CX Partners

CX Partners, established in 2008, is a New Delhi-based private equity firm specializing in middle-market equity investments. The company focuses on growth equity, buyouts, and recapitalizations, primarily in India. CX Partners targets sectors such as healthcare, financial services, consumer products, outsourced services, and niche manufacturing.

Rahul Agarwal

Principal and Associate Director

Aparajita Ahuja

Managing Director and CFO

Aparajita J. Ahuja

Partner

Jayanta Basu

Founder and Chairman

Vivek Chhachhi

Managing Partner

Shishir Jain

Managing Director

Tarun Khanna

Partner

Suman Nandy

Operating Partner

Ajay Relan

Founder and Chairman

Chirag Sachdev

Principal

Manu Sahni

Managing Director

Vinayak Shenvi

Partner

27 past transactions

JJG Machining Group

Private Equity Round in 2024
JJG Machining Group manufactures and distributes automotive, industrial, and aerospace machining components.

Sekhmet Pharmaventures

Private Equity Round in 2024
Sekhmet Pharmaventures is a Mumbai-based company focused on acquiring controlling stakes in active pharmaceutical ingredient (API) businesses. By integrating inorganic growth strategies with organic development activities, Sekhmet Pharmaventures aims to establish a robust platform in the pharmaceutical sector. The company's approach involves leveraging acquisitions to enhance its portfolio and strengthen its position in the market.

Indifi

Series E in 2023
Indifi Technologies Pvt. Ltd., established in 2015 and headquartered in Gurugram, India, operates an online platform that facilitates loans for small businesses. It connects borrowers with lenders, providing a range of services to support the lending process, including data aggregation, analysis, and loan monitoring. Indifi specializes in serving businesses in sectors such as e-commerce, travel, hospitality, retail, and trading. Its unique approach involves assessing creditworthiness based on industry-specific performance data, enabling it to identify low-risk, high-potential businesses that may lack access to traditional financing. The platform presents these applications to multiple lenders, increasing the chances of loan approval and providing lenders with choices.

BetterPlace

Series C in 2022
BetterPlace is a technology platform dedicated to managing the blue-collar workforce across the entire value chain. It provides digital solutions designed to meet the needs of both enterprises and workers in a fragmented and often underserved ecosystem. By leveraging a data-driven approach, BetterPlace fosters a trusting relationship between blue-collar workers and their employers. The platform enhances workers' quality of life by facilitating access to better job opportunities, financial stability, and health resources. Through its comprehensive offerings, BetterPlace aims to support the unique requirements of this critical segment of the workforce.

Indifi

Series D in 2021
Indifi Technologies Pvt. Ltd., established in 2015 and headquartered in Gurugram, India, operates an online platform that facilitates loans for small businesses. It connects borrowers with lenders, providing a range of services to support the lending process, including data aggregation, analysis, and loan monitoring. Indifi specializes in serving businesses in sectors such as e-commerce, travel, hospitality, retail, and trading. Its unique approach involves assessing creditworthiness based on industry-specific performance data, enabling it to identify low-risk, high-potential businesses that may lack access to traditional financing. The platform presents these applications to multiple lenders, increasing the chances of loan approval and providing lenders with choices.

Exotel

Series C in 2021
Exotel is an AI-powered cloud customer engagement platform established in 2011, serving over 6,000 companies across India, Southeast Asia, the Middle East, and Africa. The platform facilitates 25 million calls daily and provides a comprehensive suite of cloud-based products, including an omnichannel contact center and various voice and messaging APIs. Exotel's technology is designed to streamline communication between businesses and their customers, enhancing overall business performance. Its offerings include artificial intelligence bots, cloud contact centers, and tools for generating conversational and cross-channel context. This enables organizations to optimize resources, reduce operational costs, and improve customer experiences, making Exotel a vital partner for fast-growing companies in emerging markets.

BetterPlace

Series C in 2021
BetterPlace is a technology platform dedicated to managing the blue-collar workforce across the entire value chain. It provides digital solutions designed to meet the needs of both enterprises and workers in a fragmented and often underserved ecosystem. By leveraging a data-driven approach, BetterPlace fosters a trusting relationship between blue-collar workers and their employers. The platform enhances workers' quality of life by facilitating access to better job opportunities, financial stability, and health resources. Through its comprehensive offerings, BetterPlace aims to support the unique requirements of this critical segment of the workforce.

Ummeed Housing Finance

Series D in 2020
Ummeed Housing Finance Private Limited is a housing finance company based in Gurugram, India, founded in 2016. The company specializes in providing home loans and loans against property specifically tailored for lower and middle-income families, particularly those with informal incomes who often face challenges in accessing organized financial services. Ummeed Housing Finance aims to enhance operational efficiency and minimize turnaround times for customers by utilizing technology in its processes. In addition to home loans and loans against property, the company also offers services for home renovation and construction, as well as insurance products, thereby supporting families in achieving their housing goals in a personalized and customer-friendly manner.

Natco Pharma

Post in 2019
Natco Pharma is a prominent pharmaceutical manufacturer focused on producing affordable medicines that adhere to global standards. The company specializes in niche pharmaceutical products, particularly in the fields of Oncology and Hepatology, leveraging its research and development capabilities to enhance accessibility to specialty medicines. While most of its revenue is generated in India, Natco actively seeks growth opportunities in international markets. Additionally, the company has a significant presence in the active pharmaceutical ingredient (API) segment, which is integral to its operations. Natco Pharma operates across two primary business segments: pharmaceuticals and agrochemicals, driving sales through its diverse product offerings.

Healthium Medtech

Private Equity Round in 2019
Healthium Medtech, established in 1992, is a rapidly growing global medical technology company with a strong presence in the industry. Operating from six advanced manufacturing facilities worldwide and employing over 2,600 individuals, the company specializes in the production of precision medical devices and consumable products tailored for surgeons and healthcare professionals. Its diverse portfolio includes surgical sutures, arthroscopy products, urology devices, hernia meshes, hemostats, and ligation clips. Healthium exports to more than 50 countries, including major markets such as the USA, Germany, and Brazil, and is trusted by more than 200,000 healthcare professionals globally. In India, the company's products are utilized in over 10,000 hospitals, supported by a comprehensive distribution network.

The South Indian Bank

Post in 2019
South Indian Bank Limited is a prominent financial institution in India, established in 1929 in Thrissur, Kerala, during the Swadeshi movement. The bank offers a wide range of banking products and services through various segments, including Treasury, Corporate/Wholesale Banking, and Retail Banking. Its personal banking services encompass savings accounts, term deposits, and multiple loan options such as personal, home, car, and educational loans. Additionally, the bank provides insurance products, money transfer services, and various value-added services, including mobile and internet banking. For non-resident Indians (NRI), South Indian Bank offers specialized accounts and loan products. The business banking segment includes a variety of accounts, loans, and merchant acquiring services. As of 2020, the bank operated a network of 935 branches and 1,424 ATMs/CRMs, making it one of the largest private sector banks in India. Throughout its history, South Indian Bank has been a pioneer in various banking practices, including becoming the first private sector bank in Kerala to open a Currency Chest and implement a Core Banking System.

Thyrocare Technologies

Post in 2019
Thyrocare Technologies Limited is a leading diagnostic testing service provider in India, specializing in a wide range of medical diagnostic tests aimed at the early detection and management of various health disorders, including thyroid and metabolic diseases, diabetes, anemia, infertility, and infectious diseases. Founded in 1996 and headquartered in Navi Mumbai, the company operates through three main segments: Diagnostic Testing Services, Imaging Services, and Others. Its Diagnostic Testing Services segment, which generates the majority of revenue, offers comprehensive test profiles under the Aarogyam brand, focusing on wellness and preventive healthcare. Thyrocare is recognized as India's first fully automated diagnostic laboratory, utilizing advanced technology to deliver quality reports at affordable prices. Additionally, the company markets glucometers and glucostrips under the Sugarscan brand and operates a network of imaging centers for effective cancer monitoring.

Sapphire Foods India

Private Equity Round in 2018
Sapphire Foods India Ltd is the largest franchisee of Yum! Brands in the Indian subcontinent, operating over 400 restaurants, including KFC, Pizza Hut, and Taco Bell across India, Sri Lanka, and the Maldives. The company is dedicated to fostering a culture of teamwork, integrity, and continuous improvement, emphasizing openness and honesty in its operations. By focusing on innovation and striving to enhance its services, Sapphire Foods aims to provide a better dining experience for its customers while maintaining a strong commitment to ethical business practices.

Veeda Clinical Research

Acquisition in 2018
Veeda Clinical Research Limited is a contract research organization based in Ahmedabad, India, specializing in the early clinical development of drugs. The company provides comprehensive services for phase I and IIa clinical research to the pharmaceutical and biotechnology industries globally. Its offerings include regulatory services, preclinical services, laboratory services, and biometrics, which encompass clinical data management and statistical analysis. Veeda's expertise covers various therapeutic areas, including cardiovascular, respiratory, diabetology, central nervous system research, and renal studies. With facilities located in the United States, Malaysia, and the United Kingdom, along with biometric capabilities in Belgium and India, Veeda aims to deliver scientific rigor and technical proficiency to enhance the efficiency and effectiveness of clinical trials. The company was founded in 2004 and has established strategic partnerships to further its service offerings.

Bloom Hotels

Series B in 2018
Bloom Hotels is a hospitality company based in Delhi, India, that owns and operates a chain of hotels and restaurants across the country. The company focuses on delivering quality hospitality services, offering amenities such as free Wi-Fi, breakfast, rain showers, and cloud beds. By prioritizing comfort and convenience, Bloom Hotels aims to provide guests with affordable accommodations in prime locations, enhancing the overall travel experience.

Minacs

Acquisition in 2017
Aditya Birla Minacs is a leading business solutions company that partners with global corporations in the manufacturing, retail, telecom, technology, media and entertainment, banking, insurance, healthcare and public sectors. We leverage years of process, domain and technology expertise to deliver superior business value to clients with our seamless Customer Lifecycle, Marketing, Finance and Accounting, Procurement and IT solutions and services. 20,300 Minacs experts across 3 continents and 35 centers spanning Canada, Germany, Hungary, India, Jamaica, Philippines, the UK and USA power our solutions through a global delivery model that helps our clients enhance revenues, profitability and customer service.

NSPIRA Management Services

Venture Round in 2016
NSPIRA Management Services is a professional firm specializing in business management with a strong emphasis on the education sector. The company is comprised of a team of experienced professionals holding advanced degrees across various disciplines, including IT, business management, engineering, education, and healthcare. NSPIRA offers a range of customized services that encompass staffing, organizational development, IT infrastructure, sales and marketing, facilities management, and comprehensive administrative functions. By providing administration services, enterprise resource planning, and educational content creation, NSPIRA enables its clients to leverage technology effectively and enhance the professionalism of their operational processes.

Cremica Food Industries

Acquisition in 2015
Cremica Food Industries Limited, founded in 1978 and based in New Delhi, India, is a prominent food products manufacturer. The company offers a diverse range of items, including biscuits, breads, sauces, gravies, mayonnaise, salad dressings, and snacks, catering to both retail and food service customers. Cremica serves various sectors, including food service chains, hotels, and airlines, and has expanded its reach internationally, exporting to Europe, Africa, the Middle East, the United States, and Australia. The company emphasizes quality and innovation, operating internationally certified production facilities. Notably, Cremica has partnered with major brands such as Quaker Oats and McDonald's, enhancing its product offerings and market presence. Through a commitment to unique recipes and health-oriented ingredients, Cremica has established itself as a leader in the food processing industry, known for its consistent quality and tailored products that resonate with local tastes.

Ujjivan

Private Equity Round in 2015
Ujjivan Financial Services Limited, established in 2004, is a leading Indian financial services provider, headquartered in Bengaluru. It specializes in serving the economically active poor, offering a wide range of micro and rural finance products, housing, personal, vehicle, and institutional loans, along with group and individual insurance. As of 2020, it operated through 575 branches. In 2016, Ujjivan Small Finance Bank Limited was launched as a subsidiary, providing banking services including savings and loan products, mobile banking, debit cards, and insurance to unserved and underserved segments, with 575 banking outlets and 475 ATMs. Both entities are committed to promoting financial inclusion in India.

Barbeque Nation Hospitality

Private Equity Round in 2013
Barbeque Nation Hospitality is an Indian food service company that has revolutionized casual dining by introducing live grilling of kebabs at the table. Founded in 2006 and headquartered in Bengaluru, it operates 138 Barbeque Nation restaurants across 73 cities in India. In addition to its flagship brand, the company also manages Toscano restaurants and UBQ by Barbeque Nation. The focus is on providing high-quality food, a pleasant ambiance, and attentive service to enhance the dining experience. The majority of its revenue is generated from its operations in India, as it continues to expand its footprint in the competitive restaurant industry.

Security & Intelligence Services (India)

Private Equity Round in 2013
Security and Intelligence Services (India) Limited provides private security and facility management services in India and Australia. They offers cash logistics; security services, including manned guarding, cash logistics, and electronic security; and facility management services, such as mechanized cleaning, and pest and termite control services. SiS servers customers that operate in various industries and sectors, which include banking and financial services, IT/ITeS and telecom, automobile, steel and heavy industries, governmental undertakings, hospitality and real estate, utilities, educational institutions, healthcare, consumer goods, engineering, and construction.

Transaction Solutions International

Private Equity Round in 2012
Transaction Solutions International (India) Private Limited is a provider of electronic transaction and processing solutions, specializing in various aspects of the payments industry. Founded in 2005 and headquartered in New Delhi, the company offers a comprehensive range of services, including ATM maintenance, self-service bill payment solutions, mobile and fixed point-of-sale services, and back-end transaction processing. Additionally, it designs and manages loyalty and rewards programs, particularly in the Middle East and India. Transaction Solutions International also develops software solutions and provides managed services, including power management and electronic surveillance. With operations across more than 20 states in India and serving over 40 institutions, the company processes more than 550 million transactions annually, amounting to over INR 1500 billion. It operates additional offices in the United Kingdom and Australia, functioning as a subsidiary of QED Occtech Ltd.

KPIT Technologies

Post in 2012
KPIT Technologies Limited is a global technology company based in Pune, India, specializing in engineering, embedded software, artificial intelligence, and digital solutions for the automobile and mobility sectors. The company focuses on advancing next-generation mobility technologies, offering solutions for autonomous driving, connected vehicles, and vehicle engineering and design. Its offerings encompass advanced driver-assistance systems (ADAS), electric and conventional powertrain solutions, and integrated diagnostics. KPIT also provides a range of services, including system engineering, functional safety, and software development, as well as mechatronics solutions for smart interiors and thermal management in electric vehicles. With a workforce of over 6,000 professionals, the company serves clients across the Americas, the United Kingdom, Europe, and internationally, facilitating the transition towards a clean, smart, and connected future in mobility.

Matrix Cellular

Private Equity Round in 2011
Matrix Cellular is a prominent provider of international telecom solutions catering primarily to Indian travelers. Established in 1995, the company offers a range of services designed to enhance connectivity and convenience for leisure and business travelers, as well as students studying overseas. Matrix provides international SIM cards, internet packs for various devices, travel insurance, and forex cards, enabling customers to reduce their international roaming expenses while staying in touch with loved ones. The company has a significant presence in India, with service counters at major airports, which serve both new and existing customers. Matrix's commitment to customer service and its focus on delivering tailored solutions have established it as a market leader in the sector.

NTL Electronics

Acquisition in 2010
NTL Electronics is a manufacturer of electronic products specializing in the lighting industry, based in Noida, India. The company develops a range of products including electronic ballasts, control gears, luminaires, retrofit compact fluorescent bulbs, LED drivers, and LED lighting solutions. NTL Electronics is recognized for its research and development capabilities, responsiveness to market demands, and scalable manufacturing processes, which enable it to meet the diverse needs of its clients. The company operates four manufacturing plants with a combined capacity to produce five million LED products monthly, ensuring reliable performance under India's specific power supply conditions.

Thyrocare Technologies

Private Equity Round in 2010
Thyrocare Technologies Limited is a leading diagnostic testing service provider in India, specializing in a wide range of medical diagnostic tests aimed at the early detection and management of various health disorders, including thyroid and metabolic diseases, diabetes, anemia, infertility, and infectious diseases. Founded in 1996 and headquartered in Navi Mumbai, the company operates through three main segments: Diagnostic Testing Services, Imaging Services, and Others. Its Diagnostic Testing Services segment, which generates the majority of revenue, offers comprehensive test profiles under the Aarogyam brand, focusing on wellness and preventive healthcare. Thyrocare is recognized as India's first fully automated diagnostic laboratory, utilizing advanced technology to deliver quality reports at affordable prices. Additionally, the company markets glucometers and glucostrips under the Sugarscan brand and operates a network of imaging centers for effective cancer monitoring.
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