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India Focused Investment Fund.
MS Capital India Fund is a SEBI-registered Category III Alternative Investment Fund (reg. IN/AIF3/25-26/1824), registered in June 2025 and managed by MS Capital Investment Advisors Private Limited — a Bengaluru-based long-only Indian listed equities fund. The firm was founded by Chirag Fialoke (Founder & CIO) and his wife Suruchi Fialoke (CTO). Chirag brings 10+ years of Indian public markets investing experience, combining private equity-style diligence with deep operational understanding of Indian businesses. He previously worked at WestBridge Capital (a leading India-focused multi-stage fund) and RatnaTraya Capital (a boutique long-only equity fund), and also operated and exited a mid-sized business in India. Suruchi brings expertise in ML/AI and bioinformatics, strengthening the firm's research and data-driven investment strategy; she completed her PhD from the University of Pennsylvania and has led bioinformatics and ML projects at Pfizer and IIT Delhi. The fund is operationally headquartered at Diamond District, Lower Ground Floor, Corporate Tower B, 150 Old Airport Road, HAL 2nd Stage, Bengaluru 560008. The SEBI-registered address is Khata No. 150, Ward 73 of Kodihalli, HAL Airport Road, Mahanagara Palike — the underlying land parcel for the Diamond District complex.
MS Capital's investment philosophy is built on three core pillars: (1) Beyond the Top 200 — focusing on companies outside India's largest 200 listed stocks, where under-researched, smaller but well-structured businesses often grow faster and offer superior discovery alpha; (2) Primary, Differentiated Research — deeply hands-on research leveraging direct operating experience to enhance accuracy, particularly in the small and mid-cap space; and (3) Global Standards with Technology Integration — benchmarking against top global investment frameworks drawing on personal experience with leading international firms and institutes, integrated with advanced research tools (ML/AI via Suruchi Fialoke's expertise) to improve depth, efficiency, and speed. The fund's core focus is on a company's ability to sustain free cash flow generation and high ROCE over time — a long-term ownership mindset, sector-agnostic, market-cap-agnostic.
Chirag Fialoke
Founder & CIO / SEBI Contact Person
Chirag Fialoke is the Founder and CIO of MS Capital and the SEBI-designated contact person for MS Capital India Fund. He has 10+ years of experience in Indian public markets combining private equity-style diligence with deep understanding of business operations. He previously worked at WestBridge Capital and RatnaTraya Capital, and operated and exited a mid-sized business in India. He holds a B.Tech from IIT Kharagpur and an MBA from Harvard Business School.
Suruchi Fialoke
CTO
Suruchi Fialoke is the CTO of MS Capital, bringing expertise in ML/AI and bioinformatics to strengthen the firm's research and data-driven investment strategy. She holds a B.Tech from IIT Kharagpur and a PhD from the University of Pennsylvania. She has led bioinformatics and ML research projects at Pfizer and IIT Delhi.
Shrinjana Mittal
Associate
Shrinjana Mittal is an Associate at MS Capital. She previously worked at RatnaTraya Capital and holds a degree from St. Xavier's College. She is a CFA Level III candidate.
Shivansh Vijayvargiya
Analyst
Shivansh Vijayvargiya is an Analyst at MS Capital. He holds a B.Sc. in Finance from NMIMS and is a CFA Level II candidate.
R. Gnanamani
AVP – India Operations
R. Gnanamani is the AVP for India Operations at MS Capital, bringing experience from Apex Group, CAMS, and Standard Chartered Bank. He handles fund operations, compliance, and investor services.
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