X Ravi Saxena PGDM - IIM Ahmedabad (1988), B. Tech. (Mechanical) - IIT Delhi (1985) Ravi founded Cipher in 1994; his original approach, incisive thinking and leadership skills have helped Cipher build a robust foundation with a track record of successes, enduring relationships and a team of committed individuals with strong values & business ethics working with exceptional synergies. His deep understanding of the business and versatile skills are a source of strength for Cipher and its clients. Earlier, he worked with JM Financial handling important investment-banking assignments for some of India's largest corporations like Reliance, GNFC and GACL. Prior to that, he worked with Bajaj Auto and Tata Motors in general management functions.

X Satish Shenoy PGDM - IIM Ahmedabad (1988), B.E.(Chemical) - NIT Suratkal (1984) Satish plays an instrumental role in defining the overall strategy of the firm. His role involves building long-term relationships with key clients and the investor community as well as providing advice and insights on transaction strategy. He brings over 24 years of rich experience in various senior positions in the corporate and financial services industry. Satish's roles in the financial services sector range from corporate finance, project finance, debt syndication, debt restructuring & capitalization and capital markets tosecurities distribution, insurance broking, fund management. This diverse experience has been gained during his tenure with Kotak Mahindra Capital Company, IL&FS and IL&FS Investmart, Brescon and Meghraj SP Corporate Finance. In each of these roles, Satish has played an active role in the establishment of new business lines or providing a strategic direction to the existing businesses.

X Nitin Jain PGDM - IIM Bangalore (1990), B. Tech. (Chemical) - REC Rourkela (1986) Nitin co-founded Cipher and helps it acquire an edge with his uncommon insights and the ability to look at situations differently. His wide knowledge & network across sectors & markets help Cipher in identifying exciting opportunities as well as superior execution. He has successfully led several transactions from inception to culmination. Earlier, he worked at Times Guaranty, a part of the Times of India Group, where he was involved in funds management. He has also worked with Atul Products in international commodities trading and in operations at ONGC.

X Abhijit Bhaumik PGDM - IIM, Ahmedabad (1988), BA (Hons) Economics - St. Stephens College (1986) Abhijit came on board in 2004 with over 20 years of work experience and an extensive knowledge of the infrastructure sector. He leads the initiative in this core focus sector at Cipher where his expertise and network help in adding significant value to our clients. Abhijit has played a key role in many of the transactions and helped build Cipher's track record in the field, including the first ever private equity transaction in the infrastructure services sector in India. Earlier, he has been involved in various infrastructure projects right from project conceptualization to financial closure. Abhijit has, during his tenure as a Partner at Feedback Ventures and later as an Associate Director at Ernst & Young, advised several Governments on infrastructure policies, project development, financial structuring and attracting private sector participation to these projects. He also has considerable experience in advising private sector infrastructure companies on bidding for and negotiating infrastructure concessions.

X Sanjay K. Sinha PGDM(A) - IIM Ahmedabad (1988), B. Tech. (Hon) - IIT Kharagpur (1985). Sanjay Sinha has over 23 years of experience in Project Finance, Infrastructure Privatisation, Term Lending, Private Equity, Investment Banking and Management Consulting. In various capacities with CRISIL, L&T Group, IDBI and New Vernon Capital, he has been actively engaged in financing and advising, private sector and Government / PSUs. He has served as an independent director on the Board of Andhra Pradesh Infrastructure and Investment Corporation (APIIC) and was a member of an apex twelve member National Resources Group set up by the Government of India to augment capacity on PPP in the country. He has been a part of many policy consultation groups and has presented a number of papers on issues relating to infrastructure financing, project structures, risk analysis, risk mitigation, etc. He has been a regular commentator on a wide range of infrastructure issues and topics at opinion building seminars, forums, conferences and in magazines..

X Rajiv Agarwal AMP – Wharton School of Management, University of Pennsylvania (2006); PGDM - IIM Ahmedabad (1988), B. Tech. (Mechanical) - IIT Delhi (1984) Rajiv Agarwal is an accomplished banking executive with Asian and European experience in P&L management with multi country operations for over 20 years. Cipher leverages his expertise in Investment advisory, business restructuring and transaction services. He independently takes on responsibility for large scale transformation of businesses & successful turnarounds and has a track record of successful launches of new businesses, new products and new processes. Previously Rajiv was the CEO, Europe Consumer Banking, at ABN Amro Bank NV, where he was responsible for expanding the consumer banking franchise. At ABN Amro he was earlier COO & CFO for Private banking, Commercial & Consumer banking for the Asia Pacific region. Prior to joining ABN Amro, Rajiv worked at Citibank for 13 years in different functional areas: Client service, Financial Control, Sales & Marketing, Operations & Technology in different countries: Singapore, Philippines, Japan and India.

X Rajiv Thakur MBA - FMS, Delhi (1987), B. Tech. (Chemical) IIT Delhi (1985) Rajiv came aboard Cipher in 2008 with over 20 years of experience in the financial sector and has wide experience and deep industry knowledge that help Cipher in adding significant value to clients. Earlier, he worked with ICICI Limited (now ICICI Bank) in a senior position in corporate financing, capital and debt restructuring, infrastructure project financing and structured finance. He also has considerable experience in advising private sector companies on corporate strategy and capital raising.

X Aveena Gudapati MBA - Columbia University, MA - Philosophy - Osmania University, BE - Osmania University. Aveena brings to Cipher about two decades of rich experience in the Education sector and helps the education initiative at Cipher by leveraging his knowledge & network. He is passionate about teaching and over the years has trained more than 15,000 people across various countries. Aveena was a part of Georgetown University team, which setup Cambodia's first B-School. He was involved in creating "Hope-I am for change" a national award winning movie focused on the necessity of change in our education system. Earlier, Aveena has been involved as a consultant with many companies including, Infosys, Oracle, McKinsey, UBS, Satyam, Airtel, Tata Indicom, BDL, SBI, MBNA Corp, BAT (South East Asia), and Singapore Telecom.

	X Swaminathan Ganesh Company Secretary (FCS), B. Com. Ganesh brings over 35 years of rich experience in financial consulting. As a senior finance professional he has handled a variety of assignments in private equity, restructuring of companies and mergers & acquisitions. Ganesh's widespread contacts in business and industry circles are a valuable addition to Cipher network and add significant value to our clients.

X Abhay Anand PGDBA - ICFAI B-School Mumbai (2001), DBF – ICFAI Mumbai (2001), B Com - Patna University (1999) Abhay came aboard Cipher in 2001 after completing his post graduation in management. His knowledge across industries, market insights and strong convictions have helped identify exciting opportunities and created valuable client relationships. He has serviced several clients and helped execute a number of transactions. With a firm foundation in financial modeling, research & analytical skills, he independently leads assignments from origination to successful culmination. Earlier, he worked on a number of research projects spanning different industries and companies at CRISIL (S&P group company), India's premier credit rating company.

X Paresh Kothari CFA - ICFAI (2001), PGDBA - ICFAI B-School Mumbai (2000), B Com - Mumbai University (1997) Paresh came aboard Cipher in 2005. His strong execution and relationship skills coupled with a deep commitment to deliver have earned him the confidence of several clients. He independently leads transactions and closely interacts with investors to ensure that no stone is left unturned while creating options for clients. Earlier, he acquired rich experience covering all aspects of private equity right from deal origination to structuring, legal documentation and to final closure, at Brescon Corporate Advisors. He started his career in 2000 in equity research at SG Asia Securities (IB arm of French banking group, Society General) and Khandwala Securities.

X Amol Palkar MBA - Cornell University, Johnson School, USA (2004), Chartered Accountant (1997), B.Com, Sydenham College. Amol has over 15 years of diverse experience in Investment Banking, Corporate Strategy and Entrepreneurship. At Cipher, he leads firm's Cross Border M&A pursuits and is responsible for building relationships with key networks in the global markets. . Amol has worked in India and US and has dealt with clients from a wide range of industries - Technology, Engineering, Hospitality, Financial Services over his 15 years. He earlier worked with Deloitte Consulting where he advised Fortune 500 companies on Corporate Strategy. Prior to that he has worked with ASK Raymond James, Ernst & Young in Investment Banking and ICICI. Amol is also an entrepreneur having co-founded a software products company..

X Mehul Ramchandra PGPM - ISB Hyderabad (2004), Chartered Accountant (ACA) (1999), B Com - Mumbai University (1996) Mehul came aboard Cipher in 2004 after completing post graduation in business management. His knowledge & expertise in legal, accounting and financial matters coupled with his understanding of corporate and taxation laws facilitate smooth due diligence process and significantly streamline transaction closings. His execution and extensive research capabilities help contribute through the entire transaction process. Mehul began his professional career in 1999, with Arthur Andersen, India (subsequently combined operations with Ernst & Young) in the tax and regulatory department where he handled tax related matters of domestic / multinational corporations and foreign investment consulting assignments for tax efficiency.

X Sanjeev Kapoor PGDBM - KJ Somaiya Mumbai (2000), DBF - ICFAI Hyderabad (1997), B Com (Hons) - Delhi University (1994) Sanjeev came aboard Cipher in 2007. He brings with himself a rich ten years of experience in M&A, strategy & planning and equity research. With deep insights in the IT sector coupled with a strong business acumen, he leads the cross border M&A initiative at Cipher. Earlier, he worked in 3i Infotech looking after strategy & planning and was responsible for many strategic acquisitions for the company. He also has worked as equity research analyst with renowned security firms like Share Khan, Way2Wealth, and First Global covering IT, Telecom & Media sectors.

	X Sunil Parnami MBA - ICFAI B-School Hyderabad (2005), Chartered Accountant (2003), B Com - Rajasthan University (1999) Sunil came aboard Cipher in 2006. Earlier, he worked with JP Morgan with the Investment Banking Strategy Planning Group. He was also involved in an e-governance project at Pricewaterhouse Coopers.

	X Rohit Nag PGP - IIM Bangalore (2004), BE (mechanical) - IT- BHU (2000) Rohit joined Cipher in 2009 and brings with him over 6 years of experience in investment banking and Technology sector. Prior to joining Cipher, Rohit was with MAPE Advisory, during which he advised various clients on M&A and fund raising activities. He has also worked with PwC and Infosys in the past.

	X Ashish Bhansali MBA - NMIMS, Mumbai (2007), BE (Electronics & Communications) - University of Rajasthan (2005) Ashish joined Cipher in 2009. In his prior role, Ashish has worked at General Electric and was inducted into its prestigious management training program. He has done his internship at Macquarie Bank.

	X Swarupa Date LLB - Govt Law College, Mumbai (2006), Chartered Accountant (2005), B.Com (2001) Mumbai University. Swarupa joined Cipher in 2007. She was earlier associated with a listed stock broking company as an equity research analyst and was tracking the Media & Entertainment sector.

	X Anand Lahoti MBA - ICFAI B-School, Hyderabad (2006), B.Com - St. Xavier's College (2002) Anand came aboard Cipher in 2007. Earlier Anand worked with a reputed Stock Broking company- First Global Stock Broking as an equity research analyst.

X Neeraj Shrimali MBA - ICFAI B-School Hyderabad (2007), Chartered Accountant (2005), B Com - Indore University (2001) Neeraj came aboard Cipher in 2007. Earlier, he worked with a reputed Audit & Management Consultancy firm as an Audit in charge and was involved in auditing, project financing and in few corporate advisory assignments. He was also involved in a Risk Assessment project at J P Morgan Chase.

X Mandira Gupta MSc. Financial and Business Economics - University of Essex (2005), B.A. Hons. (Economics) - Sri Venkateswara College, Delhi University (2004) Mandira joined Cipher in 2011 and brings with her over 5 years of experience in domestic and cross-border investment banking. Prior to joining Cipher, Mandira was with Langham Capital, where she fronted various M&A and fund raising engagements across industries, including FMCG, ITES, retail and financial services.

	X Durganath Wagle MMS - IES Management Studies (2007), BMS - Mumbai University (2005) Durganath came aboard Cipher in 2007. Earlier he worked closely with few hedge funds at Morgan Stanley, gaining exposure to the field of risk management. He did his industry project with CapGemini.

	X Rajkumar Rathi FRM (2008), CAIA (2008), Certified Financial Manager (2008), Chartered Accountant (2005) Rajkumar came aboard Cipher in 2008. Earlier, he acquired rich experience with Anand Rathi Financial Services Ltd. covering various aspects of private equity, merchant banking, corporate finance and equity research.

	X Abhishek Bordia PGDM - Xavier VJIM, Hyderabad (2007), B.Com. - Delhi University (2004) Abhishek came aboard in 2009. Earlier, Abhishek worked with IIFL - Investment Banking, an India Infoline Company as a part of its Capital Markets group. He has done his Internship with JM Financial (Formerly JM Morgan Stanley)

	X Shailesh Ayachit Chartered Accountant (2008), Company Secretary (2006), B. Com. - Mumbai University (2003) Shailesh came aboard Cipher in 2009. Earlier, he worked with a reputed Tax & Management Consultancy firm and was involved in structuring and execution of transactions in real estate and hospitality sector. He was also involved in advising on a broadcasting acquisition involving leading player in the industry. His area of expertise includes FEMA, Direct Taxes, Regulatory Policies and Negotiation of Transaction documents.