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Cipher–Plexus Capital Advisors Pvt. Ltd.

www.cipherplexus.in

MUMBAI | NEW DELHI | CHENNAI | BENGALURU


Overview
Cipher-Plexus Capital

20+ Team with


Two Decades of Led by Veteran Track Record of
Exceptional
Experience Deal Makers over 100+ Deals
Camaraderie

› Headquartered in Mumbai,
› Diversity of experience
Cipher-Plexus was formed
coupled with global reach
with the integration of
& a culture founded on › Insights from over 100
Cipher Capital & Plexus
virtues enhances the ability successful transactions
Ventures
to deliver superior value consummated across
› Rich experience of two
› 20+ Team members and sectors, sizes & stages
decades provides
Partners have been part of
significant edge to protect
bulge-bracket investment
& serve the best interests
banks
of its clients

Insights of two decades and over hundred successful deal closures …

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Business & Services
Private Equity
We enjoy a wide reach of high quality relationships and an
Services Offered
admirable reputation with some of the most respected and
sought after investors. Growth/Expansion Capital
Equity Financing

Our close interactions with all significant private equity and Mezzanine Funding
PIPEs
venture capital investors on an ongoing basis have helped us
Secondary Funding
develop a deep understanding of their culture, functioning,
Special Situation Funding
investment philosophy and preferences. This facilitates the
Buyouts
most appropriate investor-company fit towards delivering
Acquisition Financing
the best value in the given context.

Strong execution orientation & capabilities help us


culminate difficult and complex transactions successfully &
speedily.

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Select Transactions

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Select Relationships

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Mergers and Acquisitions
We represent clients on the sell-side as well as buy-side
Services Offered
leveraging our deep relationships, rich experience and
insights in managing complex cross border and domestic Domestic sell-side and buy-side
transactions
transactions.
Cross border M&A representing sell-
side as well as buy-side
The team has a strong domain focus and knowledge of the Divestitures and Spin-offs
ecosystem that coupled with our expertise in structuring Carve-outs
help us unlock the true potential in each transaction. We Strategic Alliances
work skilfully with a diverse set of banks, investors, other Joint Ventures
financial sponsors and agencies to consummate the Management Buy-outs
transaction efficiently. Leveraged Buy-outs
Management Buy-ins

We have strong relationships in India, US, Europe, Japan,


and Middle East which help in zeroing on to the right
potential targets for the clients.

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Select Transactions

ABeam Consulting

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Structured Funding and Debt Advisory
Our Debt Advisory team specialises in providing advisory
Services Offered
services across the full range of debt market including
banking, capital market, asset-based lending, securitisation, Syndication of Rupee Debt
project debt, senior debt, mezzanine financing, raising debt Foreign Currency Loan
to finance LBOs or MBOs, acquisition financing and Acquisition Financing
recapitalisation. Project Finance
Strategic Alliances

The team comprises veteran debt advisors with deep Trade Finance

domain knowledge and understanding of the markets, this Promoter Funding / ICDs
Secured Loans
coupled with an extensive network of contacts with banks,
Mezzanine Funding
financial institutions and other financial sponsors, provide
Asset Backed funding
solutions with optimal capital structures and most
appropriate sources of finance.

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Select Transactions

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Domain Focus
Special Situation Funding
We are committed to assisting companies navigating
Services Offered
through difficult operating and financial environments.
One Time Settlement with lenders
Our clients include companies, financial sponsors, lenders, Corporate Debt Restructuring
creditors and other interested parties in financially stressed Restructuring & Re-financing
situations and distressed transactions. Our overriding goal is Distressed M&A

to help maximize the value of a financially distressed Sell off of divisions or


recapitalisation
company while protecting the business interest of the client.
Management Buy-Outs/ Buy-Ins
Bridge Finance
We bring problem-solving skills, multi-product transaction
expertise, understanding of industry and access to various
sources of capital that are important in getting the
companies back on their own feet.

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Domain Focus
Cipher-Plexus operates across multiple domains, each with its own expert team and advisory partners. We have strong
relationships with the top domestic and international companies as well as funds in each domain, ably led by a dedicated
team of specialists with rich transaction experience within the sector.

Consumer and Agriculture Energy & Environment Healthcare and Life Sciences

Logistics, Shipping and Manufacturing and Technology, Media and


Infrastructure Engineering Telecom

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Consumer and Agriculture

Select Private Equity / Mergers and Acquisitions Transactions

Sub-sector focus
Food, beverages and
restaurants
Specialty retail
Agri inputs and commodities
Home and personal care
Education
Consumer finance

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Environment and Energy

Select Private Equity / Mergers and Acquisitions Transactions

Sub-sector focus

Energy generation
Transmission and distribution
Demand management
Water management
Solid waste management

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Healthcare and Life Sciences

Select Private Equity / Mergers and Acquisitions Transactions

Sub-sector focus

Hospitals
Radiology and pathology
Medical devices
Drug discovery, CRO
Pharmaceuticals Nutraceuticals,
Biotech
Sterile liquids, Chemicals Allied
services

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Logistics, Shipping and Infrastructure

Select Private Equity / Mergers and Acquisitions Transactions

Sub-sector focus

Roads
Oil and gas
Ports
Metals and mining
Airports
Railways
Real estate and hospitality

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Manufacturing and Engineering

Select Private Equity / Mergers and Acquisitions Transactions

Sub-sector focus

Construction equipment
Defence equipment
Automotive and auto ancillaries
Capital goods
Industrial chemicals and polymers
Aerospace

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Technology Media and Telecom

Select Private Equity / Mergers and Acquisitions Transactions

Sub-sector focus

Online services / digital media


IT services, KPO, BPO
Mobile VAS
Payments processing
IT distribution
Cloud computing
Media, cable distribution
Telecom infrastructure

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Global Reach
Global Reach

We work actively with two leading mid-market investment banking partners who have a combined track record of over 700
successful transactions and with solid representations across several non-Indian geographies.

In Europe and USA, we have a partnership with a mid-market focused investment bank with regional presence in North and
Central Europe as well as North America.

In Japan, we have a strong relationship with a boutique investment bank led by a team of seasoned and experienced
Japanese partners with pedigree background in investment banking and experience with Japanese global majors.

Exploring cross-border synergies in our work is of high priority to us and these relationships enhance our global outlook
and reach for our clients.

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Leadership Team
Leadership Team
Ravi Saxena
Co-Founder and Managing Director
B. Tech (IIT Delhi), MBA (IIM Ahmedabad)

Ravi founded Cipher Capital in 1994, one of the earliest entrants as a boutique Investment Bank focused on
Private Equity and M&A Advisory space. Over the last two decades he has built a robust track record of
successful deals and enduring relationships founded on strong values and ethics.
His versatility and positivity coupled with his strong leadership skills help provide Cipher-Plexus a solid
foundation as an organisation.
Prior to founding Cipher, Ravi worked with companies like Bajaj Auto, Tata Motors and JM Financial. At JM
Financial, he led assignments for some of India’s largest corporations.

Kunal Kumthekar
Co-Founder and Managing Director
B. E. (C.O.E.Pune), PGDBA (IMDR, Pune), Alumni of Wharton Business School

Kunal has successfully closed a number of private equity and M&A transactions and led many investment
opportunities as an investment banker & a professional investor. He has the rare advantage of having Buy
as well as Sell side experience that gives him a significant edge in the ability to structure and close deals. He
provides overall leadership in execution at Cipher-Plexus.
Kunal had founded Plexus in 2005 and was also a co- founder of Nine Rivers Capital, the firms have been in
Investment advisory business and managed SEBI registered domestic fund as well as advised Mauritius
based offshore fund. Kunal continues to be on the Board of some of the Investee companies and provides
strategic insights to them.
He was a partner with Cipher from 1997 till 2004. Kunal started his career with JM Financial and grew to
Head - M&A and Corporate Advisory group, and then to become the CEO of the entire broking business.

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Leadership Team

Harshawardhan Bal, PhD


Director- Healthcare, Pharma & Technology
M.Pharm. (UDPS, Nagpur); PhD -Molecular Biology (NII, Delhi)
Harshawardhan is a life-sciences professional with over 15 years of global diversified experience at the
intersection of pharma (drug discovery R&D, generics and biologics, synthesis, API manufacturing, dosage
formulation and manufacturing and clinical trials), informatics (genomics, bioinformatics, cancer, pathology
and imaging informatics), healthcare (payer, provider, population health, RWE) and technology (digital
health, mobile, analytics, AI).
He has expertise spanning corporate strategy, management consulting, investment banking, corporate
development and operations. Harsh has proven leadership qualities having established, led and grown
businesses from start up to successful multi-million enterprises, hiring and mentoring high-performing
teams globally and winning and managing Fortune 500 and top-tier clientele. He is also an Aresty Scholar of
the Wharton School of Business at the University of Pennsylvania. Harsh has experience and training from
Ivy League Schools and top-tier organizations (UPenn - Wharton, Dana-Farber/Harvard Cancer Center, Booz
& Co., Cold Spring Harbor Laboratory, then under the Presidency of Nobel Laureate, Dr. James Watson,
Piramal Enterprises, Sentiss Pharma, Takeda Oncology, Roche Ventana/Bioimagene and others).

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Team
Team

Rajkumar Manglick
Business Advisor
B.Sc.(Agra University), FCA, DISA (ICAI)
Raj has over 34 years of experience in Company Audits, Advisory Services of PE, M&A, Corporate
Structuring, Brand Valuation in the sectors of FMCG, Energy & Environment. He is the founder of Manglick
& Associates, his own firm of Chartered Accountants. He was engaged as an Auditor of the leading FMCG–
Ghari Group. He is also the former VP at Patanajali Group. Raj keenly participates in spreading awareness
on Global Warming in collaboration with IIT-Kanpur. He is also a Paul Harris Fellow of Rotary International.

Ashish Bhansali
Director
B Tech (Univ. of Rajasthan), MBA (NMIMS, Mumbai)
Ashish has over 10 years of experience in investment banking services across private equity, mergers and
acquisitions and structured lending, and has been instrumental in setting up domain initiatives. His ability
to build relationships with investors and clients alike are a great asset to the team. Prior to Cipher Ashish
worked with GE Capital as part of their leadership training program.

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Team

Mehul Ramchandra
Executive Director
B. Com (University of Mumbai), CA (ICAI, Mumbai), MBA – Finance (ISB Hyderabad)
Mehul’s key strengths are in building and maintaining relationships with clients & investors, executing
transactions and regulatory understanding. In his 18+ years of experience in investment banking and
financial consulting, he has worked on several fund raising / strategic transactions and also consulted with
various domestic and multinational organizations in their India related strategy. Mehul joined the
organization more than a decade ago. Prior to joining Cipher, he worked with Andersen & EY.

Rajat Agrawal
Associate Director
CA (ICAI, Mumbai), B.Com (University of Mumbai)
Rajat has around 7 years of Business Development & Execution experience in Investment Banking,
around 7 years of experience in Equity Research and 5 years of Industry Experience. He has experience in
domains across Consumer brands, NBFC's, Education, Industrials, Textile consumables, Hospitality, Solar
power, Logistics, Healthcare, among others.
Prior to joining Cipher-Plexus, he was Vice President with Value Vision Consultants wherein his role
comprised of both business development and execution. He has also worked with MX Capital as an
Associate in Investment Banking, with Times Communication as an Equity Research Analyst, with OS
Agrawal & Associates as a CA Article and as a Merchandiser with Creative Garments.

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Team
Jigar Gandhi
Vice President- Capital Markets
MBA -Finance (RIMSR, Mumbai), M. Com (University of Mumbai)
Jigar has over a decade’s experience in Capital Markets, Investment Banking and Corporate Finance. He
enjoys excellent relationships with Promoters, Investors and Financial institutions. He has worked in the
execution of Secondary & PIPE transactions, PE & SME listing transactions in domains such as Specialty
Chemicals, Industrials & Education among others.
Prior to joining Cipher-Plexus, Jigar was Partner at Synergy Corporate Financial Advisors, and worked with
boutique investment banks such as Enarr Capital and Saffron Capital Advisors.

Anjali Rathi
Assistant Vice President
B.Com (Faizabad University, UP), MBA-Finance(Jodhpur Institute of Management), CFA (ICFAI) , CS-Inter(ICSI)

Anjali has 9+ years experience in Investment Banking with strong execution skills and has worked in
domains such as Consumer, Healthcare, Wellness, Auto, etc.
Prior to joining us, Anjali was working with Value Vision Consultants as AVP, and before that, with Quest
Profin Advisor Pvt Ltd., Pioneeer Investcorp Ltd., Ourea Capital Advisors & Aarayaa Advisory Services Pvt.
Ltd.

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Team
Vivek Krishnan
Business Director
B. Tech (NIT Jaipur), MFC (Delhi University)
Vivek has over 12 years of experience in the private equity, real estate and advisory space in India. He has
worked across the entire spectrum of investment banking and corporate finance with special emphasis on
real estate in Asian growth markets. As part of his role as Acquisition Leader for GE Real Estate, he managed
a dedicated $2 billion alternative investment corpus and was instrumental in building out the India team
capabilities in structured finance and private equity. Prior to starting his own boutique real estate advisory
‘Unitor Capital’ he straddled roles at Cushman & Wakefield, and Jones Lang LaSalle.

Pankaj Shamkunvar
Business Director
B. Tech (Anna University, Chennai)
Pankaj has over 17 years of experience in managing projects, people, processes and profitability across
multi-organizational and cultural environments. He has deep expertise in the Payments Technology vertical
and is adept at handling complex projects and turning around challenged missions. Pankaj has held
leadership roles at organizations like Citicorp, ICICI Bank, and HDFC Bank in the past.

Karan Shah
Business Director
B.E (E&C.), CFA
Karan has around a decade of experience in Corporate Finance, Strategy and Consulting across sectors
including Internet, Telecom, IT, Technology, Renewable Energy, Media, Hospitality and Real Estate. He has
worked with leading entities domestically and internationally such as Tata, Bharti, France Telecom, Cisco
and his global experience spans across Africa, Middle-East, Europe, and US.

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Contact Us
Cipher-Plexus Capital Advisors Pvt. Ltd.
B Wing- 102, Business Square Building,
Solitaire Corporate Park Premises, Chakala,
Andheri-Kurla Road, Andheri (E), Mumbai - 400093,
Maharashtra, India
Tel: +9122 6777 4777 | Fax: +9122 6777 4778
Email: info@cipherplexus.in

Mumbai Office International Partners

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