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India's Pioneer in SME/Microcap Exchange-Focused AIF
Managed by Steptrade Capital
Private equity, private credit and real-estate funds that don't employ leverage except for operating needs. The largest AIF category.
Chanakya Fund Trust (IN/AIF2/22-23/1230) — commercially known as Chanakya Opportunities Fund I — is a SEBI-registered Category II Alternative Investment Fund managed by StepTrade Share Services Private Limited, operating under the brand 'Steptrade Capital'. Steptrade Capital is India's pioneer AIF manager specialising exclusively in SME Exchange and Microcap equities, founded and led by CA Kresha Gupta — described as India's youngest AIF Fund Manager. The fund was the first SEBI-registered AIF focused on India's SME exchanges (BSE SME and NSE Emerge). Steptrade Capital manages four funds: Chanakya Opportunities Fund I (Cat II), Steptrade Revolution Fund I (Cat III, open-ended), Steptrade Revolution Fund II (Cat III), and Steptrade India Fund (GIFT City feeder). As of early 2026 the firm manages 400+ crore in AUM, with 100+ SME investments, 72+ anchor investments, and 25+ unlisted investments. The fund is headquartered at 726, Iconic Shyamal, Shyamal Cross Road, 132 Feet Ring Road, Ahmedabad, Gujarat – 380015.
Kresha Gupta
FMFounder, Director & Fund Manager (Chanakya Opportunities Fund I & Steptrade Revolution Fund I) / SEBI Contact Person
CA Kresha Gupta is India's youngest Fund Manager and the driving force behind StepTrade Share Services. A Chartered Accountant who qualified at 20, she launched StepTrade's first AIF — also the country's first SME-Exchange-focused fund. With over seven years of experience in capital markets, she leads the Chanakya Opportunities Fund I and Steptrade Revolution Fund I & II. Her insights have been featured on CNBC Awaaz, Moneycontrol, Economic Times, Business World and Financial Times.
Ankush Kumar Jain
FMDirector & Fund Manager (AIF) / Investment Committee
Ankush Kumar Jain, CFA, is a Director at StepTrade and Fund Manager (AIF) / Investment Committee member with over 15 years of expertise in Portfolio Management, Investment Research, and Due Diligence. He specialises in identifying high-growth opportunities and risk-optimised strategies. Prior to StepTrade, he held key roles at Edelweiss Group, Kunwarji, and Religare.
Akshay Dawra
FMFund Manager – Chanakya Opportunities Fund II
Chartered Accountant with a strong background in investment management across private and public markets. At Steptrade Capital, he focuses on deal sourcing, deployment and portfolio monitoring with an emphasis on rigorous financial analysis and disciplined capital allocation. Previously Fund Manager at Ekamya Capital and worked at Finvox Analytics on M&A and valuations for global PE and VC fund clients.
Nishant Melana
AVP – Private Equity Associate
Nishant Melana, CA, specialises in IPO fundraising, Pre-IPO investments, valuation, AIF investments, and corporate finance including M&A advisory and financial modelling.
Darshit Shah
Research Head
Chartered Accountant with seven years of experience in equity research, investment banking, valuation and financial modelling. Focuses on listed investments within the AIF portfolio at Steptrade Capital, combining analytical acumen with a strong passion for equity markets.
No insights published yet.
Investments in AIFs carry market and credit risk including possible loss of capital. Past performance does not indicate future returns. Information shown is sourced from the issuer's PPM and SEBI filings — confirm against the latest PPM before committing. wisefolio is an information platform; it is not registered with SEBI as an investment adviser, portfolio manager, or distributor. By using this page you accept our terms and privacy policy, including the self-attestation that you are eligible to view AIF marketing material under SEBI rules.
Rahul Brahmkshatriya
AVP – Private Equity
Investment analyst with over seven years of experience in equities, primary markets and risk management. Heads the Research department at Steptrade Capital with a background in managing UHNI portfolios and financial risk mitigation.
Mohit Kapoor
Advisory Board Member
Brings deep expertise in leveraging technology and first-principles thinking to drive scalable growth across portfolio businesses. Guides Steptrade's SME-focused fund with a focus on Tier II and III cities across technology, manufacturing and services.
Kamal Bansal
Advisory Board Member
25+ years of experience in venture capital, private equity and investment banking. Formerly MD of GVFL, he helped launch India's early tech-focused VC funds and shape institutional investment thinking. Guides Steptrade in empowering India's SME sector through strategic capital and innovation.
View the investment manager profile with all PMS strategies and AIFs under Steptrade Capital.