Phi Capital

Deepanshu Bhatia is part of the Investments & Research team. He joined Phi in 2022 and brings over 8 years of experience in Private Equity, Corporate Consulting, and Research. Before joining Phi, Deepanshu was with AnaCap, a London-based Private Equity firm, where he gained exposure across the investment lifecycle — including deal execution, portfolio management, and bolt-on acquisition analysis. Earlier, he spent 3 years at MCUBE, focusing on detailed underwriting and analysis of U.S. commercial mortgage loans. He is a Chartered Accountant and holds a Bachelor's degree in Commerce from University of Delhi.

Garima is part of the Investments & Research team. Garima contributes across the end-to-end private equity investment lifecycle — from market research, preliminary screening, due diligence, modeling and thesis development to deal execution and ongoing portfolio management. Prior to joining Phi, Garima was a Strategy Consultant at Accenture, where she led strategic and finance transformation initiatives for clients across India and the Middle East. Her experience spans project management, process design and digital transformation across sectors such as e-commerce, industrial goods, and retail. Garima is a Chartered Accountant and an 8th All India Rank holder at the Final CA level. She also holds a Bachelor's degree in Commerce from Mumbai University. Beyond work, she is passionate about performing arts and finds creative joy in exploring arts, crafts, music and literature.

Aryaman is an Analyst at Phi Capital. He holds a B.S. (with Honors) and an M.Eng. in Operations Research and Information Engineering from Cornell University, where he received a merit-based scholarship awarded to only four students across the College of Engineering. His academic background spans optimization, data analytics, and mathematical modelling; his master's research with Toyota Material Handling North America produced a machine learning solution for Toyota's Plan for Every Part initiative, deployed within the organization. He is interested in investing, business transformation, industrial operations, and technology-enabled value creation. Previously, Aryaman was an Investment Banking Intern at InCred Capital, working on financial analysis, transaction execution, market research, and company evaluation. He also founded SIFT, an AI-enabled compliance platform for manufacturing businesses, leading product strategy, customer discovery, and commercial development with industrial companies in the US and India. Earlier, he worked with Grant Thornton in strategy consulting, Nykaa in data analytics, and the Emerging Markets Institute in research.

A recent graduate of IIT Bombay, Harsh brings a first-principles approach to investment analysis. His work at Phi spans market research, deal evaluation, financial modeling, and portfolio monitoring. Before Phi, he built early experience across investment banking, venture capital, and consulting roles with internship stints at firms such as Investec, Kae Capital, and Frost & Sullivan on live transactions, valuation benchmarking, and sector research. He holds a Dual Degree (B.Tech. + M.Tech.) in Mechanical Engineering and has cleared CFA Level 1. Outside of work, he enjoys table tennis, playing the guitar, and travelling.

Varun, as part of the investment research team, is involved with identifying high growth investment opportunities, conducting sector research and performing financial analysis. He is also involved in management of current portfolio companies. Prior to joining Phi, Varun worked in the semiconductor industry with Intel Corporation in the United States. He also worked with the U.S. Department of Energy in New York within the Lithium Ion Battery Modeling space. Varun completed his Bachelors in Chemical Engineering from Institute of Chemical Technology (UDCT), Mumbai and Masters from Columbia University in New York City. At Columbia, he graduated with a Student Marshal Award for outstanding academic and extracurricular achievements. He is currently also a CFA Level 2 Candidate. Outside of work, Varun likes lifting weights and playing fingerstyle guitar.

Inderjeet Thareja is the Director–Human Resources at Phi Capital, bringing over two decades of experience in building people, culture, and capability. Her expertise spans Talent Management, Transformation Coaching, HR Consulting, Leadership Development, and Employee Engagement. Inderjeet is passionate about helping individuals and organizations unlock their potential. Her coaching philosophy blends business insight with inside-out leadership principles, encouraging reflection, feedback, and purposeful action. She partners closely with her clients to create measurable impact — combining empathy with accountability and a strong focus on results. Believing that growth begins with self-awareness and collaboration, Inderjeet works to bridge the gap between potential and purpose — one meaningful conversation at a time. At Phi Capital, she continues to drive this belief forward, shaping a culture that values learning, partnership, and human growth.

Chairman of the US $20.7 billion Mahindra Group. Mr. Anand Mahindra is the Chairman of the Mahindra Group, Mahindra & Mahindra Limited and Tech Mahindra Limited. His tenure has seen the Group expand domestically and internationally into a range of major industrial sectors, from automobiles and agriculture to IT and aerospace. The Group has also grown inorganically through acquisitions such as Swaraj Tractors, Reva Electric Car Company, Satyam Computer Services, Peugeot Motorcycles, Holiday Club Resorts, and Pininfarina S.p.A. He has served on several influential bodies, including the Reserve Bank of India Board, UN Global Compact Board, Global Board of Advisors of the Council on Foreign Relations, and the World Bank Group's Advisory Board for Doing Business. Mr Mahindra has been conferred with the Padma Bhushan Award (2020), India's third-highest civilian honour, for his contribution to the nation in the field of 'Trade and Industry'. He has been named in Barron's List of Top 30 CEOs worldwide (2016) and Fortune Magazine's list of the World's 50 Greatest Leaders (2014). He was appointed 'Knight in the National Order of the Legion of Honour' by the President of the French Republic (2016) and conferred the 'Grand Officer of the Order of the Star of Italy' by the President of Italy (2013). An incisive business commentator and humanitarian with over 11 million followers on X (Formerly Twitter), Mr Mahindra also initiated the Nanhi Kali programme, which, for the last two decades, has provided over half a million underprivileged girls access to high-quality education. Mr Mahindra is the Chairman of the Board of Naandi Foundation, India's leading NGO focused on educating girls, skilling youth and providing sustainable livelihoods to small farmers through biodynamic agriculture. Mr Mahindra also serves on the Founders Board of The Rise Fund, a $2 billion impact fund.

M Lakshminarayan is part of the Investment Committee of PCGF-1 and PCGF-1.6. Mr. Lakshminarayan brings with him over 40 years of experience in manufacturing, operations, quality and management. He is the Chairman of TVS Automotive Solutions and Kirloskar Management Services and member of several other Publicly listed and Private companies. He has several years of experience in distinguished companies such as Tata Motors, Bosch and Harman International. He has also headed a product group in Germany for over two years during his tenure in Bosch. He was the Chairman of Harman International India Pvt. Ltd. He has served as Chairman of Southern Region at Confederation of Indian Industry and has been an Executive Council Member of the Indian machine Tool Manufacturer's Association apart from being President of The Bangalore Chamber of Industries and Commerce. Mr. M Lakshminarayan holds a Master's Degree in Technology from the Indian Institute of Technology, Bombay. He has been conferred a Honorary Doctorate by the Visvesvaraya University.

Utpal Sheth is part of Investment Committee of PCGF-1.6. Mr Sheth is the Founder and Mentor of TRUST Group. TRUST Group is an institutionalized multi-line and multi-asset financial services platform with leadership in the debt capital markets and a differentiated advisory, asset and wealth management platform. He was the Senior Partner and CEO at RARE Enterprises, a multi-billion dollar proprietary asset management firm based in India. He is the Co-chair of the Capital Markets committee of FICCI and a visiting speaker at various education institutions. Mr. Sheth focuses on long-term investing in public and private markets, portfolio construction and risk management. He regularly engages with investee companies to enhance shareholder value by emphasizing on sustainable value drivers. In a career of over 30 years in the capital markets across various reputed Indian financial firms, he has extensive experience in investment management, fundraising, M&A, buybacks and corporate advisory. He is a Chartered Financial Analyst from ICFAI, Hyderabad (a Gold Medalist at an all-India level) and a Cost and Works Accountant from The Institute of Cost and Works Accountants of India. He also holds a Bachelor's Degree in Commerce from Mumbai University – Sydenham College of Commerce & Economics.

Kunna Chinniah is part of the Investment Committee of PCGF-1 and Permanent Invitee of PCGF-1.6. Mr. Chinniah is the ex-Managing Director and Global Head of Portfolio, Strategy and Risk Group of GIC Special Investments (GIC) and has over 30 years of experience. He joined GIC in 1989 and held various leadership positions in North America, Europe and Asia. Mr. Chinniah brings with him an enormous amount of investment experience and private equity knowledge. Mr. Chinniah is a director of Sembcorp Industries and CapitaLand Ascendas REIT in Singapore. He is also a director of Greenko Energy Holdings and Nirlon Limited, whose principal operations are in India. He is a member of the Hindu Endowments Board. Mr. Chinniah is a Chartered Financial Analyst. He obtained his Bachelor's Degree in Electrical Engineering from the National University of Singapore and an MBA from the University of California, Berkeley.

Prem is an operating partner with Phi Capital and he advises portfolio companies on issues related to business strategy, structure and operations including people, leadership, processes, marketing and review of MIS and IT systems. Prem brings with him strong experience and capabilities in managing change and scaling up businesses across several industries. Prem has over 40 years of experience and has occupied senior management positions with Bharti Infratel, Bharti Airtel, Pepsi India, Saregama, Arvind Mills and TVS Interconnect Systems. Prem was President & CEO at TVS Interconnect system, TVS group company for nearly 5 years. Prior to that, Prem was CEO of Bharti Infratel for 3 years which had a revenue of Rs 2500 Cr in 2009-10 and 2500 employees. As CEO, South Hub, Bharti Airtel, he built the business from scratch to a turnover of Rs 2000 Cr within 6 years. Prem has a bachelor's in mechanical engineering from IIT Delhi and a PGDM from IIM Calcutta.

Ravi is an operating partner with Phi Capital and he advises portfolio companies on issues related to strategy, financial management including cost control, and review of audit and MIS systems and processes. apart from corporate governance. Ravi is widely respected as one of the leading CFOs in the country and he is well known for his long stint as the CFO of Hero Motocorp Limited. He was also instrumental in the setting up and growth of Hero Fincorp, the NBFC arm of the Hero Motocorp. He has more than 40 years of experience in the Automobile industry including tractors, commercial vehicles and two wheelers. He was awarded CFO of the year award seven times. Has held senior leadership positions in Finance, Treasury, Corporate Governance, Mergers & Acquisitions and JV Management. Ravi has more than 2 decades of relationship with Phi partners team and has been closely involved in Phi companies since 2017 and is based out of Delhi NCR.

C N Prasad is an operating partner with Phi Capital and he advises portfolio companies on Procurement, Production planning and other manufacturing areas. C N Prasad has over 52 years of work experience and has occupied senior management positions in Hindustan Aeronautics, Sundaram Clayton, WABCO-TVS India, Rane Engine Valve Limited. He has more than 15 years of acquaintance with Phi partners team and has been closely involved in Phi companies since 2022 and is based out of Chennai. C N Prasad has a bachelor's in Mechanical Engineering from Sri Venkateswara University, MBA in Technology Management from La Trobe University and M.Sc in Manufacturing Technology from Cranfield University.

K U Subbaiah is an operating partner with Phi Capital and has over 35 years of cross functional experience in manufacturing operations & general management of which 20 years have been with leading Indian and Global organisations. He was CEO of VST Tillers Tractors for nearly 4 years and previously CEO of Pricol for 3 years, 8 years as Managing Director of Tyco Electronics India Pvt Ltd' and Senior leadership positions at Tyco Electronics India and Mico Bosch Bangalore. He has more than 10 years of relationship with Phi partners team and has been closely involved in Phi companies since 2021 and is based out of Bangalore and Coorg. He advises portfolio companies on strategy and business operations.

Sudhakar Mallya is an operating partner with Phi Capital and he advises portfolio companies on strategy, investments, business & market development. He has extensive entrepreneurial experience spanning various sectors such as Information Technology, Hospitality, Travel & Tourism, Telecom and Media. Besides, he has business experience across several geographies-North America, Western Europe, South Asia and South East Asia. Sudhakar was a Principal at Nadathur Group (family office of Mr. N S Raghavan, coFounder of Infosys) for more than a decade. He has more than 10 years of relationship with Phi partners team and has been closely involved in Phi companies since 2016 and is based out of Bangalore.

Manish has over 31 years of experience working across capital markets and in the mining industry. Prior to joining Phi, he advised corporates on value creation opportunities within their businesses and on approaches to bridge the value-price gap in capital markets. His capital markets experience includes fund management, equity research and institutional sales at some of the largest investment houses. As a fund manager, Manish was part of a small team managing offshore India assets at HSBC GAM (largest equity AUM in India during that phase) for 3 years and was co-Head of Investments at IIFL Capital for three years. He was also the founding CEO of IIFL Asset Management Co – leading it during its licensing phase. Prior to asset management, he was involved with equity research at ABN Amro, Citigroup, CLSA & SSKI researching multiple sectors in India & APAC region. Manish also worked as a mining engineer with Tata Steel in India. Manish has been closely involved in Phi Companies since 2020 and is based out of Delhi and Singapore.

Dinakar A is an Operating Partner at Phi Capital, working closely with portfolio companies on strategy, operations, and value creation. He supports leadership teams in scaling businesses, strengthening operational performance, and driving sustainable results, while contributing to the identification and evaluation of high-potential mid-sized investment opportunities. A Mechanical Engineer from the University of Mysore, Dinakar brings nearly 35 years of leadership experience across the automotive, manufacturing, and industrial sectors. He has held Managing Director and senior leadership roles at leading global organisations, including DISA India, Kennametal India Ltd, and Saint-Gobain Sekurit India Ltd, with full P&L responsibility across sales, marketing, and operations. Post his corporate career, Dinakar has been an Executive Coach and business advisor, mentoring senior leaders and aspiring CXOs, contributing regularly on leadership and business themes.

Akash is an expert advisor with Phi Capital and he advises portfolio companies on brand strategy, promotions. In a career spanning 25 years he has led teams across agencies in Delhi and Mumbai including Ogilvy, Lowe Lintas and Weiden Kennedy. His last stint was as a founding member at Spring Marketing Capital. In his previous stints, he has created campaigns for brands such as Axis Bank, Fastrack, Google Pixel, Heineken, Hotstar and Jawa Motorcycles, while also creating identity for brands such as Himalayan Mineral Water, Incredible India and Spring Marketing Capital. He has more than 5 years of relationship with Phi partners team and has been closely involved in Phi companies since 2022 and is based out of Mumbai. Akash has a Bachelor's degree in Fine Arts.

Vaishali Sharma is the Legal Advisor at Phi Capital. Vaishali is the founding partner of Agram Legal Consultants. She is a corporate lawyer with particular emphasis on merger and acquisitions, takeovers, joint ventures, private equity, investment and exit strategies. Vaishali has been involved in a wide variety of matters and various high valued acquisitions (both domestic and cross border) and complex corporate restructurings. She has advised various multinationals and private equity players on entry strategies in various sectors, including defence, financial services, infrastructure, retail, healthcare and wellness, structuring of investments, regulatory compliances, exit options, contract negotiations, joint ventures, debt restructuring, corporate and commercial matters and anti-trust laws. Vaishali has also represented clients in international arbitrations and dispute resolution matters. Vaishali has been a speaker on various forums on evolution of M&A in India, protections for private equity in transactions and anti-trust law. Vaishali has been cited in The International Who's Who of M&A Lawyers and as a leading lawyer in Foreign Investment in India, The International Who's Who of Competition Lawyers and is regarded as 'quick in response and accessible' as well as 'knowledgeable and sharp' in the 2010 RSG Consulting India Report. Before founding Agram Legal Consultants in 2014, Vaishali was a partner with top tier firms like AZB & Partners and Khaitan & Co. She also did a secondment with Clifford Chance LLP, London.