Key Takeaways
- • Entrust Family Office, which runs Nandan Nilekani's listed equity book from Bengaluru, has backed about 21 unlisted companies and returned roughly 60 per cent of the capital invested, according to ETEntrepreneur.
- • The office restricts itself to direct listed equities and series A-plus unlisted deals, avoiding seed, late-stage, and pre-IPO investments, with cheque sizes of about $1 million to $25 million.
- • Technology startups and fintech are excluded because of Nilekani's direct involvement with India's digital stack, including NPCI and UPI, so the office invests mostly where he has no stake.
- • Sedemac Mechatronics returned 10 to 12 times invested capital, and Divgi TorqTransfer, listed in 2023, was up about five times for the office.
- • Direct startup investing is winding down as capital shifts to Fundamentum, the growth-stage fund Nilekani co-founded in 2017 with Sanjeev Aggarwal; he stepped down as a general partner in July 2026 while remaining an anchor investor in a $200 million third fund.
Summary
Entrust Family Office, based in Bengaluru, manages the listed equity book of Nandan Nilekani's NRJN Family Trust. According to ETEntrepreneur, the office has backed about 21 unlisted companies and has generated returns of around 60 per cent on the money invested. Shashank Khade, Entrust co-founder and chief investment officer of the Nilekani Family Office since 2014, said the firm deliberately keeps a low profile. Entrust was set up in 2013 by Rajmohan Krishnan, a former Kotak wealth banker, initially as the single family office of Nilekani, the Infosys co-founder. Sreepriya NS, co-founder and CEO, said the goal was to move the family "from an individual to an institution," consolidating bank relationships, books of account, tax reporting and a data room under a dedicated team that now includes research analysts.
The mandate began with direct listed equities and widened to unlisted companies in 2015. Khade said the office evaluated deals "as if we were sitting in a private equity fund," and for two years most opportunities were rejected on business model or valuation grounds. Cheque sizes ran from about $1 million to $25 million, typically series A or B, with follow-on rounds common. Winners included engineering and manufacturing companies in a sector then out of favour. Khade said Premji Invest had rejected one of them as a manufacturing company. Sedemac Mechatronics returned 10 to 12 times invested capital, and Divgi TorqTransfer, which listed in 2023, was up about five times. Two further holdings could pursue an IPO or strategic sale within two years, Khade said.
Not all investments succeeded. One company entered bankruptcy, a process that has taken two to three years, and another saw its promoter buy out the office at a significant loss, closing only this financial year. Khade said most of the capital is already back and he expects most of the remainder to return within two years. Entrust has pooled capital into three deals for other families, each with a three to five year exit window. The office avoids seed-stage, late-stage and pre-IPO deals, focusing on series A-plus companies with revenue and proven models. Of roughly 20 portfolio companies, Entrust holds board or observer seats in seven or eight, reducing Nilekani's time commitment.
Capital formerly deployed directly into startups is now flowing to Fundamentum, which Nilekani co-founded in 2017 with Sanjeev Aggarwal. ETEntrepreneur reports that in July 2026 he stepped down as a general partner as the fund launched a $200 million third fund, remaining an anchor investor. Khade criticised many family offices for investing late-stage and lacking startup expertise, predicting most will eventually invest through funds. Sreepriya said India needs "a strong family office with excellent operational efficiency and governance frameworks."
The mandate began with direct listed equities and widened to unlisted companies in 2015. Khade said the office evaluated deals "as if we were sitting in a private equity fund," and for two years most opportunities were rejected on business model or valuation grounds. Cheque sizes ran from about $1 million to $25 million, typically series A or B, with follow-on rounds common. Winners included engineering and manufacturing companies in a sector then out of favour. Khade said Premji Invest had rejected one of them as a manufacturing company. Sedemac Mechatronics returned 10 to 12 times invested capital, and Divgi TorqTransfer, which listed in 2023, was up about five times. Two further holdings could pursue an IPO or strategic sale within two years, Khade said.
Not all investments succeeded. One company entered bankruptcy, a process that has taken two to three years, and another saw its promoter buy out the office at a significant loss, closing only this financial year. Khade said most of the capital is already back and he expects most of the remainder to return within two years. Entrust has pooled capital into three deals for other families, each with a three to five year exit window. The office avoids seed-stage, late-stage and pre-IPO deals, focusing on series A-plus companies with revenue and proven models. Of roughly 20 portfolio companies, Entrust holds board or observer seats in seven or eight, reducing Nilekani's time commitment.
Capital formerly deployed directly into startups is now flowing to Fundamentum, which Nilekani co-founded in 2017 with Sanjeev Aggarwal. ETEntrepreneur reports that in July 2026 he stepped down as a general partner as the fund launched a $200 million third fund, remaining an anchor investor. Khade criticised many family offices for investing late-stage and lacking startup expertise, predicting most will eventually invest through funds. Sreepriya said India needs "a strong family office with excellent operational efficiency and governance frameworks."
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.