Evolutionx Debt Capital India Aif Trust — EvolutionX | wisefolio

Evolutionx Debt Capital India Aif Trust

Redefining growth capital for technology and digital economy companies in Asia.

IN/AIF2/23-24/1389Cat II

Private equity, private credit and real-estate funds that don't employ leverage except for operating needs. The largest AIF category.

Overview

About

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.

Investment Philosophy

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.

Team— 9

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.

Registration

SEBI Registration

SEBI-registered

Reg. NumberIN/AIF2/23-24/1389

VintageNov 2023 · 2 yrs old

Valid ToPerpetual

Contact PersonRahul Shah

Address1712, One BKC, Wing B and C, Lane 3, Plot No. C-66, G Block, Bandra Kurla Complex, Bandra East, Mumbai 400051, Mumbai, Maharashtra, 400051

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Disclaimer

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