# PE firms based in India (2026 list) > 190 PE firms based in India, 11% active in the last 12 months. Led by Eleven, PremjiInvest, Lilly Ventures. Ranked by what they funded. Source: https://millionrounds.com/lists/pe-firms-based-in-india (Millionrounds; every figure on the page links to its filing or article) [Investor Lists](https://millionrounds.com/lists) # PE firms based in India Updated 7 November 2026 PE firms headquartered in India. [See all 190 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fpe-firms-based-in-india)The top 25 **190** investors on the list *+1* this week **52** cheques in 12 months Too few cheques to tell **$15M** median round they joined *+94%* against the market median **11%** wrote a cheque in 12 months **11%** have led a round ## The Top 25 Ordered by cheques observed, never by anything anyone paid for Deploying now (10) - 1 [Eleven](https://millionrounds.com/fund/eleven) quiet Private equity · India **219** **$34K** median round **Oct 2015** last seen - 2 [PremjiInvest](https://millionrounds.com/fund/premji-invest) *Deploying now* Private equity · India **31** **$163M** median round **Oct 2026** last seen - 3 [Lilly Ventures](https://millionrounds.com/fund/lilly-ventures-2) quiet Growth equity · India **24** **$26M** median round **Jan 2017** last seen - 4 [MGX](https://millionrounds.com/fund/mgx) *Deploying now* Growth equity · India **16** **$5.5B** median round **Oct 2026** last seen - 5 [Unilazer Ventures](https://millionrounds.com/fund/unilazer-ventures-private-limited) *Deploying now* Private equity · India **11** **$20M** median round **Oct 2026** last seen - 6 [Catamaran](https://millionrounds.com/fund/catamaran) quiet Private equity · India **10** **$17M** median round **May 2018** last seen - 7 [Tata Capital](https://millionrounds.com/fund/tata-capital) *Deploying now* Private equity · India **9** **$89M** median round **Jan 2026** last seen - 8 [Lok Capital](https://millionrounds.com/fund/lok-capital) *Deploying now* Private equity · India **8** **$19M** median round **Oct 2026** last seen - 9 [Peepul Capital LLC](https://millionrounds.com/fund/peepul-capital-advisors) quiet Private equity · India **8** **$10M** median round **Oct 2015** last seen - 10 [Amicus Capital Partners](https://millionrounds.com/fund/amicus-capital-partners) quiet Private equity · India **7** **$9.6M** median round **Jul 2019** last seen - 11 [Gaja Capital](https://millionrounds.com/fund/gaja-capital) *Deploying now* Private equity · India **7** **$16M** median round **Nov 2026** last seen - 12 [Faering Capital](https://millionrounds.com/fund/faering-capital) quiet Private equity · India **6** **$15M** median round **Mar 2019** last seen - 13 [UNITED INVESTMENTS](https://millionrounds.com/fund/united-investments) quiet Growth equity · India **6** **$13M** median round **Oct 2013** last seen - 14 [Asian Healthcare Fund](https://millionrounds.com/fund/asian-healthcare-fund) quiet Private equity · India **5** **$8M** median round **Jun 2015** last seen - 15 [Reliance Technology Ventures](https://millionrounds.com/fund/reliance-technology-ventures) quiet Growth equity · India **5** **$15M** median round **Apr 2009** last seen - 16 [Seraphim](https://millionrounds.com/fund/seraphim) *Deploying now* Growth equity · India **5** **$100M** median round **Oct 2026** last seen - 17 [Accelerator](https://millionrounds.com/fund/accelerator) quiet Private equity · India **4** **$6.1M** median round **Oct 2018** last seen - 18 [Aurum Ventures](https://millionrounds.com/fund/aurum-ventures) quiet Growth equity · India **4** **$4M** median round **Nov 2018** last seen - 19 [Barclays Private Equity](https://millionrounds.com/fund/barclays-investment-bank) quiet Private equity · India **4** **$22M** median round **Mar 2015** last seen - 20 [Baring Private Equity Partners India](https://millionrounds.com/fund/baring-private-equity-partners-india) *Deploying now* Private equity · India **4** **$15M** median round **Jun 2026** last seen - 21 [Carpediem Capital Partners](https://millionrounds.com/fund/carpediem-capital-partners) quiet Private equity · India **4** **$3.8M** median round **Apr 2019** last seen - 22 [Convergent Finance](https://millionrounds.com/fund/convergent-finance-llp) quiet Private equity · India **4** **$19M** median round **Aug 2025** last seen - 23 [Hike](https://millionrounds.com/fund/hike) quiet Growth equity · India **4** **$13M** median round **Jul 2019** last seen - 24 [Multiples](https://millionrounds.com/fund/multiples-alternate-asset-management) *Deploying now* Private equity · India **4** **$125M** median round **Nov 2026** last seen - 25 [TVS Capital Funds](https://millionrounds.com/fund/tvs-capital-funds) *Deploying now* Private equity · India **4** **$35M** median round **Feb 2026** last seen **165 more on this list** All 190 are in the app, with filters for stage, sector and market. A free account shows 10 per search, Pro up to 1,000. [See the whole list *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fpe-firms-based-in-india) ## The Newest Cheques Rounds this list's investors joined most recently - **5** Nov **[Ripik.ai](https://millionrounds.com/company/ripik-ai)** Round *Led by* [Gaja Capital](https://millionrounds.com/fund/gaja-capital) - **3** Nov **[GIVA](https://millionrounds.com/company/giva)** Other · $100M *Led by* [Multiples](https://millionrounds.com/fund/multiples-alternate-asset-management) - **31** Oct **[OpenAI](https://millionrounds.com/company/openai)** Other · $20B *With* [MGX](https://millionrounds.com/fund/mgx) - **31** Oct **[Numour](https://millionrounds.com/company/numour)** $3.1M *Led by* [Sharrp Ventures](https://millionrounds.com/fund/sharrp-ventures-harsh-mariwala-investment-office) - **31** Oct **[OpenAI](https://millionrounds.com/company/openai)** Other · $11B *With* [MGX](https://millionrounds.com/fund/mgx) - **27** Oct **[Karta AI](https://millionrounds.com/company/karta-ai)** Seed · $3M *Led by* [PeerCapital](https://millionrounds.com/fund/peercapital) ## Stages This Year 50 rounds - Series A **24%** - Other **18%** - Growth **16%** - Series B **14%** - Series C **12%** - Other **16%** ## What They Backed Sectors, last 12 months - AI **28** - Fintech **7** - Healthcare **6** - Construction **5** - Automotive & EVs **4** - E-commerce **4** ## Cheques by Quarter Led Joined 3 Q1 25 1 Q2 25 3 Q3 25 5 Q4 25 11 Q1 26 7 Q2 26 10 Q3 26 22 Q4 26 The last bar is the quarter still running. ## Lists Like This - [VC firms based in United States 25,936](https://millionrounds.com/lists/vc-firms-based-in-united-states) - [PE firms based in United States 19,904](https://millionrounds.com/lists/pe-firms-based-in-united-states) - [VC firms based in United Kingdom 2,451](https://millionrounds.com/lists/vc-firms-based-in-united-kingdom) - [VC firms based in China 1,473](https://millionrounds.com/lists/vc-firms-based-in-china) - [VC firms based in India 1,309](https://millionrounds.com/lists/vc-firms-based-in-india) - [VC firms based in Canada 1,211](https://millionrounds.com/lists/vc-firms-based-in-canada) - [VC firms based in Germany 1,186](https://millionrounds.com/lists/vc-firms-based-in-germany) - [PE firms based in United Kingdom 974](https://millionrounds.com/lists/pe-firms-based-in-united-kingdom) - [Incubators and accelerators based in United States 828](https://millionrounds.com/lists/incubators-accelerators-based-in-united-states) [All investor lists *→*](https://millionrounds.com/lists) ## Quick answers about PE firms based in India ### Who are the most active PE firms based in India? By cheques observed, the most active are Eleven, PremjiInvest, Lilly Ventures, MGX and Unilazer Ventures. ### How many PE firms based in India are there? 190 are on record. 11% made an investment in the last 12 months and 11% have led a round. ### Which stages do PE firms based in India back? Of the rounds with a named stage in the last 12 months, mostly Series A (31%) and Growth (21%). ### How big are the rounds PE firms based in India join? The typical (median) round among the leading investors here is $16M. ### Which sectors do PE firms based in India back most? In the last 12 months, mostly AI, Fintech and Healthcare. ### Which PE firms based in India lead the most rounds? PremjiInvest (6 led), MGX (4 led) and Convergent Finance (3 led). ### What have PE firms based in India invested in recently? Recent rounds include Ripik.ai (Nov 2026, with Gaja Capital), GIVA (Other, Nov 2026, with Multiples) and OpenAI (Other, Oct 2026, with MGX). ### How is this list of PE firms based in India ranked? By cheques observed, from the rounds and filings we watched, and never by anything anyone paid for. It is rebuilt every night. Built from the rounds we watched, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections)