Dovetail Capital raises Rs 100 Cr from Elev8 Venture Partners

Dovetail Capital, an independent asset-servicing firm that provides fund administration, compliance and investment infrastructure to institutional investors, has raised Rs 100 crore in a Series A funding round led by growth-stage investment firm Elev8 Venture Partners.

The round, which includes a mix of primary and secondary capital, marks Dovetail’s first institutional fundraise since the company was founded in 2017. The fresh capital will be used to expand its global business as demand grows for independent financial infrastructure serving cross-border investors.

Founded by Dev Sampat, Mahesh Shekdar and Vivek Singhania, Mumbai-based Dovetail Capital offers fund administration, derivative clearing, third-party fund management, investment advisory and compliance services to foreign portfolio investors, alternative investment funds, insurers, family offices and mutual funds.

It has built a significant presence in GIFT City, while also operating regulated entities in Mauritius, Dubai International Financial Centre and Singapore.

The company claims it services assets worth more than $4.5 billion and has developed its own compliance technology platform to help clients manage regulatory obligations across jurisdictions.

The company said it believes the opportunity is being driven by India’s growing importance as a global investment destination. Domestic savings are increasingly moving into financial assets, while overseas investors are allocating more capital to India.

Mutual fund average assets under management reached Rs 83.5 trillion in May 2026, while commitments to alternative investment funds rose 25% year-on-year to Rs 16.9 trillion by March 2026, according to the company.

Explaining the company’s origins, co-founder Sampat said that when Dovetail was launched, asset servicing in India was largely dominated by large banks that also operated asset management, wealth management and broking businesses.

“We believed Indian investors, just like their global counterparts, deserved an independent, technology-first partner with no competing agenda,” he added.

Elev8 Venture Partners, which was founded by investor Navin Honagudi in 2022, said Dovetail fits its strategy of investing in category-defining growth-stage companies.

Honagudi said India’s rise as a global financial centre is creating demand for “world-class, independent infrastructure” as capital flows through GIFT City and into Indian markets. He added that Dovetail has built “a profitable, technology-led, conflict-free platform”.

The development comes as India’s investment ecosystem continues to mature. GIFT City has emerged as a key gateway for international fund managers, supported by regulatory initiatives from the International Financial Services Centres Authority aimed at attracting global capital.

At the same time, the Securities and Exchange Board of India has introduced reforms to simplify mutual fund regulations, streamline alternative investment fund operations and accelerate the launch of new investment schemes, reflecting a broader effort to deepen India’s capital markets.

The wider alternatives industry has also remained active in recent months. Firms including Kotak Mahindra Asset Management, Vivriti Asset Management and Sundaram Alternates have announced significant fund closes, while new private credit, real estate and specialised investment vehicles continue to enter the market.