Private equity, private credit and real-estate funds that don't employ leverage except for operating needs. The largest AIF category.
Lok Capital Growth Fund (IN/AIF2/16-17/0231) is a SEBI-registered Category II AIF and the third vintage fund of Lok Capital, one of India's pioneering impact investment firms, managed by Lok Advisory Services Private Limited. Founded in 2004 by Vishal Mehta and Venky Natarajan, Lok Capital has spent two decades backing innovative, technology-enabled enterprises addressing pressing social and environmental challenges at scale across financial inclusion, healthcare, food & agriculture, and climate & sustainability. Lok Capital Growth Fund (vintage 2016) was the firm's third fund and raised USD 88 million, with CDC Group (now British International Investment) as anchor investor committing USD 15 million. The fund is fully deployed and sits alongside a track record of three completed fund cycles achieving over 25% IRR with 85%+ profitable exits via IPOs, secondaries, M&As, and buybacks. Notable investments from the Growth Fund era include Utkarsh SFB, Equitas, Suryoday SFB, Satin Credit Care, Mintifi, OSAM Dairy, and Akshayakalpa. Lok Capital's team is spread across Mumbai, Chennai, and Gurgaon. Lok Advisory Services Private Limited is registered at 418, Time Tower, MG Road, Sector 28, Gurugram 122002. AUM across active funds exceeds USD 500 million. Lok Capital is a founding member of the Impact Investors Council (IIC), an SFDR Article 9 compliant manager, and a 2X Qualified Fund manager.
Vishal Mehta
Co-Founder & Partner
Vishal is a Co-founder at Lok Capital and has been instrumental in building Lok as a premier private equity fund since 2004. He has also played a key role in fostering the Impact Investing space in India, including as founding executive director of the Impact Investing Council (IIC) and Advisory Board member of the Asian Venture Philanthropy Network (AVPN) in India. Prior to Lok, Vishal worked for a decade in the financial services and telecom sector in Asia, Europe and the US for companies like Capital One and Siemens. He holds an Engineering degree from Delhi University and an MBA from the University of Michigan, Ann Arbor. Vishal's portfolio includes Utkarsh SFB, Janalakshmi Financial Services, Satin Credit Care, Mintifi, OSAM Dairy and Akshayakalpa.
Venky Natarajan
Co-founder & Partner
Venky is Co-founder and Managing Partner at Lok. For the last two decades, Venky has been involved with sectors including BFSI, healthcare, education and agriculture in India as an investor and as a member on boards of directors. He firmly believes in leveraging technology to drive inclusivity. Prior to Lok, Venky was based in the US, where he specialized in venture investments in the technology sector for Intel Capital. Venky's earlier professional journey encompasses 12 years with Intel Corporation, where he contributed to semiconductor manufacturing and marketing. Venky holds an MBA from Cornell University and a Master's in Electrical Engineering from Arizona State University. Venky's portfolio includes Ujjivan SFB, Equitas, Suryoday SFB, Veritas Finance, RenewBuy and Aurowell Health Systems.
Donald Peck
Co-founder and Advisor
As a mentor, Donald co-founded Lok Capital in 2006. The three titles that best describe Donald's 30-year experience in emerging markets are as a business advisor, an investor and an emerging markets economist. This includes the 12 years he spent in building venture capital businesses in India. Donald also advises a number of UK charities on projects in environment, health and education in developing countries, particularly Asia. Until 2008, Donald looked after a South Asian venture capital portfolio of over $1 bn for the UK Government-owned Commonwealth Development Corporation (CDC). He was also a founding partner of Actis and director of CDC. Before joining CDC, from 1978-88, Donald advised companies investing in Latin America, followed by a stint where he himself invested in the emerging markets of South America and Eastern Europe at the World Bank Group in Washington.
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Priyamvada Ramkumar
Partner
Priyamvada has played a key role in shaping Lok's financial inclusion strategy over the last decade. She led and managed investments in Lok's second and third funds, across financial services and healthcare. She serves on the board of Veritas Finance and Mintifi Finance, and has participated as a board observer in several other investments. She is also a member of the investment committee of Lok's fourth fund. Prior to Lok, she worked with Veda Corporate Advisors, a boutique investment bank, advising mid-market companies on their fund raising and M&A strategies. She also had a brief stint in corporate banking where she built and managed an SME lending portfolio at ABN Amro Bank. Priyamvada has a Post Graduate Degree in Business Management from XLRI - Xavier School of Management, Jamshedpur. She also holds a Bachelor of Commerce degree from Stella Maris College, where she was a gold medallist.
Rajat Bansal
Managing Director
Rajat originally joined Lok Capital in 2014 and spent 3 years as part of the investment team based in Delhi. He rejoined Lok in Jan 2022 and leads investments in the growth stage BFSI and fin-tech sectors for the fund, while also leading fund raising from select investors. He represents Lok Capital IV on the board of its financial services portfolio companies and works closely with the respective management teams in building the business. Prior to his current stint at Lok, Rajat was an Investment Director with Sabre Partners, leading investments in growth stage financial services and healthcare. He has also been a part of the treasury & fund raising team at IFMR Holdings and corporate finance/ strategic advisory at CEPA Ltd. Rajat holds an MBA from the Indian Institute of Management Calcutta (2010) and Bachelors in Engineering from Delhi College of Engineering (2008). Rajat's portfolio includes GrowXCD Finance, Seeds Fincap, MoneyView, Suryoday SFB and Utkarsh SFB.
Piyush Verma
Managing Director
Piyush joined Lok Capital in February 2026 as Managing Director. He is responsible for leading growth-stage investments across climate and sustainability domain, driving portfolio value creation, and strengthening institutional investor relationships for the firm. He partners closely with founders and leadership teams to scale businesses through strategic capital allocation, governance enhancement, and inorganic growth initiatives. Prior to Lok, Piyush was Investment Director at Phi Capital, where he led portfolio strategy and institutional investor engagement. He earlier served as Chief Investment Officer at Theia Ventures. Piyush also spent nine years at Lighthouse Funds, leading both public and private market investments. His experience spans PIPE transactions, IPO execution, control and minority growth investments across sectors. He also founded and successfully exited e-commerce ventures. Piyush holds an MBA in Finance from IBS Mumbai and a Bachelor of Science from Pune University.
Mousum Pal Choudhury
Director
Mousum looks after investments from Lok IV and is also involved in managing part of the portfolio from Lok III. Mousum brings extensive experience in managing private equity investments including sourcing, executing deals, managing portfolio and securing portfolio exits. He takes keen interest in analysing business models and likes to work closely with portfolio companies. Mousum has more than 20 years of experience across multiple firms in private equity and in investment banking. Before joining Lok, Mousum was managing legacy portfolio of PE investments at Siguler Guff & Co., where he successfully generated 5 exits. He also advised The Lightsmith Group, a global climate adaptation focused fund, and led the execution of Lightsmith's first investment in India. Prior to Siguler Guff, Mousum worked at Avigo Capital, where he made PE investments in healthcare, media and industrial sectors. Early in his career, he had also worked with the investment banking arm of EY India. Mousum has completed an MBA in Finance from the Indian School of Business, Hyderabad, and holds a B.Tech in Mechanical Engineering from the Indian Institute of Technology, Kharagpur.
Chhavi Uboweja
Vice President
Chhavi primarily focuses on financial services, and climate & sustainability investments at Lok. Prior to her role at Lok, Chhavi held a position at the founder's office within a financial services entity, and was involved in strategy and operations spanning across SME, HFC and education loans. She also worked in the investment banking team of KPMG India for three years, including financial due diligence for M&A and private equity transactions across various sectors. Chhavi holds a Bachelor of Business Studies degree from Shaheed Sukhdev College of Business Studies, University of Delhi. Chhavi's portfolio includes Seeds Fincap, SuperBottoms, MoneyView and Suryoday SFB.
Pranay Sultania
Vice President
Chartered Accountant, B.Com.
Pranay is a part of the investment team at Lok and in addition to fund deployment from Lok IV, he is part of the portfolio management team for Lok III. In addition to Lok's other focus sectors, Pranay is primarily involved in financial services, sustainable agriculture and climate tech. He also manages the data-room, collaterals and due diligence for fundraising. Additionally, he manages the fund reporting and valuation assessments for Lok III. Prior to Lok, Pranay was part of the deals advisory teams at PwC and Grant Thornton, where he worked extensively on due diligence engagements for M&A and PE transactions. Pranay is a Chartered Accountant and holds a B.Com. from the University of Madras. Pranay's portfolio includes GrowXCD Finance, OSAM Dairy and Veritas Finance.
Manoj Agrawal
Managing Director & CFO
Chartered Accountant, Company Secretary
Manoj has over 25 years of experience as a finance and operations professional. Manoj leads fund operations, regulatory compliance and admin functions for all of Lok's funds and entities. Manoj also anchors matters relating to tax compliance and due diligence while fundraising, investing and exiting. Prior to joining Lok, Manoj spent over ten years with Orbis Financial Corp. Ltd., two years with Deutsche Bank Group and four years with Indiabulls. Manoj's core focus across his earlier organisations include fund administration, back office operations, legal & compliance and finance. Apart from various certification courses from IIM-A, NiSM and IBF Singapore, Manoj holds a Chartered Accountant & Company Secretary degree.
TT Venkatraghavan
Associate Director
MBA
TT leads investments in Financial Services at Lok, bringing a deep passion for the sector. Before Lok, he was a Management Consultant at Bain & Company in New York. Having worked across investing and operating roles in Financial Services, TT enjoys collaborating with founders on their journey from zero to one. As a founding team member at Asha Ventures, an early-stage impact fund, he led investments in Financial Services, Education, and Urban Infrastructure. He has also taken on hands-on operating roles at Sundaram Finance and Vastu Housing, working across Strategy, Operations, and Treasury. TT holds an MBA from NYU Stern, a Master's in Liberal Arts from Ashoka University, and a Bachelor of Commerce from the University of Madras.
Nikita Bansal
Vice President, Corporate Finance
Chartered Accountant
Nikita is a Chartered Accountant with around 10 years of experience in Finance & Operations. She is a part of the fund administration team and has worked extensively on every phase of the fund lifecycle, including fund structuring & setup, fund administration, legal & tax compliances and investor reporting. Nikita also plays a vital role in the firm's investment & exit backend related processes & documentation. Before joining Lok, Nikita worked for three years at S S Kothari Mehta & Co., Chartered Accountants, where she gained experience in assurance services, internal control audit and risk assessment, and direct & indirect taxes.
Abhay Gupta
Sr. Manager, Corporate Finance
Member, ICAI
Abhay is involved in compliance, legal, finance and accounts functions at Lok. He comes with 8+ years of work experience. Prior to Lok, he spent 3.5 years with BDO LLP, a Chartered Accountancy Firm, where he worked across service lines including statutory audit and advisory services, risk-based audit assessment, internal financial control assessment and business consultancy. Abhay is a member of the Institute of Chartered Accountants of India and holds a Bachelor's degree in Commerce from the University of Rajasthan, Jaipur.
Anmol Saxena
Manager, Investor Relations & Sustainability
Masters in Development Studies
Anmol partners with our deal teams and portfolio companies to enhance their environmental, social and governance (ESG) outcomes moving beyond compliance. She also works on impact measurement and management for companies across sectors and drives the delivery of technical assistance programs to our portfolio companies. She is a proponent of the role businesses can play in advancing inclusive and sustainable socio-economic development. She earlier worked in the corporate sustainability team at JSW Group where she led the ESG-first investor relations and materiality assessments, and was a part of the sustainable financing team. Later at JSW Foundation, she led the monitoring, evaluation & learning (MEL) for social development projects. Anmol has completed her Masters in Development Studies from the Institute of Development Studies based in the UK.
Achin Singh
Analyst
B.Com.
Achin primarily focuses on BFSI and SaaS investments. Additionally, he closely tracks the regulatory landscape across sectors within Lok. Achin's career started at Yubi, where he used to manage key relationships. He carried the responsibilities of revenue, product development, system integration and enhancement of the overall co-lending landscape. Post working in the debt ecosystem, he has joined Lok to understand the equity side of things to gain a more holistic view. Achin holds a Bachelor of Commerce degree from H.R. College of Commerce and Economics, University of Mumbai. Achin's portfolio includes Saarathi Finance.
Mitanjali Singla
Associate
Sayyam Jain
Associate
Chartered Accountant
Sayyam is an Associate at Lok, working on growth-stage investments across the firm's focus sectors. Before joining Lok, he was with TVS Capital Funds, working on growth-stage investments across the financial services sector. Prior to that, he was part of the Business Consulting team at KPMG India. He also founded a venture in the insurance space. Sayyam is a Chartered Accountant by qualification.
Vilasini Subramaniam
Operating Partner
Chartered Accountant
Vilasini is a Chartered Accountant and a Finance Professional with over two decades of experience spanning affordable housing finance companies, micro-finance institutions, banks, and fintech-enabled lending ecosystems. She carries experience in credit & risk management, balance sheet growth, product innovation, and strategic partnerships, with a sustained focus on serving low- and middle-income, financially underserved households. In her last stint she worked as the founding management committee member at a digitally driven affordable housing finance company - HomeFirst, and has a proven ability to build scalable housing finance businesses from early-stage to over USD 1 Bn. Prior experiences include Micro Housing Finance Corporation (currently operates as Svatantra MHFC), Janalakshmi Financial Services (now operates as Jana Small Finance Bank) and Citibank N.A. She is the Founder & Host of a podcast called the V-Women Project.
Bhavasthi Mehta
Compliance Officer
ACS, LLB, B.Com.
Bhavasthi Mehta is a corporate law and compliance professional having 7+ years of experience in governance, regulatory filings, and statutory documentation. She is involved in compliance and governance functions at Lok Capital's GIFT City branch. Prior to joining Lok, she gained experience with Arnya Realestates Fund Advisors Private Limited, where she oversaw SEBI, IFSCA, and SEZ compliances for AIF and PMS structures. She has also served as Company Secretary at Pratham EPC Projects Limited. Bhavasthi holds professional qualifications as an Associate Company Secretary (ACS) along with a Bachelor of Law and Bachelor of Commerce.
Meghana Sathish
Fellow
BBA, CFA Level 3 cleared
Meghana is a fellow at Lok Capital, where she is developing her understanding of private equity investing. Prior to joining Lok, she spent a year in a sell-side advisory role in Hyderabad, where she gained exposure to financial analysis, deal structuring, and working with clients across industries. She holds a BBA in Finance from Christ University and has completed her Chartered Financial Analyst Level 3 exam in 2026.
Mehak Kedia
Analyst
B.Com. (Hons.), CFA Level II cleared
Mehak is an Analyst at Lok, working on growth-investments across the firm's focus sectors. Prior to this, she spent close to two years at Digantara, a space-defense tech startup, on the strategy & investments team where she supported capital raise, managed investor relations, and focused on international expansion. She also worked in the Founder's Office at Progcap, an MSME supply chain fintech, across strategic finance and corporate development. Mehak holds a B.Com Hons. from Shri Ram College of Commerce and is also pursuing the CFA charter, having cleared Level II in 2026.
Mridul Basiya
Assistant Manager, Corporate Finance
Chartered Accountant, B.Com. (Hons.)
Mridul Basiya is a Chartered Accountant with over four years of experience spanning accounting, auditing, taxation, and regulatory compliance. At Lok Capital, he handles finance, compliance, and backend operations. Prior to Lok Capital, Mridul worked with the Microfinance Industry Network (MFIN) and reputable CA firms. He holds a B.Com (Hons.) degree from the University of Delhi.
Riddhi Rungta
Associate
MBA
Riddhi is part of the investment team at Lok Capital, focusing on growth stage investments across sectors. Prior to joining Lok, Riddhi worked as an investment banker with DAM Capital for over 4 years covering Equity Capital Markets and Private Transactions for late-stage companies. Riddhi also worked with CRISIL as a part of their debt securities valuation team. Riddhi graduated with a Bachelors in Accountancy and Finance from SIES College of Commerce and Economics, Mumbai and holds an MBA degree from N.L. Dalmia Institute of Management Studies and Research, Mumbai.
Meenakshi Agarwal
AdvisorAdmin Manager
PGDM, B.Com. (Hons)
Meenakshi joined Lok in 2025 and brings over a decade of cross-industry experience across venture capital, real estate, coworking, education, and banking. She supports the team with administration, travel, infra management, and stakeholder coordination. Known for her organizational skills and process-driven approach, Meenakshi efficiently manages team travel, admin work, vendor relationships, and internal operations. Prior to Lok, she held key administrative roles at Sauce.vc, InstaOffice, and ICICI Bank. Meenakshi holds a PGDM in HR & Marketing from Asia Pacific Institute of Management and a B.Com. (Hons) from Delhi University.
Vasu
AdvisorOffice Administrator
Vasu has been an integral part of the Lok Capital team, providing valuable support in various capacities. With a dedicated and hardworking approach, he ensures the smooth functioning of our office environment. From managing day-to-day tasks to maintaining the office's overall organization, Vasu plays a crucial role in creating a conducive work atmosphere. Having witnessed the organization's growth over the years, Vasu brings a wealth of experience and familiarity to the team.
Brooks Preston
AdvisorAdvisor
Brooks has been associated with Lok Capital since 2017 as an advisor. With over 30+ years of experience, Brooks is currently the Managing Director at Macquarie Group. He has also served as the Head of Investments for Development Finance Corporation, formerly OPIC, the development finance bank of the United States Government operating in 160 countries. Brooks guides Lok Capital in multiple areas including fund strategy and fund raise.
Emily Chen
AdvisorAdvisor
MBA
Emily has been associated with Lok since 2011 in various capacities. She initially worked as Lok Fellow and subsequently joined Lok as an investment team member. Currently she is an Investment Committee Member for Lok IV. Emily has a pronounced experience in healthcare industry and impact creation. She is the Chief Growth Officer at Quilted Health and has worked as the Chief Executive Officer at MediQuire. Prior to that, she was an impact investor at Lok Capital and an investment banker at Goldman Sachs. She received her MBA from Tuck School of Business and her BA in Economics from Dartmouth College.
Mathew Joseph
AdvisorAdvisor
Member, ICAI
Mathew has been associated with Lok Capital as an advisor. He is a financial services industry veteran, having served as the Chief Risk Officer, Member of Executive Management of HDFC Ltd. He was associated with HDFC since 1988. Prior to being appointed as Chief Risk Officer of HDFC he was responsible for the operations and business of the Corporation in the States of Tamil Nadu, Andhra Pradesh and Telangana. Mathew is a member of the Institute of Chartered Accountants of India. He advises Lok portfolio companies in the Financial Services space.
Santanu Paul
AdvisorAdvisor
Santanu has joined the advisory board for Lok Capital in 2023. He is a tech veteran, having launched and scaled multiple ventures across ed-tech, fintech and software services both in India and globally. He is the founding CEO and MD of TalentSprint, a global platform for deeptech education and high-end coding bootcamps, which was recently acquired by NSE. His earlier roles include SVP-Global Delivery at Virtusa Corporation (NASDAQ IPO in 2007), CTO at OpenPages and Co-Founder & CTO at Viveca Inc. Santanu also serves on the boards of several financial services institutions, including NPCI, NSDL Payments Bank and Vivriti Capital. Santanu advises multiple Lok portfolio companies on their technology initiatives.
Sundararajan GS
AdvisorAdvisor
Sundararajan has joined the advisory board for Lok Capital in 2023. He is a veteran in the financial services sector, having helped build large institutions across various sub-segments and business models. He served as CEO & MD of Fullerton India, Group Director at Shriram Group and MD of Citibank's SME & Asset Based Finance portfolio in prior roles over 30+ years. GS is also on the board of several large financial services companies including PayTM, Centrum and Hinduja. Sundararajan advises multiple Lok portfolio companies in the financial services and fintech space.
Vijay Advani
AdvisorAdvisor
Vijay has been a long-standing friend and well-wisher of Lok since our inception and currently is an Investment Committee member for Lok IV. Vijay, formerly the Executive Chairman of Nuveen, played a pivotal role in shaping the firm's strategic direction and fostering its growth initiatives. With Nuveen managing over $1 trillion in assets, Vijay focused on expanding the firm's impact and ESG investing efforts, nurturing Nuveen Labs' development, and spearheading international expansion endeavours. Prior to his tenure at Nuveen, Vijay held the position of CEO at Franklin Templeton Investments, where his leadership spanned over two decades. His extensive experience also includes advisory roles at the World Bank, where he provided counsel on financial market development and structured financing solutions for governments.
Vinay Baijal
AdvisorAdvisor
Vinay is a seasoned financial sector expert with over four decades of experience in banking regulation, policy, and governance. He spent 35 years with the Reserve Bank of India, culminating as Chief General Manager in the Department of Banking Operations and Development, where he oversaw the regulatory framework for foreign banks, international banking operations, and anti-money laundering initiatives. He played a pivotal role in drafting and implementing FEMA, contributed to India's successful FATF membership process, and represented India in several global financial forums, including the World Bank and IMF. Since retiring from the RBI, Vinay has served as a Senior Advisor to BSR & Company (a KPMG network firm) on financial sector and regulatory matters. He holds multiple board and advisory positions, including with Aye Finance, Indifi Technologies, Infinity Fincorp, and previously with Fincare Small Finance Bank and the Cred Group.