When ChrysCapital, one of India's oldest and largest homegrown private equity firms, finalized its 1,446 crore rupee acquisition of a controlling 70.68 percent stake in Novartis India Limited in July 2026, the transaction represented more than just another deal it marked a symbolic culmination of the firm's 27-year journey in Indian pharmaceuticals.
Founded in 1999 as Chrysalis Capital by Ashish Dhawan and Raj Kondur, the firm pivoted from venture capital to private equity after the dot-com bust and has since raised over 8.5 billion dollars across ten funds, delivering three-fold returns on 7.8 billion dollars returned to investors through more than 80 exits. Its pharmaceutical track record is widely considered the strongest in Indian private equity by a considerable margin.
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