Dovetail Capital will use funds from this round for expansion of global business

MUMBAI/BENGALURU, JULY 1, 2026, GPN/ NEWSMAN SACHIN — Dovetail Capital, India’s leading independent asset-servicing firm, today announced it has raised INR 100 crore in a mix of primary and secondary, in a ‘Series A’ round from Elev8 Venture Partners. This is the first institutional capital raised since the firm was founded in 2017. Dovetail Capital will use the proceeds for expansion of global business.

The fundraise for Dovetail Capital, one of the largest fund administrators, comes when India is fast establishing itself as a global financial hub and domestic savings rapidly shift into financial assets. Mutual fund average assets under management (AAUM) reached INR 83.5 trillion in May 2026, almost a six-fold rise in a decade. The alternative investment fund (AIF) sector’s total commitments grew 25% year-on-year to INR 16.9 trillion as of March 2026. As both foreign and domestic capital grow in scale, it generates demand for independent, technology-led asset servicing. Dovetail Capital, headquartered in Mumbai, services assets worth over $4.5 billion and was built on precisely that shift: conflict-free fund administration, derivative clearing, Third-party Investment Solutions & compliance infrastructure that global allocators can rely on as they access India, and as Indian capital increasingly goes global.

Speaking about 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.”

Commenting on the investment, 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 delivers 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 accessing Indian and global markets. Headquartered in Mumbai, Dovetail Capital is one of the largest administrators in GIFT City. Dovetail Capital pairs deep regulatory expertise with proprietary technology, including its Dovetail Compliance Management System, to give clients independence, transparency and control across jurisdictions.

About Dovetail Capital

Founded in 2017 by Dev Sampat, Mahesh Shekdar and Vivek Singhania, Dovetail Capital is India’s leading independent asset-servicing firm. The idea behind it was simple: institutions deserve an independent and technology-first servicing partner with no competing agenda. Dovetail delivers Third-party fund management (TPFM), fund administration, derivative clearing, investment advisory and compliance services to foreign portfolio investors, alternative investment funds, family offices, insurers, mutual funds and algorithmic funds. Headquartered in Mumbai, with a leading presence at GIFT City and regulated entities in Mauritius, Dubai (DIFC) and Singapore, the firm connects global capital to Indian markets and back. Dovetail Capital is regulated by International Financial Services Centres Authority (ISFCA), Securities Exchange Board of India (SEBI), and Dubai Financial Services Authority (DFSA).

About Elev8 Venture Partners

Elev8 Venture Partners is a growth-stage venture investment firm focused on backing category-leading technology companies across India. Founded by Navin Honagudi in 2022, the firm backs high-growth businesses across sectors including fintech, consumer, SaaS, mobility, and enterprise technology