Led · Convertible Note · Aug 2026

Inox Clean Energy combines renewable power generation, solar manufacturing and associated EPC and O&M capabilities under the INOXGFL Group’s integrated strategy. Its India renewable IPP portfolio reached 3 GW at the end of June 2026 and is expected to exceed 6 GW of operational capacity by the end of FY27. The solar manufacturing vertical includes an operational 3 GW module facility in Gujarat and a 5 GW module and cell facility under development; its U.S. operations have a 3 GW module manufacturing facility with a further 3 GW cell facility expected to become operational soon. The company has also commenced project construction in Zimbabwe as part of its Africa IPP business. Inox Clean has rapidly scaled via organic expansion and strategic acquisitions, including assets from Boviet Solar and platforms backed by global investors such as GIP’s Vena Energy, Macquarie’s Vibrant Energy, SHV’s SunSource Energy, and CalPERS-backed SkyPower. Recent capital commitments (₹700 crore from Adar Poonawalla Family Office and the ₹1,500 crore commitment from Motilal Oswal Group) are intended to fund its next phase of growth, particularly inorganic expansion.

Led · Equity · Jul 2026

Poojaa Precision Engineering manufactures aluminum die-cast and precision-machined components serving sectors including automotive, agriculture, defense, energy, and healthcare. Founded in 1992 and operating from Pune, the company currently runs two manufacturing units and is planning to add a new unit in Pune funded largely by its upcoming IPO. Management is also exploring production of precision magnesium components, with a planned fourth unit intended to develop samples for that line. Financially, the company has secured ₹45.1 crore from anchor investors ahead of a ₹159.8 crore fresh-issue IPO, with most IPO proceeds allocated to capacity expansion and working capital. The firm expects the new manufacturing capacity to support future revenue growth, while investors will watch execution of the Pune facility and working capital management as it scales.

Participated · Equity · Feb 2026

Founded in 2000, Fractal Analytics builds and deploys enterprise-grade artificial-intelligence and analytics platforms that help large corporations derive actionable insights from data. Its offerings span end-to-end AI solutions and decisioning tools used across multiple industries. Over the six months ended September 2025, Fractal generated operating revenue of Rs 1,559 crore, up from Rs 1,300 crore in the prior-year period, while posting a net profit of Rs 70.9 crore versus Rs 72.9 crore a year earlier. The company last raised $170 million in July 2025 at an estimated valuation of Rs 20,978 crore ($2.44 billion). In preparation for a public listing, Fractal has trimmed its IPO size and is willing to price shares at a roughly 26% discount to its most recent private valuation, signalling a focus on broadening its investor base. At the IPO price band of Rs 857-900 per share, the firm’s post-money valuation would be about Rs 15,473 crore ($1.71 billion). Management believes public-market investors will evaluate the business differently from specialist private backers, potentially enabling long-term capital access. The company’s growth strategy centers on expanding its AI product suite and deepening penetration within existing enterprise clients while pursuing new verticals.

Participated · Series E · Oct 2025

Stanza Living operates a network of managed accommodation facilities that cater primarily to students and young professionals, positioning itself as an organized alternative to traditional paying-guest and rental options. The company provides fully furnished residences, housekeeping, meals, and community events under a branded, asset-light model. Its technology platform oversees demand forecasting, property onboarding, and resident services to drive operational efficiency. While the latest filings do not disclose revenue or occupancy figures, the company continues to attract institutional capital, underscoring investor confidence in its growth trajectory. Stanza Living’s strong backing from marquee investors such as Accel highlights its early traction in the fragmented Indian housing market. The fresh capital is expected to support further expansion of its accommodation portfolio and technology stack. Headquartered in Delhi, the firm has previously raised multiple equity rounds, advancing from seed to Series E within a few years.

Led · Equity · Aug 2025

Zepto operates a quick-commerce platform focused on ultra-fast delivery of groceries and daily essentials. Over two years the company reported revenue growth from ₹4,544 crore to ₹23,128 crore and a near fourfold increase in users. Despite rapid top-line growth, coverage highlights unit economics challenges, with reported per-order losses of about ₹79. The company had been preparing for a higher valuation (around $7 billion) before public-market comparables exerted downward pressure. Zepto's immediate financial and strategic focus, as reflected in reporting, includes shoring up domestic shareholding and addressing profitability metrics amid increasing scrutiny of quick-commerce economics.