
Redefining growth capital for technology and digital economy companies in Asia.
EvolutionX Debt Capital ("EvolutionX") is a growth stage debt financing platform jointly set up by DBS and Temasek. Headquartered in Singapore, the firm provides less dilutive financing to technology-enabled companies across Asia, with a focus on China, India, and Southeast Asia. By investing into promising technology founders and entrepreneurs who are transforming large traditional industries, the firm aims to accelerate the digitisation of Asia's economy and further catalyse the fast-growing technology ecosystem in the region. EvolutionX Debt Capital India AIF Trust is a Category II AIF (AIF Regn Number: IN/AIF2/23-24/1389), with fund manager EvolutionX Debt Capital Advisors India Private Limited.
Rahul Shah
Partner
Bachelor in Commerce (Mumbai University), MBA in Finance (NMIMS Mumbai)
Rahul Shah is the Partner at EvolutionX with almost two decades of experience across origination, structuring and negotiation of debt and structured credit investments in India and South Asia. At EvolutionX, he leads investments across Asia, and is also a member of the Investment Committee. He joined EvolutionX from CDC Group (now British International Investment), where he was the Head of Corporate Debt investments for South Asia, and has also led debt investments to financial services companies. Prior to CDC, he worked with Standard Chartered Bank, J.P. Morgan and Edelweiss where he focused on structured credit and mezzanine debt investments across multiple sectors in India. Rahul graduated with a Bachelor in Commerce from Mumbai University and holds an MBA in Finance from NMIMS Mumbai.
Rahul Sanghavi
Director
Bachelor of Computing (Honours), National University of Singapore; MBA (with Honors), The Wharton School
Rahul Sanghavi is the Director at EvolutionX, based in Mumbai. He has two decades of experience in private equity and management consulting across APAC and US. He joined EvolutionX from SeaLink Capital Partners (SCP), a mid-market PE firm, where he was a part of the founding team and led the firm's Tech investment efforts and fundraising initiatives across India and US. Prior to SCP, he worked with Standard Chartered Private Equity (now Affirma Capital) where he led equity and structured investments across multiple sectors in India and South East Asia. Prior to that, he began his career in management consulting with Monitor Group, advising clients across APAC on their growth strategy. Rahul graduated with a Bachelor of Computing in Information Systems (with Honours) from National University of Singapore, where he was a SIA-NOL scholar and completed a Minor in Technopreneurship in partnership with Stanford University. He holds an MBA (with Honors) from The Wharton School (University of Pennsylvania) and is a part of the Executive Committee at the Wharton Club of India.
Sakshi Shah
Investment Vice President
Bachelor of Commerce (Honors), Shri Ram College of Commerce; PGDM (MBA equivalent), IIM Kozhikode
Sakshi is the Investment Vice President at EvolutionX, based in India. She joined EvolutionX with 6 years of experience in private equity and investment banking. Prior to joining EvolutionX, Sakshi was part of the private equity team at CDC Group. She started her career in investment banking at Goldman Sachs and has also worked with HDFC Bank and Kaizenvest (Private Equity). She has experience across deal origination, investing, portfolio management and exits across multiple sectors. Sakshi graduated with a Bachelor of Commerce (with Honors) from Shri Ram College of Commerce, University of Delhi and holds a Post Grad Diploma in Management (MBA equivalent) from IIM Kozhikode.
Investments in securities markets are subject to market risks. Read all the related documents carefully before investing. Past performance is not indicative of future returns.
Daphne Wong
Investment Assistant Vice President (Singapore)
Bachelor of Accountancy (First Class Honours), Bachelor of Business (First Class Honours), Nanyang Technological University
Daphne is the Investment Assistant Vice President at EvolutionX, based in Singapore. She joined EvolutionX from ABN AMRO Bank where she was part of the APAC Structured Finance team. She started her career at OCBC Global Corporate Banking as a member of Telecom. & Media team. She has over 5 years of experience in Corporate Banking and Debt Financing. Daphne graduated with a Bachelor of Accountancy (First Class Honours) and a Bachelor of Business (First Class Honours) from Nanyang Technological University.
Saurabh Jain
Investment Assistant Vice President (India)
Chartered Accountant (ICAI); management graduate, IIM Udaipur
Saurabh is the Investment Assistant Vice President at EvolutionX, based in India. Prior to EvolutionX, Saurabh was part of the Venture Debt investment team at Alteria Capital. Saurabh started his career at IIFL Asset Management where he was part of the founding team for the Private Credit strategy. He has over 3 years of investment experience in Private Credit strategy - Direct Lending (OpCo & HoldCo), Infrastructure, Special Situations and Venture Debt across multiple sectors. He has also worked across deal origination, fundraising, deal execution, portfolio management, fund management related activities and investor relations during his career. Saurabh is a Chartered Accountant with the Institute of Chartered Accountants of India and a management graduate from IIM Udaipur.
Johnathan Thor
Investment Associate (Singapore)
Bachelor of Accountancy, Nanyang Technological University
Johnathan is the Investment Associate at EvolutionX with 3 years of experience in start-ups and banking. Before joining EvolutionX, Johnathan was part of the Corporate Development and Investments team at Una Brands where he handled M&A, fundraising, and investor relations. He started his career at CIMB Bank in the Corporate and Investment Banking department. Johnathan graduated with a Bachelor of Accountancy from Nanyang Technological University.
Ervin Yap
Investment Associate (Singapore)
Bachelor of Accountancy, Singapore Management University
Ervin is the Investment Associate at EvolutionX, based in Singapore. He has 3 years of experience in M&A and Corporate Development and has worked with both startups and established companies in SEA. Prior to joining EvolutionX, Ervin was part of the Investment & Corporate Development team at Auric Pacific Group where he was involved in M&A and corporate development initiatives for Auric's portfolio companies. Ervin started his career at Alpha Advisory, a boutique M&A advisory firm, where he worked on various M&A and fundraising transactions. Ervin graduated with a Bachelor of Accountancy from Singapore Management University.
Vaishnavi Thakkar
Analyst (India)
Chartered Accountant; CFA candidate (Level 2 cleared)
Vaishnavi is an Analyst at EvolutionX, based in the India office. She supports the fund's finance and regulatory compliance function and is working towards gaining exposure to portfolio monitoring and investment management. Before joining EvolutionX, she worked as a Senior Product Manager at ICICI Lombard and later as an Assistant Manager at SKA, a chartered accountancy firm, where she specialized in internal audit and control advisory. Vaishnavi is a qualified Chartered Accountant and is currently pursuing the Chartered Financial Analyst (CFA) certification, having successfully cleared Level 2.
Terence Chia
Head of Finance & Human Resource
ACCA; Chartered Accountant, Singapore
Terence is the Head of Finance & Human Resource at EvolutionX. He joined EvolutionX from Haitong International Group in Singapore where he was the Finance Director for Singapore and Australia. Prior to Haitong International, he worked in various finance and control functions with InnoVen Capital and Royal Bank of Scotland. Terence started off his career as an auditor with KPMG. Terence has a professional certification from the Association of Chartered Certified Accountants (ACCA) and is a Chartered Accountant, Singapore with the Institute of Singapore Chartered Accountants.
Yanny Loh
Office Manager
Diploma in Secretarial, London Chambers of Commerce
Yanny is the Office Manager at EvolutionX. She joined EvolutionX as a seasoned professional with over 20 years of administrative and office management experience in multinational corporations across diversified industries. Yanny holds a Diploma in Secretarial from the London Chambers of Commerce.
Alok Kochhar
BoardChairman
MBA, Indian Institute of Management Ahmedabad; Chemical Engineer, IIT Delhi
Alok is a Director/Advisor/Investment Committee member to several Asia-Pacific Private Equity firms, Funds and Family Offices providing investment advisory across the capital structure, businesses, and regions. Alok also mentors and is in advisory role to several Fintech and Start-Ups across Asia and Middle East. Alok owns a consulting business largely focused on assisting corporates restructuring and institutions in management of non-performing portfolio. Alok was Vice Chairman Asia with Bank of America Merrill Lynch Asia-Pacific with over three decades of wholesale banking and management experience on various businesses/geographies across BAML franchise and undertaking a senior management role, where he managed the Financial institution Group for Asia-Pacific since 2003. Alok left BAML in December 2014 and has been associated with Boston Consulting Group since. Alok holds an MBA from the Indian Institute of Management Ahmedabad. He is a Chemical Engineer from the Indian Institute of Technology, Delhi.
Han Kwee Juan
BoardBoard member
Bachelor's in Computer Science and Information Systems, National University of Singapore; MBA (Banking and Finance), Nanyang Technological University
Kwee Juan is Group Executive and Group Head of Institutional Banking at DBS. Prior to this, he was Country Head of DBS Singapore, where he was responsible for leading the franchise in the Group's largest market. Between November 2023 and May 2024, he also double-hatted as Acting Chief Information Officer. Before that, Kwee Juan was DBS' Group Head of Strategy & Planning, where he played a pivotal role in driving the transformation agenda across the Group, especially in the areas of data and artificial intelligence, managing through journeys, customer experience and centricity, innovation and future of work. He also forged partnerships across the Group to build new business models and digital growth engines, and scaled these businesses. Kwee Juan has a bachelor's degree in Computer Science and Information Systems from the National University of Singapore and an MBA (Banking and Finance) from Nanyang Technological University. He has also completed executive leadership courses from Wharton Business School and the Asia Financial Leadership Programme.
Amit Sinha
BoardBoard member; Member of the Investment Committee
Bachelor of Technology (Chemical Engineering), Nagpur University; MBA in Finance, Asian Institute of Management
Amit is a Managing Director & Global Head of Telecom, Media & Technology - Corporate & Investment Banking for the DBS. He also has an oversight over offshore India business and Digital Economy Business. Amit has been with DBS for more than twenty years and also sits on the DBS Wholesale Bank's Digital, Alternate Platform Lending Steering Committee to drive adoption of Digital, Data and Big Tech initiatives. Amit was GM & Senior Executive Officer of DBS Dubai for three years from 2008 to 2011 and was responsible for the overall management and business of DBS Dubai covering Corporate & Investment Banking, Private Banking and Institutional Equity sales businesses across the Middle East. Upon returning to Singapore, Amit also had an oversight over DBS Dubai's business from 2013 to 2019. He was earlier a senior Banker in DBS Bank's TMT team in Singapore. Amit has previously worked at Reliance Industries Limited, India for five years. Amit holds a Bachelor of Technology in Chemical Engineering from Nagpur University, India, and an MBA in Finance from Asian Institute of Management, Philippines.
Aftab Mathur
BoardBoard member; Member of the Investment Committee
Bachelor of Arts in Economics, Yale University
Aftab leads the Innovation Investments team at Temasek, focusing on global disruptive technology investments across venture capital funds and start-ups. He has invested across US, Europe, Israel, Latin America, India and SEAsia, and serves on numerous boards, investment committees and advisory committees across the global portfolio. He currently serves as the Temasek investor representative on select portfolio company boards and also on the advisory committees of numerous venture capital funds across US, Europe, Israel and SEAsia. Prior to Temasek, Aftab was a venture capitalist and founding team member of Reliance Industries' (RIL) corporate venture platform. RIL is India's largest private sector company. Prior to that, he was a private equity investor at Warburg Pincus and founded a specialty chemicals start-up, Matcorp. Aftab began his career as a banker with Merrill Lynch and Nomura in New York. Aftab holds a Bachelor of Arts in Economics from Yale University, USA.
Ang Peng Huat
BoardBoard member
Bachelor of Engineering (Electrical), First Class Honours, University of Singapore; PhD in Electrical Engineering, Stanford University
Peng Huat is an Advisory Director with Temasek since January 2021. In this capacity, he is a director on several Special Purpose Vehicles established by Temasek and its partners. From 2009 to 2021, Peng Huat was Managing Director at the Telecommunications, Media & Technology direct investment unit at Temasek, based in Singapore. Prior to that, he was a venture capitalist, operating in Silicon Valley from 2002 to 2008. Earlier in his career, Peng Huat was in the semiconductor industry at LSI Logic Corporation from 1984 to 1996, rising to General Manager and Vice President of their Consumer Products Business Unit. He left to start a fabless semiconductor company, TeraLogic Inc, as Chairman and CEO from 1996 to 2002. Peng Huat graduated from University of Singapore with a Bachelor of Engineering (Electrical) with First Class Honours. He attended graduate school at Stanford University, where he received his Master's Degree in Electrical Engineering (1980), Master of Science in Statistics (1982) and PhD in Electrical Engineering (1984).
Rohit Sipahimalani
AdvisorMember of the Advisory Committee
MBA, Indian Institute of Management Ahmedabad; BA (Hons) Economics, St. Stephens College, Delhi
Rohit is the Chief Investment Officer at Temasek. He joined Temasek in 2008 as Head of Telecom, Media & Technology investments. In 2012, he was appointed co-Chief Investment Officer and has since held various roles including Joint Head for Investment Group, Joint Head of Portfolio Strategy & Risk Group as well as Head, India before assuming his current position in January 2022. Prior to joining Temasek, Rohit spent 11 years with Morgan Stanley holding senior positions across its Mumbai and Hong Kong offices, including Co-Head of the Asia Pacific M&A business in Hong Kong, and Managing Director and Head of Southeast Asia Investment Banking in Singapore. Rohit started his career with Citibank, Mumbai, after which he spent a few years with McKinsey & Company in India as a management consultant. Rohit holds an MBA from the Indian Institute of Management Ahmedabad. He graduated from St. Stephens College, Delhi, with a Bachelor of Arts (Hons) in Economics.
© 2026 Wisefolio. Legal and disclaimers