Warburg India head departs to set up firm

Niten Malhan, who has been managing director and co-head of India since 2012, is planning to launch his own investment firm.

Niten Malhan, former managing director and co-head of India for Warburg Pincus, has left the firm this month to set up his own investment fund.

Malhan, based in Mumbai, was managing the firm’s operations alongside Vishal Mahadevia since 2012. Malhan has been with Warburg since 2001 and was previously an engagement manager with McKinsey in New Delhi, Jakarta and Boston. He is also a director at Warburg portfolio companies including power generation company Diligent Power, coal services company ACB, and hotel chain Lemontree Hotels.

Following Malhan’s departure, Mahadevia will now be head of India and manage its team of 19 investment professionals.

Commenting on Malhan’s depature, Warburg said in an email response: “We are grateful to Niten Malhan’s valuable contributions to the firm over the past 16 years and wish him continued success in his new entrepreneurial venture. Vishal Mahadevia will continue in his role leading our India business. 2017 was a strong year in India for Warburg Pincus, and with a robust pipeline of opportunities ahead, we look forward to further increasing our activity in India in the coming years.”

The Economic Times first reported on Malhan’s departure. Malhan could not be reached for comment.

Earlier this month Nitin Mayar, a managing director at Warburg Pincus, also resigned to set up his own technology firm that is seeking to raise up to $200 million to invest in mid- and growth-stage investments, according local media reports.

Warburg, which has invested close to $4 billion in India, started investing in the country in 1994 and opened its Mumbai office in 2001. Its current portfolio includes Kalyan Jewellers, Piramal Realty and PVR Cinemas.

In December, the firm held a $2.3 billion final close for its Financial Sector Fund, exceeding its $1.6 billion target. The Warburg Pincus Financial Sector Fund is a companion fund to Warburg Pincus XII, a $13.4 billion vehicle that closed in late 2015.

Warburg also expects to launch its thirteenth flagship vehicle in May this year with a $13.5 billion target, as previously reported by Private Equity International.