What Xponentia Capital Partners does

Xponentia Capital Partners LLP is an India-focused mid-market private equity firm headquartered in Mumbai, founded in 2018 by Devinjit Singh and Perumal Srinivasan (along with Ajay Relan, in memoriam) — all former senior investment professionals at The Carlyle Group and Citigroup Venture Capital International (CVCI)/HSBC Private Equity with a combined track record of deploying over $1 billion in capital across the Indian market. The firm manages approximately $200 million of investor capital across two SEBI-registered Category-II Alternative Investment Funds (XOF I launched 2018 and XOF II launched 2021), and serves dynamic mid-market Indian entrepreneurs who face a paucity of capital and need to 'corporatize' their businesses through strengthened functional capabilities in finance, marketing, IT, and HR, along with improved corporate governance.

The firm's business model is a standard PE structure: management fees on committed/invested AUM (industry-typical ~2% on ~$200M) provide recurring baseline revenue, supplemented by carried interest on successful exits — demonstrated realizations include the Barbeque Nation IPO (2021), R for Rabbit secondary exit (2025), and Sedemac Mechatronics IPO (March 2026). Distribution is entirely direct, leveraging the founders' deep institutional relationships across the Indian PE ecosystem rather than external intermediaries. Recent deployments span consumer/D2C (Palmonas, DailyObjects, R for Rabbit, Souled Store, Traya), fintech (Zype), healthcare (Medsource Ozone Biomedicals, Asego), and industrials (Sedemac), demonstrating broad sector reach within the mid-market.

Xponentia's go-to-market is sales-led and relationship-driven, with the firm explicitly positioned as a 'value-added partner' rather than a passive capital provider. It differentiates through a proprietary Value Creation Strategy that pairs financial capital with hands-on support from retained Operating Advisors and Management Consultants who specialize in Strategy, Finance, Marketing, HR, and IT — effectively supplementing portfolio company boards and helping build second/third-line management. The team of ~15 professionals draws from marquee institutions including Carlyle, CVCI, HSBC, Oman-India JIF, Rabo Private Equity, Edelweiss, SAIF Partners, Motilal Oswal, Affirma Capital, and Elevation Capital. The firm is regulated by SEBI (License INP000007483) and does not offer technology products or platforms to external customers.

Name

Xponentia Capital Partners

Legal name

Xponentia Capital Partners LLP

Website

https://xponentia.in

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

11–50 employees

Short description

Xponentia Capital Partners is a SEBI-regulated Mumbai-based mid-market private equity firm managing ~$200M across two Category-II AIFs, providing growth capital plus operating-advisor-led value creation support to Indian mid-market companies across consumer, fintech, healthcare, and industrials.

Ownership category

akta.pro rank

Product category

Private Equity Investment Management

NAICS

Portfolio Management and Investment Advice (52394), Other Investment Pools and Funds (5259), Other Financial Investment Activities (5239)

SIC

Investment Advice (6282)

akta.pro primary industry

Multi-Sector / Generalist Growth Equity (FSANACAO)

akta.pro secondary industry

Business Services (B2B) Growth Equity (FSANACAD)

Keywords

• Private equity investing
• Growth capital
• Portfolio management services
• Mid-market investment
• Alternative investment funds

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Others, Marketing or Sales, Infrastructure

Revenue model

1. Fund Management: Generates revenue through management fees from Xponentia Opportunities Fund-1 and Xponentia Opportunities Fund-2, which manage approximately $200 million of investor capital.
2. Carried Interest / Performance Fees: Earns carried interest from successful exits and realizations from portfolio companies including Sedemac Mechatronics (IPO), Barbeque Nation (IPO), and SpotOn Logistics (exited).
3. Co-investment Portfolio Management Services: Xponentia Capital Partners LLP (SEBI License number INP000007483) provides co-investment portfolio management services exclusively to investors in Xponentia Opportunities Funds.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

Xponentia Capital Partners LLP is a mid-market private equity firm that invests in Indian companies through two SEBI-registered Category-II Alternative Investment Funds—Xponentia Opportunities Fund-1 (XOF I) and Xponentia Opportunities Fund-2 (XOF II)—collectively managing approximately $200 million of investor capital. The firm provides growth capital (both debt and equity) alongside a hands-on Value Creation Strategy that helps portfolio companies 'corporatize' by strengthening functional capabilities in finance, marketing, IT, HR, and corporate governance.

Product overview

Xponentia Capital Partners LLP is a mid-market private equity firm that manages approximately $200 million of investor capital across two funds (Xponentia Opportunities Fund-1 and Xponentia Opportunities Fund-2). The firm does not offer a single unified product; instead, it operates as a capital provider and value-added partner to portfolio companies. Its investment portfolio spans diverse sectors including logistics, education and business services, consumer (casual dining), financial services (fintech lending, education financing), healthcare (in-vitro diagnostics), electric vehicles, direct-to-consumer brands, health and wellness, industrials (auto electronics), travel assistance, and demi-fine jewellery. The firm provides investment management services and does not offer standalone technology products or modules to external customers.

Differentiator

Problem solved

Functional benefit

Products and services

• Xponentia Opportunities Fund-1 (XOF I) SEBI-registered Category-II Alternative Investment Fund (AIF) managed by Xponentia Capital Partners LLP that invests growth capital in dynamic Indian mid-market companies, combining equity and debt capital with operational support through Xponentia's Value Creation Strategy.
• Xponentia Opportunities Trust-II (XOF II) Second SEBI-registered Category-II Alternative Investment Fund (AIF) managed by Xponentia Capital Partners LLP, expanding the firm's mid-market private equity platform with the same capital-plus-capabilities investment thesis.
• Co-investment Portfolio Management Services SEBI-regulated co-investment portfolio management services provided by Xponentia Capital Partners LLP (License No. INP000007483) exclusively to investors in Xponentia Opportunities Funds.

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered minor.

• PwCminorOthers · 31 March 2026Acted as the exclusive financial advisor to Palmonas on its $40 million Series B fundraise.
• Ernst & YoungminorOthers · 18 January 2026Hired by Medsource Ozone Biomedicals (Xponentia portfolio company) to explore funding options for expansion, aiming to raise approximately Rs 300-400 crore.
• IndigoEdgeminorOthers · 19 August 2025Acted as exclusive financial advisor to R for Rabbit on its $27 million Series B funding round, facilitating Xponentia Capital's exit as an early investor.

Scale indicators3 records

Recent moves8 records

Expansion highlights4 records

Direct peers

• Samara Capital: India-focused mid-market private equity firm investing in consumer, financial services, and industrials. Comparable in size, sector breadth, and value-creation approach (operational support to portfolio companies).
• WestBridge Capital: Indian growth-stage investor that blends venture and growth equity across consumer and tech-enabled businesses, overlapping with Xponentia's D2C and consumer thesis (e.g., Souled Store, DailyObjects).
• A91 Partners: Indian mid-market growth equity firm that co-invested alongside Xponentia in Sedemac Mechatronics (both were selling shareholders in the 2026 IPO). Operates a similar sector-agnostic growth equity strategy targeting Indian mid-market companies.
• ChrysCapital: One of India's largest homegrown private equity firms, focused on control and growth investments in Indian mid-market companies across consumer, financial services, and healthcare — a directly comparable business model to Xponentia but at materially larger AUM scale.
• Kedaara Capital: Indian mid-market private equity firm with operating-partner value creation model very similar to Xponentia's. Backs entrepreneurs in growth-stage Indian businesses, frequently co-invests in the same deal universe (consumer, healthcare, financial services).
• Multiples Alternate Asset Management: Indian mid-market growth PE firm investing in financial services, consumer, and healthcare. Operates a comparably sized platform and pursues a similar entrepreneur-partnering thesis, making it one of the closest direct comparables.

Broad incumbents

• The Carlyle Group (India): Global private equity incumbent where Xponentia founder Devinjit Singh previously led the India team for over a decade. Operates a far larger, multi-strategy platform that competes for the same high-quality mid-market deals Xponentia targets.
• Bain Capital (India): Global PE incumbent with a large, established India franchise investing across consumer, financial services, healthcare, and industrials. Competes for the same growth-equity opportunities at much larger cheque sizes than Xponentia.
• Advent International (India): Global growth-equity incumbent with a meaningful India presence, particularly in financial services, healthcare, and consumer — directly competing for the same mid-market growth equity mandates.

Emerging players

• Trifecta Capital: India-focused growth capital platform combining debt and equity for growth-stage Indian businesses. Smaller and earlier-stage than Xponentia but competes in the same capital-plus-capability niche, often alongside PE peers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments21 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Xponentia Capital Partners