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Catalysing Sustainable Growth
Xponentia Capital Partners LLP is a Mumbai-based independent private equity firm founded in 2018 by Devinjit Singh (formerly Managing Director at The Carlyle Group India) and Perumal R. Srinivasan (former Managing Director & Head of Citigroup Venture Capital International – India), joined by the late Ajay Relan of CX Partners. The firm targets fast-growing Indian mid-market companies across consumer, healthcare, financial services, and business services, providing both capital and deep operational expertise through its proprietary Value Creation Strategy. Xponentia Opportunities Trust II (Fund II) is registered as a SEBI Category II AIF (IN/AIF2/21-22/0972), managed by Xponentia Capital Partners LLP, and achieved a final close of ₹1,000 crore — significantly exceeding its initial target of ₹750 crore, with investors drawn predominantly from the domestic market including HNIs, family offices, and insurance companies. Portfolio companies from Fund II include The Souled Store, Altigreen, Zype, Traya, Spoton Logistics, and Barbeque Nation, among others. The firm manages approximately $200 million across its two funds and operates from its Worli, Mumbai office.
Xponentia invests in fast-growing businesses with enterprise valuations below ₹1,000 crore and positive EBITDA. The firm targets first-generation entrepreneurs who want to build sustainable, high-quality businesses. Beyond capital, Xponentia serves as an engaged, value-added partner — helping portfolio companies 'corporatize' and scale through strengthened capabilities in Finance, Marketing, IT, and HR. Its Value Creation Strategy deploys retained Operating Advisors (functional specialists in Strategy, Finance, Marketing, HR, IT) who actively work with management teams. Typical investment size is ₹75–120 crore, with the ability to deploy ₹250+ crore in select situations.
Bhavya Kapoor
Managing Director
Bhavya Kapoor is Managing Director at Xponentia Capital. She has approximately 17 years of professional experience, of which 15 years are in Private Equity. She previously worked at Oman India Joint Investment Fund and Motilal Oswal Private Equity, focusing on financial services and consumer sectors. Prior to those, she worked at Tata Capital and Yes Bank. She holds an MBA from IIM Indore.
Devinjit Singh
Co-Founder & Managing Partner
Devinjit Singh is Co-Founder and Managing Partner of Xponentia Capital Partners LLP. He was a member of the founding team and Managing Director of Carlyle Asia Partners in India for over a decade (2008–18), investing over $1 billion with marquee transactions including PNB Housing Finance and SBI Cards. Previously, he was Head of M&A at Citigroup India for nearly two decades, leading transactions including Tata's acquisition of Jaguar Land Rover and Wipro's acquisition of Infocrossing. He holds a BA from Hindu College, Delhi University and an MBA from The Fuqua School of Business, Duke University.
Perumal R. Srinivasan
Co-Founder & Managing Partner
Perumal R. Srinivasan is Co-Founder and Managing Partner of Xponentia Capital Partners LLP. He previously served as Managing Director & Head of Citigroup Venture Capital International (CVCI) – India, where he was part of the leadership team that raised two global EM funds totalling $5.8 billion. He was one of three founders of HSBC India Private Equity (1995). He has invested over $700 million across CVCI, HSBC PE, and ICICI Ventures, with marquee investments in Axis Bank, Yes Bank, Suzlon, Lupin, and Sharekhan. He holds a BE from CEG, Anna University Chennai and an MBA from IIM Bangalore.
Rahul Bahri
Managing Director
Rahul Bahri is Managing Director at Xponentia Capital with approximately 17 years of experience in investing and investment banking. He has been part of the Xponentia team since 2019. Previously, he worked at Rabo Private Equity (a consumer-focused fund with AUM of $250 million) and in investment banking at IDFC Capital and Edelweiss. He holds an MBA from Jamnalal Bajaj Institute and is a CFA Charterholder.
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Suryansh Agarwal
Vice President
Suryansh Agarwal is Vice President at Xponentia Capital with approximately seven years of Private Equity experience across financial services, consumer, and healthcare. Previously worked at Affirma Capital (formerly Standard Chartered Private Equity) and Elevation Capital. He is a CFA Charterholder.
Shilpa Jadhav
Vice President – Operations
Shilpa Jadhav is Vice President – Operations at Xponentia Capital with 14 years of experience in financial services across private equity and hedge funds. Previously worked at Samara Capital (finance team) and SS&C Globeop Financial Services. She is a Chartered Accountant.
Aakash Chinoy
AVP
Aakash Chinoy is AVP at Xponentia Capital. He has 4 years of experience across Real Estate Private Equity at Kotak, Investment Banking at JP Morgan, Consulting at UC Strategy, and Audit at KPMG. He holds an MBA from IIM Kozhikode and is a CFA Charterholder and Chartered Accountant.
Minnat Rathod
Associate
Minnat Rathod is an Associate at Xponentia Capital with 7+ years of experience in investment banking and transaction advisory. Previously worked at o3 Capital (healthcare-focused investment banking) and EY (deal structuring advisory). She is a Chartered Accountant and CFA Level 2 candidate.
Abhi Kamdar
Associate
Abhi Kamdar is an Associate at Xponentia Capital with 4 years of diverse experience. Previously headed strategy and new initiatives at food-tech startup Cheelizza and prior to that worked at Carnelian Capital investing in listed equities. He holds an undergrad in Business Finance from Ahmedabad University and is a CFA Level 3 candidate.
Shantanu Chury
Analyst
Shantanu Chury is an Analyst at Xponentia Capital with approximately 4 years of experience in sell-side equity research. Previously worked at Evalueserve, focusing on European HealthTech and Medical Devices. He holds an MBA from IIM Kozhikode and is a CFA Charterholder.
Keshav Parwal
Analyst
Keshav Parwal is an Analyst at Xponentia Capital with 3 years of experience at HCL Technologies across management trainee finance and CFO office roles. He covered Treasury, M&A, Controllership, Pricing, and Audit. He holds an MBA from IIM Kozhikode, is a Chartered Accountant, and is a CFA Level 3 candidate. He was awarded Youngest Chartered Accountant of India.
Madhav Sharda
Investor Relations Manager
Madhav Sharda is Investor Relations Manager at Xponentia Capital with approximately 7 years of experience in investor relations, fundraising, and relationship management across AIFs, VC platforms, and investment banking. Previously worked at BlackHill Fund, Venture Catalysts, Mumbai Angels, and InCred Finance. He holds an undergrad in Business Finance from SP Jain School of Global Management.
Renita D’Silva
Office Manager
Renita D'Silva is Office Manager at Xponentia Capital, actively handling administrative functions. Previously worked with Kubera Partners LLC, Kotak Securities, and Jet Airways. She holds a BA (Economics) from the University of Mumbai and a Diploma in Personnel Management from L.N. Welingkar Institute of Management.
Varuna Agarwal
Compliance Officer
Varuna Agarwal is Compliance Officer at Xponentia Capital with 4+ years of experience. Previously worked at SecMark Consultancy Limited (AIF and PMS compliance) and as a consultant for SOX compliance at Vedanta Limited. She is a Company Secretary and CA Finalist.