Our Team
Founders
Kedar Kulkarni
(CEO and Portfolio Manager)
Prior to founding Matsya, Kedar worked at Duquesne Capital and Pointstate Capital (both in New York) as an Investment Analyst from the Fall of 2005 until July 2012. Prior to joining Duquesne, Kedar was an Investment Banking Analyst at Goldman Sachs.
Duquesne Capital was a $12bn hedge fund, run by Stanley Druckenmiller. In its thirty years of existence, Duquesne never had a money-losing year and produced a 30% CAGR annual return. At Duquesne, Kedar was an Analyst on the oil and gas portfolio. The size of the oil and gas book ranged from $1bn-$7bn.
Kedar came back to India in 2012 with the intention of creating a world-class long-short Fund. His key actions with Matsya have included implementing the highest corporate governance standards, creating strong team incentives and cultivating the team members with compassion. The team at Matsya has been able to validate the business model over eight years.
With 20 years of Long-Short portfolio management experience, Kedar has been able to generate commendable alpha returns through active fund management at Matsya Capital.
He holds a BA in Economics and a BBA in Finance from The University of Texas at Austin and enjoys tennis and yoga.
Sunil Rao
(COO)
Sunil began his career with Hindustan Unilever in 2004 and worked in Customer Development and Marketing roles till 2007. Over the next ten years, he co-founded and operated three consumer-facing private businesses in India. He has hands-on experience in brand-building, team leadership, operations, and scaling up. Sunil brings a methodical and analytical approach to his role as COO at Matsya Capital which he co-founded with Kedar in 2013. Sunil holds a Post Graduate Diploma in Management (Marketing) from SPJIMR.
Team Members
Madhura Kulkarni
(Head of Technology)
With over two decades of dedicated experience in Information Technology, Madhura brings a wealth of expertise primarily focused on Financial Services. Before joining Matsya, she worked at Credit Suisse as VP in Financial Messaging and Sanctions IT.
Prior to that she has cultivated a diverse background working across multiple IT service providers like Tata Consultancy Services and Cognizant, delivering strategic initiatives that resonate globally within large organizations. Her journey has been marked by extensive collaboration with stakeholders ranging from business leaders and IT teams to vendor management, COOs, and various process groups.
Throughout her career, Madhura has embraced various roles, each contributing uniquely to her comprehensive skill set. With her deep-rooted industry knowledge and dynamic leadership, Madhura remains committed to driving technological excellence and fostering strategic partnerships that propels our organization forward.
Shilpa Agarwal
(Senior Technical Consultant)
Shilpa is a seasoned software engineer with more than 20 years of experience working in the software industry, specifically in the financial domain. She is recognized for her solid analytical aptitude and has worked in various positions from a program manager to a hands-on developer. At Matsya Capital, Shilpa drives the technology mandate with Madhura.
Heena Kulkarni
(Head – Investor Relations)
Heena comes with 13 years of experience in setting up processes across verticals such as finance, data management and design. She has managed clients across North America and MENA regions and teams as large as 400 people. In her last role with Publicis, she was instrumental in setting up compliance processes for India’s leading FMCG marketer. She also helped in developing proprietary tools for automation in her previous organizations.
Shivam Gupta
(Analyst)
Shivam is the lead analyst on Power and Energy. He has developed a detailed framework to condense and analyze a notoriously difficult sector. He also covers the IT sector and has been instrumental in identifying long-term trends playing out in the space, especially through deep research in midcap IT companies and catching key inflection points early. He also covers Discretionary. Previously, Shivam has worked for TresVista Financial Services as a financial analyst where he was primarily responsible for assisting in analysis and maintaining a portfolio for a US-based hedge fund.
Akansha Gulati
(Analyst)
Akansha is an equity research analyst with four years of experience, specializing in the automotive and financial sectors. She combines deep industry insight with a strong focus on fundamental research, identifying both cyclical and long-term value opportunities, primarily through long-short recommendations. Prior to joining Matsya, she worked at TresVista, where she supported a U.S.-based hedge fund with investment analysis and assisted several private equity firms with deal evaluation and research.
Bhupathi Phani Raj
(Junior Analyst)
Phani Raj assists the Lead Analyst for the Autos sector at Matsya. He focuses on sector research, idea generation, and supporting the analyst with data-driven insights. Prior to this, Phani was the lead trader at Matsya Capital.
Previously, Phani has worked at Vmock as business analyst and at TresVista where he supported US-based equity clients with investment research.
Tejaswini Sheggari
(Operations Specialist)
Tejaswini, an Operations Specialist, supports day-to-day operations, talent management, employee development, and team engagement at the fund. She ensures seamless stakeholder interactions and compliance and assists with trade execution and reporting.
Previously, she spent 3 years as an HR Generalist in a leading gaming company, gaining experience in recruitment and organizational development.
