Dovetail Capital Raises ₹100 Crore in Series A Round Led by Elev8 Venture Partners

Dovetail Capital has raised ₹100 crore in a mix of primary and secondary funding in its Series A round led by Elev8 Venture Partners. The investment marks the company’s first institutional fundraising since its inception in 2017.

The Mumbai-headquartered company plans to use the capital to accelerate its global expansion while strengthening its technology-driven asset servicing platform.

The fundraise comes amid rapid growth in India’s financial markets. According to the company, mutual fund average assets under management (AAUM) reached ₹83.5 trillion in May 2026, nearly six times higher than a decade ago, while the alternative investment fund (AIF) industry’s total commitments rose 25% year-on-year to ₹16.9 trillion as of March 2026. The increasing flow of domestic and foreign capital is driving demand for independent, technology-enabled asset servicing solutions.

Dovetail Capital currently services assets worth more than $4.5 billion, offering fund administration, derivative clearing, third-party investment management solutions (TPFM), and compliance services to foreign portfolio investors, alternative investment funds, family offices, insurers, mutual funds, and other institutional clients. The company is also one of the largest fund administrators operating in GIFT City.

Commenting on the fundraise, 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.”

Navin Honagudi, Managing Partner at Elev8 Venture Partners, said India’s emergence as a global financial hub presents a significant opportunity for independent financial infrastructure providers. “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. We are proud to lead its first institutional round,” he said.

Founded in 2017, Dovetail Capital provides fund administration, derivative clearing, third-party investment management solutions, and compliance services across Indian and global markets. The company combines regulatory expertise with proprietary technology, including its Dovetail Compliance Management System, to deliver independent, transparent, and scalable asset servicing solutions for institutional investors.