Acko Insurance, and PVR Cinemas. 

The firm stands out for its nuanced understanding of India private equity dynamics and its ability to navigate complex capital structures.

5. Kedaara Capital

Established in 2011, Kedaara Capital is a homegrown private equity firm that blends deep India market knowledge with global investment discipline, thanks to its strategic partnership with U.S.-based CD&R (Clayton, Dubilier & Rice). 

With more than $3.5 billion in assets under management, Kedaara has built a strong track record in mid-market and control-oriented investments.

Kedaara focuses on sectors such as healthcare, education, industrials, and financial services. Its operationally focused model includes direct engagement with portfolio companies to drive growth and profitability. 

Some of its key investments include Vedant Fashions (Manyavar), ASG Eye Hospitals, and AU Small Finance Bank, reflecting its ability to support both traditional and emerging sectors with growth potential.

6. ICICI Venture

ICICI Venture, an arm of the ICICI Group, is one of India’s oldest and most diversified private equity firms, with over $4 billion under management across private equity, real estate, infrastructure, and special situations. The firm is a trusted name for institutional investors looking for deep access to Indian markets and a robust governance framework.

It invests across a wide spectrum of growth stages, with a focus on financial services, infrastructure, and healthcare. 

ICICI Venture is known for nurturing mid- to late-stage companies and helping them professionalize and scale. Notable investments include Infosys BPO, Firstsource Solutions, and Sula Vineyards, demonstrating the firm’s broad and successful portfolio.

7. TPG Capital India

TPG Capital’s India presence reflects the firm’s global expertise adapted to local needs. Since entering India in the mid-2000s, TPG has invested over $3 billion across sectors such as healthcare, consumer products, financial services, and infrastructure. It combines financial muscle with operational expertise, making it a powerful partner for growth-stage businesses.

TPG’s India investments include high-impact deals in Manipal Hospitals, Shriram Capital, and RR Kabel. The firm is also active in ESG-led investing and impact-oriented strategies, adding a socially conscious dimension to its financial objectives. With a reputation for executing large, complex transactions, TPG continues to be a key player in India’s PE landscape.

8. Bain Capital India

Bain Capital began its India operations in 2008 and has quickly risen as a major force in large-scale private equity deals. With a focus on deep diligence and active value creation, Bain’s India arm has made strategic investments across banking, insurance, IT services, and manufacturing.

Notable portfolio companies include Axis Bank, Hero FinCorp, and L&T Finance Holdings. The firm is known for its collaborative approach with Indian promoters and co-investors, and often provides long-term capital to help businesses modernize, expand, and compete at global scale.

9. Warburg Pincus India

Warburg Pincus has been one of the most consistent and influential investors in India since the 1990s. With a sector-agnostic approach, the firm has backed over 50 Indian companies, becoming a trusted partner for entrepreneurs, promoters, and institutional investors.

Its investments include Bharti Airtel, Apollo Tyres, IDFC First Bank, and Home First Finance. Warburg is known for its patient capital, strong exit track record, and value-driven investment philosophy. Its long history and local team strength make it one of the most credible PE players in the country.

10. Peak XV Partners (formerly Sequoia Capital India)

Rebranded in 2023, Peak XV Partners is the continuation of Sequoia Capital India’s legacy in venture and growth investing. With $9 billion in AUM and offices across India and Southeast Asia, the firm has funded some of the region’s most iconic startups and scaleups.

Peak XV’s private equity approach targets later-stage growth opportunities, complementing its venture roots. Its diverse portfolio includes Zomato, Freshworks, Byju’s, and Mamaearth. 

The firm is known for supporting founders with capital, talent networks, and GTM strategy, making it a powerhouse across the growth curve.

Let’s Recap: Choosing Private Equity Firms in India

India has become one of the most dynamic private equity markets in the world, fueled by rapid digitization, a large entrepreneurial base, and a growing appetite for innovation across industries. 

Global giants and homegrown firms alike are deploying billions of dollars into Indian companies, helping them scale locally and compete globally. Beyond capital, these firms bring strategic expertise, governance frameworks, and access to international networks that accelerate growth.

If you're an entrepreneur or a business owner looking to take your company to the next level, identifying the right PE firm is crucial. Private Equity List makes this process easier by providing a fast and easy-to-use platform to identify relevant private equity firms for your project. Whether you're an established company or a growth-stage business, Private Equity List connects you with the right investors.

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