Private equity (PE) in India has undergone a transformation in the past two decades, evolving from a fledgling sector into a critical growth engine driving business expansion. In 2024, PE investments in the country surged to $30.89 Bn across 1,022 deals, marking a 22.7% rise in deal value and an 18.4% jump in deal count from the previous year.

Launched in 2007 by former Citigroup India directors Sumeet Narang and Gautam Gode, Samara Capital has been at the forefront of this evolution. With a sharp focus on growth sectors ranging from consumer goods to healthcare, financial services and business services/technology, this mid-market buyout PE firm has played a key role in identifying high-growth companies and scaling them for long-term success.

It acquires controlling stakes and works closely with management teams to accelerate growth and value creation. This approach, anchored in rigorous corporate governance and hands-on collaboration, has yielded significant returns. Samara has invested nearly $2 Bn across 30 companies using a blend of fund capital and co-investments and made 19 successful exits.

Samara has raised capital via four flagship funds and other investment vehicles that underscore the strong commitments of limited partners (LPs). Although the PE firm declined to comment on its fundraising activities, it will reportedly close its third fund in the next three to four months further fuelling its expansion in a rapidly growing PE market.

Vikram Agarwal, managing director and chief financial officer of Samara Capital, has helped script the firm’s growth story since joining in 2007. A graduate of Shri Ram College of Commerce and a chartered accountant, he had spent eight years at PwC, honing his expertise in mergers and acquisitions.​

His entry into Samara was not a calculated career move. In early 2007, when the business was taking shape, its founders were searching for a chief financial officer and began reaching out through industry connections. Agarwal learnt about the opening through a chain of introductions, with one contact leading to another until the role landed on his radar. Sensing the potential, he sent his résumé, and Narang called him within an hour. The speed of response left him awestruck.

“Typically, when you send a résumé, you don’t hear back for days. Here, I got a call within an hour. That gave me an early glimpse into how this world operates — decision-making must be fast, precise and efficient,” recalled Agarwal. The initial interaction set the stage for his transition into private equity, and he took the leap.

“​While at PwC, I focussed on transactions and was part of inbound and outbound M&As in India. I thought that gaining experience on the buy-side would broaden my exposure in this space,” he recalled.​

Seventeen years later, his role has evolved well beyond its original scope. He initially focussed on fund accounting, investor reporting and compliance but now spends much of his time structuring and executing deals, negotiating term sheets, overseeing financing and IPO preparations of portfolio firms, and managing their litigation risks.

As Samara Capital is a buyout fund, Agarwal plays a critical role in post-acquisition financial strategy and governance, ensuring smooth transitions and operational improvements.

“What started as a finance-centric role has expanded into a broader leadership position, integrating strategy, risk management and execution across our investments,” he told Inc42 in a recent interaction as part of our Moneyball series.

According to him, Samara has maintained a flawless track record since 2012, with no losses incurred by its portfolio companies. Along the way, the PE firm has honed its expertise in handling complex transactions — mostly roll-up acquisitions that drive industry consolidation.

It has completed eight major roll-ups, including Sapphire Foods, where the investor merged eight Yum! Brands franchises into a leading food services powerhouse. Before this deal in 2016, these businesses ran KFC, Pizza Hut and Taco Bell outlets across India, Sri Lanka and the Maldives. Samara, in partnership with Goldman Sachs, CX Partners, and other investors, consolidated them under Sapphire Foods India, creating one of the largest regional operators of Yum! Brands.

Other notable roll-ups include FirstMeridian (human resource), ASG Eye Hospitals (healthcare) and Agam (insurance broking), each transforming smaller, fragmented businesses into scalable enterprises. In 2018, Samara collaborated with Xponentia Fund Partners to acquire........

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