Equirus - Our People
Dr. S. Rama Iyer
Dr. S. Rama Iyer was the Executive Chairman of Aker Kaverner Powergas India ( a leading service provider for projects in the Oil and Gas, petrochemicals, and other sector ). He has more than four decades of experience in Project Management Engineering services. Dr. Iyer has received MTech and Ph.D from IIT Mumbai, and has also participated in the Senior Executive Programme conducted by London Business School.
Rajiv Agarwal

Rajiv is a B. Tech-Chemical Engineering from Banaras Hindu University. He started his career with Accenture in 1993 and spent 12 years consulting with over 70+ organizations in India, Europe, South East Asia and Middle East. During this period he has worked in diverse industries such as Airlines, Biotechnology, Chemicals, Engineering and Construction, Iron and Steel, Pharmaceuticals and Oil & Gas.

Rajiv joined Rare Enterprises in 2005 to assist Mr. Rakesh Jhunjhunwala with his investments in sectors such sectors such as education and healthcare, digital media, oil & gas, healthcare and biotechnology. Rajiv currently works in the private equity set-up of Rare Enterprises ("Rare") as a Principal. Rare enterprises is and asset management firm owned by Mr. Rakesh Jhunjhunwala.

Rajiv is currently a Director in:

  • Aptech Ltd., an education company
  • Care Hospitals, a 1,700+ bed hospital network across 8 cities
  • Hungama Digital Media Entertainment Pvt. Ltd., a new media company
  • John Energy an onshore oil rig operator
  • Concord Biotech, an fermentation based API manufacturer based in Ahmedabad
  • Viceroy Hotels, a 1,200+ room hotels chain
Ravi Ramu
Mr. Ravi Ramu has rich experience in the areas of finance, systems and procedures. He was the Director Finance at Purvankara and also the Group CFO and Director of Strategic Initiatives of Mphasis BFL Ltd. & as the Senior Partner & Head of the Information, Communication & Entertainment practice at KPMG India. He has worked with KPMG in Holland and has been associated with the Emirates Bank Group in Dubai, UAE, in Financial Control & Planning. He has received Bachelors degree in Commerce from Madras University. He is a member of the Institute of Chartered Accountants in England, Wales and India
Manu Parpia
Manu is the founder and former Managing Director of Geometric Software Solutions Co. Ltd. (GSSCL). He was also the Chief Executive of the Electronic Business Equipment Division of Godrej & Boyce from the mid 1980s to 1999. He is also the founder and former Managing Director of Godrej Pacific, a JV between Tech Pacific and Godrej & Boyce. Manu is currently engaged with Equirus as a member of its Board of Directors.
MANAGEMENT
Ajay Garg - Managing Director
Ajay Garg is the founder of Equirus Capital. Ajay is a veteran investment banker, work experience 15 years. He is acknowledged as being amongst the top deal makers in the country.He started his career with DSP Merrill Lynch where he was involved with several landmark deals during his stint there between 1996-2002. Prior to setting up Equirus, he was the group CEO of a leading investment bank which he co founded. Ajay holds a first degree in engineering and is a post graduate in management from IIM, Ahmedabad. Ajay can be reached at ajay@equirus.com
CAPITAL MARKETS
INSTITUTIONAL EQUITIES
Bhavin Shah-CEO, Equirus Securities
Bhavin Shah is a highly recalled and well-known name, not just among institutional Investors but also among companies in Asia Pacific. He is known for insightful industry and company research and for calling some of the multi-year inflection points in the technology sector. Bhavin has consistently achieved top rankings in multiple categories of technology sector research, including an outstanding record of seven consecutive years of number one ranking. Bhavin is also known for bringing innovation and fresh ideas to the field of Equity research. He was probably the first analyst on sell-side to introduce a LONG-SHORT model stock portfolio and has also demonstrated his stock picking skills by identifying several multi-year winners.
Bhavin has worked as Managing Director and head of Asia-Pacific technology research as well as the global sector leader for Technology at JPMorgan. Bhavin also worked as Head of Asia Technology Research at Credit Suisse where he worked from 1996 to 2002. Bhavin has completed his MBA education (economics and finance) with Beta Gamma Sigma honors at the University of Chicago. He also holds an MS (electrical and computer engineering) degree from the University of California. Bhavin can be reached at bhavin@equirus.com
M & A
Abhijeet Biswas-Director
Abhijeet Biswas, joins Equirus Capital as a Director. Abhijeet has been very active in the crossborder M&A space in India and has successfully been a part of deals such as Plethico / Natrol where he represented Plethico. He has successfully created a strong cross border interest in India in the mid-market investment banking segment, due to which he was last also on the global board of Merger Alliance an international alliance of investment banks. Abhijeet joins us from Singhi Advisors where he was serving as a Director in their M&A practice and prior to that he worked in the US with BDO Seldman, LLP and with Ernst & Young. He has done his B.E. , M.B.A and is also a CFA Charterholder. Abhijeet, is going to lead the practices for Healthcare, Industrials, FMCG and Energy. He would also help Equirus build an international M&A network. Abhijeet can be reached atabhijeet@equirus.com
Ravi Mani-Associate Director
Ravi has over 16 years of experience in investment banking, corporate planning, strategy consulting and business development in India and US. His key interest is to help Indian manufacturing and engineering companies to scale up to compete globally. He has worked for manufacturing and engineering services companies like Larsen & Toubro, Infosys, Cap Gemini, Neilsoft and Tata Autocomp Systems Ltd. (TACO). At Equirus he is head of Banaglore office and also runs the engineering and manufacturting vertcal. Ravi is a mechanical engineer from IIT Chennai, and a post-graduate from IIM Ahmedabad. Ravi can be reached at ravi@equirus.com
Pritish Kandoi, Vice President
Pritish specializes in Financial Services and is a key member of the M&A team. He advised L&T Finance in their acquisition of DBS Chola AMC in 2009 and Gumasol ( a German tyre and rubber co ) to Ruia group (Dunlop / Jessop). Pritish was earlier with Deutsche Bank where he was responsible for Corporate Banking Origination. He was the key person on the mid market expansion program of Deutsche India. He originated and managed assets of over USD 500 million. Pritish has over 9 years experience in Financial Services and has worked across Corporate Finance, Commercial banking, Investment Banking Advisory and Management Consulting while working with PricewaterhouseCoopers, ICICI Bank & Deutsche Bank. Pritish is a MBA ( IIM Ahmedabad ), Chartered Accountant, Company Secretary ( Gold Medalist ). He brings pan India relationship and execution experience across large and mid market companies. Pritish can be reached at pritish@equirus.com
PRIVATE EQUITY
Mukesh Jain - Director
Mukesh is the Director of the Private Equity practice at Equirus. Mukesh was last with E&Y as an Associate Director, during which time he worked on various transactions including raising equity for a digital cinema company, an online portal, print media companies among others. Before that Mukesh has also been associated with GE Capital's Private Equity arm, Miditech, Kotak and SBI Caps. Mukesh is passout of IIT Delhi (B Tech '91) and IIM Calcutta (PGDM '93). Mukesh can be reached at mukesh@equirus.com
Mohit Khullar-Vice President
Mohit has over 7 years of experience and is a member of Private Equity advisory practice at Equirus. He has successfully concluded multiple transactions including Private Equity raise for Sharekhan and IMS Learning Resources and AFL Limited’s acquisition of Unifreight India Private Limited. Mohit earlier worked with Standard Chartered Bank where as a member of the Global Account Management team for the TATA Group, he was involved in the non recourse acquisition finance for Tata Steel’s leveraged buyout of Corus Group plc. He completed his B.E. in Electronics & Communications from N.S.I.T. (formerly D.I.T.), New Delhi and is an I.I.M. Lucknow alumnus. Mohit can be reached at mohit@equirus.com
Ashwin Herle-Associate Vice President
Ashwin has over 5 years experience in investment banking, technology consulting and technology sales. Previously based in New York, he has managed account relationships with global capital markets clients and led marketing initiatives for Headstrong Corporation. Ashwin completed his B.Tech in Civil Engineering from IIT Madras, post graduate MBA from IIM Ahmedabad, and all 3 levels of the CFA program. Ashwin can be reached at ashwin@equirus.com
STRUCTURED FINANCE
Albert da Costa-Associate Director
Albert has more than 13 years of experience in capital raising. He has worked in senior positions with Investment Banks such as Brescon, Meghraj Corporate Finance and MAPE Advisory. Albert was instrumental in setting up the structured finance practice at his previous assignments and has completed transactions in Infrastructure, Energy, Real Estate and manufacturing sectors. Albert holds a first degree in engineering and is a post graduate in management from IMS, Indore. Albert can be reached at albert@equirus.com
MEDIA, TELECOM & RETAIL
Arun Gupta-Director
Arun has more than 20 years of experience in the Media, animation, education, internet & technology companies. Arun was Head of Mobile content at Yahoo and most recently CEO of Mauj.com (company he founded and made one of the successful mobile VAS player). In the past, he has also held senior positions at STAR TV Radio City, MTV and Cnet.He is a post graduate in Commerce and Economics from Mumbai University. Arun can be reached at arun@equirus.com
ASSOCIATES

The senior team at Equirus is ably supported by a team of 13 associates & senior associates, who have relevant experience in the industry. The associates are CA, CFA or MBA from top business schools and have excellent transaction support skills.

S Srinivas Sista - Vice President (Strategy)
Srinivas has experience of consulting, operations & IT and project management. He has been associated with large-scale strategic organizational initiatives including service outsourcing, operations & manufacturing efficiency improvement. He has worked in Tata Motors, Thyssenkrupp (Europe), ECS Limited & HSBC India. He has worked on consulting assignments for L&T Cement (now Ultratech) and ITC Ltd. He has also been entrepreneur, running an IT company for SMEs. Srinivas is a mechanical engineer from NIT Trichy and a post graduate in management from IIM Ahmedabad. Srinivas can be reached at srinivas@equirus.com
Rishav Gupta, CFA-Associate Director
Rishav has over a decade of experience in mergers and acquisitions and the technology industry. Over these years, Rishav has been part of several industry-shaping transactions including acquisitions by PeopleSoft, divestitures following Fleet Banks merger with Bank Boston, sale of HNC Software and Sema PLC, and equity carve-out and the ensuing public offering of Nationwide Financial Services. Rishav serves on the board of TalentFirst, Inc. and Rio Vista Trust. He holds a B.S. in Management Information Systems from Ohio State University and an MBA from Columbia University. Rishav can be reached at rishav@equirus.com
Sunil Gupta - Director
Sunil Gupta is the Co Founder and promoter of TGSL. Sunil has over 15 years of experience in Indian Capital Markets and specialize in arbitrage trading. Sunil is currently heading the Operations Desk at TGSL and is also our “Head Strategist-Arbitrage”. He has exceptional command over derivatives based trading. Sunil has been instrumental in driving alternate investment opportunities amongst HNI Clients and he plays a key role in implementing robust risk management set up at TGSL .
Manish Joshi - Vice President
Manish Joshi has more than five years of experience in Capital market and Risk management. Prior to this, Manish was managing funds based on rule based trading systems for family offices (FO) & High Networth Individuals (HNIs). Manish has also consulted various banks and financial institutions in the Middle East and North African (MENA) region on risk management and investment strategies. Manish has earlier worked with Crisil, ICICI Bank and GTL. Manish has completed his post graduation in management from S.P. Jain Institute of Management and Research and is also a company secretary from ICSI. Manish can be reached at manish@equirus.com
Apurva Bubna
Over 5 years of experience of working in Technology, Media & Telecom sectors. Worked in consultative profile with SAP for key clients in US and India. Engineering degree in Information Science and business degree from IIM Calcutta.