Kedaara Capital

Kedaara Capital, established in 2011, is an India-focused private equity firm headquartered in Mauritius. It specializes in control and minority investments, targeting two distinct types of opportunities: divestments of under-managed or non-core business units from large Indian conglomerates, and emerging leaders in sectors like consumer, financial services, pharmaceuticals, and agriculture. Kedaara's investment strategy is guided by a Mumbai-based team of senior professionals with extensive experience in private equity and consulting.

Hari Agrawal

COO

Pramod Bhasin

Operating Partner

Saakshi Gera

Director

Anant Gupta

Partner

Kartikeya Kaji

Managing Director

Manish Kejriwal

Co-Founder and Managing Partner

Rishiraj Khajanchi

Managing Director and CFO

Parin Mehta

Managing Director

Nishant Naveen

Principal

Rutuj Shah

Vice President

Purav Shah

Vice President

Ashay Shah

Managing Director

Sunish Sharma

Co-Founder and Managing Partner

Ashutosh Sardesai

Director

37 past transactions

JUSPAY

Secondary Market in 2025
Juspay Technologies Pvt Ltd. is a Bengaluru-based company, founded in 2012, that specializes in mobile payment solutions. It offers a suite of products, including JUSPAY SAFE, a mobile payments browser, and EXPRESS CHECKOUT, which enhances payment gateway performance. The company's online platform serves as a software-as-a-service layer over existing payment gateways, streamlining integration and improving the management of various payment options. This enables users to conduct electronic transactions securely and efficiently, catering to the evolving needs of mobile-based payments.

Impetus Technologies

Private Equity Round in 2025
Impetus Technologies is a software products and services company specializing in big data solutions aimed at enhancing business productivity for Fortune 1000 enterprises. The company focuses on empowering clients through deep data awareness, integration, and advanced analytics, facilitating real-time data-driven decision-making in the context of digital transformation. Impetus offers a comprehensive range of services, including consulting, data science capabilities, and full life-cycle support for big data technology implementations, from strategy and architecture to production and ongoing maintenance. Headquartered in Los Gatos, California, Impetus has established a global presence with offices in India, Australia, and Canada, and serves prominent clients such as American Express, Bank of America, and Toyota.

Purplle

Series E in 2024
Purplle is an online marketplace based in Mumbai, India, that specializes in cosmetics, skincare, hair care, fragrances, and personal hygiene products. Founded in 2011, the company offers a diverse range of beauty and wellness items, catering to individual preferences related to skin and hair types. Purplle's platform aims to enhance the shopping experience by providing personalized recommendations and a curated selection of products from various brands. Through its focus on customer needs, Purplle has established itself as a significant player in the beauty e-commerce sector.

Dairy Day Ice Cream

Acquisition in 2024
Dairy Day manufactures and supplies 150+ products across a variety of cups, cones, sticks, tubs and other novelties, with over 30 flavours. All made in facilities built to international standards. The company has manufacturing facilities and a distribution hub. Dairy Day was established on December 1, 2002 by Balaraju Anantharamu in Bengaluru, Karnataka.

K-12 Techno Services

Venture Round in 2023
K-12 Techno Services Pvt Ltd. is based in Hyderabad, India, and operates as a subsidiary of Gowtham Educational Institutions. The company specializes in providing a range of educational services designed to support schools across the country. Its offerings include learning materials, school bus services, uniforms, school management services, and curriculum assistance. Additionally, K-12 Techno Services conducts regular assessments and training programs aimed at enhancing student learning outcomes. By delivering these comprehensive services, the company aims to improve educational opportunities for students and facilitate their future success.

Perfios Software Solutions

Secondary Market in 2023
Perfios Software Solutions Private Limited is a fintech company based in Bengaluru, India, with an additional office in Mumbai. Established in 2008, the company specializes in developing personal finance software applications tailored for financial institutions. Its offerings include the Statement Analyser, which automates financial checks and data extraction; E-Verification for streamlining institutional processes; and financial data aggregation APIs for personal finance applications. Additionally, Perfios provides a Dashboard that consolidates transactions from multiple corporate bank accounts, an Advisor solution for independent financial advisors, and a Money Manager Solution that allows users to monitor their financial status in real-time. The company serves a diverse clientele, including banks, non-banking financial corporations, digital lending platforms, mutual fund companies, and insurance firms, both in India and internationally.

Perfios Software Solutions

Series D in 2023
Perfios Software Solutions Private Limited is a fintech company based in Bengaluru, India, with an additional office in Mumbai. Established in 2008, the company specializes in developing personal finance software applications tailored for financial institutions. Its offerings include the Statement Analyser, which automates financial checks and data extraction; E-Verification for streamlining institutional processes; and financial data aggregation APIs for personal finance applications. Additionally, Perfios provides a Dashboard that consolidates transactions from multiple corporate bank accounts, an Advisor solution for independent financial advisors, and a Money Manager Solution that allows users to monitor their financial status in real-time. The company serves a diverse clientele, including banks, non-banking financial corporations, digital lending platforms, mutual fund companies, and insurance firms, both in India and internationally.

Oliva Clinic

Acquisition in 2023
Oliva Clinic operates a network of medico-aesthetic clinics that specialize in advanced skin and hair treatment services. The clinics are staffed by qualified cosmetic dermatologists, trichologists, and skin and hair therapists, ensuring comprehensive medical assessments and personalized treatment plans tailored to individual needs. By leveraging the latest advancements in medicine, Oliva Clinic aims to enhance the beauty and youthfulness of its patients. The facilities are equipped with modern healthcare equipment, allowing for a thorough analysis of skin and overall medical conditions before recommending appropriate treatments.

Avanse Financial Services

Private Equity Round in 2023
Avanse Financial Services Limited is a Mumbai-based non-banking finance company that specializes in education financing for students in India. Established in 1992, the company provides a range of loan products tailored to different educational needs, including higher education loans for studies both in India and abroad, e-learning loans for vocational training, and institutional loans for educational institutions. Avanse Financial Services aims to make education financing accessible and affordable, offering financial solutions that cover course fees and living expenses without imposing a cap on loan amounts. By leveraging technology, the company ensures a seamless borrowing experience, supporting students from pre-school through post-graduation and contributing to the overall growth of the education sector. As a subsidiary of Olive Vine Investment Limited, Avanse Financial Services continues to focus on empowering deserving students to achieve their academic aspirations.

Oasis Fertility

Private Equity Round in 2022
Oasis Fertility is a specialized healthcare provider focused on infertility treatments, offering a range of reproductive healthcare services aimed at helping couples achieve parenthood. The company operates a network of day care IVF centers that function as one-stop clinics, where patients can receive consultation, investigation, and treatment all in a single day. Oasis Fertility employs efficient and evidence-based methods, providing services such as intrauterine insemination (IUI), in vitro fertilization (IVF), in vitro maturation (IVM), and preimplantation genetic testing (PGS). This comprehensive approach ensures that patients benefit from streamlined care in a supportive environment.

ASG Eye Hospitals

Secondary Market in 2022
ASG Eye Hospitals is a prominent chain of super-specialty eye hospitals operating across various cities in India. Founded by experts from AIIMS, New Delhi, the organization has expanded its reach in regions including North and North East India, Rajasthan, Uttar Pradesh, Madhya Pradesh, Chhattisgarh, Jharkhand, Bihar, and Assam. The hospital network offers comprehensive ophthalmic care, specializing in a wide array of ocular sub-specialties, such as cataracts, diabetic retinopathy, glaucoma, macular degeneration, and eye tumors. ASG Eye Hospitals is committed to providing advanced diagnosis, treatment, and surgical services utilizing cutting-edge technology. The institution prides itself on employing highly skilled and trained professionals, including world-class surgeons with extensive surgical experience and expertise, ensuring patients receive top-tier eye care to help them regain their vision.

Purplle

Series E in 2022
Purplle is an online marketplace based in Mumbai, India, that specializes in cosmetics, skincare, hair care, fragrances, and personal hygiene products. Founded in 2011, the company offers a diverse range of beauty and wellness items, catering to individual preferences related to skin and hair types. Purplle's platform aims to enhance the shopping experience by providing personalized recommendations and a curated selection of products from various brands. Through its focus on customer needs, Purplle has established itself as a significant player in the beauty e-commerce sector.

Spandana Sphoorty

Post in 2022
Spandana Sphoorty Financial Limited is a microfinance company based in Hyderabad, India, that specializes in providing financial services to low-income households. Founded in 1998, the company primarily focuses on offering income generation loans under the joint liability group model, with a strong emphasis on empowering women engaged in entrepreneurial activities. In addition to these loans, Spandana Sphoorty provides various financial products, including loans against property, gold loans for agricultural and business purposes, and interim loans, catering to both urban and rural clients. By facilitating access to credit for those who typically lack it from formal financial channels, Spandana Sphoorty aims to enhance financial security and improve the quality of life for its customers.

GAVS Technologies

Acquisition in 2021
GAVS Technologies is a global IT services and solutions provider that supports enterprises in their digital transformation efforts across various industries, including healthcare, life sciences, finance, telecommunications, manufacturing, and software. The company specializes in advanced technologies such as artificial intelligence, automation, and blockchain, offering a comprehensive range of services that includes cybersecurity assessment, data privacy management, data center consolidation and migration, and cloud advisory. By focusing on aligning its solutions with strategic technology trends, GAVS Technologies enables clients to optimize their current operations while facilitating transformation through IT operation analytics, automation, and DevOps practices. This approach helps organizations leverage modern technological advancements to enhance their infrastructure and accelerate their digital transformation journeys.

GS Lab

Acquisition in 2021
GS Lab is a provider of digital product engineering services with over 17 years of experience in the industry. The company has successfully engineered more than 350 products for over 150 clients across the United States, Europe, and the Asia-Pacific region. GS Lab specializes in the complete software development lifecycle, encompassing ideation, design, development, execution, deployment, and support. Its service offerings extend across various sectors, including manufacturing, telecommunications, fintech, healthcare, information technology, and security. Additionally, GS Lab possesses expertise in cloud computing, identity management, security, the Internet of Things, artificial intelligence, machine learning, and data sciences, aimed at enhancing business productivity for its clients.

Purplle

Series E in 2021
Purplle is an online marketplace based in Mumbai, India, that specializes in cosmetics, skincare, hair care, fragrances, and personal hygiene products. Founded in 2011, the company offers a diverse range of beauty and wellness items, catering to individual preferences related to skin and hair types. Purplle's platform aims to enhance the shopping experience by providing personalized recommendations and a curated selection of products from various brands. Through its focus on customer needs, Purplle has established itself as a significant player in the beauty e-commerce sector.

Veritas Finance

Secondary Market in 2021
Veritas Finance Private Limited is dedicated to addressing the financial needs of micro, small, and medium enterprises, particularly those in the informal sector with limited access to financial services. Founded with the mission to provide inclusive financial solutions, Veritas focuses on delivering various loan products tailored to meet the working capital and credit requirements of these businesses. Its offerings encompass short-term loans for immediate working capital needs, medium-term loans for business expansion, and long-term loans for asset creation. The company is managed by a team of experienced professionals in the financial services industry, committed to facilitating access to credit and positively impacting the lives of millions of Indians engaged in informal activities that contribute significantly to the nation's economy.

Veritas Finance

Series F in 2021
Veritas Finance Private Limited is dedicated to addressing the financial needs of micro, small, and medium enterprises, particularly those in the informal sector with limited access to financial services. Founded with the mission to provide inclusive financial solutions, Veritas focuses on delivering various loan products tailored to meet the working capital and credit requirements of these businesses. Its offerings encompass short-term loans for immediate working capital needs, medium-term loans for business expansion, and long-term loans for asset creation. The company is managed by a team of experienced professionals in the financial services industry, committed to facilitating access to credit and positively impacting the lives of millions of Indians engaged in informal activities that contribute significantly to the nation's economy.

Care Health Insurance

Private Equity Round in 2020
Care Health Insurance is a provider of health insurance services aimed at corporate employees and individual customers, focusing on financial inclusion. The company offers a diverse range of health insurance products, including standard health insurance, top-up plans, personal accident coverage, maternity health insurance, and critical illness policies. In addition to these offerings, Care Health Insurance also provides various wellness services to enhance customer well-being. By leveraging technology, the company aims to improve customer service, drive product innovation, and deliver value-for-money solutions, ensuring a comprehensive approach to health insurance for its clients.

Veritas Finance

Series E in 2020
Veritas Finance Private Limited is dedicated to addressing the financial needs of micro, small, and medium enterprises, particularly those in the informal sector with limited access to financial services. Founded with the mission to provide inclusive financial solutions, Veritas focuses on delivering various loan products tailored to meet the working capital and credit requirements of these businesses. Its offerings encompass short-term loans for immediate working capital needs, medium-term loans for business expansion, and long-term loans for asset creation. The company is managed by a team of experienced professionals in the financial services industry, committed to facilitating access to credit and positively impacting the lives of millions of Indians engaged in informal activities that contribute significantly to the nation's economy.

Ami Lifesciences

Private Equity Round in 2020
Ami Lifesciences is a research-based pharmaceutical company located in Vadodara, India, specializing in the manufacturing of active pharmaceutical ingredients (APIs). The company is committed to providing essential medications while ensuring the safety of its workforce and customers, as well as protecting the environment. Ami Lifesciences engages in scientific research, development, and contract manufacturing, offering services that include the custom synthesis of new chemical entities. Through its innovation and scientific expertise, the company aims to create products that enhance public health and contribute positively to society, all while generating profit guided by a strong sense of ethics.

Lenskart

Series F in 2019
Lenskart is an innovative online optical store in India that offers a wide range of eyewear, including prescription glasses, branded contact lenses, sunglasses, and accessories. Customers can choose from over 500 designs of eyeglass frames, with prices ranging from Rs. 399 to Rs. 4,000. The platform provides a user-friendly experience, allowing customers to select a frame, input their prescription details, and place an order easily. Lenskart ensures a hassle-free shopping experience with a 48-hour free home delivery guarantee and a 365-day return policy. Additionally, it boasts a comprehensive collection of discounted contact lenses from top brands, catering to various needs, including disposable, toric, colored, and bifocal options. By focusing on convenience and affordability, Lenskart aims to transform the eyewear shopping experience for its customers.

Ajax Engineering

Private Equity Round in 2019
Ajax Fiori Engineering (India) Private Limited is a Bangalore-based manufacturer specializing in construction equipment. The company offers a comprehensive suite of products, including self-loading concrete mixers, batching plants, transit mixers, boom pumps, and slip-form pavers. In addition to manufacturing, Ajax Engineering provides essential services such as maintenance and repair, spare parts supply, and operator training, ensuring that their customers receive complete support for their equipment. With a focus on innovation, Ajax Fiori Engineering aims to meet the diverse needs of the construction industry in India and beyond.

Aavas Financiers

Post in 2018
Aavas Financiers Limited is a housing finance company based in Jaipur, India, that focuses on providing housing loans to low and middle-income customers, particularly in semi-urban and rural areas. The company offers a diverse range of financial products, including home loans for flats, houses, and bungalows, as well as loans for land purchase, construction, and home improvement. Additionally, Aavas Financiers provides home equity loans and financing options for micro, small, and medium enterprises to support business expansion and working capital needs. As of March 2020, the company operated 250 branches across ten states, including Rajasthan, Maharashtra, Gujarat, and Uttar Pradesh. Aavas Financiers was incorporated in 2011 and rebranded from AU Housing Finance Limited in February 2017.

Sunbeam Lightweighting Solutions

Acquisition in 2018
Sunbeam Lightweighting Solutions is a manufacturer specializing in aluminum die-cast components for both two-wheeler and four-wheeler vehicles. The company offers a range of die-casting services, including high-pressure, gravity, and low-pressure die-casting, as well as producing pistons. Sunbeam Lightweighting Solutions is committed to delivering standard and reliable spare parts, supported by its own manufacturing facilities and testing capabilities.

Spandana Sphoorty

Venture Round in 2017
Spandana Sphoorty Financial Limited is a microfinance company based in Hyderabad, India, that specializes in providing financial services to low-income households. Founded in 1998, the company primarily focuses on offering income generation loans under the joint liability group model, with a strong emphasis on empowering women engaged in entrepreneurial activities. In addition to these loans, Spandana Sphoorty provides various financial products, including loans against property, gold loans for agricultural and business purposes, and interim loans, catering to both urban and rural clients. By facilitating access to credit for those who typically lack it from formal financial channels, Spandana Sphoorty aims to enhance financial security and improve the quality of life for its customers.

Vedant Fashions

Private Equity Round in 2017
Vedant Fashions Ltd specializes in the design and manufacture of ethnic Indian apparel, focusing primarily on men's wedding and celebration wear. The company offers a diverse range of products that includes sherwanis, kurtas, Indo-western outfits, and jackets, as well as accessories like juttis, safas, and malas. In addition to men's clothing, Vedant Fashions also caters to women's fashion needs, providing items such as lehengas, sarees, stitched suits, gowns, and kurtis. By positioning itself within the branded fashion apparel segment, Vedant Fashions effectively addresses the cultural and celebratory attire demands of its customers.

Spandana Sphoorty

Venture Round in 2017
Spandana Sphoorty Financial Limited is a microfinance company based in Hyderabad, India, that specializes in providing financial services to low-income households. Founded in 1998, the company primarily focuses on offering income generation loans under the joint liability group model, with a strong emphasis on empowering women engaged in entrepreneurial activities. In addition to these loans, Spandana Sphoorty provides various financial products, including loans against property, gold loans for agricultural and business purposes, and interim loans, catering to both urban and rural clients. By facilitating access to credit for those who typically lack it from formal financial channels, Spandana Sphoorty aims to enhance financial security and improve the quality of life for its customers.

Vijaya Diagnostic Centre

Series A in 2017
Vijaya Diagnostic Centre Pvt Ltd is a prominent diagnostic service provider in India, established in 1981 and based in Hyderabad. The company operates a network of diagnostic centers in multiple cities, including Hyderabad, Kolkata, Chennai, Warangal, and Nizamabad. It offers a comprehensive range of services, including radiology and imaging, nuclear medicine, digital X-ray, mammography, ultrasound, PET-CT, and various diagnostic cardiology services. Additionally, Vijaya Diagnostic Centre provides an array of preventive health check packages that cater to diverse health needs, such as master health checkups, cardiac profiles, and specialized checkups for women and children. With a focus on both routine and advanced testing, the company serves the requirements of patients and physicians alike, emphasizing the importance of customized health and wellness solutions.

Vijaya Diagnostic Centre

Venture Round in 2016
Vijaya Diagnostic Centre Pvt Ltd is a prominent diagnostic service provider in India, established in 1981 and based in Hyderabad. The company operates a network of diagnostic centers in multiple cities, including Hyderabad, Kolkata, Chennai, Warangal, and Nizamabad. It offers a comprehensive range of services, including radiology and imaging, nuclear medicine, digital X-ray, mammography, ultrasound, PET-CT, and various diagnostic cardiology services. Additionally, Vijaya Diagnostic Centre provides an array of preventive health check packages that cater to diverse health needs, such as master health checkups, cardiac profiles, and specialized checkups for women and children. With a focus on both routine and advanced testing, the company serves the requirements of patients and physicians alike, emphasizing the importance of customized health and wellness solutions.

Manjushree Technopack

Private Equity Round in 2015
Manjushree Technopack Limited is a prominent manufacturer of rigid plastic packaging solutions based in Bengaluru, India, with operations extending internationally. Established in 1983, the company specializes in producing a variety of packaging products, including bottles, containers, and PET preforms, catering to diverse sectors such as dairy, food, pharmaceuticals, and personal care. Manjushree Technopack is recognized for its significant production capacity in blow molding containers and PET preforms, serving the fast-moving consumer goods industry. The company focuses on delivering comprehensive packaging solutions, from product design to mass manufacturing, thereby enhancing consumer engagement for its clients. With a commitment to innovation and quality, Manjushree Technopack has built strong partnerships with leading global brands and has achieved a notable turnover, reinforcing its position as a key player in the packaging industry.

Parksons Packaging

Private Equity Round in 2015
Parksons Packaging Ltd. is a leading manufacturer and supplier of packaging products, specializing in high-quality folding cartons and litho-laminated cartons. Founded in 1996 and based in Mumbai, India, the company serves a diverse range of industries, including fast-moving consumer goods, food and beverages, pharmaceuticals, electronics, retail, and apparel. Parksons Packaging focuses on collaborating with brand owners during the early stages of product development to create tailored packaging solutions that meet specific customer needs. This approach not only enhances the visibility of products on store shelves but also aims to improve consumer experiences. With a strong commitment to quality and innovation, Parksons Packaging has established itself as a key player in the packaging sector, both in India and internationally.

AU Small Finance Bank

Private Equity Round in 2014
AU Small Finance Bank Limited is a financial institution based in Jaipur, India, that provides a wide array of banking services tailored to meet the needs of retail and small to medium enterprises (SMEs). The bank operates through several segments, including Treasury, Retail Banking, Wholesale Banking, and other operations. It offers services such as savings and current accounts, fixed and recurring deposits, insurance products, and various loan options including vehicle, home, personal, and agri-SME loans. Additionally, the bank provides digital banking solutions, trade finance, and government banking services to various public sector undertakings. As of its last reporting, AU Small Finance Bank had an extensive network of branches, banking outlets, and ATMs across India. Established in 1996 and initially known as AU Financiers (India) Limited, the company rebranded to its current name in May 2017 to reflect its focus on expanding its banking services.

Bill Forge

Private Equity Round in 2014
Bill Forge is a prominent manufacturer in the precision forging industry, specializing in the production of automobile components for both the automotive and non-automotive sectors. With six manufacturing facilities located in Bengaluru, Coimbatore, and Haridwar, the company is also expanding its operations by establishing a plant in Celaya, Mexico. Bill Forge's product offerings include a variety of cold, warm, and hot forged and machined components such as motor vehicle accessories, spare parts, drive flanges, and steering shafts. The company caters to numerous domestic and international clients in the two-wheeler and passenger vehicle markets, focusing on delivering cost-effective solutions that promote growth and efficiency for its business partners.

Mahindra Logistics

Private Equity Round in 2014
Mahindra Logistics Limited, part of the Mahindra Group, is a comprehensive logistics service provider in India. The company specializes in end-to-end logistics solutions, focusing primarily on Supply Chain Management and Enterprise Mobility Services. Its offerings include transportation and distribution, warehousing, in-factory logistics, and various value-added services tailored to meet client needs. Mahindra Logistics also provides employee transportation solutions, serving over 100 domestic and multinational companies across diverse sectors such as IT, business process outsourcing, financial services, consulting, and manufacturing. With operations in 12 cities and a client base exceeding 120, the company has established itself as a key player in the domestic third-party logistics market, deriving most of its revenue from its Supply Chain Management segment.

Porter

Porter is an end-to-end logistics platform founded in 2014 and headquartered in Bangalore, Karnataka. It focuses on optimizing last-mile delivery operations for businesses, addressing inefficiencies in urban logistics. The platform allows companies to book mini trucks and tempos from a fleet of vehicles based on specific dates and locations. This service enables businesses to access reliable and economical transportation solutions while providing real-time tracking of their deliveries. Currently, Porter has served over 5 million customers across 12 cities in India, including major metropolitan areas like Mumbai, Delhi, and Bangalore, thereby transforming the way goods are transported in urban environments.

Porter

Porter is an end-to-end logistics platform founded in 2014 and headquartered in Bangalore, Karnataka. It focuses on optimizing last-mile delivery operations for businesses, addressing inefficiencies in urban logistics. The platform allows companies to book mini trucks and tempos from a fleet of vehicles based on specific dates and locations. This service enables businesses to access reliable and economical transportation solutions while providing real-time tracking of their deliveries. Currently, Porter has served over 5 million customers across 12 cities in India, including major metropolitan areas like Mumbai, Delhi, and Bangalore, thereby transforming the way goods are transported in urban environments.
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