Phi Capital Management

Phi Capital is an India-focused private equity firm established in 2008 and registered with the Securities and Exchange Board of India as an Alternative Investment Fund. The firm specializes in investing in growth and turnaround situations, particularly within high-growth sectors. Phi Capital identifies strong investment opportunities driven by India's favorable demographics, increasing consumerism, and evolving policy framework. The firm partners with small and medium enterprises, aiming to transform them into sustainable, world-class businesses. Phi Capital distinguishes itself through active participation in its investments, providing strategic direction and operational support alongside company management and promoters. Additionally, it leverages a robust network within various industries to enhance the value of its portfolio companies. As a result, Phi Capital is recognized for its ability to contribute meaningfully and catalyze change in the businesses it invests in.

Sivaram Padmanabhan

Partner, Investment Team

Sandra Pavlowsky

Co-Founder and Managing Director

Manish Srivastava

Partner

Manish Srivastava

Partner, Investment Team

Ashima Suri

Fundraise Partner

Anupam Thareja

Founder and Managing Partner

R. Haresh

Partner, Investment Team

7 past transactions

AuthBridge

Series B in 2021
AuthBridge is a prominent background verification and risk mitigation company based in India, operating since 2005. Specializing in employee background checks, AuthBridge has established itself as a leader in the industry, setting benchmarks through its technological expertise and innovative processes. The company offers a range of authentication technologies aimed at identity and background verification, particularly serving the Banking, Financial Services, and Insurance (BFSI) sector. Its Know Your Customer (KYC) and identity management solutions enable businesses to verify the identities of customers efficiently, ensuring compliance with regulatory requirements. AuthBridge's customizable workflows allow enterprises to adapt their verification processes according to specific needs, facilitating remote onboarding, employee checks, and business partner assessments.

Krsnaa Diagnostics

Series B in 2019
Krsnaa Diagnostics Pvt. Ltd. is a leading provider of diagnostic services in India, specializing in both radiology and pathology. Established in 2010 and headquartered in Pune, the company operates diagnostic facilities that offer a comprehensive range of services, including magnetic resonance imaging, computerized tomography scans, digital X-rays, ultrasounds, and mammography in radiology, as well as clinical biochemistry, hematology, histopathology, microbiology, and immunology in pathology. Krsnaa Diagnostics is also recognized for its tele-radiology services, which enable patients to receive timely and accurate diagnostic reports from qualified professionals across the country. The company focuses on delivering high-quality, accessible, and affordable diagnostic solutions to private and public hospitals, medical colleges, and community health centers, leveraging advanced technology and a cloud-based workflow for efficient service delivery.

Altigreen Propulsion Labs

Venture Round in 2019
Altigreen Propulsion Labs (APL) is creating intellectual property in aftermarket products for automotive systems using green and eco-friendly technologies. APL provides a unique value proposition in the high growth hybrid/electric vehicle sector of India, Asia and other emerging economies, with a multi-billion dollar business opportunity. It has already designed IP for 4-wheel passenger and commercial vehicles and has a strong product / technology foundation. It has a split R&D center in USA & India, with manufacturing and product distribution partners across India.

Mahindra First Choice Wheels

Venture Round in 2018
Mahindra First Choice Wheels Ltd. is India's largest multi-brand certified used car company, providing a range of services for buying and selling used cars. Established in 1994 and based in Mumbai, the company operates a network of approximately 1,500 outlets across 810 cities in India. It focuses on delivering high-quality used vehicles with hassle-free documentation and transfers. In addition to car sales, Mahindra First Choice also offers financing and insurance options, along with various vehicular assistance services such as electrical fault rectification, vehicle towing, and support for battery failures and key lockouts. As a subsidiary of Mahindra & Mahindra Limited, the company aims to enhance the used car market experience for customers throughout the country.

Arya Vaidya Pharmacy

Private Equity Round in 2017
Arya Vaidya Pharmacy (AVP) is a prominent player in the field of Ayurveda, headquartered in Coimbatore, India. The organization operates a broad network of nearly 600 outlets across the country, providing a range of Ayurvedic products, including capsules, oils, tablets, and lotions. AVP is committed to quality, with its manufacturing facility in Kanjikode, Kerala, achieving GMP certification and adhering to international standards, including ISO 22716:2007. The company blends traditional Ayurvedic practices with modern quality control mechanisms, producing around 500 authentic classical formulations. Beyond product manufacturing, AVP has expanded into treatment centers, education, and research related to Ayurveda. Its main treatment facility, the Arya Vaidya Chikitsalayam & Research Institute (AVC), is recognized for its high standards and has received ISO 9001:2008 certification. AVC has collaborated with institutions like the Indian Council of Medical Research and the World Health Organization to conduct research on Ayurvedic treatment efficacy, reinforcing its status as a leader in the field. The organization's commitment to quality care and purity of treatment distinguishes it in the Ayurvedic landscape.

Pricol

Seed Round in 2013
Pricol is an Indian manufacturing company established in 1972 that specializes in producing automotive components for a wide range of vehicles, including two-wheelers, three-wheelers, passenger cars, commercial vehicles, and tractors. The company offers a diverse product portfolio that includes instrument clusters, wiping systems, disk brakes, cabin tilting systems, oil pumps, and infotainment solutions. Pricol serves both Original Equipment Manufacturers (OEMs) and the replacement market, with its products being utilized in vehicles from leading brands on Indian roads as well as luxury vehicles. With a strong presence in the Indian market, the company also exports its products internationally. Pricol is recognized for its commitment to quality, holding multiple certifications, including ISO/TS 16949, ISO 14001, OHSAS 18001, and QS 9000-ISO 9001, which reflect its dedication to maintaining high standards in manufacturing and operational excellence.
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