Growth Equity
Madison India Capital
Madison India Capital takes minority stakes in growing companies, usually without full control, from Mauritius. It states a focus on financial services, consumer & retail, healthcare & life sciences and software & internet.
Stated investment criteria
What Madison India Capital says it buys
Read from Madison India Capital’s own website in August 2026. This is what the firm says it buys, not what anyone has recorded it buying, and figures are shown in the currency the firm itself used - nothing here is converted. Every line links to the page it was read from.
A stated mandate is a firm’s description of itself and was true of the page on the day it was read; firms widen and narrow what they will look at without updating the site. Madison India Capital states that it takes minority stakes rather than control. The team figure counts the people the firm shows on one team page, so it is a floor rather than a headcount: firms that split their team across tabs or load it in pages will read low. Nothing here is a commitment by Madison India Capital to consider any particular business, and nothing on this page is represented as being for sale.
SEC filings
What Madison India Capital has raised
From this firm's own Form D filings. A fund files one within fifteen days of its first sale, under penalty of perjury, which makes these the hardest numbers on the page.
| Vehicles filed | 1 |
| Total capital raised | Not disclosed in filings |
| Largest single vehicle | Not disclosed in filings |
| Filing history | 2023 |
| Smallest accepted commitment | None stated |
| Filed from | CAYMAN ISLANDS |
Form D covers US-domiciled vehicles raised from accredited investors. It will not capture a fund raised outside the United States, separately managed accounts, or capital deployed off balance sheet, so treat these as a floor rather than a total.
Regulatory record
How Madison India Capital is registered
From this firm's Form ADV, the annual filing every registered and exempt investment adviser makes to the SEC.
| Adviser status | Exempt reporting adviser |
| Regulatory assets under management | Not reported by an ERA |
| Private funds advised | 3 · $360m gross |
| SEC adviser number | CRD 331260 |
An exempt reporting adviser is not required to report regulatory assets under management, so the blank above means the question was not asked rather than that the answer is unknown. Where a figure exists it is the gross asset value of the private funds the firm advises, which is a different and usually larger measure.
Portfolio
Disclosed holdings
Companies Madison India Capital lists on its own website. No investment years are published.
| Company | Invested | Years held | Recorded transaction |
|---|---|---|---|
| Aptus Value Housing Finance | — | — | — |
| CarDekho | — | — | — |
| Five-Star Business Finance | — | — | — |
| Gupshup | — | — | — |
| India Shelter Finance | — | — | — |
| InsuranceDekho | — | — | — |
| Ixigo | — | — | — |
| Lenskart | — | — | — |
| MedGenome | — | — | — |
| Pine Labs | — | — | — |
| RentoMojo | — | — | — |
| Star Health Insurance | — | — | — |
Compiled from Madison India Capital’s published portfolio page. Where a recorded transaction is shown, that company was the target of a reported deal and has most likely already been realised. Nothing here is represented as being for sale.
Valuation context
Transaction values in Financial Services
What companies have actually sold for in financial services, across 726 recorded transactions.
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Comparable investors
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Other growth equity investors active in financial services.