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Elara Capital
Raj Bhatt's Elara Capital has raised over INR 35,000 Crores for Indian mid-market companies since 2002, operating across London, Mumbai, Singapore and New...
Elara Capital
Elara Capital was founded in November 2002 by Raj Bhatt in London, with the explicit mandate to solve the offshore equity-raising challenge facing India's small and mid-sized companies. Early work concentrated on Global Depositary Receipts (GDRs), but the firm's trajectory bent sharply when GDR demand collapsed around 2005. Rather than retreat, Elara shifted into Foreign Currency Convertible Bonds (FCCBs), executing what the firm describes as the largest issuance of foreign currency bonds in the Indian market at that time. The firm operates across public and private markets, spanning institutional equities, global debt capital markets, investment banking, and a dedicated asset management arm. Investment banking covers buyout, growth, PIPE, recapitalisation, restructuring and general venture mandates. The institutional equities desk services mutual funds, insurance companies and foreign institutional investors whose combined AUM exceeds INR 33 trillion. On the wealth side, the Premier Client Group — launched in 2015 — targets India's high-net-worth investor base. Geographic execution runs through regulated entities in London, Mumbai, Singapore, New York, Tokyo and Mauritius, with Indian domestic coverage extending through satellite offices in Ahmedabad, Delhi, Surat and Pune. The firm has grown to a team of 200 to 250 professionals. Legal entities include Elara Capital PLC (London), Elara Securities (India) Private Limited, Elara Capital Inc and Elara Securities Inc (United States), Elara Capital (Singapore) Pte. Ltd, Elara Capital (Asia) Pte. Ltd, Elara Capital (Mauritius) Limited, and Elara Capital (Japan). A separate NBFC vehicle — Elara Finance (India) Private Limited — handles non-bank lending, while Elara Asset Management Limited runs the asset management book. Elara's structural distinction rests on its dual identity as a mid-market India-focused investment bank with full cross-border execution capability — holding licences across the UK, US, Singapore, Mauritius and Japan — a footprint unusual for a firm of its size. The leadership bench combines London origination with Mumbai-based operational management under Ajay Pandey as COO and Harendra Kumar running institutional equities and global research, with Lord Meghnad Desai in a strategic advisory role.
General information
Firm type
Private Equity
Year founded
2002
AUM
Undisclosed
Location
Region
Europe
Country
United Kingdom
City
London
Corporate office
London, United Kingdom
Additional offices
Mumbai · Ahmedabad · Delhi · Surat · Pune · Singapore · Mauritius · Tokyo · New York
Principals
Raj Bhatt
Chairman & CEO - Elara Capital Group
Ajay Pandey
COO & Head ECM
Harendra Kumar
Managing Director - Institutional Equities & Global Research
Sector focus
Frequently asked questions
Who runs investment decisions at Elara Capital?
Chairman and CEO Raj Bhatt founded the firm in 2002 and remains the central decision-maker for the group. Investment banking is led by Abhijit Das (President of Investment Banking), with Sameer Shetty heading corporate finance advisory and Ramnish Kochgave running equity capital markets. The institutional equities and global research division operates under Managing Director Harendra Kumar.
How is Elara Capital structured across its different entities?
The Elara Group comprises multiple regulated entities across jurisdictions: Elara Capital PLC (London) serves as the group parent; Elara Securities (India) Private Limited runs Indian institutional equities and research; Elara Capital Inc and Elara Securities Inc cover the United States; Elara Capital (Singapore) Pte. Ltd and Elara Capital (Asia) Pte. Ltd handle Southeast Asian operations; Elara Capital (Mauritius) Limited covers the Mauritius corridor; and Elara Capital (Japan) operates from Tokyo. A separate NBFC, Elara Finance (India) Private Limited, and Elara Asset Management Limited round out the group.
What is Elara Capital's core investment banking focus?
Elara Capital's investment banking practice serves India's small and mid-cap companies across buyout, growth, PIPE, recapitalisation, restructuring and general venture mandates. The firm historically built its reputation on cross-border capital raising — first through GDRs, then FCCBs, and later through IPOs, QIPs and OFS — and claims to have raised over INR 35,000 Crores across these instruments.
Does Elara Capital invest proprietary capital or act purely as an intermediary?
Elara operates both as an intermediary and as an asset manager. The institutional equities and investment banking divisions act as intermediaries for corporate and institutional clients. The firm also operates Elara Asset Management Limited, which runs proprietary investment strategies, and Elara Finance (India) Private Limited, an NBFC licensed to deploy balance-sheet capital.
Which markets does Elara Capital physically operate in?
Elara maintains offices in London, Mumbai, Ahmedabad, Delhi, Surat, Pune, Singapore, Mauritius, Tokyo and New York. Regulated entities are active in the UK, India, the US, Singapore, Mauritius and Japan, making it one of the more geographically licensed mid-market Indian investment banks.
How did Elara Capital navigate the 2008 credit crisis?
Before 2008, Elara had become a significant issuer of FCCBs for Indian companies, completing transactions for 100 to 200 firms. When the global credit crisis froze cross-border capital markets, the firm used the event to diversify its product set and geography — establishing offices in India, New York, Singapore and Dubai, and building out equity research, institutional equities and investment banking to become a full-service bank.
Is Elara Capital a family office or does it manage third-party capital?
Elara Capital is not a family office. It is a full-service investment bank and asset manager that serves third-party corporate, institutional and high-net-worth clients. Its institutional equities desk services mutual funds, insurance companies and foreign institutional investors with a combined AUM exceeding INR 33 trillion (per the firm's website).
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