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ICICI Venture's Return to Venture Capital
India Advantage Fund S5 I (IN/AIF1/25-26/1893) is a SEBI-registered Category I AIF managed by ICICI Venture Funds Management Company Limited, registered in September 2025. It marks ICICI Venture's return to the Indian venture capital segment after focusing primarily on private equity since 2002. India Advantage Fund S5 I is a sector-agnostic early growth fund focused on investment opportunities in fast-growing Indian Fintech, Consumer-tech and Enterprise spaces, targeting the stage immediately after classic Series A or early Series B rounds. The fund takes significant minority stakes particularly in the Indian MSME and startup sectors. ICICI Venture was established in 1988 as a joint venture between ICICI Limited and UTI; it has since invested in 600+ businesses and manages USD 6.5 billion in AUM/A since inception. ICICI Venture is a wholly-owned subsidiary of ICICI Bank Limited. NOTE: SEBI data shows fund name as 'India Advantage Fund S5 I' — this is incorrect. The registered AIF per ICICI Venture's website under the VC strategy is IVen Amplifi Fund. The manager_name in input ('Iven Amplifi Fund') was the correct commercial fund name misplaced into the manager field.
India Advantage Fund S4 I leverages ICICI Venture's deep platform capabilities in Indian private equity and domain expertise across sectors. The fund targets early growth stage companies in Fintech (digital financial infrastructure, India UPI stack), Consumer-tech, and Enterprise SaaS/B2B technology — sectors undergoing population-scale digital transformation. India is undergoing a digital revolution and is becoming one of the world's leading fintech innovation hubs. The fund invests at a stage where the most critical product-market fit risk has been resolved and the company requires growth capital to scale. Target transaction structure: significant minority stakes with board representation and active value creation support.
Puneet Nanda
Managing Director and CEO
Managing Director and CEO of ICICI Venture since June 2020 with oversight of all verticals across its diversified alternative asset management platform. Previously Deputy Managing Director of ICICI Prudential Life Insurance and associated with the company since its start-up stage in 2001. Formerly worked at ICICI Securities and J.P. Morgan. Holds a B.E. from MNIT Jaipur and PGDM from IIM Lucknow.
Vishakha Mulye
CEO, ICICI Venture Funds Management Company Limited
Vishakha Mulye is the CEO of ICICI Venture Funds Management Company Limited. She was previously Executive Director of ICICI Bank, responsible for wholesale banking, project finance, and treasury. Before ICICI Bank, she held senior leadership roles within the ICICI Group across corporate banking, strategy, and finance. She has 30+ years of experience in financial services.
Beena Chotai
Chief Financial Officer
Associated with ICICI Venture for over two decades. Oversees accounting, audit, taxation and treasury. Involved in structuring exits of domestic and cross-border funds and regulatory engagement with SEBI, RBI and CBDT. Chartered Accountant with executive education from Harvard University.
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Ishan Mishra
Venture Capital Team, IVen Amplifi Fund
Ishan Mishra is a member of ICICI Venture's Venture Capital team managing IVen Amplifi Fund, focusing on early growth stage investments in Fintech, Consumer-tech, and Enterprise sectors.
Gagandeep S Chhina
Senior Director, Private Equity
Joined ICICI Venture in 2008. Experience across private equity investments in financial services, consumer and pharma sectors. Previously with WL Ross & Co and CRISIL. MBA from IIM Calcutta and B.E. from Punjab Engineering College.
Keshav Tawari
Venture Capital Team, IVen Amplifi Fund
Keshav Tawari is a member of ICICI Venture's Venture Capital team for IVen Amplifi Fund.
Kundan Saran
Senior Director, Fund Raising & Investor Relations
With ICICI Venture since 2008, focused on fund raising, investor relations and strategic initiatives across verticals. Prior experience at Aditya Birla Group, Avalon Consulting and PwC. B.E. and MMS from University of Mumbai.
Sharad Malpani
Venture Capital Team, IVen Amplifi Fund
Over 23 years with ICICI Group, including private equity investments across sectors. Heads ESG responsibilities for private equity business. B.E. in Chemical Engineering and MMS from University of Mumbai.
Nikhil Mohta
Senior Director, Private Equity
Joined ICICI Venture in 2017. Previously Director at The Carlyle Group and earlier with McKinsey & Company. Experience across investments in financial services, pharma and manufacturing. Graduate of SRCC and IIM Ahmedabad.
Shashwat Madan
Venture Capital Team, IVen Amplifi Fund
Shashwat Madan is a member of ICICI Venture's Venture Capital team for IVen Amplifi Fund.
Pradeep Rohilla
Senior Director, Real Estate
Over 22 years with ICICI Group including leadership in real estate funds and affordable housing initiatives. Previously led mortgage and advisory businesses at ICICI Bank. BSc (Hons) from Delhi University and MBA in Marketing.
Tej Kapoor
Venture Capital Team, IVen Amplifi Fund
17 years of investing experience, previously Managing Partner at IvyCap Ventures and Global Partner at Fosun. Experience across US, India, China and UK. Master’s from Johnson & Wales University.
Pooja Basu
Director - Legal, Secretarial & Compliance
Joined ICICI Venture in 2012. Responsible for legal and compliance functions. Previously with Piramal Group and involved in M&A and private equity transactions. Alumna of ILS College, Pune.
Rushank Vora
Senior Director, Private Equity
With ICICI Venture since 2007. Experience in pharma, healthcare and logistics investments with multiple exits. Chartered Accountant with Masters in Commerce from Mumbai University.
Santanu Biswas
Director, Infrastructure
Around 19 years of experience in infrastructure financing across debt and equity. Previously with ICICI Bank and Citigroup Global Markets India. Chartered Accountant and PGDBM from IIM Bangalore.
Rohan Pai
Head – HR, IT & Admin
Joined ICICI Venture in 2024 with over 15 years of corporate experience. Previously with ICICI Bank in HR and digitisation initiatives. Gold medalist from MDI Gurgaon and Computer Engineering graduate from Mumbai University.
Sandeep Batra
Chairman, Nominee Director
Executive Director on the Board of ICICI Bank responsible for Corporate Centre. Chairman of ICICI Prudential Life Insurance, ICICI Prudential Asset Management and ICICI Venture. Chartered Accountant and Company Secretary.
Rakesh Jha
Nominee Director
Executive Director on the Board of ICICI Bank heading retail banking. Associated with ICICI since 1996. Graduate of IIM Lucknow and IIT Delhi.