Origins of IndoWest Capital Partners
IndoWest Capital Partners was established through the partnership of three professionals who combined their experience across India and Europe to create a cross-border partnership capable of connecting local expertise with international institutional standards.
IndoWest Capital is a cross-border partnership operated jointly by three partner entities: B.U.Y. Invest GmbH (Adliswil, Switzerland), Tech IA Impact Invest Paris Delhi SASU (Paris, France), and Equirus Group (Mumbai, India). The partnership combines European structuring and origination capability with India-based research, portfolio management, and execution.
Founders
Ajay Garg
Ajay Garg is a veteran investment banker, with over 22 years of experience in Investment Banking. He is acknowledged as being amongst the top dealmakers in the country. He started his career with DSP Merrill Lynch where he was involved with several landmark deals during his stint there between 1996–2002. Prior to setting up Equirus in 2007, he was the group CEO of a leading investment bank which he co-founded. Ajay holds a first degree in engineering and is a postgraduate in management from IIM, Ahmedabad.
Luisa Munaretto
Luisa is an entrepreneur and investor bridging Europe and India's most dynamic innovation hubs. For more than a decade, she has operated at the heart of India's economic transformation, combining deep financial expertise with a passion for cross-border value creation. Previously, Luisa built Bryan Garnier India, the first Franco-Indian investment bank, leading over €800m in successful transactions for global corporates. Luisa began her VC journey with the founding team of 21 Invest, and holds an MBA and a summa cum laude PhD in Economics & Finance from the University of Torino.
Flavio Melis
Flavio Melis has six years of experience in global markets and specialises in the structuring of international investment vehicles. His expertise supports IndoWest in designing accessible and compliant frameworks through which international investors can participate in Indian strategies. Flavio holds a Bachelor Degree in Economics from the University of Bologna and a Msc in Corporate Finance from Nova School of Business and Economics.
Investment Team
IndoWest is supported by a dedicated Indian investment team responsible for research, corporate access, and portfolio implementation.
Siddhartha Grover
VP – Research
Over a decade of experience in fundamental equity research with a sector-agnostic approach. He has been part of the Equirus PMS team since its inception, previously worked with Banyan Capital Advisors, and holds a degree in Business Economics from the University of Delhi. He has cleared CFA Level II.
Meet Rachchh
Research Analyst
Five years of experience in equity research across sectors. He has worked with a long-only Category III AIF and as a senior equity research associate at Equirus Institutional Equities, focusing on the Indian IT services sector. He is a Chartered Accountant and Commerce Graduate from Mumbai University.
Parth Modi
Research Analyst
Experience in institutional equities at Equirus Securities, where he covered commodities including chemicals, metals and mining, and prior experience in the credit-rating industry. He has cleared all three levels of the CFA programme and holds a commerce degree from Gujarat University.
Bhumin Shah
Research Analyst
Over five years of financial-services experience, including research roles at Sameeksha Capital covering BFSI, FMCG, consumer durables and power. He has previously worked at HDFC Bank and Larsen & Toubro Power, and holds an engineering degree from LDCE Ahmedabad and an MBA in Finance from NMIMS, Mumbai.
Senior Advisers / Investment Committee
Sivaraman N.
Chartered Accountant with more than 35 years of experience as a business leader and strategist. His previous roles include MD & Group CEO at ICRA, Treasurer at L&T, President & Whole-Time Director, and CEO of IL&FS.
Amit Choudhary
Extensive financial-leadership background, including Group Finance Manager roles at P&G India and Singapore and Director/Partner at MOSL, followed by entrepreneurial experience in healthcare start-ups. Gold Medallist, Rank #1 Chartered Accountant.