Zephyr Peacock
Zephyr Peacock India provides growth capital to Indian businesses across technology, finance, agriculture, and manufacturing.
Overview
Zephyr Peacock India is a Bengaluru-based investment firm that provides growth capital to small and mid-sized Indian businesses. Established in 2006, the firm invests across financial services, food and agriculture, technology, supply chains, infrastructure services, and advanced manufacturing. Its approach combines equity investment with active support for companies building scalable businesses in India’s growing domestic market.
Investment Focus and Stage
Zephyr Peacock typically backs companies from the Seed and Series A stages, with investments generally ranging from $2 million to $10 million. Its strategy has expanded beyond traditional financial services and agriculture into technology-enabled businesses, supply-chain platforms, food businesses, and industrial and advanced manufacturing opportunities.
Fund Size and Portfolio
Zephyr Peacock has managed multiple India-focused funds. Its third India fund had a target size of $150 million, with the International Finance Corporation committing $15 million. Public fund records also show subsequent India growth vehicles, while the platform's reported total fund size is around $170 million.
The portfolio spans more than two decades of investing and includes companies such as Ripplr, BatX Energies, Poshn, Curefoods, Unnati, Varthana, ZippMat, Vidyut, 20Cube Logistics, Shiksha Finance, MPOWER Financing, and AGNIT Semiconductors. Recent activity includes participation in BatX Energies' $11.05 million Series A, AGNIT Semiconductors' $2.6 million round, and Showroom B2B's $9.1 million Series A. The portfolio also includes earlier investments that have since been fully exited, including PEBS Pennar, Aizant, Maxop and Metro.
Leadership
Mukul Gulati is Co-founder and Managing Partner of Zephyr Peacock India and leads the firm's investment activities. He has more than two decades of experience across private equity, investment research, and general management, with previous experience at Multex. He holds an MBA from Columbia Business School and an economics degree from the University of Maryland.
Pankaj Raina is Managing Director and a member of the investment team, with experience spanning private equity, investment banking, financial services, agriculture, food, healthcare, and emerging technology. Abhijeet Kudva, another Managing Director, has worked closely with the firm's investments in areas including agriculture and supply-chain technology.