- Veloce’s portfolio of around 50 companies spans fintech, alternate energy, agritech, manufacturing, consumer businesses and real estate, with several businesses now on a structured path towards public market listings.
- The fund backs growth-stage businesses with structured capital and works directly with founders on governance, leadership, and IPO readiness over a three to four year horizon.
New Delhi/NCR, 29th April, 2026: Veloce AIF, a SEBI-registered Category II Alternative Investment Fund and part of the Lemon Group, has invested in around 50 companies such as Jainam Broking Ltd., Goldie Solar, Jaipur Watch Co., Purple Style Labs, Skyways Air Services, Vijaya Fintech, Growit India Pvt. Ltd., Mahakaushal Sugar & Power, across its two funds, Veloce Opportunities Fund I and II.
With Fund I fully deployed at a corpus of ₹200 crore and Fund II now active with a target corpus of ₹300 crore (including green shoe of ₹100 crores), the firm has established itself as one of the more consistent growth capital platforms serving India’s mid-market businesses. Fund II has already received over ₹160 crore in commitments from ultra-high-net-worth individuals, NRIs, family offices, and business groups.
The fund invests through a combination of structured debt and equity instruments, with ticket sizes between ₹5 crore and ₹25 crore. Across both funds, Veloce has backed businesses in fintech, alternate energy, agritech, manufacturing, real estate, consumer focused businesses and asset reconstruction. The common thread across the portfolio is not the sector but the business profile companies with established revenue models, strong operating discipline, and a credible path to the next stage of growth.
Veloce’s two most recent investments include a ₹20 crore investment in Shakti Distilleries, a manufacturer of pharma-grade ethanol and ethanol for petro-blending, through both funds along with co-investments from fund investors, and an ₹18 crore commitment to Gupta Foods, operator of restaurant brands Quattro and Spice Club, of which ₹7.5 crore has already been deployed. The investments reflect the fund’s focus on businesses operating in sectors with strong and visible macroeconomic tailwinds, India’s accelerating ethanol blending programme on one hand, and the sustained growth in organised dining on the other.
The fund takes an active role in building each portfolio company from the inside, working with founders on hiring senior leadership, strengthening audit and governance practices, and putting in place the operational systems that allow a business to grow without losing control. For companies that have the fundamentals to go public, Veloce, in partnership with RSM Astute Consultech, runs a structured IPO readiness programme spanning three to four years, covering everything from financial reporting standards to regulatory compliance and investor relations groundwork. Several companies in the current portfolio are already at an advanced stage of that journey.
“India’s mid-market is full of businesses with strong fundamentals, proven cash flows, and real growth ahead of them but they have historically been underserved by institutional capital. With around 50 investments across two funds and several companies now on the path to public listings, we have demonstrated that structured capital combined with active operational support is a model that works. Fund II gives us the platform to do this at a greater scale,” said Nirav Jogani, Director, Veloce AIF.
“We do not back businesses and wait. We sit with founders through the hard work of building governance, recruiting the right leadership, and preparing for the scrutiny that public markets demand. That hands-on approach is what has driven repayments in Fund I and what is already building the pipeline in Fund II,” he added.
About Veloce AIF
Veloce AIF is a SEBI-registered Category II Alternative Investment Fund, part of the Lemon Group, operating through Veloce Opportunities Fund I and II. Founded and led by Nirav Jogani, a chartered accountant with over 30 years of experience in finance and investment, the firm deploys structured debt and equity capital into growth-stage businesses and works actively with founders on governance, leadership, and capital markets readiness.
By: Sandhya Bharti
