# Ashika Capital

Ashika Capital is an Asset Manager based in Kolkata, India.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Kolkata, India
- **Region:** Asia
- **Address:** Kolkata, India
- **Founded:** 2000
- **Assets under management:** Undisclosed
- **Website:** ashikagroup.com
- **LinkedIn:** https://in.linkedin.com/company/ashika-group-official

## Regulatory record

- **Reports private funds:** No

## About

Ashika Capital Limited is the investment banking arm of Ashika Group and a SEBI registered Category I Merchant Banker. It offers investment banking services including public issues management, acquisitions, takeovers, buybacks and delisting, debt syndication, equity placement, project appraisals, corporate restructuring, corporate advisory, valuation services and ESOP. The firm helps companies raise debt and equity capital and facilitates strategic deals, and has facilitated transactions totalling more than USD 2 billion over the last 5 years.

## Sectors

- FinTech, HealthTech, FMCG, ConsumerTech, Real Estate & BFSI

## People

- Chirag jain
- Shradha Tibrewal — Equity Team
- Dhruv Mallya — Equity Team
- Ishan Tanna — Equity Team
- Ruben Bedse — Equity Team
- Surali Trivedi — Equity Team
- Harsheet Prajwal — Equity Team
- Akshay Ambulgekar — Equity Team
- Kaustubh Rane — Equity Team
- Aman Mishra — Equity Team
- Shubham Srivastava — Debt Team
- Atharva Patnakar — Debt Team
- Yash Raheja — Debt Team
- Atul Daga — Debt Team
- Dhun Jain — Debt Team
- Mr. Pawan Jain — Chairman, Ashika Group; Founder of Ashika Group of Companies
- Mr. Daulat Jain — Managing Director, Ashika Group; Founder of the Ashika Group of Companies

## Questions

### How does Ashika Capital's venture investing relate to its brokerage operations?

Ashika operates a merchant banking division alongside its retail and institutional brokerage businesses—a structure that is unusual among Indian early-stage investors. The brokerage network provides on-the-ground origination of mid-market Indian companies, while the merchant banking arm structures, underwrites, and co-invests in those same companies. This integration allows Ashika to take companies from private placement through to public listing on the Indian exchanges where the firm already holds membership seats.

### What investment stages does Ashika Capital target?

Ashika targets seed-stage and early-stage companies through direct equity placements, often with a view toward eventual SME IPO or main-board listing on Indian exchanges. The firm's merchant banking license allows it to participate in pre-IPO rounds as both arranger and anchor investor, positioning it at the intersection of private growth capital and public-market access.

### Does Ashika Capital invest through a fund structure or from its own balance sheet?

Ashika deploys capital through its merchant banking division using its own balance sheet and syndicated placements, rather than through a limited-partner fund structure. This principal-investment model gives the firm flexibility on hold periods and exit timing—a contrast to the fixed-term fund structures that dominate Indian venture capital.

### Which Indian exchanges does Ashika hold membership on?

Ashika Capital is a registered member of both the National Stock Exchange of India (NSE) and the BSE (formerly the Bombay Stock Exchange), as well as a depository participant with the Central Depository Services India Limited. This multi-exchange membership underpins both its brokerage business and the exit infrastructure for its venture portfolio.

### Where is Ashika Capital headquartered and where does it operate?

Ashika Capital is headquartered in Kolkata, West Bengal, and maintains a presence in India's primary financial centers including Mumbai and Delhi. This eastern-India base is relatively unusual among Indian financial services groups, most of which cluster in Mumbai—giving Ashika a differentiated origination footprint in eastern India's mid-market corporate landscape.

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Last updated: 2026-08-11T15:06:04.815Z

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