Dovetail Capital Raises ₹100 Cr To Expand Asset Servicing Business Globally
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Investment asset servicing startup Dovetail Capital has raised ₹100 Cr (about $10.5 Mn) in its Series A round led by Elev8 Venture Partners. This marks the first institutional funding round for the startup and comprises a mix of primary and secondary transactions.
The fresh capital will be deployed to expand the startup’s global business and strengthen its presence across international markets.
Founded in 2017 by Dev Sampat, Mahesh Shekdar and Vivek Singhania, Dovetail Capital is a fintech startup that provides services like fund administration, third-party fund management (TPFM), derivative clearing, investment advisory and compliance checking framework.
Its clients include institutional investors such as foreign portfolio investors (FPIs), alternative investment funds (AIFs), mutual funds, insurers, family offices and algorithmic funds.
The startup claims to command a significant presence in GIFT City and works with regulated entities in Mauritius, Dubai and Singapore.
It serves clients investing across Indian and global markets, claiming to service more than $4.5 Bn worth of assets.
Dovetail Capital is regulated by the International Financial Services Centres Authority (IFSCA), the Securities and Exchange Board of India (SEBI) and the Dubai Financial Services Authority (DFSA).
It also offers a proprietary Dovetail Compliance Management System to clients to help them independently manage compliance and regulatory requirements across multiple jurisdictions.
“When we started Dovetail, asset servicing in India sat almost entirely inside 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,” cofounder Sampat said.
The fundraise comes at a time when India’s asset management ecosystem is witnessing rapid growth, driven by rising participation from institutional and retail investors.
According to AMFI data, the mutual fund industry’s average assets under management (AAUM) stood at ₹83.5 Lakh Cr in May 2026, while SEBI data showed commitments to alternative investment funds (AIFs) climbed 25% year-on-year to ₹16.9 Lakh Cr as of March 2026.
The expanding pool of institutional capital has boosted demand for fund administration, compliance, derivative clearing and other back-office services, as fund managers navigate increasingly complex regulatory requirements and cross-border investment flows.
The broader opportunity is also expanding. India’s asset management market is estimated to be worth $2.7 Tn in 2026 and is projected to reach $5.82 Tn by 2031, growing at a CAGR of 16.59%.
Against this backdrop, investors continue to back fintech and financial infrastructure startups building the technology and operational rails underpinning India’s capital markets.
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