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Public markets (Cat III) · SEBI registry

FIRST WATER TRUST

Public markets (listed) · Public markets (listed equity) · Mumbai

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Contact on file — shared on accepted request

At a glance

Stage focus: Public markets (listed)
Primary sector: Public markets (listed equity)
City: Mumbai
HQ / office: Mahalaxmi / Powai, Mumbai, Maharashtra
Fund registered: 2019
Website: firstwatercap.com
LinkedIn: Profile ↗

About

First Water Trust is the Category III AIF of First Water Capital (manager First Water Capital Advisors LLP; founder Ricky Kirpalani), a Mumbai value-investing firm running concentrated long-only portfolios of Indian listed equities via First Water Capital Fund (2020, close-ended) and Fund II (open-ended).

Investment focus

Indian listed equities; value-driven, concentrated, long-only (manufacturing, industrials, commodities, utilities, consumer discretionary); 5-7 yr horizon

SEBI registration

SEBI AIF Category III — reported as “Cat III”

IN/AIF3/19-20/0710

SIDBI Fund of Funds

None found

Team & organisation

Approx 8 investment/operations professionals listed on the firm's team page (founder/Chief Investment Adviser Ricky Kirpalani plus Arun Chulani, Renuka Sivsankar, Chirag Singhal, Amit Nirmal, Vishal Shah, Smit Parekh, Kunal Bhakta).

LLP-managed (First Water Capital Advisors LLP, incorporated 30-Aug-2018; sponsor First Water Partners) Category III AIF, multi-scheme — First Water Capital Fund (close-ended) and First Water Capital Fund II (open-ended). SEBI Reg IN/AIF3/19-20/0710. Long-only listed Indian equities. Office: Hiranandani Gardens, Powai, Mumbai 400076.

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Frequently asked

What does FIRST WATER TRUST invest in?: Indian listed equities; value-driven, concentrated, long-only (manufacturing, industrials, commodities, utilities, consumer discretionary); 5-7 yr horizon
How do I pitch FIRST WATER 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

⚑ PE / hedge (Cat III) — listed-equity value fund, 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://firstwatercap.com/about/; https://in.linkedin.com/company/firstwatercapital