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Ratnaafin Group
Ratnaafin Group is a asset manager based in Ahmedabad, founded 2018; the Altss profile covers its classification, headquarters, registration, AUM band, and key...
Ratnaafin Group
Unlock the capital your business needs with SME financing solutions, from Working Capital Loans to Machinery Loans.
General information
Firm type
Generalist
Year founded
2018
AUM
Undisclosed
Location
Region
Asia
Country
India
City
Ahmedabad
Corporate office
A&B Wing, 9th Floor, Vastrapur, Ahmedabad, Gujarat, India
Principals
Nilesh Prakash Sanghvi
Chairman and Managing Director
Malav Desai
Joint Managing Director and CEO
Nishad Shah
Co-Founder and Director
Sector focus
Frequently asked questions
Who runs investment decisions at Ratnaafin Group?
Nilesh Prakash Sanghvi, the group's founder, serves as Chairman and Managing Director, setting strategic direction. Day-to-day investment execution is led by Joint Managing Director and CEO Malav Desai. Co-Founder Nishad Shah also holds a director-level role in the firm.
Where does Ratnaafin Group's underlying wealth come from?
The Sanghvi family's wealth originates from Ratnamani Metals & Tubes Ltd, a publicly listed manufacturer of stainless steel tubes and pipes. Nilesh Prakash Sanghvi is the son of Ratnamani's promoter, Prakash M. Sanghvi. Ratnaafin Group was established as a separate investment platform using this industrial wealth.
How does Ratnaafin Group source its deals?
Ratnaafin operates through a hybrid model that combines direct MSME loan origination with equity investments. Its balance-sheet lending activity — primarily working capital and machinery loans — generates proprietary visibility into small-business credit needs. The firm also co-invests alongside venture platforms like ah! Ventures, as it did with fintech company LoanAdda.
Is Ratnaafin Group a family office or an operating NBFC?
Ratnaafin functions as both. On one side, it directly underwrites loans to MSMEs, operating with the characteristics of a non-banking financial company. On the other, it takes equity stakes in growth-stage companies, particularly in fintech, deploying the Sanghvi family's capital like a single-family-office investment platform.
Does Ratnaafin Group participate in fund commitments or only direct deals?
Confirmed activity shows Ratnaafin making direct equity co-investments and direct loan originations. There is no public record of the firm committing capital as a limited partner to external private equity or venture funds. Its posture appears concentrated on balance-sheet deals where it can underwrite the risk directly.
What is Ratnaafin Group's known posture on co-investments alongside external GPs?
Ratnaafin co-invests alongside venture investors, as demonstrated by its participation in LoanAdda's round with ah! Ventures. The firm appears to use co-investment to access fintech opportunities rather than deploying capital through blind-pool fund commitments, retaining direct exposure to the underlying company.
Does Ratnaafin Group maintain philanthropic structures, and how are they separated?
The family maintains two charitable foundations: Ratnamani Foundation and Sri Hastimalji Ghamandiramji Bokadia Charitable Foundation. These are separate legal entities, though they fall under the same broader family governance umbrella as Ratnaafin Group and Ratnamani Metals & Tubes.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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