VC fund (Cat I) · SEBI registry
Carnelian AIF Category I Trust
Growth (Series C+) · Rural / Bharat · Mumbai
At a glance
- Stage focus
- Growth (Series C+)
- Primary sector
- Rural / Bharat
- City
- Mumbai
- HQ / office
- Mumbai, Maharashtra (One Lodha Place, Lower Parel West)
- Fund registered
- 2025
- Corpus (as reported)
- ~USD 1.6 billion in Indian equities (firm-wide, per firm/PMS sources 2024-2025)
- Website
- carneliancapital.co.in/
- Profile ↗
About
Carnelian Asset Management & Advisors is a Mumbai-based boutique investment manager founded in 2019 by Vikas Khemani, Manoj Bahety and Swati Khemani, managing PMS and AIF strategies in listed Indian equities. Its Category I AIF (e.g., Carnelian Bharat Amritkaal Fund, SEBI Reg. IN/AIF1/25-26/1787) targets India's structural mega-trends via a quality-growth, forensic-research approach.
Investment focus
Listed Indian equities — flexi-cap / multi-cap growth investing using a QGARP (Quality Growth at Reasonable Price) framework with proprietary forensic accounting analysis
Cheque size
Investor minimum commitment ~INR 5 Cr (Cat III flagship; Cat I details not separately disclosed). Not a portfolio cheque size — Carnelian is a listed-equity asset manager, not a startup VC.
As compiled from public sources — verify with the investor.
SEBI registration
SEBI AIF Category I — reported as “Cat I”
- IN/AIF1/25-26/1787
SIDBI Fund of Funds
None found
Team & organisation
3 founders (Vikas Khemani, Manoj Bahety, Swati Khemani); ~110+ employees firm-wide; investment-professional count not separately disclosed.
Trust-structured Category I AIF managed by Carnelian Asset Management & Advisors Pvt Ltd (private-limited manager); part of a multi-fund platform that also runs a Category III AIF and PMS.
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Frequently asked
- What does Carnelian AIF Category I Trust invest in?
- Listed Indian equities — flexi-cap / multi-cap growth investing using a QGARP (Quality Growth at Reasonable Price) framework with proprietary forensic accounting analysis
- What cheque size does Carnelian AIF Category I Trust write?
- As compiled from public sources: Investor minimum commitment ~INR 5 Cr (Cat III flagship; Cat I details not separately disclosed). Not a portfolio cheque size — Carnelian is a listed-equity asset manager, not a startup VC.
- How do I pitch Carnelian AIF Category I Trust through iHub India?
- Create a free startup account, open a funding round, and send a structured pitch from this profile. If the investor accepts, contact details are shared and the conversation moves into a tracked deal room.
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About this record
- ⚑ Listed-equity asset manager (PMS/AIF), not startup VC
Compiled from SEBI registrations and public sources as of 2026-07. iHub India lists investors neutrally and does not endorse, rank, or verify investment terms — confirm all details directly with the investor before transacting.
Sources: https://carneliancapital.co.in/; https://in.linkedin.com/company/carnelianassetmanagement