Sarthi Capital Advisors Private Limited

What Sarthi Capital Advisors Private Limited does

Sarthi Capital Advisors Private Limited is a SEBI-registered Category I Merchant Banker founded in 2012 by Deepak Sharma, focused exclusively on advisory for Small and Medium Enterprises seeking to list on India's SME exchanges. The firm provides end-to-end services spanning due diligence, draft offer document preparation, IPO strategy, marketing, underwriting coordination, market maker selection, and post-listing compliance support on both NSE Emerge and BSE SME platforms. Its deal portfolio includes 50+ SME IPOs across logistics, manufacturing, financial services, telecommunications, and consumer goods, with a marquee ₹1,200 Crore heavily oversubscribed issue among the largest SME transactions in India. Named clients include Tiger Logistics India, Hi-Tech Pipes, P.E. Analytics, Total Transport Systems, and Frog Cellsat.

The firm's primary digital initiative is smelisting.net, a content and lead-generation portal that consolidates regulatory framework explanations, eligibility criteria, SEBI ICDR guidance, and an Eligibility Calculator for prospective SME issuers. Supporting resources include the SCAP Newsletter (published since 2013), the "Ask the Expert" consultation form, and a Legal Sphere knowledge base. The team comprises CFAs, Company Secretaries, and lawyers with SME-specific expertise; the founder brings approximately three decades of capital markets experience from prior roles at IL&FS and TATAs. The company is headquartered in Mumbai (Manek Plaza, Kalina) with a registered office in New Delhi.

Revenue is generated through professional services fees on individual IPO advisory engagements, with pricing not publicly disclosed. Distribution operates on a direct consulting model supplemented by referrals from chartered accountants, lawyers, market makers, and exchange ecosystem participation on NSE Emerge and BSE SME. The firm is structured as a founder-led private limited company with no disclosed external investment, no parent holding company, and no subsidiaries.

Name

Sarthi Capital Advisors Private Limited

Legal name

Sarthi Capital Advisors Private Limited

Website

https://smelisting.net

Company type

Private

Operating status

Operating

Headcount range

1–10 employees

Short description

Sarthi Capital Advisors Private Limited is a SEBI-registered Category I Merchant Banker providing end-to-end SME IPO advisory and listing services on NSE Emerge and BSE SME platforms, operating in India since 2012.

Ownership category

akta.pro rank

Product category

Merchant Banking Services

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Capital Markets Advisory (IPO Readiness, SPAC, ECM/DCM Advisory) (BPAHAOAL)

akta.pro secondary industry

Capital Raising Advisory (Equity & Equity-Linked) (FSAEAGAC)

Keywords

• SME IPO advisory
• Merchant banking services
• Capital markets advisory
• SME listing services
• Investment banking advisory

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Merchant Banking Services - SME IPO Advisory: Full-service merchant banking for SME IPOs including due diligence, offer document preparation, IPO strategy, marketing, underwriting coordination, and market maker selection. Services span from initial consultation through listing and post-listing compliance.
2. Capital Markets Advisory: Advisory services for corporate finance, private equity raising, business modelling, and investment management for SMEs and mid-market companies.
3. SME Research Coverage: Research coverage services for listed companies providing issue price, issue size, market cap, and gain since listing data.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels6 records

Core offering

Sarthi Capital Advisors Private Limited is a SEBI registered Category I Merchant Banker providing end-to-end IPO advisory and merchant banking services for Small and Medium Enterprises (SMEs) seeking to list on Indian stock exchanges, primarily on the NSE Emerge and BSE SME platforms. The company also offers main board IPO services, capital markets advisory (corporate finance, private equity raising, business modelling, investment management), and post-listing research coverage. It supports clients through the full listing lifecycle including due diligence, draft offer document preparation, IPO strategy, marketing, underwriting coordination, and market maker selection.

Product overview

Sarthi Capital Advisors Private Limited operates smelisting.net as its primary digital initiative, providing a unified platform for SME listing guidance and services. The company offers end-to-end merchant banking services including SME IPO services and Main Board IPO services, complemented by research coverage tools, eligibility calculators, expert query services, and educational publications like the SCAP Newsletter. Their Legal Sphere resource provides regulatory guidance on SEBI ICDR Regulations. The product ecosystem is service-oriented, focused on helping SMEs navigate the listing process on NSE Emerge and BSE SME platforms.

Differentiator

Problem solved

Functional benefit

Products and services

• SME IPO Services End-to-end merchant banking services for SMEs undertaking IPOs on NSE Emerge and BSE SME platforms, including due diligence, draft offer document preparation, IPO strategy, marketing the issue, 100% underwriting coordination (with 15% from own account), market maker selection, and coordination with intermediaries such as syndicate members, registrars, bankers, and printers. Target customers are Indian SMEs with post-issue face value capital not exceeding Rs. 25 Crores.
• Main Board IPO Services Merchant banking services for companies seeking to list on the main board of Indian stock exchanges, delivered alongside the firm's SME IPO practice. Provides full-spectrum advisory from preparation through listing and post-listing compliance.
• Capital Markets and Corporate Finance Advisory Advisory services spanning corporate finance, private equity raising, business modelling, and investment management for SMEs and mid-market companies. Includes valuation services, due diligence support, and strategic advisory through the capital markets lifecycle.
• SME Research Coverage Research coverage reports for listed SME companies providing issue price, issue size, market capitalization, current market cap, current market price (CMP), gain since listing, and face value details. Supports investor decision-making and post-listing analysis.

Quantifiable outcome

• Over 50 SME IPOs successfully managed across NSE Emerge and BSE SME platforms
• +2 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Five partnerships are on record, tiered core and flagship.

• NSE EmergecoreOthersNSE Emerge is the SME platform of National Stock Exchange of India. Sarthi Capital serves as SEBI registered Category I Merchant Banker managing SME IPOs on this platform. The partnership involves listing management, regulatory compliance coordination, and ongoing relationship with NSE for IPO processing and post-listing compliance.
• BSE SMEcoreOthersBSE SME is the SME platform of BSE Limited. Sarthi Capital operates as lead merchant banker managing SME IPOs on this platform, coordinating with BSE for listing approvals, market maker arrangements, and regulatory compliance for listed companies.
• SEBIcoreOthersSecurities and Exchange Board of India (SEBI) is the market regulator. Sarthi Capital is SEBI registered Category I Merchant Banker authorized to act as lead manager for IPOs under SEBI ICDR Regulations, Chapter IX for SME listings.
• Sarthi GroupflagshipStrategic or Co-development PartnerSarthi Group is the parent organization. Sarthi Capital operates as part of the broader Sarthi Group which has launched an angel platform to help startups (as reported in Economic Times). The group provides strategic direction, shared resources, and brand equity across its financial services entities.
• Market Makers (Stock Brokers)coreChannel Partner/ Reseller/ DistributorStock brokers appointed by companies as market makers for SME-listed scrips. Sarthi Capital coordinates with these market makers as part of IPO process - mandatory requirement for SME listings for minimum 3 years from listing date. Market makers provide 2-way quotes for 75% of trading time.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Beeline Capital Advisors Private Limited: SEBI Category I Merchant Banker focused heavily on SME IPOs on BSE SME and NSE Emerge, offering due diligence, offer document preparation, and underwriting — a direct Sarthi competitor in the boutique SME advisory space.
• VIVRO Financial Services Private Limited: SEBI-registered merchant banker offering IPO advisory, corporate finance, and capital raising services to mid-sized and SME issuers — direct competitor in merchant banking mandates.
• Keynote Financial Services Limited: SEBI-registered Category I Merchant Banker handling SME and small-cap IPO mandates on Indian exchanges, with comparable advisory, underwriting, and post-listing compliance services.
• First Overseas Capital Limited: Boutique SEBI merchant banker active in SME IPO advisory and main board issues, overlapping with Sarthi on small-to-mid cap issuer mandates.
• Hem Securities Limited: SEBI-registered merchant banker and one of the most active lead managers for SME IPOs on NSE Emerge and BSE SME, directly competing with Sarthi on the same SME issuer segment using a similar full-service advisory and underwriting model.
• Sundae Capital Advisors Private Limited: SEBI-registered merchant banker providing IPO lead management and corporate finance advisory, with overlapping SME and small-cap issuer mandates.
• Corporate Strategic Allianz Limited: SEBI-registered merchant banker handling SME IPO mandates and IPO advisory services for Indian issuers — a comparable boutique competitor in the SME listing space.
• Inventure Merchant Banking Services Private Limited: SEBI Category I Merchant Banker with SME and main board IPO mandate experience, providing comparable book-running lead manager services to Indian issuers.
• Fintellectual Services Private Limited: SME-focused merchant banker handling IPO advisory on NSE Emerge and BSE SME platforms with similar boutique structure and target clientele to Sarthi.
• Gretex Corporate Services Limited: Active SME IPO book-running lead manager on NSE Emerge and BSE SME with a comparable boutique model and issuer-pipeline orientation, making it a close functional peer to Sarthi.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/sarthi37975363
• Facebookfacebook.com/posts
• LinkedInlinkedin.com/company/sarthi-capital-advisors-private-limited

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Sarthi Capital Advisors Private Limited