Eraya Capital Trust — Eraya Capital | Wisefolio

Eraya Capital Trust

Cat II · Managed by Eraya Capital

Investing in India's Growth Story.

Private equity, private credit and real-estate funds that don't employ leverage except for operating needs. The largest AIF category.

Overview

About

Eraya Capital Trust (IN/AIF2/25-26/1955) is a SEBI-registered Category II Alternative Investment Fund registered in November 2025, managed by Eraya Cap Services LLP (LLPIN: ACJ-9048) — the investment management arm of the KCT (Karam Chand Thapar) Group, one of India's storied business conglomerates with a founding history dating to 1929. Eraya Capital is a single-family office that invests proprietary capital across listed and unlisted equities, fixed income, and alternative investments. Founded in 2015 by Varun Thapar (fourth-generation heir to the KCT Group), Eraya builds on the legacy of the KCT Group under co-principals Ayesha Thapar and Nitasha Thapar. The registered office is at ICP Thapar House, 124 Janpath, New Delhi 110001 — also the head office of Indian City Properties, one of the KCT Group's current ventures. The fund has 150+ total investments and 50+ invested startups across a decade of active deployment.

Investment philosophy

Eraya Capital invests patient, proprietary capital with a long-term perspective across public and private markets, debt, and alternative assets. The firm is guided by a legacy of entrepreneurship and commitment to responsible stewardship — backing innovation-led, future-facing businesses that contribute meaningfully to India's growth story. Investments are grounded in values, shaped by a long-horizon view, and aligned with enterprises prioritising sustainability, integrity, and impact. Eraya is independent in mandate and collaborative in spirit, with a flat organisational structure that values open dialogue and collective intelligence. The AIF (Cat II) is the formal pooled structure for Eraya's private and alternative investment activity.

Team6

Varun Thapar

Founder & Principal

Varun Thapar is the Founder and Principal of Eraya Capital, the single-family office of the KCT (Karam Chand Thapar) Group. He is the fourth-generation steward of the Group, which was founded in 1929 by Karam Chand Thapar and subsequently led by Inder Mohan Thapar (1961–2010) and Vikram Mohan Thapar (2010–2024). Varun founded Eraya Capital in 2015 and has built a 150+ investment portfolio spanning listed equities, unlisted equities, fixed income, and alternatives. The Group's current operating businesses include KCT (bulk commodity logistics), Indian City Properties (premium commercial real estate), and The Waterbase (vertically integrated aquaculture).

Ayesha Thapar

Co-Principal

Ayesha Thapar is a Co-Principal at Eraya Capital, part of the founding leadership of the family office.

Nitasha Thapar

Co-Principal

Nitasha Thapar is a Co-Principal at Eraya Capital, part of the founding leadership of the family office.

Karam Chand Thapar

Advisor

Founder & Group Chairman

Inder Mohan Thapar

Advisor

Group Chairman

Vikram Mohan Thapar

Advisor

Group Chairman

Registration

SEBI registration

SEBI-registered

SEBI registration no.IN/AIF2/25-26/1955

RegisteredNov 2025

Valid untilPerpetual

Contact personAnkit Mahnot

AddressICP Thapar House, 124 Janpath, New Delhi 110001, New Delhi, National Capital Territory Of Delhi, 110001

Investment manager

Insights

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Disclaimer

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