A private equity fund manager has made it to India's super rich 2023 list

Manish Kejriwal is the first Indian private equity fund manager to make it to the 360 One Wealth Hurun India Rich List 2023 with a net worth of Rs 3,000 crore. Kejriwal is the founder and managing partner of Kedaara Capital Advisors, a Mumbai-based private equity firm.

 Manish Kejriwal has served as managing partner and founder of Kedaara Capital since its inception in 2012. Private equity company Kedaara seeks out clients for control and minority investments in India.

In early 2004, Manish founded the India office of Temasek Holdings Pte. Ltd. (“Temasek”), where he headed all its investments and other activities until September 2011. During this time, Temasek invested over $4 billion in India.

Through investments in well-known companies, it presently manages about US$ 3.6 billion in assets under management.

In early 2004, Manish founded the India office of Temasek Holdings Pte. Ltd. (“Temasek”), where he headed all its investments and other activities until September 2011. During this time, Temasek invested over $4 billion in India.

Last month, Kedaara bought a significant minority stake for Rs 1300-1500 crore in K12 Techno Services Pvt. Ltd, which runs the chain of Orchids International Schools. 

It also  stake in fintech-focussed software-as-a-service (SaaS) company Perfios Software Solutions for $229 million.

The private equity firm raised about $1.1 billion for its third fund in 2021 and has invested about $600 million across six companies so far, leaving about $500 million to be deployed across four to six companies.

Mukesh Ambani and his family remain the richest in India with wealth of Rs 8,08,700 crore so far in 2023.

Gautam Adani, whose wealth halved in the past year, is ranked second with wealth of Rs 4,74,800.

Cyrus S Poonawalla, Shiv Nadar, and Gopichand Hinduja also rank among the wealthiest Indians. The study showed Kumar Mangalam Birla and family and Niraj Bajaj and family bounced back into the top 10 list of 2023, replacing Vinod Shantilal Adani of Adani Group and Uday Kotak of Kotak Mahindra Bank.

Four players from the financial sector found a place in the top 100.

These are Uday Kotak of Kotak Mahindra Bank, Nithin Kamath & family of Zerodha, Ajay Piramal of Piramal Enterprise and Nikhil Kamath of Zerodha.

Overall, the financial sector reported 70 players who feature in the 360 ONE Wealth Hurun India Rich List 2023, the sixth highest among other sectors. 

“Financial Services has fallen to the sixth position, welcoming 10 newcomers and raising the total count to 70 entries”, said the report.

Zoho’s Radha Vembu overtook Nykaa’s Falguni Nayar to become the wealthiest self-made Indian woman on the rich list.

The report also highlighted that 1,319 individuals have over Rs 1,000 crore wealth.

“The threshold to make the 2023 rich list was  Rs 1,000 crore, with a total of 1,319 individuals, up by 216 from last year”, mentioned the report. Of these, 1,223 individuals reside in India and the remaining 96 are NRIs.