TVS Capital

Founded in 2007, TVS Capital is an independent Indian private equity firm focused on mid-market investments. It specializes in identifying high-potential opportunities across sectors such as retail, healthcare, education, food, media, and technology, with a rigorous approach to creating sustainable value.

Anand Kumar

Associate

Suraj Majee

Associate Vice President

Guru Moorthy

CFO and Partner

Krishna Ramachandran

COO and Managing Partner

Anuradha Ramachandran

Managing Partner

Dheeraj K. Reddy

Senior Analyst

Vignesh Shanker

Senior Associate

Naveen Unni

Managing Partner

Rajalakshmi Vaidyanathan

Vice President

D. Sundaram

Vice Chairman and Managing Director

45 past transactions

VuNet Systems

Series B in 2025
VuNet Systems specializes in developing advanced data analytics solutions aimed at enhancing the management of complex IT infrastructures for enterprises. Founded by professionals with extensive experience in networking product development, VuNet's platform offers a comprehensive approach to operational and security analytics. It aggregates and correlates vast amounts of data, enabling organizations to visualize their entire IT landscape, including users, networks, security, and applications. The platform features network interactive maps, which facilitate the identification and prioritization of threats, including geolocation of IP addresses and detection of denial-of-service attacks. This capability empowers organizations to enhance their security posture and operational efficiency.

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, motor, and commercial coverage. The platform lets customers view policy terms, compare quotes from rated insurers, and complete transactions online, helping users select plans such as term, health, life, investment, car, or bike policies that meet their needs and budget.

PhonePe

Private Equity Round in 2023
PhonePe is a mobile payments application that enables users to transfer money instantly using just their mobile number. The platform is built on the Unified Payments Interface (UPI) and incorporates a digital wallet, making digital payments simple and secure. PhonePe aims to eliminate the need for cash and cards by providing a universally accepted payment solution, thereby enhancing the overall commerce experience for both customers and businesses. Its focus is on facilitating seamless transactions in the digital payment landscape.

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, motor, and commercial coverage. The platform lets customers view policy terms, compare quotes from rated insurers, and complete transactions online, helping users select plans such as term, health, life, investment, car, or bike policies that meet their needs and budget.

VuNet Systems

Series A in 2022
VuNet Systems specializes in developing advanced data analytics solutions aimed at enhancing the management of complex IT infrastructures for enterprises. Founded by professionals with extensive experience in networking product development, VuNet's platform offers a comprehensive approach to operational and security analytics. It aggregates and correlates vast amounts of data, enabling organizations to visualize their entire IT landscape, including users, networks, security, and applications. The platform features network interactive maps, which facilitate the identification and prioritization of threats, including geolocation of IP addresses and detection of denial-of-service attacks. This capability empowers organizations to enhance their security posture and operational efficiency.

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 comprehensive digital platform facilitating debt solutions for investors. It connects startups with investors via debenture issuance, offering tools for credit underwriting, analytics, structuring, execution workflows, and real-time notifications to aid informed investment decisions.

Increff

Series B in 2022
Increff is a technology company that empowers fashion and lifestyle brands with intelligent merchandise planning solutions. Its SaaS-based platform simplifies inventory management and supply chain challenges, increasing sales efficiency and enabling data-driven decision-making for global retail and e-commerce businesses.

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 comprehensive digital platform facilitating debt solutions for investors. It connects startups with investors via debenture issuance, offering tools for credit underwriting, analytics, structuring, execution workflows, and real-time notifications to aid informed investment decisions.

Go Digit General Insurance

Venture Round in 2021
Go Digit General Insurance Limited is a Bengaluru-based insurance provider that utilizes a digital platform to offer a wide range of insurance products. Founded in 2016 and formerly known as Oben General Insurance Limited, the company provides services including car, travel, home, commercial vehicle, shop, bike, health, and mobile insurance, as well as group health and flight delay insurance. Go Digit General Insurance is known for its customer-centric approach, focusing on claims processing, renewals, and garage services. The company generates most of its revenue from motor insurance products, catering primarily to the Indian market. As a subsidiary of Go Digit Infoworks Services Private Limited, it aims to innovate in product design and pricing strategies.

Five Star Business Finance

Private Equity Round in 2021
Five-Star Business Finance Ltd is a Registered Non-Banking Finance Company (NBFC) recognized by the Reserve Bank of India. Based in Kilpauk, Chennai, the company operates multiple branches across various locations, including Tamil Nadu and Karnataka. Five-Star specializes in providing secured loans tailored to the needs of micro-entrepreneurs and self-employed individuals. These loans can be utilized for diverse purposes, including business expansions, asset creation such as home renovations, and financing significant life events like marriage, healthcare, and education. The company is committed to delivering quality service to its customers, adhering to regulatory guidelines set forth by the Reserve Bank of India.

Go Digit General Insurance

Venture Round in 2021
Go Digit General Insurance Limited is a Bengaluru-based insurance provider that utilizes a digital platform to offer a wide range of insurance products. Founded in 2016 and formerly known as Oben General Insurance Limited, the company provides services including car, travel, home, commercial vehicle, shop, bike, health, and mobile insurance, as well as group health and flight delay insurance. Go Digit General Insurance is known for its customer-centric approach, focusing on claims processing, renewals, and garage services. The company generates most of its revenue from motor insurance products, catering primarily to the Indian market. As a subsidiary of Go Digit Infoworks Services Private Limited, it aims to innovate in product design and pricing strategies.

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 Bengaluru-based insurance provider that utilizes a digital platform to offer a wide range of insurance products. Founded in 2016 and formerly known as Oben General Insurance Limited, the company provides services including car, travel, home, commercial vehicle, shop, bike, health, and mobile insurance, as well as group health and flight delay insurance. Go Digit General Insurance is known for its customer-centric approach, focusing on claims processing, renewals, and garage services. The company generates most of its revenue from motor insurance products, catering primarily to the Indian market. As a subsidiary of Go Digit Infoworks Services Private Limited, it aims to innovate in product design and pricing strategies.

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 provider offering transportation and storage management, inventory management, and SAP IT solutions to various businesses.

National Stock Exchange

Private Equity Round in 2019
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.

Indian Energy Exchange

Post in 2019
Indian Energy Exchange is a power trading platform in India that provides an automated platform for the physical delivery of electricity, enabling price discovery and risk management for participants including utilities, open access consumers, generators, and industrial users. The exchange offers a range of products: Day-Ahead Market for next-day electricity delivery across 15-minute blocks, Term-Ahead Market covering intra-day, day-ahead contingency, and longer contracts, and Real-Time Market with half-hour auction sessions. It also supports trading of Renewable Energy Certificates and Energy Saving Certificates to facilitate renewable energy procurement and energy efficiency. Based in New Delhi, India, the exchange aims to increase market accessibility and transparency and to improve the efficiency of trade execution in the electricity market.

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.

Chili's West & South India

Private Equity Round in 2019
Chili's American Grill & Bar is a prominent American casual dining restaurant chain operating extensively in India, particularly in the Southern and Western regions, including key cities such as Mumbai, Pune, Hyderabad, Chennai, and Bangalore. Established in 1975 in Dallas, Texas, the brand has expanded globally, now featuring over 1,600 restaurants across 32 countries. In India, Chili's offers a diverse menu that includes a variety of appetizers, quesadillas, Mexican bowls, tacos, chicken, and burgers, all crafted with a focus on freshness. The restaurant is renowned for its signature dishes, which encompass a wide range of options from soups and salads to steaks and desserts, catering to a broad audience while maintaining its Southwestern-inspired roots.

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.

RBL Bank

Post in 2018
RBL Bank is a private-sector Indian commercial bank offering personal, business, and wholesale banking services. Established in 1943, it operates through five verticals: Corporate & Institutional Banking, Commercial Banking, Retail Banking, Agri & Development Banking, and Financial Markets. As of March 2020, it had approximately 386 bank branches, 1,245 business correspondent branches, 263 banking outlets, and 596 ATMs across India.

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 Ltd., established in 1904, is a prominent Indian bank operating through four segments: Corporate/Wholesale Banking, Retail Banking, Treasury, and Other Banking Operations. It offers a wide array of products and services, including savings and current accounts, various types of loans (such as vehicle, educational, housing, consumer), deposits, credit facilities, international business services, locker facilities, cards, ATMs, demat and insurance services, real-time payment systems, cash management, electronic payments, digital technologies, and government payment services. As of March 31, 2020, the bank operated through a network of 700 branches and 1,793 ATMs across India.

Nykaa

Secondary Market in 2018
Nykaa is an Indian e-commerce company specializing in beauty and wellness products for men and women. Founded in 2012 by Falguni Nayar, it offers authentic products sourced directly from brands, along with comprehensive content including reviews, expert articles, and a beauty magazine. Nykaa also provides customer support to help choose suitable products.

Landmark Bookstore

Private Equity Round in 2018
Landmarkonthenet is the largest online store in india which sells the products like Books, Music, Movies & Gaming, Stationery, Magazines, Gifts, Home store Products, Tech Zone Items, Toys and also conducts events. Landmark is the largest book, movie and music retail store in India with turnover in excess of Rs 200 crores and is arguably the only long tail range based book and music retailer in India. Landmark has the widest range of titles i.e. over 120,000 titles across different sections - bestsellers, business guides, fiction, biographies, computer science, literature, marketing, art, cinema, religion, graphic novels and many more. Landmark features an extensive selection of music in English, Hindi and other regional languages include Indian classical, jazz, western classical, regional, Hindi, pop, rock, blues, country, nursery rhymes. Landmark houses a wide range of movies in VCD/DVD and Blu-ray formats. From regional to western to animation to musicals to world movies, Landmark has it all.

Suryoday Small finance Bank

Venture Round in 2017
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.

Nykaa

Series C in 2016
Nykaa is an Indian e-commerce company specializing in beauty and wellness products for men and women. Founded in 2012 by Falguni Nayar, it offers authentic products sourced directly from brands, along with comprehensive content including reviews, expert articles, and a beauty magazine. Nykaa also provides customer support to help choose suitable products.

Nykaa

Series B in 2015
Nykaa is an Indian e-commerce company specializing in beauty and wellness products for men and women. Founded in 2012 by Falguni Nayar, it offers authentic products sourced directly from brands, along with comprehensive content including reviews, expert articles, and a beauty magazine. Nykaa also provides customer support to help choose suitable products.

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
Founded in 1956, Dunar Foods is a prominent producer and exporter of basmati rice, based in Karnal, India. The company processes over 360,000 metric tons annually, ensuring high-quality products through state-of-the-art facilities and careful storage conditions.

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
MedPlus Health Services Pvt. Ltd. is a prominent pharmacy retail chain in India, founded in 2006 in Hyderabad. The company operates over 1,400 pharmacies across the country, serving more than 250,000 customers daily. MedPlus offers a wide range of products, including prescription medications, over-the-counter medicines, vitamins, and personal care items. In addition to its physical stores, MedPlus has developed a significant online presence through its e-pharmacy platform, MedPlusMart.com, which allows customers to conveniently order products, access health records, and view prescription histories. The company also provides laboratory testing services and distributes pharmaceuticals and medical consumables to healthcare providers, ensuring a comprehensive approach to health and wellness. MedPlus is committed to sourcing high-quality medicines from reliable suppliers, thus enhancing customer trust and safety in the pharmaceutical market.

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.

Om Pizzas and Eats

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

Papa John's

Post in 2010
Founded in 1984, Papa John's is a global pizza delivery and carryout restaurant chain, operating predominantly through franchises. As of 2024, it has over 6,000 locations across nearly 50 countries. The company generates revenue from franchise royalties, sales at company-owned stores, and commissary supply chain.

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 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 retail chain based in Chennai, specializing in books, music, and lifestyle accessories. As a subsidiary of Trent Limited, which is part of the Tata Group, Landmark offers a diverse array of products that includes stationery, movies, gaming items, magazines, gifts, toys, and electronics. With a network of 20 stores, Landmark provides customers with a comprehensive selection of products, catering to various interests and preferences within the retail market.

Saarathi Finance

Saarathi Finance provides small and medium business credit solutions.
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