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We invest in people who own the future.
Managed by Lok Capital
Private equity, private credit and real-estate funds that don't employ leverage except for operating needs. The largest AIF category.
Lok Capital Growth Fund (IN/AIF2/16-17/0231) is a SEBI-registered Category II AIF and the third vintage fund of Lok Capital, one of India's pioneering impact investment firms, managed by Lok Advisory Services Private Limited. Founded in 2004 by Vishal Mehta and Venky Natarajan, Lok Capital has spent two decades backing innovative, technology-enabled enterprises addressing pressing social and environmental challenges at scale across financial inclusion, healthcare, food & agriculture, and climate & sustainability. Lok Capital Growth Fund (vintage 2016) was the firm's third fund and raised USD 88 million, with CDC Group (now British International Investment) as anchor investor committing USD 15 million. The fund is fully deployed and sits alongside a track record of three completed fund cycles achieving over 25% IRR with 85%+ profitable exits via IPOs, secondaries, M&As, and buybacks. Notable investments from the Growth Fund era include Utkarsh SFB, Equitas, Suryoday SFB, Satin Credit Care, Mintifi, OSAM Dairy, and Akshayakalpa. Lok Capital's team is spread across Mumbai, Chennai, and Gurgaon. Lok Advisory Services Private Limited is registered at 418, Time Tower, MG Road, Sector 28, Gurugram 122002. AUM across active funds exceeds USD 500 million. Lok Capital is a founding member of the Impact Investors Council (IIC), an SFDR Article 9 compliant manager, and a 2X Qualified Fund manager.
Vishal Mehta
Co-Founder & Partner
Vishal Mehta is Co-Founder and Partner at Lok Capital, where he has been instrumental in building the firm as a premier impact-focused private equity fund since 2004. He has played a key role in fostering the Impact Investing space in India, including as founding executive director of the Impact Investors Council (IIC) and as an Advisory Board member of the Asian Venture Philanthropy Network (AVPN) in India. Prior to Lok, he worked for a decade in financial services and telecom across Asia, Europe, and the US at Capital One and Siemens. He holds a BE from Delhi University and an MBA from the University of Michigan, Ann Arbor. His portfolio includes Utkarsh SFB, Janalakshmi Financial Services, Satin Credit Care, Mintifi, OSAM Dairy, and Akshayakalpa. Based in Gurugram.
Venky Natarajan
Co-Founder & Managing Partner
Venky Natarajan is Co-Founder and Managing Partner at Lok Capital. Over two decades he has been involved in sectors including BFSI, healthcare, education, and agriculture in India as an investor and board director, with a firm belief in leveraging technology to drive inclusivity. Prior to Lok, he was based in the US specialising in venture investments in technology at Intel Capital, following a 12-year career at Intel Corporation in semiconductor manufacturing and marketing. He holds an MBA from Cornell University and an MS in Electrical Engineering from Arizona State University. He is a founding member of Marusthali School (a K-12 institution for Muslim girls in Bikaner) and founding Executive Committee member of Paathshaala School. He also founded Monument Universe, a project for historical monument visitors. His portfolio includes Ujjivan SFB, Equitas, Suryoday SFB, Veritas Finance, RenewBuy, and Aurowell Health Systems. Based in Chennai.
Donald Peck
Co-Founder & Advisor
Donald Peck is a Co-Founder of Lok Capital and now serves in an advisory capacity to the firm.
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Priyamvada Ramkumar
Partner
Priyamvada Ramkumar is a Partner at Lok Capital and has played a key role in shaping Lok's financial inclusion strategy over the last decade. She led and managed investments in Lok's second and third funds across financial services and healthcare, serves on the boards of Veritas Finance and Mintifi Finance, and is a member of the investment committee of Lok's fourth fund. Prior to Lok, she worked at Veda Corporate Advisors, a boutique investment bank, and had a stint in corporate banking building an SME lending portfolio at ABN Amro Bank. She holds a PGDM from XLRI Jamshedpur and a BCom (gold medallist) from Stella Maris College. She is also an award-winning literary translator whose debut work, Stories of the True, was published in August 2022. Portfolio: Renewbuy, Veritas Finance, Mintifi, Dr. Mohan's Diabetes Specialties Centre, Ummeed Housing Finance. Based in Chennai.
Rajat Bansal
Managing Director
Rajat Bansal is a Managing Director at Lok Capital. He originally joined in 2014, spent 3 years in the investment team, and rejoined in January 2022. He leads growth-stage BFSI and fintech investments from Lok IV and represents the fund on portfolio company boards. Prior to his current stint, he was Investment Director at Sabre Partners (growth-stage financial services and healthcare) and has also been at IFMR Holdings and CEPA Ltd. He holds an MBA from IIM Calcutta (2010) and a BE from Delhi College of Engineering (2008). Portfolio: GrowXCD Finance, Seeds Fincap, MoneyView, Suryoday SFB, Utkarsh SFB. Based in Mumbai.
Piyush Verma
Managing Director
Piyush Verma joined Lok Capital in February 2026 as Managing Director. He leads growth-stage investments in the climate and sustainability domain, drives portfolio value creation, and strengthens institutional investor relationships. Previously he was Investment Director at Phi Capital, Chief Investment Officer at Theia Ventures, and spent nine years at Lighthouse Funds leading public and private market investments. He also founded and exited e-commerce ventures. He is pursuing the Senior Executive Leadership Program at Harvard Business School, holds an MBA in Finance from IBS Mumbai, and a BSc from Pune University. Based in Mumbai.
Mousum Pal Choudhury
Director
Mousum Pal Choudhury is a Director at Lok Capital (since 2023), covering investments from Lok IV and managing part of the Lok III portfolio. He has over 20 years of PE and investment banking experience. Before Lok, he managed legacy PE portfolio investments at Siguler Guff & Co. (generating 5 exits) and advised The Lightsmith Group, a global climate adaptation-focused fund, executing its first India investment. Earlier he was at Avigo Capital (PE investments in healthcare, media, and industrials) and EY India's investment banking arm. He holds an MBA from ISB Hyderabad (Dean's Merit List) and a BTech in Mechanical Engineering from IIT Kharagpur (Institute Silver Medal). Based in Gurugram.
Chhavi Uboweja
Vice President
Chhavi Uboweja is a Vice President at Lok Capital (since 2022) focusing on financial services, fintech, and healthtech investments. Prior to Lok, she held a role at a financial services founder's office across strategy and operations in SME, HFC, and education loans, and spent three years in KPMG India's investment banking team on financial due diligence for M&A and PE transactions. She holds a BBS from Shaheed Sukhdev College of Business Studies, University of Delhi. Portfolio: Seeds Fincap, SuperBottoms, MoneyView, Suryoday SFB. Based in Gurugram.
Pranay Sultania
Vice President
Pranay Sultania is a Vice President at Lok Capital (since 2021) involved in fund deployment from Lok IV and portfolio management for Lok III, with a focus on financial services, sustainable agriculture, and climate tech. He also manages fundraising data rooms and fund reporting for Lok III. Prior to Lok, he was at the deals advisory teams of PwC and Grant Thornton, working on due diligence for M&A and PE transactions across financial services, real estate, manufacturing, logistics, IT, FMCG, healthcare, and e-commerce. He is a Chartered Accountant and holds a BCom from the University of Madras. He is also a certified yoga teacher. Portfolio: GrowXCD Finance, OSAM Dairy, Veritas Finance. Based in Mumbai.
Manoj Agrawal
Managing Director & CFO
Manoj Agrawal is Managing Director and CFO at Lok Capital (since 2019) with over 25 years of finance and operations experience. He leads fund operations, regulatory compliance, admin, tax compliance, and due diligence for all of Lok's funds and entities. Previously he spent over 10 years at Orbis Financial Corp., 2 years at Deutsche Bank Group, and 4 years at Indiabulls, across fund administration, back-office operations, legal & compliance, and finance. He holds Chartered Accountant and Company Secretary qualifications, along with certifications from IIM-A, NISM, and IBF Singapore. Based in Gurugram.
TT Venkatraghavan
Associate Director
Nikita Bansal
Vice President, Corporate Finance
Abhay Gupta
Manager, Corporate Finance
Anmol Saxena
Manager, Sustainability
Achin Singh
Analyst
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Mitanjali Singla
Associate
Sayyam Jain
Associate
View the investment manager profile with all PMS strategies and AIFs under Lok Capital.