Board of Directors

Our Board consists of Industry experts who have constantly provided strategic direction to the company.

Ajay Garg

Ajay Garg

+

Ajay Garg

Managing Director

Ajay Garg is the founder of Equirus Capital. Ajay is a veteran investment banker, with over 22 years of experience in Investment Banking. 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 in 2007, 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

Mr. Rajiv Agarwal

Rajiv Agarwal

+

Rajiv Agarwal

Rajiv Agarwal is currently associated with the private equity set-up of Rare Enterprises ("Rare") as a Principal. Rare enterprises is and asset management firm owned by Mr. Rakesh Jhunjhunwala.

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 is a B. Tech-Chemical Engineering from Banaras Hindu University. Rajiv currently holds Directorship with Aptech Ltd., Care Hospitals, Hungama Digital Media Entertainment Pvt. Ltd., John Energy and Concord Biotech.

...

Ajit Deshmukh

+

Ajit Deshmukh

Managing Director

Ajit Deshmukh has over 25 years of management and leadership experience. He has been associated with Equirus in leading the technology space and had played a leadership role in cross border Mergers and Acquisitions (M&A) and fund raising for technology companies in IT industry & Investment Banking industry. Prior to joining Equirus he was the founder of Wizarth Advisors, a boutique investment banking firm that offered financial advisory service to cross boarder M&A transactions.

Mr. Deshmukh has been working with founders of IT companies and CEOs of High growth companies in their Inorganic Initiatives. He brings in an unique combination of understanding of Technology, Business, Entrepreneurship allowing him to be an Advisor of choice for several companies. He has successfully handled Technology leadership positions at Citigroup and US Dept. of Defence. Ajit has nearly 15 years of experience as a successful entrepreneur in IT and Financial services. He is a Post Graduate from NCST and BE in Electronics from Mumbai University. Ajit can be reached at ajit.deshmukh@equirus.com

...

Harsh Dugar

+

Harsh Dugar


Harsh Dugar is the Head of the Wholesale Banking Division at The Federal Bank Ltd. He joined Federal Bank in 2016, after completing 20 years in Corporate Banking, HDFC Bank.

Dugar brings along a significantly rich expertise in the field of Corporate Banking which spans across various Verticals and Geographies. His scope of work extends Pan India with complete responsibility on various aspects under Corporate, Institutional and Commercial Banking.

He holds a Bachelor’s Degree with Honours in Accounting & Finance from the University of Calcutta as a University Topper. He is a qualified CWA with All India Rank holding and holds a Gold Medal in CFA along with an All India Rank . He was also a part time faculty with ICFAI Business School, Kolkata during his initial career.

Management Team

The Management team at Equirus has brought with it superior domain knowledge, market understanding and strong client and investor/lender relationships.

Ajay Garg

Ajay Garg

Managing Director

+

Ajay Garg

Managing Director

Ajay Garg is the founder of Equirus Capital. Ajay is a veteran investment banker, with over 22 years of experience in Investment Banking. 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 in 2007, 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

...

Ajit Deshmukh

Managing Director

+

Ajit Deshmukh

Managing Director

Ajit Deshmukh has over 25 years of management and leadership experience. He has been associated with Equirus in leading the technology space and had played a leadership role in cross border Mergers and Acquisitions (M&A) and fund raising for technology companies in IT industry & Investment Banking industry. Prior to joining Equirus he was the founder of Wizarth Advisors, a boutique investment banking firm that offered financial advisory service to cross boarder M&A transactions.

Mr. Deshmukh has been working with founders of IT companies and CEOs of High growth companies in their Inorganic Initiatives. He brings in an unique combination of understanding of Technology, Business, Entrepreneurship allowing him to be an Advisor of choice for several companies. He has successfully handled Technology leadership positions at Citigroup and US Dept. of Defence. Ajit has nearly 15 years of experience as a successful entrepreneur in IT and Financial services. He is a Post Graduate from NCST and BE in Electronics from Mumbai University. Ajit can be reached at ajit.deshmukh@equirus.com

...

Donald D’Souza

Managing Director

+

Donald D’Souza

Managing Director

Donald D'Souza is the Managing Director - New Initiatives at Equirus. He comes with more than 23 years of experience in Investment banking. Prior to Equirus he was associated with HDFC Bank as Head of Equity Capital Markets in its Investment Banking division. He had held key positions at IIFL, Kotak, CLSA and JM Financial. He has worked with some of India's leading corporates and private equity groups and has expertise in most equity products in Investment Banking. Donald is an alumnus of IIM Ahmedabad (1995) batch. He can be reached at donald.dsouza@equirus.com

...

Venkatraghavan S.

Managing Director & Head - Equity Capital Markets

+

Venkatraghavan S.

Managing Director & Head - Equity Capital Markets

Mr. Venkatraghavan S. leads the Equity Capital Markets vertical. He has been working in the Investment Banking space for over 23 years, managing Capital Markets and M&A transactions across sectors.

Prior to Equirus, he was associated with IDFC Bank as Managing Director & Head – ECM. During his 15-year stint at IDFC’s Investment Banking practice (and in SSKI, before it was acquired by IDFC), he has successfully led many leading company IPOs & QIPs. He also had a stint with SBI Capital Markets for over 7 years advising on M&A and Advisory transactions. Venkatraghavan is an alumnus of IIM Ahmedabad (1996) Batch and IIT, Madras. He can be reached at venkat.s@equirus.com

Some of the Key Transactions:
IPOs, FPOs, QIPs, OFS, Rights: having started the Capital Markets practice in SSKI, has led all the transactions including 37 IPOs (including 1 of an Infrastructure Investment Trust), 4 FPOs, 2 Rights, 5 OFS and 43 QIPs.

During the tenure with SBI Capital Markets, his major completed assignments included advising the Government in the divestment of VSNL, and advising Sterlite in their successful bid for Hindustan Zinc Limited (including managing the ensuing Open Offer).

...

Satish Kumar

Head of Equities

+

Satish Kumar

Head of Equities

Satish Kumar is the Head of Equities at Equirus Securities. He has over 16 years of experience in Equity Research, widely covering the Metals and Mining, Oil and Gas, Utilities, Cement, Chemicals and Capital goods sector. Prior to Equirus he was associated with CIMB Securities as Head of India Research. He closely worked as a part of the critical member for India business strategy team at CIMB. Before CIMB, he was Director – Research with Bank of America Merrill Lynch. Satish has also held position of a lead Analyst during his stint with Standard Chartered Securities & Nomura Securities covering broad spectrum of sectors.
Satish is an alumnus of IIM Kolkatta and an Engineering Graduate. He can be reached at satish.kumar@equirus.com

...

Munish Aggarwal

Director- Capital Markets

+

Munish Aggarwal

Director- Capital Markets

Munish Aggarwal has over 12 years of work experience in Capital markets across India and South East Asia. Prior to Equirus, he was working with JPMorgan India across the India and South East Asian region. He is a MBA finance from Symbiosis, Pune. Munish can be reached at munish@equirus.com

...

Ashutosh Tiwari

Director & Head of Research

+

Ashutosh Tiwari

Director & Head of Research

Ashutosh has over 10 years of experience in Equity research and 3 years in manufacturing. He was ranked No. 1 for Earning estimates in Auto Sector at Thomson Star Mine Analyst awards 2015. Prior to Investment banking, he has worked with Hindustan Zinc as Mining Engineer. He has done his B-Tech in Mining from IIT BHU and MBA from NMIMS. Ashutosh can be reached at ashutosh@equirus.com

...

Vishad Turakhia

Head of Sales – Institutional Equities

+

Vishad Turakhia

Head of Sales – Institutional Equities

Vishad has over 10 years of experience in Institutional Sales and Research. He was Instrumental in setting up the Institutional Sales Desk at his previous organization. Currently servicing FIIs based in Asia Pacific region along with Domestic Mutual Funds & Insurance companies. He has done his BMS & MBA from Mumbai University. Vishad can be reached at vishad.turakhia@equirus.com.

...

Viraj Mehta

Managing Director

+

Viraj Mehta

Managing Director

Viraj Mehta has over 9 years of experience in the field of investing with an excellent and proven track record. The Equirus Long Horizon fund (ELHF) is one of the best performing funds since its launch in October 2016. Viraj was selected by Wall Street Journal (WSJ) as part of “Asia’s Master Stock Picker” series for India. He had been part of the award winning fund management team at Franklin Templeton Investments managing an AUM of ~US$ 6bn. Viraj had also been the lead analyst for managing the small companies fund at Franklin Templeton Investments. He is a MBA from MDI, Gurgaon & Chemical Engineer from Nirma Institute of Technology, Ahmedabad. Viraj can be reached at viraj.mehta@equirus.com

...

Ankur Maheshwari

Chief Executive Officer

+

Ankur Maheshwari

Chief Executive Officer

Ankur has around 15 years of total experience, large part of which has been in the Wealth Management arena. Ankur carries with him rich experience in Investments Research, Advisory & Product verticals. He has also spent significant time in leading large sales team and building & scaling HNI & Mass Affluent Wealth Business. Prior to Equirus, Ankur was associated with Citibank for over a decade as Senior VP and National Head – Investments Sales. Ankur is an alumnus of IIM Calcutta. He completed B. Tech from Institute of Engineering & Technology, Lucknow. Ankur can be reached at ankur.maheshwari@equirus.com

Investment Banking Team

The Investment banking team has an excellent track record in closing complex transactions across sectors.

Ajay Garg

Ajit Deshmukh

Managing Director

+

Ajit Deshmukh

Managing Director

Ajit Deshmukh has over 25 years of management and leadership experience. He has been associated with Equirus in leading the technology space and had played a leadership role in cross border Mergers and Acquisitions (M&A) and fund raising for technology companies in IT industry & Investment Banking industry. Prior to joining Equirus he was the founder of Wizarth Advisors, a boutique investment banking firm that offered financial advisory service to cross boarder M&A transactions.

Mr. Deshmukh has been working with founders of IT companies and CEOs of High growth companies in their Inorganic Initiatives. He brings in an unique combination of understanding of Technology, Business, Entrepreneurship allowing him to be an Advisor of choice for several companies. He has successfully handled Technology leadership positions at Citigroup and US Dept. of Defence. Ajit has nearly 15 years of experience as a successful entrepreneur in IT and Financial services. He is a Post Graduate from NCST and BE in Electronics from Mumbai University. Ajit can be reached at ajit.deshmukh@equirus.com

...

Donald D’Souza

Managing Director

+

Donald D’Souza

Managing Director

Donald D'Souza is the Managing Director - New Initiatives at Equirus. He comes with more than 23 years of experience in Investment banking. Prior to Equirus he was associated with HDFC Bank as Head of Equity Capital Markets in its Investment Banking division. He had held key positions at IIFL, Kotak, CLSA and JM Financial. He has worked with some of India's leading corporates and private equity groups and has expertise in most equity products in Investment Banking. Donald is an alumnus of IIM Ahmedabad (1995) batch. He can be reached at donald.dsouza@equirus.com

Sandeep Gogia

Sandeep Gogia

Director

+

Sandeep Gogia

Director

Sandeep has over 15 years of Technology & Management experience across Investment banking, Manufacturing & Education. Prior to Equirus, he was associated with ICICI Corporate Business Group. Sandeep has successfully closed multiple cross border M&A transactions in the IT space. He is a B.Tech in Textile Technology from NIT and a MBA in Banking & Finance from Nanyang Business School, Singapore. Sandeep can be reached at sandeep.gogia@equirus.com

Mr. Nirav Shah

Nirav Shah

Director

+

Nirav Shah

Director

Nirav has over 13 years of experience in Investment Banking, Capital Markets and Banking. He has experience of working on equity transactions in the Financial Services space across segments like Banks, NBFCs and HFCs. He is a CFA from ICFAI University and Commerce Graduate from N. M. College, Mumbai. Nirav can be reached at nirav.shah@equirus.com

Mr. Girish

Girish Jhunjhunwala

Associate Director

+

Girish Jhunjhunwala

Associate Director

Girish heads the Consumer, Retail and Healthcare verticals at Equirus Capital. He has over 14 years work experience in investment banking, private equity and venture capital having worked across various sectors and advised companies on M&A, PE fund raising and restructuring. He has worked with Kotak Investment Banking, PricewaterhouseCoopers, Brand Capital and ICICI Bank. He’s a Chartered Accountant and cleared all 3 levels of CFA from The CFA Institute, USA. Girish can be reached at girish.jhunjhunwala@equirus.com

Structured Finance Team

The structured Finance Team has strong track record in successful execution of transactions

...

Donald D’Souza

Managing Director

+

Donald D’Souza

Managing Director

Donald D'Souza is the Managing Director - New Initiatives at Equirus. He comes with more than 23 years of experience in Investment banking. Prior to Equirus he was associated with HDFC Bank as Head of Equity Capital Markets in its Investment Banking division. He had held key positions at IIFL, Kotak, CLSA and JM Financial. He has worked with some of India's leading corporates and private equity groups and has expertise in most equity products in Investment Banking. Donald is an alumnus of IIM Ahmedabad (1995) batch. He can be reached at donald.dsouza@equirus.com

Capital Market

The team has seasoned professionals with expertise in handling Capital Market transactions across sectors.

Ajay Garg

Ajay Garg

Managing Director

+

Ajay Garg

Managing Director

Ajay Garg is the founder of Equirus Capital. Ajay is a veteran investment banker, with over 22 years of experience in Investment Banking. 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 in 2007, 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

Ajay Garg

Venkatraghavan S.

Managing Director & Head - Equity Capital Markets

+

Venkatraghavan S.

Managing Director & Head - Equity Capital Markets

Mr. Venkatraghavan S. leads the Equity Capital Markets vertical. He has been working in the Investment Banking space for over 23 years, managing Capital Markets and M&A transactions across sectors.

Prior to Equirus, he was associated with IDFC Bank as Managing Director & Head – ECM. During his 15-year stint at IDFC’s Investment Banking practice (and in SSKI, before it was acquired by IDFC), he has successfully led many leading company IPOs & QIPs. He also had a stint with SBI Capital Markets for over 7 years advising on M&A and Advisory transactions. Venkatraghavan is an alumnus of IIM Ahmedabad (1996) Batch and IIT, Madras. He can be reached at venkat.s@equirus.com

Some of the Key Transactions:
IPOs, FPOs, QIPs, OFS, Rights: having started the Capital Markets practice in SSKI, has led all the transactions including 37 IPOs (including 1 of an Infrastructure Investment Trust), 4 FPOs, 2 Rights, 5 OFS and 43 QIPs.

During the tenure with SBI Capital Markets, his major completed assignments included advising the Government in the divestment of VSNL, and advising Sterlite in their successful bid for Hindustan Zinc Limited (including managing the ensuing Open Offer).

...

Munish Aggarwal

Director- Capital Markets

+

Munish Aggarwal

Director- Capital Markets

Munish Aggarwal has over 12 years of work experience in Capital markets across India and South East Asia. Prior to Equirus, he was working with JPMorgan India across the India and South East Asian region. He is a MBA finance from Symbiosis, Pune. Munish can be reached at munish@equirus.com

Mrs. Kavita Tanwani

Kavita Tanwani

Vice President

+

Kavita Tanwani

Vice President

With over 14 years of rich and diverse experience in Investment Banking, Kavita has been associated with the execution of numerous deals in equity capital markets. She has been part of several landmark transaction in Indian capital markets and have dealt with clients across sectors be it private, public and government. Prior to her current role, Kavita was associated with SBI Capital Markets Limited. She is a post graduate in management from University of Mumbai.

Mr. Pavan Naik

Pavan Naik

Associate Vice President - ECM

+

Pavan Naik

Associate Vice President - ECM

Pavan Naik is a seasoned professional with over 10 years of experience in Equity Capital Markets and expertise in managing end-to-end execution of Capital Market deals. Pavan is an alumnus of MIT School of Business (2007 batch) and has attained his Bachelors in Commerce & Finance at Mumbai University.

Mr. Ankesh Jain

Ankesh Jain

Associate Vice President

+

Ankesh Jain

Associate Vice President

Ankesh Jain has over 6 years of work experience in Capital Markets and Private Equity. Prior to Equirus, he was working with Viacom 18 Media Private limited and Economic Laws Practice. He is an alumni of National University of Advanced Legal Studies and ICSI

Institutional Equities Team

The Institutional equities team has strong expertise in Research and client servicing.

...

Satish Kumar

Head of Equities

+

Satish Kumar

Head of Equities

Satish Kumar is the Head of Equities at Equirus Securities. He has over 16 years of experience in Equity Research, widely covering the Metals and Mining, Oil and Gas, Utilities, Cement, Chemicals and Capital goods sector. Prior to Equirus he was associated with CIMB Securities as Head of India Research. He closely worked as a part of the critical member for India business strategy team at CIMB. Before CIMB, he was Director – Research with Bank of America Merrill Lynch. Satish has also held position of a lead Analyst during his stint with Standard Chartered Securities & Nomura Securities covering broad spectrum of sectors.
Satish is an alumnus of IIM Kolkatta and an Engineering Graduate. He can be reached at satish.kumar@equirus.com

Ashutosh Tiwari

Ashutosh Tiwari

Director & Head of Research

+

Ashutosh Tiwari

Director & Head of Research

Ashutosh has over 10 years of experience in Equity research and 3 years in manufacturing. He was ranked No. 1 for Earning estimates in Auto Sector at Thomson Star Mine Analyst awards 2015. Prior to Investment banking, he has worked with Hindustan Zinc as Mining Engineer. He has done his B-Tech in Mining from IIT BHU and MBA from NMIMS. Ashutosh can be reached at ashutosh@equirus.com

Asmit Awasthi

Vishad Turakhia

Director & Head of Sales

+

Vishad Turakhia

Director & Head of Sales

Vishad has over 10 years of experience in Institutional Sales and Research. He was Instrumental in setting up the Institutional Sales Desk at his previous organization. Currently servicing FIIs based in Asia Pacific region along with Domestic Mutual Funds & Insurance companies. He has done his BMS & MBA from Mumbai University. Vishad can be reached at vishad.turakhia@equirus.com.

Maulik Patel

Maulik Patel

Director

+

Maulik Patel

Director

Maulik has over 10 years of experience across Equity Research in the Oil & Gas and Textile sector. Before entering into Capital Market, he worked for 2 years with Tata Consultancy Services as project leader. He is a Computer Engineer, Post graduate from NMIMS, and has also cleared CFA, USA and FRM examinations.

Dhaval Dama

Dhaval Dama

Director

+

Dhaval Dama

Director

Dhaval has over 8 years of experience as an Equity Analyst and has covered wide range of sectors like FMCG, Consumer Durables, Real Estate, Logistics etc. He differentiates his research by giving more focus to primary research. Prior to Equirus he has worked with a Buy side Proprietary fund and also has worked in Corporate Banking. He has completed his MBA in Finance from SIMSR and is a Chemical Engineering graduate.

Rohan Mandora

Rohan Mandora

Vice President - Research

+

Rohan Mandora

Vice President - Research

Rohan has over 8 years of experience in sell-side equity research and Banking. He has prior work experience with Yes Bank, ICICI bank and Quant Capital. He is alumni of XLRI, Jamshedpur and has completed his Engineering from DA-IICT.

Depesh Kashyap

Depesh Kashyap

Vice President – Research

+

Depesh Kashyap

Vice President – Research

Depesh is a Mid- Caps Analyst at Equirus. He has over 9 years of experience in Equity Research and has been tracking various Mid-Cap companies across sectors. Prior to Equirus, Depesh was associated with HSBC. He is a CFA Charter holder and an MBA from MDI Gurgaon.

PMS Team

The PMS team is lead by experienced Fund Manager with proven track record.

Ashim Ranu

Viraj Mehta

Managing Director

+

Viraj Mehta

Managing Director

Viraj Mehta has over 9 years of experience in the field of investing with an excellent and proven track record. The Equirus Long Horizon fund (ELHF) is one of the best performing funds since its launch in October 2016. Viraj was selected by Wall Street Journal (WSJ) as part of “Asia’s Master Stock Picker” series for India. He had been part of the award winning fund management team at Franklin Templeton Investments managing an AUM of ~US$ 6bn. Viraj had also been the lead analyst for managing the small companies fund at Franklin Templeton Investments. He is a MBA from MDI, Gurgaon & Chemical Engineer from Nirma Institute of Technology, Ahmedabad. Viraj can be reached at viraj.mehta@equirus.com

Advisor

Mr. VijayAgrawal N

Vijay Agrawal

+

Vijay Agrawal

Advisor

Vijay has over 20 years of experience in Infrastructure, Pharma, Healthcare and IT sector. He is currently associated with Equirus as an Advisor. Mr. Agrawal is a qualified Chartered Accountant and had worked with professional and corporate organization. He has also played a key role in leading key business process re-structuring initiatives along with concluding various successful M & A transactions and fund-raising activities successfully leading to elevated financial gains and enhanced systems parameters. His organizational strengths are being an effective communicator having excellent networking, leadership and negotiation skills with a proven track record of creating new business opportunities providing a strong sup- port system for the accomplishment of organizational goals through a positive work environment and adherence to ethics.

Vijay started his career in April 1997 as an Associate with Mr. S.S.Gupta, Chartered Accountant where he was involved in dealing with the whole gamut of taxation issues from advising clients on tax optimizations, indirect tax implications to representing clients before various appellate authorities. During this stint, he co- authored a book "How To Meet Your Obligation under Service Tax" published by Taxman. In a career spanning more than two decades, Mr. Agrawal has achieved several records in his capacity as an accomplished finance professional like starting the Indirect Tax Division of Haribhakti & Co. and building its Indirect Tax Advisory practice. He was involved in multiple M & A transactions and tax advisory services during his stint with one of the Big Four Accounting Firm. He has advised clients in various sectors like Infrastructure, Industrial, Steel, Cement, Hospitals, Hospitality, Technology etc.

Vijay has done his Chartered Accountancy from the Institute of Chartered Accountants of India and is a Commerce graduate from GS College of Commerce and Economics, Nagpur. He also attended a course in Senior Management Programme in Banking, Corporate, Finance, Management, Marketing, Strategy from Indian Institute of Management, Kolkata.