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Bain Capital buys majority stake in India’s Adani Capital, invests $120m to boost growth

US-based private investment firm Bain Capital will acquire a 90% stake in India’s Adani Capital and Adani Housing, bolstering the non-banking financial institution’s growth and expanding lending opportunities for MSMEs and agriculture-focused firms.


  • Bain Capital will purchase a 90% stake in India’s Adani Capital and Adani Housing, both non-banking financial institutions (NBFIs), for an undisclosed amount.
  • Gaurav Gupta, the CEO and managing director of Adani Capital, will retain a 10% stake and continue to serve in his current role.
  • Adani Capital, established in 2017, aims to promote rural development and enhance access to lending products in India, with a focus on micro, small, and medium enterprises (MSMEs) as well as agriculture-focused companies.
  • The firm’s services include commercial vehicle loans, farm equipment loans, business loans, and supply chain finance, with approximately $500 million in assets under management (AUM).
  • Adani Housing offers tailored financing solutions for individuals seeking to purchase new homes.
  • Bain Capital will also invest $120 million in capital to support the NBFI’s growth and position it as a standalone company, with a specific emphasis on expanding lending to underserved MSMEs, agriculture, and affordable housing segments.
  • MSMEs contribute around 30% of India’s GDP, but only 10% of them currently have access to formal credit sources for supporting their growth.
  • Rishi Mandawat, a partner at Bain Capital, praises Adani Capital’s scale lending business and its efforts to address the substantial unmet retail MSME credit demand in India, which exceeds $300 billion.
  • Bain Capital has a history of investing in financial services companies globally, including Axis Bank, Judo Bank, and L&T Finance Holdings.
  • The deal is subject to regulatory approvals and is expected to be finalized by the end of the year.

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