Siddharth Parekh, the younger son of Deepak Parekh, chairman of Housing Development Finance Corp. Ltd (HDFC), after acting as an angel investor in many Indian startups, has today launched his own $200 million private equity firm christened Paragon Partners.
After completing his studies from University of Pennsylvania and Columbia Business School in the US, Siddhartha worked with at UK headquartered private equity firm, Actis Capital, in Mumbai. Having quit his job, Siddhartha has been acting as an angel investor in many startups like CreditVidya, IndiaLends, MobieFit Technologies, HandyTrain and Seynse Technologies.
Today, Siddhartha has launched his own $200 million equity firm Paragon Partners with his friend Sumeet Nindrajog. The firm is expecting to close $60 million deal by December and the rest in next 9 to 12 months.
Before Actis, he worked with the International Finance Corp. based in Washington DC as an investment analyst, focusing on investing in the global manufacturing and services sectors, and as a consultant at the Boston Consulting Group in New York prior to that.
The other big name in Paragon Partners is Sumeet Nindrajog, who is co-founder and executive director at Mumbai-based Hover Automotive India.
Nindrajog said –
Our fund, a mix of onshore and offshore, will see commitments from HNIs (high networth individuals) and domestic institutions. After first close, we will start raising funds from foreign investors.
Paragon Partners intends to invest in areas of consumer, automobile, infrastructure services and financial services with a ticket size of $10-20 million. The fund intends to buy 15-30% stake in each company.