You’ve had a dynamic career in the financial sector, from transforming investment banks to co-founding Cadmus Capital. Could you start by telling us about your journey into entrepreneurship and what led you to establish Cadmus Capital?
My journey into entrepreneurship has been a natural evolution of my experiences in the financial sector. After spending many years in leadership roles at institutions like Axis Capital and Tourism Finance Corporation of India (TFCI), where I was deeply involved in structuring complex deals and advising large corporations, I realised that the market was ripe for a new kind of investment banking service — one that could cater specifically to the mid-cap segment with a focus on strategic advisory. That's how Cadmus Capital came to be. Our goal is to fill the gap between large investment banks and boutique firms, particularly in debt syndication, private equity advisory, M&A advisory, and structured finance.
Having co-founded Cadmus Capital, the idea was to create a more nimble and responsive firm that could not only provide traditional banking services but also be strategic partners to businesses, especially those in mid-cap spaces that are often underserved by larger players. I wanted to build a platform where we could leverage our expertise in structuring deals, advisory, and capital markets to help companies grow sustainably.
Given your experience at TFCI, where you de-risked the company’s portfolio, how do you view the landscape of stressed assets in India, particularly post-pandemic?
Stressed assets in India have been a long-standing issue, but the pandemic has certainly exacerbated the situation. At TFCI, one of my key priorities was to de-risk the portfolio, which involved closely examining the sectors we were exposed to and creating a strategy to mitigate the risks associated with them. This experience has given me a strong foundation to understand the challenges companies face today.
Post-pandemic, the stressed asset landscape is nuanced. While sectors like tourism, hospitality, and retail were severely impacted, we’re now seeing signs of recovery as consumer confidence returns. However, there are structural issues that remain. The Indian banking sector, despite recent reforms and recapitalisation, still has to deal with legacy issues like high non-performing assets (NPAs). This is where restructuring and resolution frameworks need to be more agile.
The Insolvency and Bankruptcy Code (IBC) has provided a systematic way to deal with stressed assets, but it needs to evolve further. More importantly, there’s a need for a stronger ecosystem that promotes early recognition of stress and the use of innovative solutions like structured deals, which can provide businesses with breathing space while they reorganise and grow.
Speaking of structured deals, could you elaborate on how Cadmus Capital is leveraging structured finance to help companies in distress or those that are looking for growth?
Structured finance is a powerful tool, especially in scenarios where traditional financing may not be feasible. At Cadmus Capital, we focus on creating bespoke solutions that address the specific needs of our clients. These could range from debt restructuring to leveraging hybrid instruments like mezzanine financing or convertible bonds.
For companies in distress, structured deals can provide a lifeline by optimising their capital structure. We analyse the company's cash flow, operational metrics, and future prospects to create financing solutions that bridge the gap between immediate needs and long-term sustainability.
For growth-oriented companies, structured finance allows us to craft deals that can unlock capital without diluting equity early on. This is especially important in sectors like infrastructure, where project timelines are long, and the need for capital is substantial. Our approach is to align the interests of all stakeholders — be it equity holders, lenders, or management — so that the business has the flexibility to scale while keeping risks in check.
India’s startup ecosystem is thriving, but funding remains a challenge for many. What’s your take on the current funding environment for startups, and how could structured finance help in this scenario?
India’s startup ecosystem has grown tremendously over the past decade, and despite recent economic headwinds, I remain optimistic. However, we can’t ignore the fact that access to funding is still a challenge for many startups, especially those in early stages or in niche sectors. While venture capital and private equity are more accessible than ever before, the funding landscape is still uneven.
What we need now is a more diversified funding environment. Structured finance can play a critical role here, particularly for startups that are in the growth phase but aren’t ready for traditional VC or equity investment. Instruments like venture debt or revenue-based financing allow startups to access capital without diluting ownership prematurely. These forms of funding are gaining traction in India but still need broader acceptance.
Moreover, for sectors like fintech, health tech, and clean energy, where the capital requirements can be complex, structured finance allows us to create hybrid solutions that combine elements of debt and equity, giving startups the flexibility to invest in growth without overwhelming their balance sheets.
How do you see advisory services evolving in India’s complex financial landscape?
Advisory services are more critical now than ever before, particularly in a market like India, where businesses are navigating a rapidly changing environment. When I was at Axis Capital, our focus was on building a holistic advisory model that went beyond traditional equity capital markets (ECM). We integrated services like M&A, debt capital markets, and private equity placements, which allowed us to provide more comprehensive solutions to our clients.
The role of advisory in India will continue to evolve, especially as businesses look for strategic partners who can guide them through complex decisions — whether it’s in raising capital, entering new markets, or managing risks. The focus will be on customisation and creating value through tailored solutions rather than one-size-fits-all approaches.
In the coming years, I see advisory services becoming even more important as companies increasingly look for expertise in restructuring, ESG (Environmental, Social, and Governance) integration, and digital transformation. Firms like Cadmus Capital, which can offer strategic advice combined with financial solutions, will be well-positioned to help businesses navigate these challenges.
Finally, what advice would you give to aspiring entrepreneurs, particularly in the financial sector, who are looking to make their mark in India?
My advice to aspiring entrepreneurs, especially in the financial sector, is to focus on building a strong foundation based on integrity and a deep understanding of your industry. The financial sector is complex, and success often depends on your ability to anticipate market shifts, adapt quickly, and provide real value to your clients.
Entrepreneurship is not just about seizing opportunities but also about being prepared for setbacks. India is a land of immense potential, but it also comes with its challenges — whether it’s regulatory hurdles, competition, or market volatility. You need to stay resilient and be willing to innovate continuously.
Finally, surround yourself with a great team. No entrepreneur can succeed alone. The right talent, coupled with a culture of collaboration and innovation, is key to scaling any venture. Focus on building long-term relationships with your clients and stakeholders, and success will follow.