VC fund (Cat II) · SEBI registry
PHI CAPITAL TRUST
Growth (Series C+) · Sector agnostic · Mumbai
At a glance
- Stage focus
- Growth (Series C+)
- Primary sector
- Sector agnostic
- City
- Mumbai
- HQ / office
- Anand Niketan, New Delhi (C-98); also Mumbai and GIFT City, Gandhinagar
- Fund registered
- 2012
- Investments on record
- 13
- Corpus (as reported)
- ~US$0.5 billion (half-a-billion dollars), investing from Fund III – Phi Capital Growth Fund 1.6 (self-disclosed, c.2024)
- Website
- phicapital.in
- Profile ↗
About
Phi Capital is an India-focused mid-market private equity firm founded by Anupam Thareja (associated with the Royal Enfield turnaround). PHI CAPITAL TRUST is its SEBI-registered AIF vehicle; the registry address C-98 Anand Niketan matches the firm's own contact page.
Investment focus
Sector-agnostic mid-market private equity — growth-stage and turnaround situations, minority stakes through buyouts; ticket ~US$15-40M
Cheque size
USD 15-40M per company (~INR 125-330 Cr)
As compiled from public sources — verify with the investor.
SEBI registration
SEBI AIF Category II — reported as “Cat II”
- IN/AIF2/12-13/0035
SIDBI Fund of Funds
Yes — DFI/government-linked LPs at manager/fund-family level: IFC (World Bank Group) up to USD 20M and DEG (German DFI) ~EUR 17M committed to Phi Capital Growth Fund 1.6. No SIDBI FFS commitment found
Notable portfolio
Royal Enfield (turnaround); Classic Legends (Jawa/Yezdi/BSA); Krsnaa Diagnostics; Minda Corporation / Spark Minda; TVS Credit Services; Mahindra First Choice; AuthBridge; Arya Vaidya Pharmacy
Team & organisation
~11 investment professionals/partners (Founder & MP Anupam Thareja; R Haresh and P Sivaram as Investment Partners)
Trust-based Category II AIF (the SEBI-registered AIF trust vehicle); Investment Manager: Phi Capital Solutions LLP; multi-fund platform
Connect through iHub India
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Frequently asked
- What does PHI CAPITAL TRUST invest in?
- Sector-agnostic mid-market private equity — growth-stage and turnaround situations, minority stakes through buyouts; ticket ~US$15-40M
- What cheque size does PHI CAPITAL TRUST write?
- As compiled from public sources: USD 15-40M per company (~INR 125-330 Cr)
- How do I pitch PHI CAPITAL 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 (mid-market private equity, not early-stage 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://phicapital.in/contact-us/; https://phicapital.in/our-team/