StepTrade Share Services Private Limited

Steptrade Capital is an Ahmedabad-based alternative investment manager focused on Indian SMEs, microcaps and emerging growth opportunities. The platform combines SEBI-registered AIFs, Portfolio Management Services and a GIFT City presence to offer investors access to listed, unlisted, pre-IPO and SME-focused strategies.

Founded by CA Kresha Gupta, the firm has built its investment platform around research-led investing, governance assessment and long-term value creation. Its current platform reports 400+ crore of AUM, 100+ SME investments, 72+ anchor investments and 25+ unlisted investments, alongside more than 100 years of combined team experience.

About Steptrade Capital

Steptrade Capital is an Ahmedabad-based investment management firm specialising in the SME and microcap segments of the Indian market. Founded by CA Kresha Gupta, the firm operates across alternative investments and PMS and has expanded its platform into GIFT City for international investors.

The business traces its corporate history to Ace Share Services Private Limited, which was subsequently renamed Steptrade Share Services Private Limited in April 2023. The PMS disclosure records the company's CIN as U67120GJ1993PTC020569.

Steptrade launched Chanakya Opportunities Fund I in 2023, a Category II AIF focused on SMEs. The fund reached its final close at ₹100 crore in January 2025. Its successor, Chanakya Opportunities Fund II, was launched in February 2026 with a ₹500 crore target corpus. It achieved its first close of more than ₹100 crore within three months, with deployment planned from August 2026. The second fund has shifted the strategy towards growth-stage and pre-IPO businesses across advanced manufacturing, energy transition and emerging technologies such as AI and robotics.

The platform has also expanded into GIFT City, Gandhinagar, where its Steptrade India Fund operates as an open-ended Category III Restricted Non-Retail Scheme AIF under IFSCA regulations. The fund is designed for foreign and accredited investors and carries registration number IFSC/AIF3/2024-25/0162.

Steptrade Capital SEBI Registrations and Company Snapshot

The regulatory structure covers AIFs across Categories I, II and III, PMS and a GIFT City fund-management platform. The PMS registration is INP000008598, while the disclosed AIF registrations include Chanakya Fund Trust and StepTrade Fund.

The firm's current website states that it has four SEBI-registered AIFs and an FPI licence, while its GIFT City platform operates under an FME structure.

Steptrade Capital's Investment Approach

The Steptrade Capital investment approach is built around bottom-up research rather than short-term market momentum. The firm focuses on businesses with strong fundamentals, sound governance, scalability and the potential to create long-term value.

Research typically considers business economics, financial performance, management quality, competitive positioning, valuation and the potential for sustained growth. The firm also places emphasis on promoter assessment and corporate governance, particularly important when investing in smaller companies where management quality can materially influence outcomes.

The strategy spans SME exchange companies, microcaps, pre-IPO opportunities and selected unlisted businesses. However, the investment framework is not intended to simply chase every early-stage opportunity. The firm's stated approach emphasises fundamentally strong, innovation-led businesses rather than turnaround situations, start-ups without adequate operating visibility or pre-revenue businesses.

This distinction matters in the SME AIF India segment, where the opportunity set can be broad but the quality of individual businesses can vary sharply.

Steptrade Capital Funds

Chanakya Opportunities Fund I was launched as a ₹100 crore Category II AIF and focused on SMEs, including listed and soon-to-be-listed companies. It completed its final close at ₹100 crore in January 2025.

Chanakya Opportunities Fund II targets a ₹500 crore corpus and focuses on growth-stage and pre-IPO companies across advanced manufacturing, energy transition and emerging technologies. Its first close exceeded ₹100 crore in July 2026.

Steptrade Revolution Fund is an open-ended Category III AIF focused on SME and microcap equities. Revolution Fund II expands the strategy to include 25% pre-IPO investments, 40% anchor investments and 35% QIB investments, according to the fund's current strategy page.

Steptrade India Fund is the firm's Steptrade GIFT City offering. It is an open-ended Category III Restricted Non-Retail Scheme AIF designed for foreign investors, family offices, institutions and NRIs, with exposure to NSE, BSE and GIFT Exchange-listed opportunities and a strategic allocation to the Steptrade Revolution Fund.

Sponsor Commitment: 20% Alignment

One of the more notable features associated with Steptrade Capital AIF is the level of sponsor and fund-manager capital alignment.

For a Category II AIF, SEBI's sponsor continuing-interest requirement is the lower of 2.5% of the corpus or ₹5 crore. Steptrade's stated sponsor and fund-manager contribution of 20% is therefore substantially above the regulatory floor.

That makes the number meaningful. It indicates that the investment team has a material amount of its own capital committed alongside investors rather than relying solely on external commitments.

For investors assessing an AIF manager, sponsor commitment is worth examining alongside investment philosophy, governance, fund structure and portfolio construction. It does not eliminate investment risk, but it can create stronger alignment between the manager and investors.

Minimum Investment and How to Invest

The standard regulatory minimum for an AIF investment in India is ₹1 crore, while the minimum investment for PMS is ₹50 lakh. Actual fund-level commitments can vary depending on the applicable PPM, scheme structure and investor category.

Steptrade's investor base includes HNIs, UHNIs, family offices and eligible institutional and foreign investors. Its FPI capability and Steptrade GIFT City platform also provide a route for eligible international investors seeking structured exposure to Indian equities.

The typical process involves understanding the strategy, reviewing the PPM and applicable documents, completing KYC and eligibility checks, executing the contribution or client agreement and funding the investment according to the relevant scheme terms.

Meet the Steptrade Investment Team

Kresha Gupta — Founder, Director & Fund Manager

CA Kresha Gupta founded Steptrade and leads its investment platform. She is associated with Chanakya Opportunities Fund I and Steptrade Revolution Fund I and oversees investment activities and operations.

Ankush Kumar Jain, CFA — Fund Manager

Ankush Kumar Jain is a CFA and investment professional with experience across public and alternative markets. He has been part of Steptrade's investment-management team and is associated with its AIF investment activities.

Akshay Dawra — Fund Manager, COF II

Akshay Dawra manages Chanakya Opportunities Fund II. His responsibilities include deal sourcing, deployment and portfolio monitoring, supported by experience in private markets, family-office investing, M&A and valuations.

Nandani Patidar — VP, Compliance

Nandani Patidar is a qualified Company Secretary with more than 10 years of experience in corporate compliance, securities regulations and governance. At Steptrade, she oversees compliance and regulatory processes.

Explore Steptrade Capital Funds with ALTPORT

Investors evaluating Steptrade Capital can compare its SME, microcap, pre-IPO and GIFT City strategies based on investment mandate, AIF category, structure, minimum commitment and portfolio approach.

ALTPORT provides access to curated alternative investment opportunities and can help eligible investors understand the relevant Steptrade fund structure before proceeding.

Explore Steptrade Capital funds through ALTPORT and connect with the team for current fund details, eligibility and onboarding information.

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