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Managed by Capitar
Private equity, private credit and real-estate funds that don't employ leverage except for operating needs. The largest AIF category.
Capitar Ventures Trust (IN/AIF2/22-23/1134) is a SEBI-registered Category II Alternative Investment Fund registered in September 2022, managed by Capitar Investment Advisors LLP. The Trust's scheme is Capitar Ventures India Debt Fund – I — a venture debt fund addressing the underserved venture debt segment of India's startup ecosystem. The fund is co-founded and co-managed by Rahul Mahipal and Bikramjit Singh Kalra, bringing a combined 100+ years of debt underwriting and structuring experience. The team's prior tenures span Fidelity Investments, Standard Chartered, ECL Finance, and Consortium Securities — with cumulative debt transaction experience exceeding $7 billion. Capitar provides tailored venture debt solutions to emerging businesses, positioning itself as a long-term credit partner for founders across the capital structure lifecycle. The fund is headquartered at Unit No. 417, Lodha Supremus, Off Mahakali Caves Road, MIDC Andheri East, Mumbai.

Rahul Mahipal
Managing Partner & Co-founder
Rahul Mahipal is co-founder and Managing Partner of Capitar and the SEBI-registered contact person for Capitar Ventures Trust. A Chartered Accountant, Cost Accountant, and MBA (with distinction) from Strathclyde Graduate Business School, UK, he has 25+ years of banking and financial services experience. He was SVP – Structured Finance and Head Commercial Lending at ECL Finance (managing a debt portfolio of over INR 3,000 crore) and Executive Director & Team Head – Commercial Banking at Standard Chartered Bank, where he helped set up their Indian mid-market business. His career debt financing experience aggregates more than $4 billion.

Bikramjit Singh Kalra
Managing Partner & Co-founder
Bikramjit Singh Kalra is co-founder and Managing Partner of Capitar. An INSEAD MBA with a BSc. in Computer Science and BA in Mathematics from the University of Texas at Austin, he has ~20 years of overall experience including 15+ years in investment management at Fidelity Investments and Consortium Securities, managing investment books exceeding $2 billion. He also serves as Director, Investment Advisory at Consortium Securities. His early career was in technology — as a software developer at Microsoft and a tech SaaS startup in the US.

Shiv Gaurav Bhargava
Partner
Shiv Gaurav Bhargava is a Partner at Capitar with 20+ years of combined experience in corporate and investment banking and operating roles in B2C businesses. He has originated and structured debt and equity transactions exceeding $3 billion. His career includes origination and structuring for SME and mid-cap businesses, followed by C-suite roles (CSO, CEO) in B2C companies including co-founding a fintech startup and leading scale-up phases in e-commerce and gaming businesses. He holds an MBA from IIM Lucknow and a BA (Hons.) in Economics from Hansraj College, Delhi University.
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