Mumbai-based asset servicing company Dovetail Capital has raised Rs 100 crore (around $12 million) in its first-ever institutional funding round. The Series A investment was led by Elev8 Venture Partners and includes both fresh funding and secondary share sales. The new capital will help the company expand its global business, improve its technology platform, and add new financial services.
Founded in 2017, Dovetail Capital has built a strong position in the asset servicing industry by offering independent services to large institutional investors. With operations across several global financial centres and billions of dollars in assets under service, the company is now preparing for its next phase of growth.
Fresh Funding to Support Expansion Plans
The total funding of Rs 100 crore includes Rs 70 crore as primary capital, which will be used to grow the business. The remaining Rs 30 crore is secondary capital, allowing some early investors to sell part of their stake.
This is the first time Dovetail Capital has received funding from an institutional investor. Before this round, the company was backed by well-known investors, including Amal Parikh and the late Rakesh Jhunjhunwala.
The funding round was led by Elev8 Venture Partners, a growth-stage venture capital firm started in 2022 by Navin Honagudi. The company invests in businesses that are building technology-driven solutions for India’s growing economy.
Dovetail Capital said it will use the new funds to expand its presence in global markets and strengthen its technology-based services. It also plans to launch domestic fund administration services and obtain custodianship in India. This will allow the company to offer a complete range of asset servicing solutions to its clients.
The funding comes as demand for professional and independent financial services continues to grow, especially from global investors looking at opportunities in India.
Dovetail Capital Manages More Than $4.5 Billion in Assets
Dovetail Capital was founded by Dev Sampat, Mahesh Shekdar, and Vivek Singhania. The Mumbai-based company offers services such as third-party fund management, fund administration, derivative clearing, investment advisory, and compliance management.
Its clients include foreign portfolio investors (FPIs), alternative investment funds (AIFs), family offices, insurance companies, mutual funds, and algorithmic trading firms.
Today, the company manages services for assets worth more than $4.5 billion. It also clears derivative trades with a daily notional value of over $25 billion, which is close to 1% of India’s daily derivatives market.
One of Dovetail’s biggest strengths is its independent business model. Unlike many traditional asset servicing firms that are linked to banks or brokerage companies, Dovetail does not run competing financial businesses. This helps reduce conflicts of interest and gives clients greater confidence that their financial data remains secure.
The company also relies heavily on technology. Its own Dovetail Compliance Management System (DCMS) helps clients meet regulatory requirements across 14 global markets, making compliance easier for international investors.
Strong Global Presence and Future Growth Plans
Dovetail Capital has built a strong presence in several financial centres. Along with its Mumbai headquarters, the company operates in GIFT City and has regulated businesses in Mauritius, Singapore, and the Dubai International Financial Centre (DIFC).
The company is regulated by major financial authorities, including the Securities and Exchange Board of India (SEBI), the Reserve Bank of India (RBI), the International Financial Services Centres Authority (IFSCA), and the Dubai Financial Services Authority (DFSA).
Elev8 Venture Partners believes Dovetail is well placed to benefit from India’s fast-growing financial sector. As more domestic and international investors enter the market, the need for independent, technology-driven asset servicing companies is expected to rise.
India’s financial industry has been growing rapidly. Mutual fund average assets under management reached Rs 83.5 trillion in May 2026, while commitments to alternative investment funds increased 25% year-on-year to Rs 16.9 trillion by March 2026.
With fresh funding, a strong technology platform, and expanding international operations, Dovetail Capital is now looking to grow its business further. The company aims to strengthen its position in the asset servicing market while offering more services to institutional investors in India and around the world.