New Delhi, Aug. 7 -- Mumbai-based Playbook Partners, an operator-driven growth capital firm that specialises in backing technology-enabled, growth-stage startups, has strengthened its investment team by hiring a former Avaana Capital executive, VCCircle has learnt.

The firm, which focuses on the funding gap between early-stage venture capital and late-stage private equity, has appointed former Avaana Capital managing director Ashish Agrawal as director of investments.

Agrawal brings more than two decades of experience across private equity, venture capital, investment banking, corporate strategy, and entrepreneurship. He is also an active angel investor in companies such as Optimized Electrotech, BSE e-Agricultural Markets (BeAM), and Inc42 Media.

Before joining Playbook Partners, he spent nearly two years in stealth mode working on ventures in branded pharmaceuticals, packaging, and healthcare. Previously, Agrawal was vice president of strategy at Warburg Pincus-backed Parksons Packaging, where he led organic and inorganic growth initiatives and served on the board of its Tanzania subsidiary.

Earlier, Agrawal was co-founder and managing director at Avaana Capital, where he led investments, fundraising, and firm building. Before Avaana, he spent more than eight years as a founding member and principal at India Alternatives, leading investments across sectors including consumer, financial services, pharmaceuticals, and technology. He began his career with roles at Centrum Capital, ICICI Bank, Evalueserve, SREI Infrastructure Finance and Lodha & Co.

Founded in 2024 by former Reliance Jio president Vikas Choudhury, Playbook Partners is raising $250 million (Rs 2,380 crore) for its maiden investment vehicle and marked the first close in September 2024.

The firm plans to back growth-stage and tech-enabled companies with revenues of Rs 100-200 crore that are seeking Series B, C and D funding. It aims to build a portfolio of more than 15 companies, writing cheques in the range of $10-20 million for minority stakes.

Playbook Partners has backed space technology startup Skyroot Aerospace, retail SaaS firm Capillary Technologies, beauty brand Renee Cosmetics, consumer brands platform EverBrands, and SAP consulting company KaarTech.

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