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Nine Rivers Capital
Sandeep Daga's Nine Rivers Capital applies private-equity research to Indian small caps and Pre-IPO companies for HNIs and family offices.
Nine Rivers Capital
Nine Rivers Capital (NRC) is a boutique investment management firm offering SEBI-registered Portfolio Management Services (PMS) and Alternative Investment Funds (AIFs) for HNIs and Family Offices. We apply private-equity rigor to public markets to create long-term value through disciplined, research-driven investing.
General information
Firm type
Private Equity
Year founded
2007
AUM
Undisclosed
Location
Region
Asia
Country
India
City
Mumbai
Corporate office
Mumbai, India
Principals
Sandeep Daga
Founder, MD & CIO
Sandhya Kabra
Finance Professional
Chirag Karia
Business Head
Pragati Khadse
Investment Research and Portfolio Management
Kunal Sabnis
Equities Analyst
Vinay Khatu
Transactional Advisor
Kunal Jadhwani
Analyst and Fund Manager
Rahil Merchant
Buy-side Analyst
Rakesh Wadhwani
Buy-side Analyst
Vallabh Daga
Research Analyst
Mustafa Arif
Equity Research and Portfolio Management
Nitin Jain
Lead, Pharma, Healthcare and Chemicals/Industrials Advisory
Pratik Singhi
Corporate Finance and Valuations
Satyajit Chakraborty
Investment Banking and Management Consulting
Roshni Vaid
Admin, HR, and CRM
Narayan Nimkar
Operations
Sector focus
Frequently asked questions
Who runs investment decisions at Nine Rivers Capital?
Sandeep Daga is the Founder, Managing Director, and Chief Investment Officer. He sets the investment philosophy and leads the asset management team, drawing on his private-equity background and a long-term, research-heavy approach. The firm does not publicly disclose a separate investment committee.
How does Nine Rivers Capital source proprietary deal flow?
The firm runs a parallel corporate advisory business that executes M&A, capital raising, and strategic advisory for mid-market companies. This arm, led by dealmakers like Nitin Jain and Pratik Singhi, gives the investment team early access to unlisted and Pre-IPO opportunities before they appear in public markets.
Is Nine Rivers Capital a single family office?
No. Nine Rivers Capital is an independent, SEBI-registered asset manager offering PMS and AIF strategies to external HNIs and family offices. It is not the dedicated office of a single family and does not disclose an anchor family wealth source.
Does Nine Rivers Capital participate in fund commitments or only direct deals?
The firm invests directly into public equities through its PMS strategies and into unlisted/Pre-IPO companies through its AIFs. It does not operate as a fund-of-funds, and its publicly available materials do not mention commitments to external PE or VC vehicles.
What investment stages does Nine Rivers Capital typically target?
In public markets, the ASCO strategy focuses on early-stage small-cap discovery, while the AMP strategy covers companies across market caps. In private markets, the closed SME Fund I targeted businesses at an earnings inflection point, and the Rising India Fund II pursues Pre-IPO companies. The advisory practice spans Series A to M&A.
Which sectors does Nine Rivers Capital explicitly avoid?
The firm does not publish an explicit exclusion list. Its stated sector experience includes industrials, healthcare, technology, fintech, digital media, and consumer discretionary, with no mention of commodities, infrastructure, or real estate in its public strategy descriptions.
How is the corporate advisory business separated from the investment arm?
The advisory team operates under distinct leadership — Nitin Jain, Pratik Singhi, and Satyajit Chakraborty lead sector-focused deal mandates — while the asset management team runs the investment strategies. The firm presents the two functions as complementary, with the advisory practice feeding origination, but does not detail formal information-barrier procedures.
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