Since 2005, Phi Capital has pioneered mid-market private equity investing in India. We back ambitious businesses and entrepreneurs with a growth mindset, through capital and deep operating expertise, helping businesses unlock their full potential.

Our story includes supporting turnaround of iconic ventures such as Royal Enfield, Spark Minda, incubating ventures like Mahindra First Choice, TVS Credit Services, Classic Legends (Jawa Yezdi BSA motorcycles) and taking many entities public–including Krsnaa Diagnostics. Each investment reflects our philosophy—to build, scale, and transform businesses into industry leaders with tangible long-term competitive advantage. We take pride in knowing that the companies we partner with continue to grow and thrive well beyond our involvement, becoming a lasting part of our legacy.

We manage assets worth half-a-billion dollars and are actively investing from our Fund III – Phi Capital Growth Fund 1.6, a sector-agnostic, mid-market private equity fund. We are backed by investors ranging from large Global and Domestic Institutional Investors to notable HNIs and Family Offices from across the world.

We invest growth capital in private companies across ownership levels — from minority and significant minority stakes to full buyouts — and can also participate in public listed entities through minority positions.