Private equity, private credit and real-estate funds that don't employ leverage except for operating needs. The largest AIF category.
PixelSky Capital is a Category II AIF registered with SEBI in September 2024, positioned as India's premier pre-crossover secondaries fund. The fund was co-founded by IndigoEdge — a Bengaluru-based boutique investment bank with over 150 transactions totalling approximately USD 3 billion — and entrepreneur Hitesh Ahuja, formerly of private equity firm New Silk Route and founder of Yumlane (sold to Curefoods in 2023). PixelSky Capital targets a corpus of INR 400 crore, focusing on acquiring secondary stakes in late-stage technology and consumer companies that are within three to four years of going public. The fund made its first investments in beauty platform Purplle and logistics unicorn Porter (each at ~INR 40–45 crore), and achieved a first close of INR 150 crore in August 2025. The fund's limited partners include prominent domestic family offices and HNIs such as the Kothari Family of DSP Group, India Quotient's Anand Lunia, and Sony Entertainment Television co-founder Jayesh Parekh. PixelSky is led by Zerin Rahiman (IndigoEdge co-founder) and Hitesh Ahuja as Managing Partners. The fund is registered at Argon 302, Century Ethos, Bellary Road, Bangalore.
Zerin Rahiman
Managing Partner
Zerin has 20+ years of experience in investment banking and entrepreneurship. He co-founded IndigoEdge and has advised 100+ founders on their fundraise.
Hitesh Ahuja
Managing Partner
Hitesh has 20+ years of experience in private equity and entrepreneurship. Ex-VP at New Silk Route PE, he made 17 investments with an average ticket size of $60Mn. Founded and exited Yumlane foodtech, acquired by CureFoods in 2023.
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