Paragon Partners, India
Paragon Partners is a Mumbai-based, India-focused mid-market private equity firm founded in 2015, managing over $200 million AUM across SEBI-registered funds. It invests in growth-stage companies across financial services, consumer, manufacturing, healthcare, infrastructure, and logistics sectors.
- Company typePrivate
- Founded2015
- HeadquartersMumbai, India
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Paragon Partners, India does
Paragon Partners, India is a Mumbai-based, founder-led mid-market private equity firm founded in 2015 by Siddharth Parekh and Sumeet Nindrajog. Operating through its SEBI-registered fund manager entity Paragon Advisor Partners LLP, the firm manages a portfolio of over US $200 million in assets under management across three registered Alternative Investment Funds: Paragon Partners Growth Fund (Fund I, closed at ~$120 million in November 2017), Paragon Partners Growth Fund II (Category II AIF), and Paragon Partners Equity Trust (Category III AIF). In April 2025, Paragon received SEBI approval to launch a third fund (Paragon Partners Trust) targeting a ₹1,500 crore corpus focused on 10-12 investments in financial services, healthcare, and manufacturing.
The firm invests in growth-stage mid-market Indian companies across five core sectors: Financial Services (InCred Finance, InCred Capital, SMEcorner, Niva Bupa, Saarathi Finance), Consumer Goods (Chai Point, mCaffeine, eShakti, Tendercuts, Cravatex), Manufacturing (Maini Precision Products), Infrastructure Services (Capacit'e Infraprojects), and Logistics (GoBOLT, Everest Fleet). Notable portfolio outcomes include Capacit'e Infraprojects achieving a successful IPO in FY18 with 186x oversubscription and 26% CAGR growth during FY16-FY24, InCred Finance's loan book growing from zero to over ₹17,000 million in 24 months, and Maini Precision Products' order book increasing 26% with new marquee customers including Cummins, Delphi, and Pratt & Whitney. The firm co-invests with established names including Eight Roads, Temasek, Aavishkaar, Saama Capital, and DSG Consumer Partners.
The business model follows a standard alternative asset manager structure: recurring management fees charged on AUM (typically 1.5-2% of committed/invested capital) plus transaction-based carried interest on successful portfolio exits. Paragon raises capital from a diversified LP base of domestic and global financial institutions, corporates, insurance companies, high-net-worth individuals, and family offices. The firm employs 11-50 professionals and is differentiated by its deep India network, an advisory board featuring Deepak Parekh (ex-HDFC Chairman), Harsh Mariwala (Marico Chairman), and Sunil Mehta (SPM Capital), and a hands-on value creation approach spanning strategy, operations, hiring, and business development support.
Paragon Partners, India firmographics
Firmographics- Name
- Paragon Partners, India
- Legal name
- Paragon Advisor Partners LLP
- Website
- http://paragonpartners.in/
- Company type
- Private
- Founded year
- 2015
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Paragon Partners is a Mumbai-based, India-focused mid-market private equity firm founded in 2015, managing over $200 million AUM across SEBI-registered funds. It invests in growth-stage companies across financial services, consumer, manufacturing, healthcare, infrastructure, and logistics sectors.
- Ownership category
- akta.pro rank
Paragon Partners, India industry classification
Industry- Product category
- Private Equity Fund Management
- NAICS
- Portfolio Management and Investment Advice (523940)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Transportation, Logistics & Mobility Growth Equity (FSANACAK)
Keywords
Where Paragon Partners, India is headquartered
LocationHeadquarters
- HQ city
- Mumbai
- HQ country
- India
- HQ region
- Asia
Offices1 record
Markets served
Paragon Partners, India business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Infrastructure, Others
Revenue model
- Fund Management Fees: Management fees charged on assets under management across its alternative investment funds.
- Carried Interest: Performance-based carried interest from successful portfolio company exits, which is the primary value driver in private equity.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels4 records
Paragon Partners, India product offering
Product offeringCore offering
Paragon Partners is an India-focused mid-market private equity firm that raises and manages SEBI-registered Alternative Investment Funds deploying growth capital into mid-market Indian companies. The firm invests across financial services, consumer goods and services, manufacturing, infrastructure services, healthcare, and logistics, providing capital, strategic guidance, operational improvements, and network access to portfolio companies. Revenue is generated through management fees on assets under management and carried interest from successful exits.
Product overview
Paragon Partners is a leading Indian mid-market Private Equity firm founded in 2015, managing over US $200 million AUM. The firm operates through four registered Alternative Investment Funds with SEBI: Paragon Partners Growth Fund (Fund I), Paragon Partners Growth Fund II (Fund II), Paragon Partners Equity Trust (Category III), and Paragon Partners Trust (Fund III). The investment strategy focuses on mid-market companies across five core sectors: Financial Services, Consumer Goods and Services, Manufacturing, Infrastructure Services, and Healthcare. The firm's value creation framework includes strategic planning, financial discipline, operational excellence, and organizational development support to portfolio companies.
Differentiator
Problem solved
Functional benefit
Products and services
- Paragon Partners Growth Fund (Fund I) Category II Alternative Investment Fund registered with SEBI (Registration No. IN/AIF2/15-16/0167). Fund I focused on investments in mid-market companies across infrastructure services, manufacturing, financial services, and consumer sectors. Available to limited partners including institutional investors, corporates, insurance companies, HNIs, and family offices.
- Paragon Partners Growth Fund II (Fund II) Category II Alternative Investment Fund registered with SEBI (Registration No. IN/AIF2/18-19/0622). Fund II made investments in financial services, logistics, and consumer sectors, building on the Fund I strategy with portfolio companies including GoBOLT, Tendercuts, mCaffeine, Everest Fleet, Niva Bupa, and Saarathi Finance.
- Paragon Partners Equity Trust Category III Alternative Investment Fund registered with SEBI (Registration No. IN/AIF3/21-22/1016), enabling the firm to take both long and short positions in equity and equity-linked securities. Fund Manager is Paragon Advisor Partners LLP.
- Paragon Partners Trust (Fund III) Category II Alternative Investment Fund registered with SEBI (Registration No. IN/AIF2/25-26/2043). The firm is preparing to launch its third private equity fund with a target corpus of ₹1,500 crore, focusing on 10-12 investments mainly in financial services, healthcare, and manufacturing.
Quantifiable outcome
- Capacit'e Infraprojects grew at 26% CAGR during FY16-FY24 with successful IPO
- +3 more outcomes
Companies that use Paragon Partners, India
Customer profileNamed customers11 records
Segments8 records
Ideal customer profiles2 records
Paragon Partners, India technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Paragon Partners, India partnerships and signals
Strategic signalScale indicators8 records
Recent moves7 records
Expansion highlights6 records
Paragon Partners, India competitors and assessment
Company assessmentDirect peers
- ChrysCapital: One of India's largest homegrown PE firms, investing in mid-to-large market companies across consumer, financial services, healthcare, and industrials — directly comparable in strategy and sector coverage to Paragon Partners.
- Kedaara Capital: India-focused mid-market growth equity firm with a sector-specialized approach across consumer, financial services, healthcare, and industrials; similar size and operating model to Paragon Partners.
- Multiples Alternate Asset Management: Indian mid-market PE firm investing across financial services, consumer, and healthcare with similar cheque sizes and growth-oriented approach as Paragon Partners.
- Ascent Capital: India-focused growth and structured capital investor active in healthcare, consumer, and financial services; comparable mid-market orientation to Paragon Partners.
- Saama Capital: India-focused growth investor active in consumer and tech-enabled services; has co-invested with Paragon in Chai Point and operates with a similar mid-market growth thesis.
- WestBridge Capital: Indian growth-stage investor with portfolio overlap in consumer and tech-enabled businesses; comparable cheque size and growth-stage focus to Paragon Partners.
Broad incumbents
- ICICI Venture: One of India's oldest PE managers with broad sector coverage across growth, venture, and mezzanine; significantly larger AUM and broader mandate than Paragon but operating in the same ecosystem.
- Carlyle India: Global PE major with deep India mid-market presence across financial services, healthcare, consumer, and industrials; competes for the same deals at the upper end of Paragon's cheque range.
- Premji Invest: Large Indian family-office PE/VC arm with broad sector exposure including financial services and industrials; larger and more diversified than Paragon but competes in the same Indian mid-market.
Emerging players
- Lighthouse Funds: India-focused PE firm with strong consumer franchise thesis; similar mid-market orientation but with a more concentrated consumer-sector mandate than Paragon's diversified approach.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks7 records
Key highlights7 records
Customer concentration
Paragon Partners, India social profiles
Digital presenceParagon Partners, India compliance and trust
Trust signalCompliance7 records
Paragon Partners, India financial estimates
Financial estimateRevenue estimate
Valuation estimate
Paragon Partners, India leadership team
Management profileNumber of profiles
Profiles12 records
Paragon Partners, India funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Paragon Partners, India M&A and investment
M&A and investmentM&A
Investments17 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Paragon Partners, India
What does Paragon Partners, India do?
Paragon Partners is an India-focused mid-market private equity firm that raises and manages SEBI-registered Alternative Investment Funds deploying growth capital into mid-market Indian companies. The firm invests across financial services, consumer goods and services, manufacturing, infrastructure services, healthcare, and logistics, providing capital, strategic guidance, operational improvements, and network access to portfolio companies. Revenue is generated through management fees on assets under management and carried interest from successful exits.
Is Paragon Partners, India a public or private company?
Paragon Partners, India is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Paragon Partners, India founded?
Paragon Partners, India was founded in 2015. It employs 11 to 50 people.
Where is Paragon Partners, India based?
Paragon Partners, India is headquartered in Mumbai, India, in the Asia region.
How does Paragon Partners, India make money?
Two revenue lines are on record. Fund Management Fees are the primary driver. The others are carried Interest.
Who are Paragon Partners, India's main competitors?
Direct peers on record are ChrysCapital, Kedaara Capital, Multiples Alternate Asset Management, Ascent Capital, Saama Capital and WestBridge Capital. Broad incumbents are ICICI Venture, Carlyle India and Premji Invest. Lighthouse Funds is listed as an emerging player.
Does Paragon Partners, India have an API?
No public API is recorded for Paragon Partners, India.
What industry is Paragon Partners, India in?
Paragon Partners, India's product category is Private Equity Fund Management. Its primary akta.pro industry code is FSANACAK, Transportation, Logistics & Mobility Growth Equity. Its NAICS code is 523940 and its SIC code is 6282.