Report: Bain hires former Merrill banker to lead Indian push

The US private equity firm has reportedly tapped Amit Chandra, who recently co-founded the $1.5bn New Silk Route Advisors, to head its nascent Indian office.

Bain Capital Partners has reportedly hired Indian private equity and investment banking veteran Amit Chandra as its country head and managing director for India.

A spokeswoman was not able to confirm the report, which was published on Indian venture capital blog VC Circle.

Chandra was most recently a partner and co-founder at New Silk Route Advisors, an India-focussed private equity firm launched last year by Chandra along with former Invesco Private Capital head Parag Saxena and former McKinsey chief executive Rajat Gupta.

In September 2007, NSR was close to raising $1.5 billion and had already deployed $200 million, Saxena, who is known for backing companies like Starbucks and Staples, told India’s Economic Times.

Chandra left NSR Advisors in November 2007 amid speculation he was doing the all firm’s heavy lifting, according to VC Circle.

Prior to co-founding NSR, Chandra spent 13 years at DSP Merrill Lynch, where he led the investment banking and global markets divisions.

Last year, Bain closed a debut, $1 billion Asia fund, and is currently nearing the completion of fundraising for two additional funds – a core, global fund with a target of $10 billion and a separate limited partner co-investment fund with a target of $5 billion.