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Scale-up Capital for Tech with Purpose
FGP I AIF LLP (IN/AIF2/23-24/1271) is a SEBI-registered Category II Alternative Investment Fund (registered May 2023) — the debut India AIF vehicle of Fractal Growth Partners (FGP), a growth-stage technology investment firm co-founded in 2022 by Ajay Candade (formerly led KKR's growth tech business in India, involved in KKR's investments in Avendus Capital and EuroKids International) and Nikhil Balaraman (formerly Head of South Asia Tech Investment at British International Investment / CDC Group, led BII's investment in Bigbasket). FGP targets technology-enabled, mission-driven businesses at the scale-up phase — companies with demonstrated product-market fit and business traction that are ready to transition from founder-led to institutional-scale operations. The fund targets USD 200–250 million and invests across SaaS, B2B, and tech-enabled businesses in India. The team's combined experience spans KKR, BII/CDC, Sequoia Capital, Warburg Pincus, McKinsey, and CLSA Capital, with each co-founder having 15+ years of India-focused investment experience. The fund is registered at 20th Floor, 2004, Omkar 1973 Tower B, Pandurang Budhkar Marg, Near Shani Mandir, Worli Colony, Mumbai – 400030.
Fractal Growth Partners seeks to partner with mission-driven founders building enduring technology-enabled businesses that address India's opportunities. FGP invests at the Scale-Up phase — where companies have moved past seed and early traction and are ready to put in place the appropriate 'Building Blocks for Scale-Up' to perform to potential. FGP actively partners with management teams to architect this transition from ad hoc founder-led operations to institutional, scalable systems. The fund focuses on technology-led sectors including B2B software, SaaS, and tech-enabled businesses with clear paths to market leadership.
Ajay Candade
Co-Founder & Managing Partner
Ajay Candade is Co-Founder and Managing Partner of Fractal Growth Partners. He previously led KKR's growth technology business in India, where he was involved in KKR's investments in Avendus Capital and EuroKids International. He has 15+ years of India-focused growth investment experience.
Nikhil Balaraman
Co-Founder & Managing Partner / SEBI Contact Person
Nikhil Balaraman is Co-Founder and Managing Partner of Fractal Growth Partners and the designated SEBI contact person for FGP I AIF LLP. He was previously Head of South Asia Tech Investment at British International Investment (formerly CDC Group), where he led BII's investment in Bigbasket, India's largest online grocer. He has 15+ years of India-focused investment experience.
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