What Dovetail does

Dovetail is an India-headquartered independent asset servicing firm founded in 2017 by three former Kotak Mahindra Bank executives — Dev Sampat, Mahesh Shekdar, and Vivek Singhania. It provides derivative clearing services (via Ohm Dovetail Private Limited), fund administration in GIFT City, advisory services for offshore investors, and a Third Party Fund Management (TPFM) platform in GIFT IFSC through its IFSCA-registered Fund Management Entity. The company serves foreign portfolio investors (FPIs), alternative investment funds (AIFs), algo/high-frequency trading funds, mutual funds, insurance funds, family offices, and global asset managers seeking access to Indian capital markets, operating across Mumbai, GIFT City, Singapore, and DIFC Dubai.

The company's technology stack includes the proprietary Dovetail Compliance Management System (DCMS) for multi-jurisdictional regulatory tracking, the E Protector real-time clearing portal for trade confirmation, and integrations with Advent Geneva for multi-asset portfolio valuation and World Check for AML/KYC across 190 countries. Operationally, Dovetail processes 15-16 lakh trades daily with average notional derivative volumes of USD 64-65 billion and manages over USD 2.2 billion in Assets Under Administration. The platform architecture is explicitly operational and rule-based; no proprietary AI/ML capabilities are disclosed.

Dovetail monetizes through transaction fees on derivative clearing, professional services fees for fund administration and advisory, and platform fees on its TPFM offering supporting funds up to USD 50 million each. Pricing is quote-based and tied to volumes and service complexity. The company holds four sector-critical regulatory licenses — SEBI clearing membership (INZ000178836), IFSCA FME registration (IFSCA FME/II/2023-24/031), DFSA Category 4 (CL9477), and a MAS-regulated Singapore presence — and is led by an advisory board chaired by former SEBI chairman M. Damodaran. In July 2026, Dovetail raised Rs 100 crore (USD ~10.5 million) in a Series A led by Elev8 Venture Partners and announced plans to apply for a custody license to complete its full-service platform.

Name

Dovetail

Legal name

Dovetail Capital Pvt. Ltd.

Website

https://dovetailindia.com

Company type

Private

Founded year

2017

Operating status

Operating

Short description

Dovetail is an India-based independent asset servicing firm offering derivative clearing, GIFT City fund administration, and advisory services to FPIs, AIFs, algo funds, mutual funds, and global asset managers across Mumbai, GIFT City, Singapore, and DIFC Dubai.

Ownership category

akta.pro rank

Product category

Asset Servicing / Securities Services

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Portfolio Management and Investment Advice (523940), Securities and Commodity Contracts Intermediation and Brokerage (5231)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Investment Advice (6282)

akta.pro primary industry

Sub-Accounting & Platform Servicing (Omnibus, Intermediary/NSCC, Retirement Platforms) (FSAAAMAI)

akta.pro secondary industry

Reconciliation, Ledgering & Money Movement Ops (Sub-ledgers, Settlement, Reporting) (FSAGALAL)

Keywords

• Derivative clearing services
• Fund administration
• Professional Clearing Member
• Capital markets advisory
• Cross-border asset servicing

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure, Others

Revenue model

1. Derivative Clearing Services: Clearing services for institutional investors, FPIs, AIFs, Algo Funds, Insurance & Mutual Funds trading derivatives on Indian exchanges (NSE, BSE, MCX). The company acts as a Professional Clearing Member (PCM) with SEBI registration.
2. Fund Administration Services: End-to-end fund administration including fund domiciliation, fund structure, fund accounting, counterparty appointments, compliance services, NAV calculations, and regulatory reporting for funds in GIFT City, India, Mauritius, Singapore, Cayman and globally.
3. Advisory Services: Advisory services for offshore funds, foreign institutional investors, and accredited investors covering equity, derivatives, and fixed income investments in Indian markets.
4. Third Party Fund Management (TPFM) Platform: Platform services enabling global asset managers to launch and manage funds in GIFT IFSC through Dovetail's Fund Management Entity (FME) with physical presence, dedicated Principal Officers, and fund administration support.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels5 records

Core offering

Dovetail is an independent asset servicing firm providing derivative clearing, end-to-end fund administration, and capital markets advisory services for institutional investors accessing Indian markets. Through its subsidiaries Ohm Dovetail (SEBI-registered Professional Clearing Member for NSE/BSE/MCX), Dovetail DIMI (IFSCA Fund Management Entity in GIFT IFSC) and OHM Dovetail Capital DIFC (DFSA Category 4 license), the company delivers clearing, fund administration, TPFM, advisory and compliance services across multiple jurisdictions.

Product overview

Dovetail is an independent asset servicing company offering a unified platform of financial services. The core product suite includes Ohm Dovetail (derivative clearing services), Fund Administration in GIFT City, Funds Platform (advisory services), and a Third Party Fund Management (TPFM) Platform in GIFT IFSC. These products are designed to work together: the Funds Platform provides advisory access for offshore investors, Ohm Dovetail handles derivative clearing, Fund Administration manages back-office operations and compliance (DCMS), and the GIFT IFSC TPFM Platform enables global asset managers to launch funds. Additional offerings include DIFC services in Dubai and the E Protector clearing portal.

Differentiator

Problem solved

Functional benefit

Brands

• Ohm Dovetail: Tech-powered derivative clearing platform offering clearing services for FPIs, AIFs, Algo Funds, Insurance & Mutual Funds. SEBI-registered clearing member of NSE, BSE, and MCX.
• GIFT Platform
• Dovetail Compliance Management System (DCMS)
• Bridge

Products and services

• Ohm Dovetail — Derivative Clearing Services Tech-powered, SEBI-registered Professional Clearing Member (PCM) service delivering derivative clearing for FPIs, AIFs, Algo/HFT Funds, Insurance, and Mutual Funds on NSE, BSE, and MCX; includes real-time trade confirmation, risk management tools, and online platform access via the E Protector portal.
• Fund Administration Services End-to-end fund administration and compliance services in GIFT City covering fund formation, KYC/onboarding, fund accounting, NAV calculation, regulatory reporting and audit support, leveraging Advent Geneva, World Investor and the proprietary DCMS. Manages over USD 2.2 billion in Assets Under Administration (AUA).
• Funds Platform — Capital Markets Advisory Advisory services delivered via Dovetail Advisers LLP for offshore funds (FPIs), offshore investment managers, institutional investors, and accredited investors covering equity, derivatives, and fixed income investments in the Indian markets.
• Third Party Fund Management (TPFM) Platform in GIFT IFSC Plug-and-play platform under the IFSCA Fund Management Entity license allowing global asset managers to launch and manage funds in GIFT IFSC, providing physical presence, dedicated Principal Officers, and fund administration support for funds with permitted corpus up to USD 50 million.
• DIFC Investment Services (OHM Dovetail Capital DIFC Limited) DFSA Category 4 regulated services from OHM Dovetail Capital (DIFC) Limited in Dubai, covering arrangement of deals in investments, advising on financial products, arranging custody, and supporting clearing, settlement, fund administration and advisory services for clients in Dubai and the Middle East.

Quantifiable outcome

• Processes 15-16 lakh trades daily with average notional derivative volumes of $64-65 billion
• +2 more outcomes

Named customers1 record

Segments6 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Scale indicators7 records

Recent moves9 records

Expansion highlights5 records

Direct peers

• KFin Technologies: One of India's largest fund administrators and transfer agents, serving mutual funds, AIFs, and offshore funds — a direct competitor to Dovetail's GIFT City fund administration business and a benchmark for the asset-servicing model Dovetail is scaling.
• Nuvama Wealth and Investment: India-based wealth and asset services firm offering clearing, custody, and distribution across institutional and wealth clients, competing directly with Dovetail for FPI and HFT clearing mandates and family-office fund administration.
• Sundaram BNP Paribas Fund Services: Joint venture between Sundaram and BNP Paribas providing fund administration in India, serving offshore funds and AIFs — overlaps with Dovetail's fund administration and offshore investor onboarding offerings.
• Orbis Financial Corporation: India-based independent custodian offering custody, fund administration, and related services, directly comparable to Dovetail's planned custody-plus-administration model for FPIs, AIFs, and PMS providers.
• Trust Investment Advisors: Indian custody and securities services provider serving institutional clients including FPIs and mutual funds — competes with Dovetail on clearing and custody-adjacent services for institutional investors.

Broad incumbents

• Kotak Mahindra Bank (Securities Services): One of India's largest bank-affiliated securities services and custody franchises, founded by Dovetail's co-founders' former employer. Competes with Dovetail across clearing, custody, and fund services, but as part of a much larger banking portfolio.
• JPMorgan Chase (India Securities Services): Global custodian with significant India footprint offering custody, clearing, and fund services to FPIs and offshore investors — competes with Dovetail for large global FPI mandates and is the type of incumbent Dovetail aims to disintermediate.
• Citibank India (Custody & Securities Services): Global custodian with an India presence that is Dovetail's direct competitor for FPI custody and clearing; Dovetail's co-founder Vivek Singhania was previously Co-head of Operations at Citi Custody India, illustrating the talent/competitive linkage.
• IIFL Securities: Diversified Indian financial services group offering broking, clearing, and wealth services to institutional and retail clients — overlaps with Dovetail on FPI and HFT clearing, and on the wealth/family-office fund setup business.
• Motilal Oswal Financial Services: Indian financial services group with institutional broking, clearing, and asset management businesses — relevant comparable for the institutional clearing and offshore AIF operations Dovetail is building.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/channel/UC5UFhN4ZjK7c6Xj9IH3MQ6w
• LinkedInlinkedin.com/company/dovetail-capital

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries4 records

Funding overview

Funding rounds2 records

Investors1 record

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

M&A

Investments4 records

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

Frequently asked questions about Dovetail