European private equity firm Vitruvian Partners has appointed Kartikeya Kaji as its India head to spearhead its expansion in the rapidly growing market, according to sources. Kaji joins from Kedaara Capital, where he was a managing director focusing on private equity deals in the financial services sector.
Vitruvian Partners, which manages assets worth $17 billion globally, has been investing in India since 2021. Despite having a Mumbai office, the firm did not previously have an India head. Kaji’s extensive experience with prominent private equity firms such as Clayton Dubilier & Rice and Temasek Holdings will be instrumental in driving Vitruvian’s growth strategy in India.
The firm’s notable investments in India include Byju’s, once valued at $22 billion but now facing significant financial challenges, and fintech unicorn Pine Labs. While the global private equity landscape is pressured by high interest rates, India presents new growth opportunities. Consultancy firm Bain highlighted India as a “comparative bright spot,” noting that while PE funding dropped 35% to $39 billion in India last year, exits rose 15% to $29 billion.
Kaji’s expertise in the financial services space is expected to enhance Vitruvian’s investment strategies and capitalize on the robust Indian market. As Kaji transitions to his new role in the coming days, his leadership is anticipated to invigorate Vitruvian’s operations and deal-making potential in the region.