Singularity AMC — formally Singularity Ventures AMC, investment manager Singularity AMC LLP — is one of India's most aggressive growth-equity platforms for private and PIPE (private investment in public equity) deals. Founded in 2016 and mentored by market veteran Madhusudan Kela, it is led by Yash Kela (Founder and CIO) along with CaratLane founder Mithun Sacheti and Senior Partner & Co-CIO Sandeep Bapat.

Funds and thesis

Singularity's first vehicle, Singularity Growth Opportunities Fund I (SGOF I), launched in 2021 with a ₹560 crore corpus, marked its final close in March 2023, and invested in 16 companies with a gross investment of ₹613 crore. Five portfolio companies have since listed, with four more in advanced listing conversations. Fund I's backers included family offices and ultra-high-net-worth individuals such as Paytm chief Vijay Shekar Sharma, and it was sponsored by Madhusudhan Kela's Param Ventures LLP.

The second fund, Singularity Growth Opportunities Fund II (SGOF II), launched in August 2023 with a ₹1,500 crore corpus and a ₹500 crore greenshoe option, announced its first close at ₹500 crore within a month, and was oversubscribed at ₹1,800 crore in March 2025. SGOF II is structured for faster DPI: over 40% in late-stage companies, over 40% in profitable growth-stage companies, and over 20% in high-conviction op-VC bets. Its portfolio was valued at ₹492 crore with a 1.2x MOIC at the time of the announcement, and nearly all Fund I investors returned for Fund II.

Most recently, SGOF II committed ₹400 crore across five companies — Lohum, Akshayakalpa, Classic Legends, Qucev and Edville DC — plus one further committed investment, with capital drawn down over a 2.5–3 year period.

Stages, sectors and cheque size

SGOF II targets 12–15 companies with cheques of ₹75–175 crore. Sectors: energy transition, next-generation industrials, consumer, healthcare and financial services. Yash Kela's stated bar: portfolio companies should have served at least 50,000 customers a year and earned over ₹100 crore in annual revenue. CRISIL has assigned Fund Management Grading – 3 to SGOF II, noting a 13-person investment team with over 100 years of collective operating and investing experience and a consensus-based investment committee.

Notable portfolio

Investments span Mcaffeine, WebEngage, Exotel, Lohum (battery recycling), XYXX, Servify, Eduvanz, Jana Small Finance Bank, Classic Legends (Jawa, Yezdi), Sabine (IVF healthcare), HEG, Akshayakalpa, Qucev, Deal 7 and Edville DC. The firm's first fund is reported to have delivered a 30% IRR and be on track for a 3x MOIC.

Why it matters for founders

If you have crossed ₹100 crore in revenue and want a growth partner — not a seed-stage mentor — Singularity's operator-investor DNA is built for exactly your stage. The Kela lineage opens capital-market doors most VCs can't, and the fund's fast-DPI design means it is aligned to profitable exits, including public listings. This is the fund to call when "scale-up" is your only problem left.