TVS Capital

TVS Capital is a private equity investment firm established in 2007 and headquartered in Chennai, India, with an additional office in Mumbai. The firm specializes in mid-market private equity investments and focuses on sectors such as financial services, B2B services, and niche consumer industries, including logistics, packaged goods, and personal products. TVS Capital is committed to identifying valuable investment opportunities and enhancing business potential by leveraging the expertise of industry veterans as advisors. The firm aims to build sustainable businesses that contribute to India's growth narrative.

Anand Kumar

Associate

Anuradha Ramachandran

Managing Partner

Vignesh Shanker

Senior Associate

Gopal Srinivasan

Founder, Chairman and Managing Director

Naveen Unni

Managing Partner

D. Sundaram

Vice Chairman and Managing Director

42 past transactions

VuNet Systems

Series B in 2025
VuNet Systems is founded by a group of professionals with decades of experience in designing and developing networking products. VuNet’s platform provides comprehensive insights into IT and digital environments by linking IT performance with business results. This method fosters collaboration among business, product, and IT teams, enhancing transparency and accountability.

SarvaGram

Series D in 2024
SarvaGram Fincare Private Limited is a fintech startup based in Mumbai, India, established in 2018. The company specializes in providing financial services to individuals and small enterprises in rural and semi-urban areas. SarvaGram offers a range of loan products, including gold loans, consumer durable loans, farm loans, and business loans, aimed at enhancing the economic potential of rural households. By utilizing a data science-enabled platform, SarvaGram assesses the financial viability of these households through an in-depth understanding of their cash flow, balance sheets, and diverse income streams. The company focuses on serving underserved communities, facilitating access to credit and productivity enhancement tools, thereby supporting livelihood improvements for aspiring households and small to medium businesses.

InsuranceDekho

Series B in 2023
InsuranceDekho is an insurtech platform that enables users to compare and purchase a wide range of insurance products, including travel, health, life, and motor insurance. The platform streamlines the purchasing process by allowing customers to select policies, compare quotes, and complete transactions entirely online. By offering comparisons from various rated insurance companies, InsuranceDekho aims to provide consumers with the necessary information to make informed decisions about their insurance needs, ensuring they receive the appropriate coverage for their individual circumstances.

PhonePe

Private Equity Round in 2023
PhonePe is a mobile payments app that allows users to transfer money instantly to anyone, by using just their mobile number. The company aims to make digital payments so easy, safe, and universally accepted that people never feel the need to carry cash or cards again. Its online payment system is based on Unified Payments Interface (UPI) and a digital wallet. PhonePe strives to make commerce a seamless experience for both customers and businesses.

InsuranceDekho

Venture Round in 2023
InsuranceDekho is an insurtech platform that enables users to compare and purchase a wide range of insurance products, including travel, health, life, and motor insurance. The platform streamlines the purchasing process by allowing customers to select policies, compare quotes, and complete transactions entirely online. By offering comparisons from various rated insurance companies, InsuranceDekho aims to provide consumers with the necessary information to make informed decisions about their insurance needs, ensuring they receive the appropriate coverage for their individual circumstances.

VuNet Systems

Series A in 2022
VuNet Systems is founded by a group of professionals with decades of experience in designing and developing networking products. VuNet’s platform provides comprehensive insights into IT and digital environments by linking IT performance with business results. This method fosters collaboration among business, product, and IT teams, enhancing transparency and accountability.

Vivriti Capital

Series C in 2022
Vivriti Capital is a financial services company established in 2017 and headquartered in Chennai, India. It operates as a marketplace aimed at small enterprises and individuals who face challenges in accessing efficient financial services. The firm offers a range of services, including lending, investing, investment banking, and advisory services, supported by a technology-enabled platform designed for credit facilitation. Vivriti Capital serves various industries, such as information technology, financial services, transportation, real estate, media, and retail. By leveraging data analytics, the company assesses client needs and crafts tailored financial solutions, combining a deep understanding of client business models with the expertise of structured finance professionals and a broad network of investors.

Yubi

Series B in 2022
Yubi is a digital platform that facilitates the discovery, trading, execution, and fulfillment of debt solutions for both institutional and retail investors. The platform connects startups with investors seeking to fund various debt deals, primarily through the issuance of debentures. Yubi provides a comprehensive suite of tools, including credit underwriting solutions, analytical models, and structuring tools, which streamline the investment process. Its automated execution workflows and real-time transaction notifications enhance the efficiency of exploring, evaluating, and executing debt transactions. By offering these capabilities, Yubi enables investors to make informed credit decisions and engage more effectively in the debt market.

Increff

Series B in 2022
Increff is a data and technology company that focuses on enhancing inventory management for fashion and lifestyle brands and retailers. It offers a comprehensive platform that addresses complex inventory challenges through solutions in merchandise planning, allocation, and warehousing. By leveraging its technology, Increff enables brands to improve inventory turnover and sales efficiency while ensuring accurate demand forecasting. The company's approach supports omnichannel retailing and empowers businesses to respond effectively to market demands, ultimately addressing issues related to low profit margins and high working capital tied to inventory. This positions Increff as a valuable partner for global retail and e-commerce brands striving for supply chain efficiency.

SarvaGram

Series C in 2022
SarvaGram Fincare Private Limited is a fintech startup based in Mumbai, India, established in 2018. The company specializes in providing financial services to individuals and small enterprises in rural and semi-urban areas. SarvaGram offers a range of loan products, including gold loans, consumer durable loans, farm loans, and business loans, aimed at enhancing the economic potential of rural households. By utilizing a data science-enabled platform, SarvaGram assesses the financial viability of these households through an in-depth understanding of their cash flow, balance sheets, and diverse income streams. The company focuses on serving underserved communities, facilitating access to credit and productivity enhancement tools, thereby supporting livelihood improvements for aspiring households and small to medium businesses.

Yubi

Series A in 2021
Yubi is a digital platform that facilitates the discovery, trading, execution, and fulfillment of debt solutions for both institutional and retail investors. The platform connects startups with investors seeking to fund various debt deals, primarily through the issuance of debentures. Yubi provides a comprehensive suite of tools, including credit underwriting solutions, analytical models, and structuring tools, which streamline the investment process. Its automated execution workflows and real-time transaction notifications enhance the efficiency of exploring, evaluating, and executing debt transactions. By offering these capabilities, Yubi enables investors to make informed credit decisions and engage more effectively in the debt market.

Go Digit General Insurance

Venture Round in 2021
Go Digit General Insurance Limited is a digital insurance company based in Bengaluru, India, founded in 2016 by Kamesh Goyal. The company offers a wide range of insurance products, including car, travel, home, commercial vehicle, bike, health, mobile, and shop insurance, as well as flight delay coverage. Go Digit focuses on enhancing customer experience through its online platform, which facilitates claims, renewals, and provides information on motor vehicle and health insurance. The company is known for its innovative approach to insurance, aiming to simplify products and pricing processes. It operates as a subsidiary of Go Digit Infoworks Services Private Limited and generates significant revenue from its motor insurance offerings.

Go Digit General Insurance

Venture Round in 2021
Go Digit General Insurance Limited is a digital insurance company based in Bengaluru, India, founded in 2016 by Kamesh Goyal. The company offers a wide range of insurance products, including car, travel, home, commercial vehicle, bike, health, mobile, and shop insurance, as well as flight delay coverage. Go Digit focuses on enhancing customer experience through its online platform, which facilitates claims, renewals, and provides information on motor vehicle and health insurance. The company is known for its innovative approach to insurance, aiming to simplify products and pricing processes. It operates as a subsidiary of Go Digit Infoworks Services Private Limited and generates significant revenue from its motor insurance offerings.

DCB Bank

Post in 2020
DCB Bank is a private sector commercial bank in India that provides a range of banking services to both retail and corporate customers. The bank's operations are divided into several segments, including retail banking, wholesale banking, and treasury operations. Retail banking is the primary revenue driver, offering services such as lending and deposit-taking to individual and small business customers. The corporate banking segment caters to larger businesses, providing similar financial services tailored to corporate needs. Additionally, DCB Bank engages in treasury activities, which involve managing financial market operations and maintaining reserve requirements. The bank also serves various sectors, including agriculture, micro, small and medium enterprises (SMEs), and the public sector, thereby diversifying its customer base and service offerings.

Go Digit General Insurance

Venture Round in 2020
Go Digit General Insurance Limited is a digital insurance company based in Bengaluru, India, founded in 2016 by Kamesh Goyal. The company offers a wide range of insurance products, including car, travel, home, commercial vehicle, bike, health, mobile, and shop insurance, as well as flight delay coverage. Go Digit focuses on enhancing customer experience through its online platform, which facilitates claims, renewals, and provides information on motor vehicle and health insurance. The company is known for its innovative approach to insurance, aiming to simplify products and pricing processes. It operates as a subsidiary of Go Digit Infoworks Services Private Limited and generates significant revenue from its motor insurance offerings.

Waterfield Advisors

Venture Round in 2019
Waterfield Advisors is a Multi-Family Office and Wealth Advisory Firm.

LEAP India

Series C in 2019
LEAP India is a supply chain solutions company that specializes in providing comprehensive logistics and inventory management services. The company operates an online platform designed to facilitate supply chain management, focusing on returnable packaging and equipment pooling. This includes a range of materials such as wooden pallets, plastic containers, wooden boxes, and metal wire mesh, which are essential for various sectors in the storage and transfer of products. By addressing the logistics challenges faced by fast-moving consumer goods companies, LEAP India aims to enhance efficiency in supply chain operations and support businesses in meeting their logistical needs.

National Stock Exchange

Private Equity Round in 2019
NSE is India's leading stock exchange covering various cities and towns across the country. NSE was set up by leading institutions to provide a modern, fully automated screen-based trading system with national reach. The Exchange has brought about unparalleled transparency, speed and efficiency, safety, and market integrity. It has set up facilities that serve as a model for the securities industry in terms of systems, practices, and procedures. NSE has played a catalytic role in reforming the Indian securities market in terms of microstructure, market practices, and trading volumes. The market today uses state-of-art information technology to provide an efficient and transparent trading, clearing, and settlement mechanism and has witnessed several innovations in products & services viz. demutualization of stock exchange governance, screen-based trading, compression of settlement cycles, dematerialization and electronic transfer of securities, securities lending, and borrowing, professionalization of trading members, fine-tuned risk management systems, emergence of clearing corporations to assume counterparty risks, market of debt and derivative instruments and intensive use of information technology.

Indian Energy Exchange

Post in 2019
Indian Energy Exchange Limited (IEX) is a leading power trading platform in India, established in 2007 and headquartered in New Delhi. The company provides an automated platform for the physical delivery of electricity, facilitating efficient price discovery and risk management for its participants. IEX offers a range of products, including the Day-Ahead Market for next-day electricity delivery, the Term-Ahead Market for various intra-day and weekly contracts, and a Real-Time Market for half-hourly auctions. Additionally, it supports the trading of Renewable Energy Certificates and Energy Saving Certificates, promoting the purchase of renewable energy. With over 5,800 registered participants across 29 states and 5 Union Territories, IEX serves a diverse clientele, including distribution companies, electricity generators, and various industries such as textiles, cement, and information technology. The platform enhances transparency and efficiency in the Indian power market, contributing to the country's energy sector development.

Suryoday Small finance Bank

Venture Round in 2019
Suryoday Small Finance Bank Limited is a small finance bank based in Navi Mumbai, India, focused on promoting financial inclusion by serving unserved and underserved populations. Established in 2008, the bank provides a diverse range of services, including savings and current accounts, fixed deposits, and a variety of loan products such as home loans, vehicle financing, and loans for micro, small, and medium enterprises. Additionally, it offers insurance products, pension schemes, and digital banking services, including UPI payments and mobile banking. The bank operates through various segments, with retail banking being its primary revenue source. With a network of 482 banking outlets across multiple states and union territories, Suryoday Small Finance Bank aims to empower economically challenged individuals, particularly women, by facilitating access to essential financial services and contributing to poverty alleviation in its areas of operation. Formerly known as Suryoday Micro Finance Limited, it rebranded in January 2017 to reflect its broader banking capabilities.

9.9 Media

Private Equity Round in 2019
9.9 Media is an innovative content-driven company, using contemporary media to empower you to change your world.

Chili's West & South India

Private Equity Round in 2019
Chili’s American Grill & Bar, is the leading American casual dining restaurant chain present in over 1600 restaurants in 32 countries worldwide including Canada, Mexico, Puerto Rico, Venezuela, Egypt, Kuwait, UAE, Germany, India, Japan, Singapore and South Korea amongst several others. With a pan-India proliferation, Mumbai, Pune, Hyderabad, Chennai and Bangalore are the cities that constitute the Southern & Western markets for Chili's in the country. What started in 1975 in Dallas, Texas with 11 Southwestern-inspired dishes and trademark beverages, now serves some of the best appetizers, soups and chili, salads, burgers, sandwiches, quesadillas, chicken and seafood entrees, fajitas, ribs, steaks and desserts available in India.

RBL Bank

Post in 2018
RBL Bank Limited is a private-sector scheduled commercial bank based in Mumbai, India, established in 1943. The bank operates through several segments, including Corporate/Wholesale Banking, Retail Banking, Treasury, and Other Banking Operations. It offers a diverse range of deposit products such as savings and current accounts, as well as fixed deposits. RBL Bank provides various lending options, including personal, home, car, education, and business loans, along with financial services like insurance, wealth management, and online banking. The bank also engages in advisory services for mergers and acquisitions, project finance, and trade services. With a focus on expansion, RBL Bank has developed a network of branches and ATMs across India, servicing over 500,000 customers and maintaining a robust business size. Following a transformational journey initiated in 2010, the bank has strengthened its governance and technology infrastructure to support its growth strategy.

Wonderla Holidays

Private Equity Round in 2018
Wonderla Holidays Limited is a prominent amusement park and resort operator in India, with three amusement parks located in Kochi, Bengaluru, and Hyderabad. The parks feature a diverse array of attractions, including land and water rides suitable for all age groups, as well as electronic games. In addition to its amusement parks, the company operates a resort in Bengaluru that offers luxury accommodations, a banquet hall, conference facilities, a dining restaurant, and recreational amenities such as a heated pool. Wonderla Holidays also runs a food takeaway service under the brand Wonder Kitchen, providing a variety of cooked and packed foods. Established in 2002 and headquartered in Bengaluru, the company focuses on delivering entertainment and hospitality experiences that cater to a wide audience.

City Union Bank

Post in 2018
City Union Bank is an Indian bank. The Kumbakonam Bank Limited, as it was at first called, was incorporated as a limited company on 31 October 1904. The bank initially preferred the role of a regional bank in the Thanjavur District Tamil Nadu. City Union Bank has now a strong network of 496 computerized branches and 1292+ ATMs which is spread throughout India. In December 2006 Larsen & Toubro bought 10% of the bank. The bank celebrated its 110th years of service on 31st October 2014.

Nykaa

Secondary Market in 2018
Nykaa is an e-commerce platform based in Mumbai, India, specializing in a wide range of beauty and wellness products for both men and women. Founded in 2012 by Falguni Nayar, Nykaa sources its products directly from brands to ensure authenticity and quality. The platform not only facilitates the sale and distribution of beauty, personal care, and wellness items but also offers a rich array of content, including product reviews, beauty tutorials, and expert articles, creating an engaging lifestyle retail experience for consumers. Additionally, Nykaa provides personalized assistance through a helpline to help customers select products that best meet their needs, enhancing the overall shopping experience.

Nykaa

Series C in 2016
Nykaa is an e-commerce platform based in Mumbai, India, specializing in a wide range of beauty and wellness products for both men and women. Founded in 2012 by Falguni Nayar, Nykaa sources its products directly from brands to ensure authenticity and quality. The platform not only facilitates the sale and distribution of beauty, personal care, and wellness items but also offers a rich array of content, including product reviews, beauty tutorials, and expert articles, creating an engaging lifestyle retail experience for consumers. Additionally, Nykaa provides personalized assistance through a helpline to help customers select products that best meet their needs, enhancing the overall shopping experience.

Nykaa

Series B in 2015
Nykaa is an e-commerce platform based in Mumbai, India, specializing in a wide range of beauty and wellness products for both men and women. Founded in 2012 by Falguni Nayar, Nykaa sources its products directly from brands to ensure authenticity and quality. The platform not only facilitates the sale and distribution of beauty, personal care, and wellness items but also offers a rich array of content, including product reviews, beauty tutorials, and expert articles, creating an engaging lifestyle retail experience for consumers. Additionally, Nykaa provides personalized assistance through a helpline to help customers select products that best meet their needs, enhancing the overall shopping experience.

Prabhat Dairy

Venture Round in 2015
Prabhat Dairy Limited is an integrated milk and dairy products company based in India, serving both institutional and retail customers. The company offers a diverse range of products, including pasteurized milk, flavored milk, sweetened condensed milk, yogurt, clarified butter, cheese, and milk powders, among others. Additionally, it produces ingredients for baby foods and various traditional dairy items like lassi, chaas, paneer, and shrikhand. Prabhat Dairy operates a retail store network under the Goodness Zones brand in Maharashtra and distributes its products through stockists and trade outlets. The company also engages in export activities, supplying its dairy products to markets in Dubai, Thailand, Sri Lanka, Nepal, Bangladesh, and Bhutan.

Karur Vysya Bank

Post in 2014
Karur Vysya Bank, established in 1916 and headquartered in Tamil Nadu, India, is a prominent banking institution dedicated to serving traders and agriculturists, particularly in the Karur region. With over a century of experience, the bank has expanded its operations to 812 branches across the country. It offers a comprehensive range of financial services, including loans, savings accounts, deposits, insurance, demat accounts, payment collection solutions, transaction banking, and specialized services for non-resident Indians and agricultural sectors. Karur Vysya Bank remains committed to delivering quality banking services to its diverse clientele.

Om Pizzas and Eats

Venture Round in 2012
Om Pizzas and Eats is a restaurant franchisee operator company.

ReGen Powertech

Private Equity Round in 2012
ReGen Powertech is a leading manufacturer of wind turbine generators based in India, dedicated to providing clean, green, and sustainable energy solutions. Established seven years ago with a state-of-the-art manufacturing facility in Tada, Andhra Pradesh, the company has quickly emerged as the fastest-growing player in the Indian wind energy sector. ReGen Powertech specializes in multi-megawatt, gearless direct-drive turbines, and also offers solar inverters and hybrid inverters. In addition to manufacturing, the company provides comprehensive services, including wind research, power evacuation, project management, consultancy, and supply and erection services. By capitalizing on the growing demand for wind energy, ReGen Powertech aims to contribute significantly to the renewable energy landscape in India and beyond.

Dunar Foods

Private Equity Round in 2012
Dunar Foods Limited, founded in 1956 and based in Karnal, India, is a prominent producer and exporter of basmati rice. Originally established as Duli Chand Narender Kumar Exports, the company has evolved into one of the largest processors of Indian basmati rice, producing over 360,000 metric tons annually. Dunar Foods employs advanced milling facilities and ensures meticulous storage conditions to maintain the quality of its rice. The company focuses on sourcing rice from various regions of India, allowing it to offer a product that is well-regarded for its exceptional taste and quality, making it a favored choice among consumers worldwide.

DCB Bank

Post in 2012
DCB Bank is a private sector commercial bank in India that provides a range of banking services to both retail and corporate customers. The bank's operations are divided into several segments, including retail banking, wholesale banking, and treasury operations. Retail banking is the primary revenue driver, offering services such as lending and deposit-taking to individual and small business customers. The corporate banking segment caters to larger businesses, providing similar financial services tailored to corporate needs. Additionally, DCB Bank engages in treasury activities, which involve managing financial market operations and maintaining reserve requirements. The bank also serves various sectors, including agriculture, micro, small and medium enterprises (SMEs), and the public sector, thereby diversifying its customer base and service offerings.

MedPlus

Private Equity Round in 2011
When Dr. Madhukar Gangadi came across a WHO report indicating that up to 30% of the fake medicines sold across the world came from India, he decided to study the Indian pharma retail market and sensed an opportunity to make a difference. He envisioned a company that would source all its medicines from reliable, big name suppliers, store medicines in optimal conditions to ensure their efficacy and take the risk out of buying medicines, give customers convenience to buy their medicines and value for their money.. The result was MedPlus. The first MedPlus pharmacy store opened in February 2006 in Hyderabad and over the last decade has grown into the second largest pharmacy retail chain in the country with over 1400+ pharmacies throughout India. Medplus today serves over 2,50,000 customers daily and employs over 10,000 people. Our online pharmacy & general store, MedPlusMart.com, launched in 2015 has quickly grown to become the biggest e-Pharmacy in the country today. Through MedPlusMart, customers can buy medicines, OTC products, FMCG and nutrition products from the convenience of their home or through mobile, read important information about medicines, store their health records, view their prescription history and redeem rewards. We have come far but will continue to strive to improve ourselves everyday and aspire to be India's favourite healthcare provider with the highest standards of service excellence.

The Yellow Chilli

Private Equity Round in 2011
The Yellow Chilli is a food and beverage company. They provide a veritable gastronomic tour of Indian food destinations that showcase the quintessential dishes of each region.

Papa John's International

Post in 2010
Papa John's International, Inc. is a prominent player in the global pizza market, operating and franchising pizza delivery and carryout restaurants under the Papa John's brand. Established in 1984 and headquartered in Louisville, Kentucky, the company has expanded its footprint to more than 5,900 locations across nearly 50 countries. It functions through four key segments: Domestic Company-Owned Restaurants, North America Commissaries, North America Franchising, and International Operations. Approximately 89% of its restaurants are franchised, while the company retains ownership of a small percentage. Papa John's generates revenue through franchise royalties, sales from its company-owned stores, and its commissary supply chain. The company emphasizes a commitment to quality and innovation in its product offerings, maintaining a significant presence in markets such as the United Kingdom, China, South Korea, and Chile.

Om Pizzas and Eats

Venture Round in 2010
Om Pizzas and Eats is a restaurant franchisee operator company.

Duster Total Solutions Services

Private Equity Round in 2010
Duster Total Solutions Services (DTSS) is one of India's largest facility management service providers, catering to a diverse range of industries including manufacturing, pharmaceuticals, healthcare, commercial, data centers, and education. Established through the merger of Dusters and Total Solutions in 2008, the company boasts a workforce of over 31,000 employees, enabling it to serve more than 800 business-to-business customers across 1,200 locations in 50 cities and towns nationwide. DTSS offers a comprehensive suite of services that includes engineering, technical support, soft services, pest management, cleaning, hospitality, and specialized security and surveillance solutions. As part of the SIS Group, DTSS emphasizes continuous improvement in its service delivery, prioritizes employee development, and maintains a strong commitment to compliance, all while striving to expand its reach and operational scale.

Maxivision Super Speciality Eye Hospitals

Private Equity Round in 2010
Maxivision Super Speciality Eye Hospitals is a dedicated eye care facility that specializes in a wide range of vision treatments. The hospital provides comprehensive services including cataract surgery, refractive surgery, and treatment for conditions such as glaucoma, retina disorders, and corneal issues. Additionally, it caters to pediatric eye care and offers oculoplastic procedures. By focusing on advanced medical techniques and patient accessibility, Maxivision aims to enhance the quality of eye care available to the community.

Landmark

Private Equity Round in 2009
Landmark is a book and music retail chain and a subsidiary of Trent Limited. It is a chain of books and music retailer based in Chennai, wholly owned by Trent LTD. a TATA Enterprise.

Saarathi Finance

Saarathi Finance provides small and medium business credit solutions.
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