Disciplined strategies. Data-driven decisions. Consistent outcomes.
Modulus Alternatives Investment Managers Limited is an independent boutique private credit platform founded in 2018. As an early mover in the asset class, the firm focuses on bridging India's mid-market credit gap through disciplined, performing private credit strategies. Currently, Modulus Alternatives is focused on delivering structured private credit solutions to high-quality mid-market businesses across India.
Jignesh Desai
CEO - Institutional Equities; Whole-time Director
Jignesh Desai is Whole-time Director of Centrum Broking Limited with over 25 years of experience in institutional equities across sales and research. He has held senior roles at Emkay Global, SBI Cap Securities, Religare Capital Markets, Networth Stock Broking and Systematix Group. His experience includes managing relationships with mutual funds, insurance companies and FPIs, and leading QIPs, block deals and capital raising mandates. He holds a B.Com from Mumbai University and an MBA (Finance) from MET College, Mumbai.
Hemang Dagli
Whole-time Director
Hemang Dagli is a Whole-time Director with approximately 25 years of experience in portfolio management, research and trading. He has managed long-only and long-short strategies focused on large-cap and multi-cap equities. His prior associations include Monarch Group, Varanium Asset Management, Birla Sun Life Asset Management and JM Mutual Fund. His expertise spans equity research, fund management, quantitative model development and treasury management. He holds an MBA in Finance and Marketing from NIBM Global and a B.Com from Mumbai University, and is pursuing an Executive MBA from IIM Kozhikode.
Sandeep Agarwal
Chief Executive Officer & Chief Investment Officer
Sandeep Agarwal is CEO of Modulus Alternatives with 25 years of experience in India-focused investment banking and private credit at global institutions. He was previously CEO and Head of Fixed Income India at Credit Suisse AG Mumbai and UBS AG Mumbai, leading multi-billion-dollar businesses and executing complex structured credit, securitization, and institutional financing transactions. He has navigated the Global Financial Crisis, NBFC liquidity crunch, and COVID disruptions.
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.
Sandeep Nayak
Non-Executive Director
K. Sandeep Nayak is a Chartered Accountant and Cost and Works Accountant with over two decades of experience in capital markets, including equity broking, private client services, wealth management, portfolio management and distribution. He previously served as Head of Retail Broking and Wealth Management at HSBC Investdirect Ltd. He spent over 15 years within the Kotak Mahindra Group, including more than a decade at Kotak Securities where he played a key role in building the online and retail brokerage platform. He secured All India First Rank in both CA and ICWA examinations.
Subrata Kumar Mitra
Independent Director
Subrata Kumar Mitra is a financial services professional with extensive experience across banking, asset management and advisory businesses in India. He previously served as Head of Corporate and Investment Banking at American Express Bank in India and worked in the Merchant Banking Division of Standard Chartered Bank. At GIC Mutual Fund, he facilitated early foreign investor participation in the Indian mutual fund industry. From 1994 to 2007, he was Group Director – Financial Services at the Aditya Birla Group, where he established and expanded the financial services business. He has served on multiple boards as an Independent Director and Advisor. He holds an M.Sc from the University of Calcutta and an MBA from the USA.
Rakshat Kapoor
Former Head – Private Credit & CIO (departed to Motilal Oswal Alternates, late 2025)
Rakshat Kapoor was the CIO and Fund Manager of Modulus Alternatives (then Centrum Alternatives) from inception in 2018, building the private credit platform from the ground up. He managed both CCOF and ICOF II and delivered 17.01% Gross IRR on Fund I. He departed in late 2025 to join Motilal Oswal Alternate Investment Advisors Private Limited as Head & CIO – Private Credit, where he is now leading India Credit Excellence Fund I (IN/AIF2/25-26/1997). This departure is a significant personnel transition for Modulus.
Shankar Vailaya
Independent Director
Shankar Vailaya is a Chartered Accountant with over 25 years of experience in the broking and financial services industry. He previously served on the board of S.S. Kantilal Ishwarlal Securities Limited, an associate company of Sharekhan Limited. He was appointed Whole-time Director at Sharekhan Limited from September 2001 to July 2021. He is a commerce graduate.
Rajendra Naik
Non-Executive Director
Rajendra Naik has over 30 years of experience across equity capital markets, corporate finance, debt structuring, placements and project finance. He was part of the founding team that established the Centrum Group in 1996 and has contributed to its growth as a diversified financial services platform. He currently heads the Investment Banking team at Centrum Capital Limited and serves on the boards of Centrum Housing Finance Limited and the Association of Investment Bankers of India. He holds a B.Com from Mumbai University and a Master of Management Studies from Sydenham Institute of Management Studies, Mumbai.
Rohit Jain
Vice President, Accounts & Finance
Rutu Dave
Compliance Officer; SEBI Contact Person
Rutu Dave is the Compliance Officer of Modulus Alternatives and the SEBI-designated contact person for India Credit Opportunities Fund II. She also appears as Compliance Officer for Ignis Capital Trust (IN/AIF2/22-23/1074) — reflecting the broader Centrum Group compliance infrastructure shared across Centrum Group AIF entities.
Vinod Rai
Fund managerBoardChairman of the Board, Modulus Alternatives Investment Managers Limited
Vinod Rai is the Chairman of the Board of Directors of Modulus Alternatives Investment Managers Limited. He is the former Comptroller and Auditor General (CAG) of India and former Secretary, Financial Services, Ministry of Finance. His presence provides unbiased oversight, diverse governance perspectives, and strengthens investor confidence.
Alok Agarwal
BoardShareholder and Director, Modulus Alternatives
Alok Agarwal is a Shareholder and Director of Modulus Alternatives Investment Managers Limited. He is the former Chief Financial Officer of Reliance Industries Limited. He commented on Fund I's success: 'The success of Fund I is owed to the seasoned investment team guided by an experienced investment committee.'
Jaspal Bindra
BoardExecutive Chairman, Centrum Group (representing sponsor)
Jaspal Bindra is the Executive Chairman of Centrum Group, the institutional sponsor behind Modulus Alternatives. He commented at Fund I exit: 'We are grateful to our investors who trusted us from the beginning. This success is a testament to the growing importance of private credit in India's economic growth.'
Raman Uberoi
BoardIndependent Director, Board of Modulus Alternatives
Raman Uberoi is an Independent Director on the Board of Modulus Alternatives Investment Managers Limited. He is a senior advisor for Government & Regulatory Relations at CRISIL Limited and a member of SEBI's Market Data Advisory Committee.
Chandir Gi
Advisor
K R Kamath
Advisor
Raghavendra Rao
Advisor
Rajiv Kumar Saxena
Advisor
Narayanan Sadanandan
Advisor
Sudipto Ghosh
AdvisorAditya Kotian
Advisor
Akshay Jeevnani
Advisor
Ankita Daiya
Advisor
Arnik Surana
Advisor
Harshad Gudur
Advisor
Kushagra Verma
AdvisorSreemoyee Rayna Sharma
AdvisorPranjal Arekar
AdvisorRajendra Upendra Mukudam
AdvisorParth Mahajan
AdvisorHarish Goel
AdvisorHiral Joshi
AdvisorVatsal Shah
AdvisorYogesh Paliwal
Advisor© 2026 Wisefolio. Legal and disclaimers