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Redefining growth capital for technology and digital economy companies in Asia.
EvolutionX Debt Capital India AIF Trust (IN/AIF2/23-24/1389) is a SEBI-registered Category II Alternative Investment Fund registered in November 2023, managed by EvolutionX Debt Capital Advisors India Private Limited — explicitly confirmed in the fund's own website footer. EvolutionX Debt Capital is a Singapore-headquartered growth debt financing platform for technology-enabled companies across Asia (India, China, Southeast Asia), jointly backed by Temasek (Singapore's sovereign wealth fund) and DBS Bank. The platform bridges the gap between venture debt and late-stage debt financing, providing growth capital to companies that have matured beyond early-stage venture debt but are not yet ready for traditional bank credit — helping founders minimise equity dilution as they scale. The India office is at The Executive Centre, Wing B, One BKC, Level 17, BKC, Bandra East, Mumbai 400051. The Singapore HQ is at CapitaSpring, 88 Market Street.
EvolutionX provides alternative, less-dilutive growth debt capital to high-growth technology and digital economy companies across Asia. High-growth technology companies that traditionally relied on equity to fund growth need alternative financing to minimise dilution as they scale. EvolutionX fills the gap between venture debt (typically available at early stage) and late-stage bank credit (requiring profitability and strong balance sheets) — targeting companies in the growth stage that need capital to extend runway, bridge to the next funding round, or execute strategic transactions. The platform combines Temasek's investment expertise and DBS's global banking networks to help founders scale faster and expand into new markets.
Rahul Shah
Partner (India); SEBI Contact Person
Rahul Shah is Partner at EvolutionX, leading investments across Asia and serving as a member of the Investment Committee. He has nearly two decades of experience in origination, structuring, and negotiation of debt and structured credit investments in India and South Asia. He joined EvolutionX from CDC Group (now British International Investment / BII), where he was Head of Corporate Debt Investments for South Asia. Prior to CDC, he worked at Standard Chartered Bank, J.P. Morgan, and Edelweiss in structured credit and mezzanine debt. B.Com from Mumbai University; MBA in Finance from NMIMS Mumbai.
Rahul Sanghavi
Investment Principal (India)
Rahul Sanghavi is Investment Principal at EvolutionX, based in Mumbai. He has two decades of experience across private equity and management consulting in APAC and US. He joined EvolutionX from SeaLink Capital Partners (SCP), where he was part of the founding team and led tech investments and fundraising. Prior to SCP, he was at Standard Chartered Private Equity (now Affirma Capital) and Monitor Group. B.Computing from NUS (SIA-NOL Scholar, Minor in Technopreneurship with Stanford); MBA with Honors from Wharton (University of Pennsylvania). Executive Committee member, Wharton Club of India.
Sakshi Shah
Investment Vice President (India)
Sakshi Shah is Investment Vice President at EvolutionX, based in India. She has 6+ years of experience in private equity and investment banking. She was previously at CDC Group's PE team, and has also worked at Goldman Sachs (investment banking), HDFC Bank, and Kaizenvest (PE). B.Com (Hons) from SRCC; PGDM (MBA equivalent) from IIM Kozhikode.
Daphne Wong
Investment Assistant Vice President (Singapore)
Daphne Wong is Investment AVP at EvolutionX, Singapore. She joined from ABN AMRO Bank (APAC Structured Finance) and started her career at OCBC Global Corporate Banking. 5+ years in corporate banking and debt financing. First Class Honours dual degree (Accountancy + Business) from NTU.
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Investments in securities markets are subject to market risks. Read all the related documents carefully before investing. Past performance is not indicative of future returns.
Saurabh Jain
Investment Assistant Vice President (India)
Saurabh Jain is Investment AVP at EvolutionX, India. He was previously at Alteria Capital (venture debt) and was part of the founding team for the Private Credit strategy at IIFL Asset Management. CA (ICAI); MBA from IIM Udaipur.
Johnathan Thor
Investment Associate (Singapore)
Johnathan Thor is Investment Associate at EvolutionX, Singapore. Previously in Corporate Development & Investments at Una Brands (M&A) and at CIMB Bank (Corporate & Investment Banking). B.Accountancy from NTU.
Ervin Yap
Investment Analyst (Singapore)
Ervin Yap is Investment Analyst at EvolutionX, Singapore. Previously at Auric Pacific Group (Investment & Corporate Development) and Alpha Advisory (boutique M&A). B.Accountancy from SMU.
Vaishnavi Thakkar
Analyst (India)
Vaishnavi Thakkar is Analyst at EvolutionX, India, supporting the fund's finance and regulatory compliance function. Previously Senior Product Manager at ICICI Lombard and Assistant Manager at SKA (internal audit). Qualified CA; CFA Level 2 cleared.
Terence Chia
Head of Finance & Human Resource
Terence Chia is Head of Finance & HR at EvolutionX. He joined from Haitong International Group (Finance Director, Singapore & Australia) and has held finance and control roles at InnoVen Capital and Royal Bank of Scotland. Started career at KPMG. ACCA certified; Chartered Accountant (Singapore, ISCA).