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Mid-market India Private Equity — Long Term Capital
Marathon Edge India Fund I LVF is a SEBI-registered Category II Alternative Investment Fund (IN/AIF2/18-19/0582), registered on September 6, 2018. The fund is managed by Marathon Edge Partners LLP (LLPIN: AAK-2744), incorporated on December 9, 2017, and headquartered at 1703, Lodha Supremus, Dr. E Moses Road, Worli Naka, Worli, Mumbai 400018 — the same address as the SEBI registration. Marathon Edge is a private equity firm focused on mid-market India-connected businesses, investing through equity and equity-linked instruments in companies with strong India connections. The firm was founded by Nikhil Raghavan, former Principal at Bain Capital Global Private Equity and The Boston Consulting Group (New York and Paris), and an MBA graduate from the Wharton School. Marathon Edge takes a hands-on, collaborative approach, partnering with portfolio company management teams to enhance operational efficiencies, drive innovation, and improve customer value. Notable portfolio investments include Ginesys (retail PoS and ERP software, $10M+ invested), The Belgian Waffle Co., Tripjack, Browntape, Volaron Tech, and most recently the acquisition of a controlling stake in Great Place To Work® India (January 2025). The fund is backed by global institutional investors with a long-term investment horizon.
Marathon Edge invests with a private equity mindset in small-to-mid-size Indian companies and management teams, seeking to partner at key inflection points. The firm focuses on businesses with strong competitive moats, scalable models, and India-centric growth stories. It brings operational expertise, technology-focused value creation, and a long-term capital orientation — prioritising sustainable growth and stakeholder value over short-term returns.
Nikhil Raghavan
Founder & Managing Director
Nikhil Raghavan is the founder and Managing Director of Marathon Edge Partners. He was previously a Principal at Bain Capital in its Global Private Equity group, and prior to that a Principal at The Boston Consulting Group in New York and Paris, advising clients in consumer products/retail, business services, and technology. He also spent several years in enterprise software and as an entrepreneur. He holds an MBA from the Wharton School, University of Pennsylvania, and a BAS in Computer Science from Stanford University. He serves on the boards of Ginesys, Browntape, and Volaron Tech.
Maithili Raut
Designated Partner
Maithili Pramod Raut is a designated partner at Marathon Edge Partners LLP (LLPIN: AAK-2744), based at the Lodha Supremus office in Worli, Mumbai.
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