New Delhi, July 29 -- Global consumer-focussed investment firm L Catterton has appointed former 360 One Asset executive Chetan Naik as managing director for its India operations.

Based out of Mumbai, Naik will work alongside L Catterton India's executive chairman Sanjiv Mehta and its partner Vikram Kumaraswamy to expand the firm's investment platform in the country, the firm said in a press statement.

The move comes as the Connecticut-headquartered firm, which manages approximately $40 billion across private equity, credit and real estate, looks to double down on India's consumer sector.

Naik brings around two decades of experience across private equity, venture growth and corporate finance. Most recently, he served as the head of technology at 360 One Asset (formerly IIFL Asset Management), where he managed its Thematic New Age Consumer Technology Fund.

Prior to that, he held the position of Vice President at TVS Capital Funds.

Over his career, Naik has backed a slew of high-profile consumer and tech brands including Zomato, Swiggy, Nykaa, Country Delight, Licious, Snitch Apparel, Netweb Technologies and Zetwerk.

Commenting on the appointment, Sanjiv Mehta, executive chairman of L Catterton India, highlighted the firm's bullish outlook on domestic consumption.

"The country's consumption supercycle is at a vibrant stage of its upward trajectory and we are leaning into the market with conviction and discipline," Mehta said.

Vikram Kumaraswamy, partner at L Catterton, noted that Naik's deal making capabilities compliment the firm's existing buyout and growth investing playbook.

Naik, on his joining, said, "India's consumer economy continues to present compelling opportunities, spurred by innovation, evolving consumer preferences and a thriving entrepreneurial ecosystem."

An alumnus of IIM Indore and Government College of Engineering, Pune, Naik has served on the boards and observer seats of several growth-stage startups.

Founded in 1989 as a partnership between Catterton, LVMH, and Groupe Arnault, L Catterton has made over 300 investments globally with check sizes ranging from $5 million to $5 billion.

Published by HT Digital Content Services with permission from VC Circle.