IndiaCo managing director Rahul Patwardhan passes away after cardiac arrest

02 July, 2012

Rahul Patwardhan, 43, vice chairman and managing director of Pune-based private equity firm IndiaCo Ventures Ltd, passed away due to cardiac arrest on Sunday morning. The untimely end to his life happened at 3.30 am, Kris Nair, one of the partners of IndiaCo Ventures, informed VCCircle.

Patwardhan, who is the scion of royal family of Miraj, leaves behind his wife and a son. He was also known as Shrimant Yuvraj Ramchandrarao Patwardhan, the 23rd generation of the Patwardhan dynasty, near Kolhapur in Maharashtra. “It’s a huge loss for us, entrepreneurs,” Nair said.

Patwardhan founded India’s first private sector incubator IndiaCo Ventures Pvt Ltd in 2001, now run as a separate business unit. In 2003, the company received a grant from the World Bank. In 2005, IndiaCo Ventures acquired Shivaji Securities Ltd, a Bombay Stock Exchange traded company, which was later, re-named IndiaCo Ventures Ltd.

IndiaCo is now one of the two public listed private equity firms in the country, the other being IL&FS Investment Managers. Focused on SMEs, IndiaCo remained small with a total investment portfolio worth Rs 60 crore in more than half a dozen companies.

In May, IndiaCo announced first close of its India Growth Opportunities Fund and final close of India Amalgamation Fund . The India Amalgamation Fund was capitalised with Rs 28 crore and the India Growth Opportunities Fund, which has a target size of Rs 40 crore and expected to close in next four to five months, had its first close at Rs 15 crore.

The company also told VCCircle in May that it had got soft commitment from Asian Development Bank, United Nations Environment Programme (UNEP) and the European Investment Bank (EIB) for its $60 million IndiaCo Energy Efficiency Fund. It was planning to close the fund raising process by end of March 2013.

Last July, Canadian asset management group Core Partners Inc had said it was investing $6.4 million to pick a significant minority stake in one of the investment arms of IndiaCo.

Patwardhan held a mechanical engineering degree from Pune University and a masters in business management.


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14 Comments
Swati Gupta . 5 years ago

Sincere Condolences be with Patwardhan Family. Mr Patwardhan was a Dynamic person with varied ideas. Its a great loss.

Rahul Saley . 5 years ago

Very sad to hear this. May God give the family strength to go through this sad event. We will miss him. He was natural leader and is a big loss for Pune and the whole Indian PE fraternity.

SK . 5 years ago

Shocking. May he rest in peace.

Gagan Ghai . 5 years ago

Its unbelievable sad & tragic news….

R.I.P RAHUL !!!

I still cannot digest this has happened!

Venkat . 5 years ago

RIP, Patty, you were a good ‘un from back in Bishop’s.

Sukhdarshan Dhaliwal . 5 years ago

A fine person,big loss to all of us!He will be missed by all innovators who interacted with him during his life time. Gem of a man!Our heartfelt condolences to the family.

BHARAT KANANI . 5 years ago

It is shocking, He tried to promote Innovative Ideas and Incubations. may his soul rests in peace.

Anant Kulkarni . 5 years ago

Its sad and shocking . RIP Rahul.

Dushyant Prasad . 5 years ago

My condolences to Rahul’s family..was nice working with Rahul while invested in our company.

tushar lunkad . 5 years ago

Will miss him, and his zeal for life.

Dr Ajit N. Damle, Pune . 5 years ago

May God give strength and courage to Srimant Balasahib & Roopadevi to bear the loss.—Ajit N. Damle

S.B.Krishnan . 5 years ago

Very sad to hear the untimely death of Patwardhan with whom I had had very interesting interaction as Secretary, Technology Development Board. My heartfelt condolences to his family.

Deepti Dhebane . 5 years ago

Have worked with him for 4 years! I have no words to describe how i feel…it will take lot of time to digest this. Will miss Rahul always.

chandroo chandrasekar . 5 years ago

A Tragedy and an Immense loss ! My condolences to the family !

IndiaCo managing director Rahul Patwardhan passes away after cardiac arrest

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