
Private equity, private credit and real-estate funds that don't employ leverage except for operating needs. The largest AIF category.
IFMR Finance For Freedom Fund III (IN/AIF2/16-17/0296) is a SEBI-registered Category II Alternative Investment Fund (registered December 2015) managed by IFMR Investment Managers Private Limited — the alternatives fund management arm of the IFMR Trust Group (now rebranded as Dvara Holdings). The fund is part of the IFMR Finance for Freedom Fund series, a family of AIFs providing medium-to-long-term debt capital to high-quality Microfinance Institutions (NBFC-MFIs regulated by RBI), targeting financial inclusion in India. The broader IFMR Finance for Freedom fund family spans: Finance for Freedom Social Venture Fund (Cat I, IN/AIF1/14-15/0110, the original scheme); Finance for Freedom Fund II (IN/AIF2/15-16/0210); Finance for Freedom Fund III (IN/AIF2/16-17/0296); Finance for Freedom Fund V (IN/AIF2/17-18/0510, now inactive). The SEBI-registered address at registration was 10th Floor, Phase I, IIT Madras Research Park, Kanagam Village, Taramani, Chennai – 600113. Later fund addresses moved to Axis House, Worli, Mumbai. IFMR Investment Managers was the first alternative fund manager in India to obtain a fund management quality rating — 'AMC 2' from ICRA Limited. The IFMR FImpact Investment Fund (the first scheme) was the first rated AIF in India — rated 'CARE AA (AIF)' by CARE Ratings.
Sucharita Mukherjee
Co-Founder, IFMR Group; Former Group CEO, IFMR Holdings
Sucharita Mukherjee co-founded the IFMR group and conceptualized both IFMR Capital (capital markets access for financial inclusion) and IFMR Investments (alternatives fund management platform). She was most recently Group CEO of IFMR Holdings. She later co-founded Kaleidofin, a fintech platform for underbanked customers. Named 'Top 40 under 40' business leaders by Economic Times in 2016; IIM Ahmedabad Young Alumni Achiever Award 2017; India's top 20 fintech change makers 2017.
Pavethra
CIO & CFO
CFA, CAIA, ESG Investing certified, MFC (Delhi)
Pavethra is the Chief Investment Officer and Chief Financial Officer at Dvara Holdings. In this multi-hatted role, she oversees the investment strategy and financial stewardship of the Group, driving Dvara's mission of fostering financial inclusion with a focus on impact-first investing. She brings over two decades of leadership experience in the Indian financial services industry, with deep expertise across performing and non-performing credit markets, structured investing, risk management, fundraising, investor relations, and strategic finance. Before joining Dvara Holdings, Pavethra was Executive Director at PE backed J.C. Flowers Asset Reconstruction, Mumbai, where she played multiple roles across Risk, Fundraising, Investor Relations and Technology, among others. She also held senior leadership roles at ICRA, one of India's leading credit rating agencies, where she served as Co-Group Head in the Corporate Ratings division. At ICRA, she built and led rating and sectoral research teams and was recognized for her analytical insight across multiple industries. She began her career at Kotak Mahindra Bank and has since cultivated a track record of navigating complex financial environments, and blending credit acumen with a commitment to sustainable growth. Pavethra is a Chartered Financial Analyst (CFA); Chartered Alternative Investment Analyst (CAIA) and is certified in ESG Investing from the CFA Institute. She earned her Masters in Finance and Control from the University of Delhi. Pavethra is passionate about using capital as a lever for inclusive development and believes in the transformative power of impact investing to improve financial access and opportunity for underserved communities. At Dvara, she is excited to align long-term investment performance with the Group's vision of bridging financial inequality through innovative, responsible, and mission-driven finance.
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Aishwarya Mahesh
Deputy General Counsel
Akshay Jain
Analyst – Strategy & Investments
Aparna Krishnan
VP, HR & Admin
Dhinesh R
Associate Finance
Dinesh Lodha
Head – Communications
Dinesh Pratap
Site Technical Head (Dharwad)
Gandhimadhy Varadarajan
General Counsel
Harini Srinivasamoorthy
Assistant Manager – Compliance
Iyyappan
Senior Associate – Finance
Jagadeesan S
Manager – IT
Kiruthika Palanisamy
Senior Manager HR & Admin
Madhusudhanan S
Group CTO
Manoah Asirvadham
Assistant Manager – HR
Mazahar Shaik
Senior Associate
Nivetha Gautham
Senior Manager – Legal
Preetha
Front Office Executive
Rahuveer R
Head of Finance
Sankeeth Kumar
Senior Visualiser – Branding & Design
Sandeep Kumar
Investment Analyst
Sandhya Thadi
Associate – Front Office
Saraswathy P A
Deputy Manager Compliance
Sasikumar R D
Head – Branding
Vinoth kumar V
Junior Associate – Finance
Bindu Ananth
BoardChair, Co-Founder & Managing Trustee
Bindu is the Chair, Co-Founder and Managing Trustee of Dvara Holdings. Bindu is the Founder of Dvara Health Finance. Prior to this, she was Board Chair of Northern Arc Capital from 2009 – 2018. She also worked in ICICI Bank's microfinance team between 2001 and 2005 and was head of the new product development team within their Rural Banking Group in 2007. She has an under-graduate degree in Economics from Madras University and Masters Degrees from the Institute of Rural Management (IRMA) and Harvard University's John. F. Kennedy School of Government. Bindu has co-edited "Financial Engineering for Low-Income Households", a book published by SAGE. She has also published in the Economic and Political Weekly, OECD Trade Paper Series and the Small Enterprise Development Journal. She was a member of three RBI Committees: financial inclusion, SME finance and housing securitisation. She was a member of the Taskforce of the Insolvency & Bankruptcy Board of India (2017). She was a member of the Government of India's High Level Committee on Women (2014-15) and the Tamil Nadu Government's Expert Committee on Revival of MSMEs (2022). She is an Independent Director of NeoGrowth Credit and Avanti Finance. Bindu was a recipient of the ET Prime Women's Leadership Award in 2020.
Samir Shah
BoardExecutive Vice-Chair, Co-Founder & Managing Trustee
Samir is the Executive Vice-Chair and Co-Founder of Dvara Holdings. He oversees the strategic direction of Dvara Holdings' mission of financial inclusion and manages the portfolio of group companies, with over three decades of experience in building institutions and market infrastructure. Prior to joining Dvara Holdings, he was the Managing Director & CEO of NCDEX, India's largest agri focused commodities exchange. During his tenure, the exchange had transformational impact on India's agri economy through various technology and digital initiatives. He also worked closely with the warehouse regulator WDRA and the capital markets regulator SEBI to launch National E-Repository Limited (NeRL) to provide India's first repository services for electronic negotiable warehouse receipts, which farmers can use to avail formal sector agri credit. Before NCDEX, he was the Chief Business Officer of the Dubai Gold and Commodities Exchange (DGCX). At DGCX he led the growth of the exchange to make it the one of fastest growing exchange in the world, winning several global awards, amongst them were Contract of the Year and the Best Commodity Exchange in 2012. Prior to this, he worked at global information company Thomson Reuters for 17 years, where he held various capacities including being the Global Head of Business Planning and Operations for a new inside-Sales unit at Thomson Reuters called Direct; also led Reuters' India operations as the Managing Director in South Asia. Samir began his career as an investment banker in Mumbai helping companies unlock value through public offerings and buy-out deals. He is an MBA in Finance, a Mechanical Engineer and has completed an Advanced Management Program from Wharton.
Avishek Gupta
BoardTrustee; Investment Committee member (since April 2021)
B.Tech, M.Sc., PGDRM (IRMA)
Avishek has been a member of the Investment Committee since April 2021. He is currently the Head of Asia, at GAWA Capital. Most recently, he was the Managing Director and CEO at Caspian Debt. Prior to Caspian, Avishek helped set up the wholesale structured finance business in small business lending and affordable housing finance sectors at IFMR Capital. Avishek joined IFMR Trust in 2008 and was initially involved with setting up a technology backed dairy supply chain company (Dairy Network Enterprise) that provided technology and manpower to rural financial institutions (KGFS) enabling them to offer cattle insurance, loan and healthcare to dairy farmers at their doorstep, across three KGFS locations. For a brief while, Avishek also managed a portfolio of companies being incubated by IFMR Ventures, operating in sectors like dairy, agriculture, rural tourism, drinking water and clean energy. Till date, Avishek has enabled financing to more than 150 early and growth stage companies working towards positive social and environmental impact. He has worked on a wide range of financial products ranging from pure debt to quasi-equity as well as securitisation and other structured products. Avishek is a B.Tech (Dairy Technology) and M.Sc. (Dairy Chemistry). He also holds a Post Graduate Diploma in Rural Management from Institute of Rural Management Anand (IRMA).
Vaibhav Anand
BoardTrustee
Vaishnavi Prathap
BoardTrustee
Dave Wallack
BoardTrustee
Prerana Langa
BoardTrustee
Vinay Subramanian
AdvisorInvestment Committee member (since March 2021)
MBA (MIT Sloan), M.S. (University of Maryland), B.Tech (IIT Madras)
Vinay has been a member of the Investment Committee Since March 2021. He is currently a Research Fellow/ Doctoral Candidate at The Wharton School. Previously he was the Managing Director of Stakeboat Capital. Vinay has driven M&A and investments for 2 of the largest technology companies in emerging markets, including Flipkart. He set up the technology investment arm for Emaar Group, UAE called Boson ventures. He is also part of the founding leadership team of the 2nd largest e-commerce company in MEA, backed by Saudi sovereign wealth fund PIF and Emaar. Vinay has also sourced, led and executed 10+ transactions in the growth equity stage; Member of Board of Directors at several companies including Ecom Express and Motherhood. Vinay holds an MBA from MIT Sloan, M.S. from the University of Maryland and a Bachelors in Technology from IIT Madras.
Shreya Deb
AdvisorInvestment Committee member
PGDM (IIM Ahmedabad), B.Tech (IIT Bombay)
Shreya Deb is a senior business leader with over 18 years of experience spanning venture investments, strategy consulting, and operational leadership. Previously, Shreya was part of the early team at Karkinos Healthcare, an oncology-focused startup, where she led fund-raising and strategy, and also helped establish a new business vertical in onco-diagnostics. As Director of Investments at Omidyar Network India, Shreya managed a diverse portfolio across India, Ghana, the Philippines, and Bangladesh. She was instrumental in positioning the firm as a thought leader in land and property rights, committing nearly ₹200 crore to innovative startups and non-profits. She works closely with healthcare non-profit, ARMMAN, where she provides strategic guidance for implementation of their maternal and child health programs across 27 states pan-India. Shreya began her career at The Boston Consulting Group, where she advised clients across manufacturing, insurance, healthcare, and rural development, implementing large-scale strategy and operations projects. She holds a PGDM from the Indian Institute of Management Ahmedabad, a B.Tech in Electrical Engineering from IIT Bombay and was recognized in the Economic Times 40 under 40 achievers list in 2021. Shreya has also authored several articles on housing and land rights in leading publications.
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