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Chandigarh: Amara Partners, a mid-market private equity firm backed by prominent investor Anand Mahindra, has announced that its ₹600 crore base fund has been oversubscribed, reflecting strong investor confidence in its strategy to nurture India’s next generation of mid-market champions. With overwhelming interest from institutional investors and family offices, the firm has now opted to activate its green shoe option of up to ₹200 crore, expanding the total fund size to potentially ₹800 crore.
Launch of the Amara Leadership Circle
As part of its green shoe option, Amara Partners has introduced the Amara Leadership Circle, a unique investor pool comprising CEOs and senior leaders of large Indian and multinational corporations. This exclusive circle is envisioned as a platform that will not only provide financial backing but also strategic mentorship to the portfolio companies.
The oversubscription of Amara’s fund underscores the growing interest in mid-market private equity investments in India, particularly in sectors that are poised to benefit from India’s economic transformation.
Investment Focus and Strategy
Amara Partners is set to deploy capital in mid-sized, promoter-led businesses across key sectors such as:
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Manufacturing
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Healthcare
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Financial services
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Consumer goods and services
These industries are at the heart of India’s growth trajectory, with many mid-market companies now seeking institutional capital to scale operations, expand product portfolios, and capture new markets.
With ticket sizes ranging from $10–15 million per investment, Amara Partners plans to make 10–12 investments, with the potential for co-investments of up to $20 million. This approach allows the firm to focus on building high-impact, scalable platforms.
The firm has already deployed capital into Lumax Auto Technologies and NBFC Fibe, both of which reflect Amara’s investment thesis of backing high-potential, promoter-led platforms that can be scaled through strategic guidance, operational excellence, and institutionalization.
Leadership Speaks: A Vision for Mid-Market Growth
Commenting on the strong response to the fund, Parag Shah, Founder and Managing Partner at Amara Partners, said:
“We are extremely pleased with the oversubscription of our base fund, which reaffirms investor trust in our approach. There is a significant capital gap for mid-sized, promoter-led businesses, many of which have the vision and capability to take India’s expertise to the global stage. Amara’s mission is to bridge this gap by combining strategic capital with operational expertise. We aim to institutionalize and scale these companies, attract world-class talent, and actively pursue mergers and acquisitions (M&A) to accelerate their growth.”
Founding Team with Proven Track Record
Amara Partners is spearheaded by Parag Shah and Piyush Soonee, a duo with a combined four decades of investment and operational experience. The team has an impressive history of successfully navigating multiple market cycles, having worked together at Mahindra Partners where they deployed over USD 500 million and generated more than USD 1.5 billion in returns.
The firm’s corporate-style approach to private equity sets it apart, focusing on embedding operational rigor and strong corporate governance into its portfolio companies.
Hands-On Value Creation Model
Amara Partners emphasizes a hands-on approach to value creation. Beyond capital infusion, the firm works closely with founders and promoters to provide:
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Operational expertise and strategic direction
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M&A advisory and business expansion strategies
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Talent acquisition and leadership development
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Market diversification and scaling into adjacent industries
The firm’s differentiated strategy lies in leveraging a network of seasoned professionals from India Inc., who bring on-ground expertise to unlock operating efficiencies and long-term scalability.
Advisory Board of Industry Luminaries
Guiding Amara’s strategic direction is an esteemed Advisory Board consisting of some of India’s most respected business leaders, including:
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Anand Mahindra (Chairman, Mahindra Group)
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Haigreve Khaitan (Senior Partner, Khaitan & Co.)
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M.M. Murugappan (Murugappa Group)
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Rafique Malik (Founder, Metro Shoes)
The presence of such renowned advisors adds significant credibility and strategic depth to Amara’s investment philosophy.
Positioning for India’s Mid-Market Opportunity
India’s mid-market segment is considered a vital growth engine for the country’s economy. Many of these businesses are at an inflection point—seeking the capital, expertise, and networks needed to scale domestically and globally. Amara’s corporate-backed private equity model positions it uniquely to fill this gap, bringing both financial discipline and strategic insight.
By targeting sectors that are aligned with India’s economic priorities, such as manufacturing, healthcare, and financial services, Amara is poised to unlock significant value for both its investors and portfolio companies.
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