Dovetail Capital Secures INR 100 Crore from Elev8 Venture Partners
Dovetail Capital, India's leading independent asset-servicing firm, 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 the expansion of its 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.
Muskaan Kapoor
