Paragon to buy stake in Capacite Infraprojects for $10 million

MUMBAI: Paragon Partners Growth, the $200 million (Rs 1,350 crore) private equity fund launched by HDFC Chairman Deepak Parekh’s son Siddharth, is acquiring a minority stake in Mumbai start-up Capacite Infraprojects for $10 million.

The fund also made the first close of a $50 million funding from domestic family offices, high net worth investors and global institutional investors. Siddharth Parekh launched the fund in August last year, in partnership with childhood friend Sumeet Nindrajog. Capacite Infraprojects, founded by brothers Rahul and Rohit Katyal, provides services in the construction of high-rise buildings, ultra-modern townships, hotels, malls, stadiums and allied infrastructure. “It is a growth investment into the company that has been growing consistently for the last few years,” said Nindrajog. In his 15 years of career, Nindrajog has built and sold three companies in the automotive, power and real estate sectors.

Rohit Katyal said funds from Paragon Partners will be used for business expansion and to fulfil working capital needs of the company.