EAAA, the alternatives arm of Edelweiss, scales private equity strategy to ~ INR 2,500 crore

Mumbai, September 17, 2026:

• Discovery Fund I tracking 1.8x TVPI within four years of first close
• Partially Exited Fund I Portfolio companies – RentoMojo, Shadowfax and Kusumgar listed in 2026

 

EAAA, the alternatives arm of Edelweiss, today announced that its private equity strategy has scaled to ~INR 2,500 crore in fee-paying assets under management (FPAUM) across its Discovery Funds, marking a significant milestone.

The Discovery Strategy, comprising Edelweiss Discovery Fund I and Discovery Fund II, focuses on investing in mid-stage businesses that have demonstrated product-market fit and are entering their next phase of institutional growth.

Launched in 2022, Edelweiss Discovery Fund I built a portfolio of companies including Shadowfax, Kusumgar, RentoMojo, GIVA, Renee Cosmetics and ProcMart. The Fund is currently tracking at 1.8x TVPI (Total Value to Paid-in) within four years of its first close.

The portfolio has also begun generating liquidity events, with Shadowfax and Kusumgar successfully listing in 2026. Both investments have delivered significant value appreciation since investment. The Fund has already made its first distribution based on part-exits from these investments.

RentoMojo marks the third investment from Fund I to deliver a partial exit through capital markets. The current listed price indicates a 6.3x multiple on the investment.

Amit Agarwal, Chief Executive Officer, EAAA India Alternatives, said:
“Capability before capital has been the cornerstone of our platform. Over the past four years, we have deliberately focused on building institutional capabilities — the right team, a rigorous investment discipline and a scalable platform — enabling us to create enduring value in the businesses we back and deliver long-term outcomes for our investors. The true measure of private equity lies not in the capital invested, but in the businesses built and the value created.”

Ashish Agarwal, Managing Director, Private Equity, EAAA India Alternatives, said:
“We launched the Discovery Strategy to address a growing need for institutional growth capital among businesses that have already demonstrated strong unit economics and operational scale. The progress of Fund I and the response to Fund II reinforces the attractiveness of this opportunity set and our ability to identify and support the next generation of market-leading businesses.”

Discovery Fund II, which has raised INR 1,300 crore so far from marquee investors, has already commenced deployment. The Fund marked its first investment by leading a INR 230 crore funding round in Arboreal Bio Innovations, an ingredients technology company focused on specialty food and nutraceutical ingredients. Discovery Fund II is targeting investments of approximately INR 200 crore per company.

With an FPAUM of ~INR 2,500 crore across two funds within four years, the Discovery Strategy has established itself as a differentiated growth-equity platform within EAAA, focused on partnering with high-quality businesses through their next phase of growth and value creation.

EAAA Alternatives is a diversified alternatives platform and comprises eight strategies including infrastructure, special situations, performing credit and commercial real estate. The portfolio across these strategies include 1.73 GW solar, 4,586 lane km of road, 3.1 mn sq.ft. office space and 1,835 circuit kms of transmission lines. The platform has also financed* 190 Investments with aggregate financing of ~INR 424bn across multiple sectors.

Note:
TVPI measures total fund value against the capital actually paid in by investors; MOIC measures the multiple generated against the capital invested

The 1.8x TVPI figure is as of June 30, 2026 and is not indicative of future performance. *Cumulative since inception till June 30, 2026; represents Private Credit vertical FPAUM as of August 31, 2026 INR figures have been rounded to the nearest decimal

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About EAAA Alternatives:

EAAA Alternatives is one of the leading alternatives platforms in India, with more than 15 years of experience of managing long term patient capital with a Fee-Paying Asset Under Management (FPAUM) of INR 48,623 crore, as of June 30, 2026. The platform operates a diversified, multi-strategy platform, in large, undertapped and fast-growing alternative asset classes, focusing on providing income and yield solutions across 8 core strategies to its global and domestic clients.

The wholly owned subsidiary, Sekura India Management Limited (“Sekura”), is part of the asset operating and management team and proficiently supports various business verticals, including operations, maintenance, monitoring, efficiency improvement, and turnaround management.

For further information, please connect:

EAAA India Alternatives
Sporshita Goswami
Corporate Communications
sporshita.goswami@eaaa.in
+91 9920883234