Quadria hires Rajesh Singhal to boost India coverage
Quadria Capital has appointed Rajesh Singhal as principal managing partner. He will take responsibility for the education and healthcare portfolio companies in India Build-Out Fund I, a vehicle acquired from Milestone Religare Investment Advisors three months ago.
"Rajesh and I worked together on the India Build-out Fund I from the concept stage and he was part of five deals out of the six, done by the fund. So he knows the portfolio very well. His addition will help stabilise the portfolio as we will look at exits from our investments over the next 24-36 months," Amit Varma, Quadria's founder and managing partner, told VCCircle.
In March, Quadria acquired Milestone Religare, a 50-50 joint venture between Milestone Capital Advisors and Religare Enterprises. The deal came after Milestone's founder, Ved Prakash Arya, died in a freak accident in 2011.
Milestone was responsible for managing the joint venture's India Build-Out Fund I, a 2009-vintage vehicle with a corpus of INR4.5 billion ($82.8 million) that focuses on education and healthcare opportunities. Portfolio companies include Resonance Eduventures, Krishna Institute of Medical Services and IMS Learning Resources.
Two years ago, Singhal joined Tata Capital as a partner in its Tata Opportunities Fund, having previously helped build Milestone Religare. Singhal has also worked at Intel Capital and ICICI Bank.
Quadria was founded in 2012 by Varma, formerly head of Religare's healthcare business, and Abrar Mir, founder of NBD Sana Capital, a Sharia-compliant PE funds in the Middle East. Varma sat on the joint venture's board and investment committee as Religare's representative.
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