New Delhi, April 16 -- Homegrown private equity firm ChrysCapital, which closed its tenth fund in November at a record $2.2 billion (19,500 crore then), has promoted two executives to managing director.
Rajiv Batra, who has been with the firm for nearly five years, has been elevated to managing director. Prior to joining ChrysCapital, he was associated with Temasek Holdings and Premji Invest. He currently sits on the boards of WOW Skin Science, Theobroma Foods, and The Sleep Company.
Pradumn Bajaj, who has spent about 12 years at the firm, has also been promoted to managing director-public markets, from deputy portfolio manager. A chartered accountant, he is also a CFA.
Beyond these elevations, ChrysCapital announced six other promotions: Rishad Iyer to senior vice president; Vipul Gupta and Trishank Bhimjiani to vice president; Pooja Bansal to manager; and Ridhi Loda and Anurag Rathi to senior associate.
The move follows the firm's earlier elevation of Sanjiv Kaul, Ashley Menezes, and Gaurav Ahuja to senior partner, and Sanjay Kukreja to managing partner and chief investment officer.
According to its website, the firm has seven managing directors, two managing partners, and three senior partners. This excludes Bajaj; including him would take the total number of managing directors to eight.
In February, ChrysCapital agreed to acquire Swiss pharmaceutical major Novartis AG's entire 70.68% stake in its Mumbai-listed subsidiary for Rs 1,445.8 crore ($159 million). It also launched an open offer to acquire an additional 26% stake from public shareholders for around Rs 552 crore. If successful, it would take ChrysCapital's holding in Novartis India to over 96%.
ChrysCapital had closed its latest fund, ChrysCapital X, at $2.2 billion in November last year, setting a record for the largest sector-agnostic private equity fund ever raised in India. The fund was about 60% larger than its $1.35 billion predecessor.
Published by HT Digital Content Services with permission from VC Circle.