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  • South Asia

India's ChrysCapital adds US-based operating partner

sanjay-jalona
  • Staff Writer
  • 26 July 2022
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India's ChrysCapital Partners has appointed Sanjay Jalona, formerly CEO of the IT division of Indian engineering conglomerate Larsen & Toubro, as an operating partner based in the US.

Jalona will work closely with the advisory team, headed by ChrysCapital’s IT lead Akshat Babbar, in the sourcing, identifying, evaluation, management, and exit-related activities in relation to investments made in the sector.

Jalona has more than 30 years of experience in the IT services industry, including seven years as CEO of Larsen & Toubro Infotech (LTI), which he helped lift to USD 2bn in annual revenue. LTI completed seven acquisitions under Jalona’s leadership in areas such as big data, financial technology, and cloud computing.

“Given his phenomenal track record and experience working with some of the largest IT services firms, he will play an instrumental role in helping accelerate the growth for the fund’s portfolio companies,” Kunal Shroff, a managing partner at ChrysCapital, said in a statement.

“ChrysCapital has ambitions of creating a far bigger impact in global IT in the years to come and joining hands with Sanjay is a crucial step in that journey.”

ChrysCapital was an early mover in the US-India corridor in IT talent and services as a theme for private equity, with management regularly visiting the US to scout in-country investments. Many India-founded IT companies have begun targeting US user bases as their core market, often relocating headquarters to be closer to customers.

ChrysCapital’s first US investment was financial services outsourcing company Ephinay in 2003. It had significant success with IT consultancy LiquidHub, taking a 40% stake in 2013 as part of a USD 53m growth round and selling it to a European strategic in 2018 at a valuation of USD 500m.

The private equity firm’s standout US IT investment is Infogain, which it sold to Apax Partners last year for about USD 550m generating a 6.4x return.

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