Not every investor writes cheques — some help you raise them, sell your company, or buy someone else's. O3 Capital is one of India's established homegrown mid-market investment banks, founded in 2007 by Deepesh Garg, Srinivas Tekal, Shiraz Bugwadia and Shyam Shenthar, with offices in Bengaluru (headquarters), Mumbai and Singapore.
The firm runs two core businesses: corporate finance (M&A advisory, capital raising and capital syndication) and alternate asset management. It describes itself as exclusively focused on providing independent advice on capital syndication and M&A — "tailored, uncompromised and responsible."
Track record
O3's advisory work spans consumer products and services, technology, healthcare and life sciences. Its mandates have included the stake sale in GGK Technologies, QuEST Global's acquisition of Exilant Technologies, Ascent Meditech's fundraise from Leapfrog Investments, and Corner Store Technologies' fundraise from SAIF Partners, Nexus Ventures and IL&FS Private Equity. More recently, Kolkata-based beauty brand WishCare appointed O3 Capital to explore a majority stake sale at a reported ₹3,000 crore valuation, and in late 2025 the firm recruited a former London-based HSBC executive to deepen its consumer practice.
The firm's client base includes startups, private equity houses and global corporate entities. Deal sizes are not publicly disclosed as a fund figure — O3 is an advisor, not a fund, so "fund size" is not applicable. Sector focus areas include retail, healthcare, technology and life sciences, and the bank has advised on both domestic deals and cross-border M&A.
Key people
Deepesh Garg — Co-founding Partner, Co-head of Investment Banking & Senior Managing Director; Srinivas Tekal — Co-founding Partner, Co-head of Investment Banking & Senior Managing Director; Shiraz Bugwadia — Managing Director; Shyam Shenthar — Managing Director.
How to engage
O3 is a sell-side and buy-side advisor rather than a capital provider. Founders typically engage the firm when running a structured fundraise, exploring a strategic sale or majority stake sale, or executing an acquisition. The firm's long-standing relationships with domestic and international private equity houses make it a useful partner for growth-stage companies seeking institutional capital.
Why it matters for founders
You don't pitch O3 for a term sheet — you hire them when you are ready to raise a Series B and beyond, sell a stake, or acquire a competitor. A boutique bank like O3, with 18 years of mid-market deals and deep PE relationships, can run a sharper process than a generalist advisor. If an exit or a large fundraise is on your roadmap, put them on your shortlist early.