Pegasus India Evolving Opportunities Fund
Pegasus India Evolving Opportunities Fund invests in Indian fintech, healthcare, education, and clean technology businesses.
Overview
Pegasus India Evolving Opportunities Fund is a Mumbai-based alternative investment fund managed by Pegasus Fininvest Advisory. The fund invests in Indian businesses seeking to combine commercial growth with measurable social and environmental outcomes. Its approach extends beyond capital, with operating support designed to help founders build sustainable businesses.
Investment Focus and Stage
The fund primarily invests in Pre-Series A and Series A companies, with cheque sizes typically ranging from $500,000 to $1 million. Its core sectors are fintech, healthcare, education, and clean technology.
Pegasus looks for companies with strong founding teams, established product-market fit, sound unit economics, and a clear path to scale and exit. It favours asset-light business models that can generate sustainable cash flows while addressing challenges such as access to financial services, healthcare delivery, education, and environmental sustainability.
Beyond funding, the team supports portfolio companies with financial planning, business development, fundraising strategy, governance, and industry connections.
Fund Size and Portfolio
Pegasus India Evolving Opportunities Fund is a SEBI-registered Category II Alternative Investment Fund with $40 million in capital commitments. The fund's portfolio spans fintech, healthcare, education, clean energy, and technology-enabled businesses.
Its investments include Snapmint, a consumer financing platform; RedHealth, an emergency medical response and ambulance network; Zetwerk, a B2B manufacturing platform; Lal10, a marketplace connecting Indian artisans and manufacturers with global retailers; and Tardid Technologies, which develops augmented-intelligence solutions for industrial and government applications.
Other portfolio businesses include Varthana, which provides financing to affordable private schools, and Satin Creditcare Network, which serves underserved borrowers through microfinance. These investments reflect the fund's interest in commercially viable businesses that can expand access to essential services and create measurable impact.
Leadership
Shridhar Narayan is Founder and Managing Partner of Pegasus Fininvest. He has more than three decades of experience across real estate, infrastructure, financial services, and consumer businesses. He previously served as CFO at Future Capital Holdings, Britannia Industries, and Coca-Cola India.
Nitika Agarwal is Principal and Head of Investments. She brings experience in investment banking, international corporate transactions, stressed-asset advisory, and mid-market mergers and acquisitions.
Subhash Lode is Vice President of Investment Operations and Business Development for the fund. His background spans agritech, food technology, global supply chains, and technology-led business operations.