Xponentia Capital Partners

P.R. Srinivasan chairs the investment committee as Founder & Managing Partner, joined by senior partners with prior experience at institutions including Citi Venture Capital International, Actis, and the Tata Group. The committee requires unanimous consent for all new investments, and external limited partners do not have veto rights over individual deals. Srinivasan draws on his eight-year track record deploying over $1 billion in India while leading Citi's proprietary private equity platform in the region.

Xponentia executes both strategies depending on the opportunity. The firm targets control positions in businesses with stable cash flows and fragmented ownership structures — typically industrial and healthcare services companies — while taking significant minority stakes in growth-stage enterprise technology and financial services platforms where founders retain operational control. In minority deals, Xponentia secures board seats, veto rights over major capital allocation decisions, and pre-negotiated paths to liquidity.

Xponentia operates across Series B through pre-IPO growth rounds, targeting companies with $10–50 million in revenue that need capital to scale operations rather than prove product-market fit. The firm avoids seed and early-venture stages, preferring businesses with established unit economics, audited financials, and management teams that have already navigated at least one business cycle. Portfolio companies typically reach an institutional exit within five to seven years of initial investment.

Xponentia operates as a partnership with an investment committee composed primarily of former operators rather than career financiers. The firm's senior team includes professionals who previously managed businesses at Indian conglomerates and multinational corporations, which lets Xponentia lead post-close value creation internally instead of relying on external consultants. This operating-partner model differentiates it from both India's large-cap sponsor-backed funds and the country's flurry of first-time fund managers raised by former investment bankers.

Xponentia does not invest in real estate development, commodities, pure-play infrastructure projects, or heavily regulated industries such as defense manufacturing. The firm also avoids pre-revenue biotech and deep-tech ventures where the path to profitability depends on regulatory approvals rather than commercial adoption. These exclusions are structured into the fund's limited partnership agreement and have been consistent across both funds.