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Sanaka Capital Signs its Primary Deal with Edelweiss

Sanaka Capital, a private equity company buoyed up by Shankar Narayanan, has signed its first deal with Edelweiss.
BY BEx Bureau
BusinessEx
Nov 13, 2019

Sanaka Capital, a private equity company buoyed up by Shankar Narayanan, has signed its first deal with Edelweiss.

Sanaka Capital, a private equity firm floated by Shankar Narayanan, former managing director and co-head of the Asia Growth Capital team of Carlyle, has signed its debut deal by committing money in Edelweiss investment advisory business arm, VC Circle reported citing the companys statement.

In 2011, Narayan, who left Carlyle in the previous year, had infused money in Edelweiss holding firm. In 2017, Carlyle had quit Edelweiss Financial Services along with a multibagger.

The decided investment by Sanaka Capital follows the latest investment up to $75 million from US-headquartered Kora Management in EGIA in August this year. Furthermore, Kora had vowed an additional $50 million in Edelweiss Group.

During that time, VC Circle reported Edelweiss said that it is looking to get more investors on board with a hard target of as much as $200 million for EGIA. EGIA includes the groups asset reconstruction, wealth and asset management, and institutional client group businesses. It contributes nearly 50 per cent of the groups profits and has over INR 2 lakh crore in customer assets.

Edelweiss has been partnering with three diverse business types viz. Investment advisory, insurance and credit.

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