Private equity firm L Catterton has appointed Vikram Kumaraswamy—a seasoned Unilever executive—as partner and co-head of its India business. He will lead alongside Anjana Sasidharan and India executive chairman Sanjiv Mehta as the firm doubles down on one of Asia’s fastest-growing consumer markets, according to a press release by the company.

The firm is backed by LVMH Moët Hennessy Louis Vuitton, the world’s largest luxury group and home to brands like Louis Vuitton, Sephora, and Dom Pérignon. 

L Catterton recently launched a fund exclusively for India, targeting to raise up to $600 million. The fund has the backing of investors such as International Finance Corporation, which disclosed in May that it is committing $30 million and may co-invest an additional $30 million.

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This fund follows the formation of a joint venture in March 2024 between L Catterton and Sanjiv Mehta, former CEO of Hindustan Unilever (HUL). Together, the joint venture will contribute 5% of the total fund size, with the investment split between Mehta and the firm.

The fund will target 7–9 mid-market deals across consumer categories such as food and beverage, healthcare-led services, restaurants, and branded retail. Deal sizes will range between $25 million and $150 million.

Kumaraswamy brings nearly three decades of global experience at Unilever, including as global head of corporate development and treasury. He led $15 billion in investments, M&A, and divestitures across regions. His move signals a pivot from corporate strategy to private equity as he returns to India after global stints in London, Singapore, and Indonesia.

With Mehta and Sasidharan, he’s expected to help L Catterton deepen its foothold in a market where the next generation of consumer giants is still being built.

India’s consumption story

India’s private consumption has nearly doubled over the last decade—from $1 trillion in 2013 to $2.1 trillion in 2024, according to Deloitte India and the Retailers Association of India. 

With a 7.2% compound annual growth rate (CAGR), the country is projected to become the world’s third-largest consumer market by 2026, buoyed by rising incomes and urban demand.

“…It is exciting to be returning to India at this time, when the country’s consumer market is becoming increasingly discerning and organised amid its rapid development…” said Kumaraswamy.