Mumbai/Bengaluru: Dovetail Capital, India’s leading independent asset-servicing firm, has raised ₹100 crore in a mix of primary and secondary capital through its Series A funding round led by Elev8 Venture Partners.
The investment marks the first institutional capital raised by Dovetail Capital since its founding in 2017 and will be used to expand the company’s global business.
The funding comes at a time when India is strengthening its position as a global financial hub, supported by the rapid growth of domestic financial assets and increasing institutional capital flows.
Dovetail Capital said the proceeds from the investment will support its international expansion strategy as demand rises for independent, technology-led asset servicing solutions.
The growth of India’s financial markets has created significant opportunities for firms offering fund administration and compliance infrastructure.
Mutual fund average assets under management (AAUM) reached ₹83.5 trillion in May 2026, representing nearly six-fold growth over the past decade.
Meanwhile, the alternative investment fund (AIF) sector’s total commitments increased 25% year-on-year to ₹16.9 trillion as of March 2026.
As foreign and domestic capital continue to expand, the need for independent asset servicing platforms has also increased. Dovetail Capital, headquartered in Mumbai, currently services assets worth more than $4.5 billion.
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The company has positioned itself around providing conflict-free fund administration, derivative clearing, Third-party Investment Solutions, and compliance infrastructure for global investors accessing India, while also supporting Indian capital expanding into international markets.
Dev Sampat, Co-Founder of Dovetail Capital, said: “When we started Dovetail, asset servicing in India sat almost entirely inside the large banks, the very institutions that also ran asset management, wealth management and broking.
We believed Indian investors, just like their global counterparts, deserved an independent, technology-first partner with no competing agenda.
This first institutional round, led by Elev8, validates that conviction and the team that has built on it. For us, this is a mandate to serve our clients even better.”
The investment reflects growing confidence in India’s financial infrastructure ecosystem, particularly businesses serving institutional investors through independent and technology-driven platforms.
Navin Honagudi, Managing Partner at Elev8 Venture Partners, said: “India’s emergence as a global financial center is one of the defining opportunities of this decade, and the capital flowing through GIFT City and into Indian markets needs world-class, independent infrastructure to service it.
Dovetail has built a profitable, technology-led, conflict-free platform that institutions already trust with billions in assets. The team has shown a rare ability to build trust, navigate a demanding regulatory landscape, and scale with discipline. Dovetail sits squarely within our focus on category-defining businesses at the growth stage, and we are proud to lead its first institutional round.”
Founded in 2017, Dovetail Capital provides fund administration, derivative clearing, Third-party Fund Management (TPFM), and compliance services to foreign portfolio investors, alternative investment funds, family offices, insurers, mutual funds, and other institutional investors operating across Indian and global markets.
Headquartered in Mumbai, Dovetail Capital has established itself as one of the largest administrators in GIFT City. The company combines regulatory expertise with proprietary technology, including its Dovetail Compliance Management System, to provide clients with greater independence, transparency, and operational control across multiple jurisdictions.
