Padmanabh Sinha, a former top executive at India’s government-backed domestic infrastructure fund National Investment and Infrastructure Fund Ltd (NIIF), is setting up a new private equity (PE) firm called LaunchBay Capital.
The fund is expected to target a corpus of around $250 million and will operate under a general partnership structure, with a focus on India-based, growth-stage investments, according to Mint, which first reported the development.
According to Sinha’s LinkedIn profile, the fund will focus on active, minority investments in the $25-50 million range, a segment he describes as a “missing middle” in India’s fast-expanding growth capital landscape.
LaunchBay Capital will adopt a multi-sector approach, backing growth-stage companies across consumer, technology, industrials, business services, healthcare, and financial services.
Sinha brings decades of private equity experience to the new venture. Until March 2025, he served as Executive Director and CIO of Private Equity at NIIF. Before that, he co-founded the Tata Opportunities Fund (TOF), the Tata Group’s flagship private equity platform; and held senior roles at Temasek India. He also chaired the Indian Private Equity and Venture Capital Association (IVCA).
The launch of LaunchBay Capital adds to a growing list of new private equity and venture capital funds being set up in India by seasoned investors. Earlier this week, Trident Growth Partners, founded by former executives from Premji Invest and the International Finance Corporation (IFC), announced the first close of its debut fund at over Rs 1,000 crore ($120 million), with plans to back Series B and later-stage deals in high-growth sectors.
Other recent moves include former IFC executive Ruchira Shukla launching her venture capital fund Synapses last year, while long-time Nexus Venture Partners managing director Sameer Brij Verma ended his 13-year tenure and is reportedly exploring a new multi-stage fund spanning public markets and early-stage investments. Similarly, former IFC executive Sayan Ghosh left the institution in 2023 to start Ortella Global Capital, a venture fund focused on technology-led sectors.
