GTI Capital Group

GTI Capital Group is an India-focused investment company founded in 2010 by Gaurav Dalmia, Jonathan Schulhof and Madhav Dhar. It targets investments in Indian and India-related businesses across sectors, maintaining a sector-agnostic approach while actively creating value for portfolio companies. Operating with a permanent capital model, GTI adopts a long-term perspective on opportunities and supports both early and late-stage ventures. It draws capital from a global base of value-added investors who typically co-invest in GTI transactions, enabling hands-on involvement and strategic support to accelerate growth and development across its investments.

Gaurav Dalmia

Managing Partner

Madhav Dhar

Managing Partner

Michael P. Schulhof

CEO and General Partner

11 past transactions

WebEngage

Seed Round in 2016
WebEngage is a comprehensive marketing automation and customer data platform that enables consumer businesses to enhance revenue generation from both existing customers and anonymous users. By facilitating highly contextual and personalized user engagement across various channels—including Email, Mobile, Web Push Notifications, In-app Messages, SMS, and social media platforms like Facebook and WhatsApp—WebEngage empowers brands to craft and execute tailored marketing strategies. The platform features in-depth product and marketing analytics, allowing marketers and product managers to gain valuable insights and track growth metrics. Additionally, WebEngage's DIY journey builder simplifies the orchestration of lifecycle marketing campaigns, enabling users to manage complex cross-channel initiatives efficiently and at scale.

Sandhar Technologies

Venture Round in 2014
Sandhar Technologies Limited is an Indian company specializing in the design and manufacture of a wide array of automotive components, parts, and systems. Its primary focus lies in safety and security systems for vehicles. The company is a market leader in two-wheeler locking systems and commercial vehicle rearview markets in India, and one of the largest players in commercial vehicle locking systems and two-wheeler rearview markets. Additionally, it is one of the leading manufacturers of operator cabins in India.

National Stock Exchange

Secondary Market in 2013
The National Stock Exchange of India Limited (NSE) is a leading electronic stock exchange headquartered in Mumbai, established in 1992. It is recognized for its automated screen-based trading system, which ensures transparency, speed, and efficiency in the Indian securities market. NSE provides a wide range of services, including exchange listings, trading, clearing, and settlement, along with indices and market data feeds. The exchange plays a significant role in the development of the capital market landscape in India by promoting investor protection and implementing innovative practices such as dematerialization, electronic transfer of securities, and professionalization of trading members. NSE has also adopted advanced information technology to enhance its trading mechanisms and risk management systems, thereby contributing to the overall integrity and functionality of the market. Through its diverse offerings, NSE aims to meet the trading and investment needs of its users while fostering a robust financial environment.

WebEngage

Seed Round in 2012
WebEngage is a comprehensive marketing automation and customer data platform that enables consumer businesses to enhance revenue generation from both existing customers and anonymous users. By facilitating highly contextual and personalized user engagement across various channels—including Email, Mobile, Web Push Notifications, In-app Messages, SMS, and social media platforms like Facebook and WhatsApp—WebEngage empowers brands to craft and execute tailored marketing strategies. The platform features in-depth product and marketing analytics, allowing marketers and product managers to gain valuable insights and track growth metrics. Additionally, WebEngage's DIY journey builder simplifies the orchestration of lifecycle marketing campaigns, enabling users to manage complex cross-channel initiatives efficiently and at scale.

Brattle Foods

Venture Round in 2012
Brattle Foods is a speciality logistics companies in India—serving quick service restaurants, frozen foods processors, and modern retailers. The company provides a complete range of supply chain design and execution solutions for food marketing and food retail clients, enabled by its extensive nationwide transportation and storage infrastructure.

SAMHI Hotels

Private Equity Round in 2011
SAMHI Hotels is a privately owned hotel development and investment company focused on operating branded hotels in India. It develops, acquires, and owns a multi-branded portfolio located in prime Indian markets with high barriers to entry and strong demand. The company operates hotels under long-term management agreements with major operators, including Marriott, Hyatt, and IHG, and uses well-known brands such as Courtyard by Marriott, Hyatt Place, Fairfield by Marriott, Four Points by Sheraton, and Formule 1. Its Pan-India footprint and diversified brand mix give access to global distribution, loyalty programs, and corporate relationships that support competitive pricing. SAMHI attracts strategic investments from global hotel groups, serving as a platform for joint ventures with firms like Marriott and Accor. Founded by industry veterans Ashish Jakhanwala and Manav Thadani, the company has a broad shareholder base and a growing portfolio, making it a prominent hotel owner and developer in India.

Air Works India Engineering

Series C in 2011
Air Works India Engineering, founded in 1951, is a diversified aviation services provider with a global presence across four continents. The company specializes in engineering, asset management, and safety and technology solutions tailored for commercial and business aviation sectors. It serves a wide range of clients, including global aircraft leasing companies, airlines, and leading original equipment manufacturers (OEMs). As one of only seven IATA-certified safety auditors, Air Works has established itself as a market leader in charter safety ratings and is recognized as the largest independent maintenance, repair, and overhaul (MRO) provider in India. With a strong foundation in the Indian market, the company has successfully expanded its operations internationally, leveraging its established infrastructure and management expertise. Air Works operates a federated structure of complementary businesses, allowing for independent management while adhering to common business principles. This approach not only addresses local customer needs but also enhances overall value and differentiation in the global aviation services landscape.

Air Works India Engineering

Series B in 2010
Air Works India Engineering, founded in 1951, is a diversified aviation services provider with a global presence across four continents. The company specializes in engineering, asset management, and safety and technology solutions tailored for commercial and business aviation sectors. It serves a wide range of clients, including global aircraft leasing companies, airlines, and leading original equipment manufacturers (OEMs). As one of only seven IATA-certified safety auditors, Air Works has established itself as a market leader in charter safety ratings and is recognized as the largest independent maintenance, repair, and overhaul (MRO) provider in India. With a strong foundation in the Indian market, the company has successfully expanded its operations internationally, leveraging its established infrastructure and management expertise. Air Works operates a federated structure of complementary businesses, allowing for independent management while adhering to common business principles. This approach not only addresses local customer needs but also enhances overall value and differentiation in the global aviation services landscape.

Air Works India Engineering

Series A in 2007
Air Works India Engineering, founded in 1951, is a diversified aviation services provider with a global presence across four continents. The company specializes in engineering, asset management, and safety and technology solutions tailored for commercial and business aviation sectors. It serves a wide range of clients, including global aircraft leasing companies, airlines, and leading original equipment manufacturers (OEMs). As one of only seven IATA-certified safety auditors, Air Works has established itself as a market leader in charter safety ratings and is recognized as the largest independent maintenance, repair, and overhaul (MRO) provider in India. With a strong foundation in the Indian market, the company has successfully expanded its operations internationally, leveraging its established infrastructure and management expertise. Air Works operates a federated structure of complementary businesses, allowing for independent management while adhering to common business principles. This approach not only addresses local customer needs but also enhances overall value and differentiation in the global aviation services landscape.

ColdWatt

Series B in 2006
ColdWatt, Inc. is a company that specializes in the design, development, and manufacturing of power converters tailored for computing, telecommunications, and networking applications. Targeting original equipment manufacturers (OEMs), IT managers, and systems designers, ColdWatt provides innovative solutions to meet the demands of modern technology. Founded in 2004 and initially known as GTI Power Systems until its name change in 2005, the company is headquartered in Austin, Texas, with additional offices in San Jose, California, and Houston, Texas. ColdWatt also operates in Shenzen, China, and maintains design centers in Dallas, Texas, and Bangalore, India.

ColdWatt

Series A in 2005
ColdWatt, Inc. is a company that specializes in the design, development, and manufacturing of power converters tailored for computing, telecommunications, and networking applications. Targeting original equipment manufacturers (OEMs), IT managers, and systems designers, ColdWatt provides innovative solutions to meet the demands of modern technology. Founded in 2004 and initially known as GTI Power Systems until its name change in 2005, the company is headquartered in Austin, Texas, with additional offices in San Jose, California, and Houston, Texas. ColdWatt also operates in Shenzen, China, and maintains design centers in Dallas, Texas, and Bangalore, India.
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