# India Equity Partners

India Equity Partners is a Private Equity based in Ebene, Mauritius.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Ebene, Mauritius
- **Region:** Africa
- **Address:** Ebene, Mauritius
- **Founded:** 2006
- **Assets under management:** Undisclosed
- **Website:** iepfunds.com
- **LinkedIn:** https://www.linkedin.com/company/india-equity-partners

## Regulatory record

- **Reports private funds:** No

## About

India Equity Partners manages an India-focused private equity fund with a long-term, growth-oriented strategy. The firm has made six investments, including a 2011 investment in RG Stone. India Equity Partners has facilitated five portfolio exits, with RG Stone being their most recent exit on December 13, 2024.

## Sectors

- Consumer Goods
- Healthcare Services
- Industrial Tech
- Enterprise Software

## People

- Ravi Sinha — Co-Founder & Managing Director
- Arvind Agarwal — Co-Founder
- Sid Khanna — Co-Founder

## Questions

### Who runs investment decisions at India Equity Partners?

Investment decisions trace to the co-founders, led by Ravi Sinha. Sinha previously built McKinsey & Company's India practice and brought a hands-on operational playbook to the firm's portfolio. Arvind Agarwal, a former Goldman Sachs banker, and Sid Khanna, previously a managing director at Warburg Pincus, complete the founding leadership group (public record).

### Why is India Equity Partners domiciled in Mauritius rather than India?

The Mauritius domicile was the standard pre-2016 gateway for foreign private equity funds deploying into India, structured to benefit from the India-Mauritius double-taxation avoidance treaty. IEP's 2006 vintage placed it squarely in that regulatory window. When India and Mauritius revised the treaty to close tax advantages in 2016, that offshore architecture became less favored as onshore structures like Gujarat International Finance Tec-City (GIFT City) gained prominence.

### What happened to India Equity Partners' portfolio?

The firm's most visible investment was a controlling stake in Vadilal Industries, a publicly listed ice-cream company, which triggered a protracted shareholder dispute and boardroom battle (per Economic Times, 2011). Nirula's, a Delhi-based fast-food and packaged-foods chain, was sold below the firm's acquisition cost. No major exits or fund closes have been publicly reported in recent years.

## Related profiles

- [India Emerging Capital](https://altss.com/profile/india-emerging-capital)
- [Indiana Michigan Power Nuclear Decommissioning Trust](https://altss.com/profile/indiana-michigan-power-company-nuclear-decommissioning-trust)

---

Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/india-equity-partners

Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology