Participated · Equity · May 2026

Capchase provides a vendor financing platform and acts as a lender to help enterprise technology companies close more deals by offering instant financing to buyers. Its platform embeds underwriting, origination, and deal management directly into sales workflows and uses AI agents to generate loan proposals and documents. The company’s Agentic Lending Coordinator collects quotes, POs, emails, and other documents and converts them into executable loan packages while managing multi-party collaboration through signing. Capchase reports that since beta launch customers have condensed an 8-hour process into a 60-second automated workflow. The recent financing will be used to scale its embedded financing infrastructure globally and to roll out more AI-enabled features. The company is headquartered in New York City.

Participated · Equity · Oct 2023

Honasa Consumer operates consumer personal-care brands, with Mamaearth as its flagship skincare and personal-care label. The company is preparing for an IPO scheduled to commence on October 31, targeting USD 204.3 million in proceeds with shares priced in the USD 3.7–3.9 range. Ahead of the listing it raised approximately USD 92 million in an anchor round, with over three dozen asset managers acquiring shares through the anchor book. Participants in the anchor round included large institutional investors such as Abu Dhabi Investment Authority, Fidelity, Norges Bank, Invesco, Goldman Sachs and others; several Indian mutual funds also took part. Those anchor investors collectively subscribed to nearly half of the IPO target. Honasa counts notable backers including Peak XV Partners and Sofina.

Led · Series K · Jan 2022

Swiggy operates a two-sided marketplace that connects consumers with restaurants and convenience stores, delivering meals and everyday essentials via its Instamart quick-commerce arm. The company is investing aggressively in warehouse infrastructure, last-mile logistics and customer acquisition to expand market share against rivals such as Blinkit and Zepto. To strengthen its balance sheet, Swiggy recently divested its entire stake in ride-hailing platform Rapido for about ₹2,400 crore. In Q2 FY26, the firm generated ₹5,561 crore in revenue from operations, up 54% year-on-year, while adjusted revenue reached ₹5,900 crore, a 52.6% YoY increase. Despite this growth, it posted a net loss of ₹1,092 crore, though losses narrowed from the previous quarter’s ₹1,197 crore. Management intends to use new capital to fund further growth in food delivery, support "new experiments" in quick commerce, and moderate the pace of warehouse expansion to improve margins.

Led · Equity · Sep 2021

Pine Labs, which started its journey in India, offers cloud-connected point-of-sale terminals, invoicing tools, working capital and other merchant-focused fintech services. Its terminals integrate with over two dozen banks and technology partners and the company processes tens of billions of payment transactions. Over the last 18 months the firm says it has scaled its prepaid issuing stack, online payments and its Buy Now Pay Later (BNPL) offering and is expanding BNPL across larger Asian markets. Early backers include Sequoia Capital India, Temasek, PayPal and Mastercard. Pine Labs recently raised additional capital as it begins to explore the public markets and is planning an IPO within two years. The company has engaged Morgan Stanley and Goldman Sachs to advise on a potential listing. Pine Labs offers cloud-connected point-of-sale terminals, invoicing tools and working capital to hundreds of thousands of merchants. Its terminals integrate with over two dozen banks and financial and technology partners, which the company says differentiates it from rivals. Pine Labs processes tens of billions of payment transactions and reported nearly 100% growth in in-month merchant partnerships over the last year. The company has expanded via acquisitions, buying QwikCilver in 2019 and Southeast Asian startup Fave this year for $45 million; Fave reaches over 6 million consumers across more than 40,000 merchant establishments. Pine Labs has said it plans to explore public markets within two years and the CEO has stated an intent to take the company public in 18 months. The startup counts Sequoia Capital India, Temasek, PayPal and Mastercard among its early backers. Pine Labs provides payment solutions and merchant commerce services, including a PayLater product that the CEO says is seeing strong uptake. The company serves over 150,000 merchants in 3,700 cities across Asia and West Asia. It has been acquisitive—buying QwikCilver last year and making a strategic investment in SEA fintech Fave in July 2020. Past financings cited include Actis Advisors (which provided additional capital for the QwikCilver deal and initially invested $82 million in 2018) and a $125 million investment from Temasek and PayPal a few months earlier. The firm entered the unicorn club after a January investment from Mastercard, and the new round from Lone Pine Capital pushes its valuation to more than $2 billion (Rs 14,740 crore). Pine Labs was founded in 1998 by Rajul Garg; Lokvir Kapoor later took over and is the company’s chairman. Pine Labs operates a cloud-based merchant commerce platform offering payment acceptance and a broad set of merchant commerce services. Its stored-value platform includes issuing, processing and distributing digital gift cards for corporate customers. The company works closely with financial institutions and partners who design and deliver instalment financing services to merchants and consumers. Pine Labs' customer base includes large, mid-sized and small merchants across India, Southeast Asia and the Middle East. It processes roughly US$30 billion in payments annually and serves some 140,000 merchants across about 450,000 network points. Through the Mastercard collaboration it aims to expand omnichannel card- and real-time-payments-based instalment financing at checkout, both in-store and online. Pine Labs makes a smart, cloud-connected point-of-sale device supporting debit and credit cards, mobile wallets and India’s UPI, and sells merchant services including customer analytics, a transaction dashboard and loan services. The company counts clients such as Croma, Nike, McDonald’s, Apple, KFC, Sony and Samsung. Pine Labs reports an annualized transaction volume of $15 billion through roughly 300,000 payment points and says it is on track to originate over $1 billion of instant loans at POS this fiscal year. The business has been expanding its product and geographic reach under CEO Vicky Bindra, who was appointed in April to pursue international expansion and new services for consumers and banks. The new capital will be used to support that international expansion and expansion of services.

Participated · Equity · Aug 2021

ADS-TEC Energy GmbH announced a private placement to raise $156,000,000 through the sale of common shares. The company entered into subscription agreements for 15,600,000 common shares at $10.00 per share for gross proceeds of $156,000,000 on August 10, 2021. The transaction includes participation from existing investors ADS-TEC Holding GmbH and Bosch Thermotechnik GmbH as well as new investors Arthur P. Gould & Co., Investment Arm, Invesco Ltd., Polar Structure AB, Swedbank Robur AB, sponsors of European Sustainable Growth Acquisition Corp., and other investors. The board of directors has approved the transaction. The company expects the transaction to be consummated at least one business day prior to the merger in the fourth quarter of 2021, subject to satisfaction of the conditions in the definitive agreement and customary closing conditions. Shares will be issued pursuant to the exemption provided in Section 4(a)(2) of the Securities Act.