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JM Financial India Growth Trust III is a SEBI-registered Category II Alternative Investment Fund (reg. IN/AIF2/21-22/0949), registered in November 2021 and managed by JM Financial Private Equity Limited — the private equity fund management arm of the JM Financial Group, operating under the brand 'JMFPE' and at jmfpe.com. It is the third vintage of the JM Financial India Growth Fund series, following India Fund I and India Trust II (IN/AIF2/16-17/0309). JM Financial India Growth Fund III ('JMIGF III') is a sector-agnostic growth-capital private equity fund targeting high-growth, small to mid-market Indian companies, with a strong focus on financial services, consumer, IT/ITeS, infrastructure services, and manufacturing sectors. Investments from the fund include API Holding Ltd. (leading Indian healthcare platform), BigHaat Agro Pvt. Ltd. (agri-tech marketplace), Silverpush (ad-tech), Clear Premium Water (Energy Beverages Pvt. Ltd.), and Aarman Solutions / PharmEasy. The fund is headquartered at 7th Floor, Cnergy, Appasaheb Marathe Marg, Prabhadevi, Mumbai 400025.
JMFPE's investment philosophy focuses on creating a risk-balanced investment portfolio through growth capital in small to mid-market Indian companies. The objective is to achieve superior risk-adjusted returns by investing primarily in high-growth businesses with strong operating models, scalable teams, and defensible market positions across consumer, financial services, technology, and manufacturing sectors. JMFPE invests through equity and equity-linked instruments and takes active board-level roles in portfolio companies. The firm leverages the JM Financial Group's extensive relationships across corporates, promoters, banks, and capital markets to support portfolio companies through their growth journey and facilitate capital markets exits. The investment team, led by Darius Pandole (MD & CEO) and supported by Vinit Rai and Siddharth Kothari, has been investing in India for over 15 years since JMFPE's inception.
Darius Pandole
Managing Director & CEO – Private Equity & Equity AIFs, JM Financial
Darius Pandole is the Managing Director and CEO of the Private Equity Fund Management business of JM Financial Group and leads the investment team for JM Financial India Growth Trust III. He joined JMFPE in August 2016 and has over 30 years of private equity investing experience in India. Prior to JMFPE, he was a Partner at New Silk Route Advisors (NSR) for nearly 9 years, where he was part of the early team managing a USD 1.4 billion PE fund. Before NSR, he was Executive Director and later COO of IDFC Private Equity (India Development Fund). Earlier roles include Managing Director of IndAsia Fund Advisors, Indocean Venture Advisors, and Duke's Ltd. He holds a BA (Economics) from Harvard University and an MBA from the University of Chicago Booth School of Business. He serves as Independent Director on the boards of Mahindra Logistics Ltd. and Fairchem Speciality Ltd.
Vinit Rai
Managing Director – Private Equity
Vinit Rai has been with JM Financial since November 2006 and has over 20 years of total experience with 16+ years in private equity in India. He has been part of the core investment team of JMFPE since inception, leading early and growth-stage investments and managing exits. He focuses on financial services, education, manufacturing, F&B, agritech, and consumer services sectors. Prior to JMFPE, he worked at ABN Amro Bank, Morgan Stanley Advantage Services, and Brescon Corporate Advisors. He holds a Bachelor's degree in Commerce from R.A. Podar College and is a qualified Chartered Accountant.
Siddharth Kothari
Managing Director – Private Equity
Siddharth Kothari has been with JMFPE since March 2006 and has over 17 years of private equity experience in India. He has been part of the core investment team since inception, focusing on financial services, manufacturing, and consumer services sectors and has worked across the full investment life cycle. He has also successfully led early-stage investments in fintech and healthcare. Prior to JMFPE, he worked at Ernst & Young / Arthur Andersen for nearly 8 years in taxation and investment structuring advisory. He is a qualified Chartered Accountant from Sydenham College, Mumbai University.
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Raj Agrawal
SEBI Contact Person – AIF
Raj Agrawal (Rajkumar Agrawal) is the SEBI-designated contact person for JM Financial India Growth Trust III at JM Financial Private Equity Limited, Mumbai.