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 Nimesh Shah CFA-ICFAI (1994), Chartered Accountant (FCA) (1986), B. Com. - Mumbai University (1985) Nimesh came aboard Cipher in 1999 and substantially built its corporate strength & character. His expertise, ability to make a positive difference and add value creatively help Cipher develop a strong bonding with the clients and investors. With deep insights in structuring & negotiating complex transactions he guides the Cipher team to deliver the best for clients. Earlier, he worked with a reputed Tax & Management Consultancy firm as a principal and was involved in structuring transactions, mergers & acquisitions plans and a wide variety of corporate advisory assignments. He has co-authored books and contributed articles on financial matters.

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 Vinay Khatu MBA - Symbiosis Pune (1993), BE (Mechanical) - Pune University (1990) Vinay co-founded Cipher, and has been the "back bone" of the team with an ever positive & objective approach. His conceptual skills, clarity in thinking and a penchant for knowledge helps Cipher across all assignments. His strength in the technology sector has helped in closing all cross border strategic transactions. He has led several transactions from inception to successful culmination. Earlier, he worked with JM Financial where he advised & led companies to IPO and liaised with regulatory bodies. Previously, he was also responsible for a production line while working with SKF Bearings.

X Saurabh Tandon Chemical Engineer, Mumbai (1986) Saurabh is associated with Cipher since 1999 and relocated to California in June 2000 to develop the cross border practice. His entrepreneurial, networking and relationship skills have helped Cipher build a track record of successes in the US-India corridor. He leads US cross border transactions and is closely associated with several industry captains, CEOs and blue chip investors which provide a strategic edge to our clients. Earlier, he has had wide international exposure while handling international marketing assignments for over a decade; he has also helped a company go through a successful IPO.

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 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 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 Kaushik Mazumdar MBA - IIM Ahmedabad (1988), Chartered Accountant (FCA), B Com – Mumbai University (1984) Kaushik is a versatile financial services executive with strong operating experience in general management, operations, technology and customer services, and proven track record in the Banking and Financial services industry including Insurance & Private Equity. His earlier role was as the Director and Vice President at General Atlantic Pvt. Ltd. where he was engaged with several Indian portfolio companies of GA in providing support in process re-engineering, strategic cost management and operational support. Prior to this he was the Managing Director and Head – Business Process Globalization and Offshore Outsourcing for Citibank N.A.

X Arun Anant PGDM - IIM Ahmedabad (1988), B. Tech. (Chemical) - Institute of Technology BHU (1985) Arun has over 20 years of rich experience running businesses in the media industry and Cipher leverages his expertise and network of relationships for its clients. Earlier he was the CEO at UTV News (now Bloomberg UTV) where he launched the business television channel and new media initiatives under the UTVi brand name. Prior he was the business head of The Economic Times (part of the Bennett Coleman Group). He was also the marketing head of Iris, a financial and business content provider and made www.myiris.com a leading internet media brand. He started his media career at Lintas Worldwide (now Lowe & Partners) where he led multiple brand accounts.

X Girish G. Vaidya PGDM - IIM Calcutta (1975), B.E. - University of Bombay (1973) Girish has a wide & rich experience of 35 years in banking, technology and people development in senior leadership positions. He worked for 11 years with Infosys Technologies Ltd. and for almost 24 years with ANZ Grindlays Bank in different roles. He has outstanding conceptual analytical and leadership skills combined with strong execution focus and result orientation.

X Prashant Maniar MBA – Santa Clara University, USA (2002), M.E – University of South Carolina, USA (1996), B. E. – Mumbai University (1993) Prashant brings strong passion and over 14 years of expertise in cleantech & semiconductors to Cipher. His entrepreneurial & global business development experience allows him to relate closely to our clients needs, help chart & successfully execute their growth strategies. He drives US-India cross-border Cleantech & Renewable Energy transactions, closely interacting with clients and investors with a strong focus on delivering results. His extensive global experience includes chief strategy officer role at Stratosphere Solutions where he closed business transactions with several Fortune 50 companies and raised capital, and many engineering / marketing roles at large corporations such as Synopsys. He is actively involved in accelerating the electronics and renewable energy ecosystem in US and India, having presented at prestigious CII conference on ICTE, chairing panels on Solar and SmartGrid at TiECon, co-chairing semiconductor SIG at TiE, and co-founding semiconductor SIG in India.

X Jaymalya Palit B. Tech. – IIT Kharagpur Jaymalya has a core competency in the "techno-functional" area that helps Clients in finding technology solutions for business requirements and innovations. Jaymalya in his last role at Infosys was heading the product strategy for Finacle Universal Banking solution, a suite of banking products that has been rated as leaders by top industry analysts like Gartner and Forrester. He has been a part of the leadership team at Finacle which was responsible for making this a flagship product for Infosys.

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 C. S. Prasad Subramanian PGSM - IIM Bangalore (2002), Post Graduation in Comp Science - University of Pune (1992) C. S. Prasad has over 17 years of rich experience in product engineering / architecture, application design, database design and creating product engineering frameworks. He has demonstrated his skills in managing large product releases, defining product development methodology and managing product quality for a large volume transactional online and batch processing system.

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 Rajeev Kalambi PGPM - ISB Hyderabad (2003), MA Economics – Delhi School of Economics (1998), BA Economics – Shriram College of Commerce (1996) Rajeev joined Cipher in end-2008 and brings with him over 10 years of experience in various facets of finance – consulting, research and corporate & investment banking. His varied experience, deep industry knowledge and wide network across industry and markets are assets that add significant value to clients. He drives the business development initiative at Cipher to ensure continuous deal flow across sectors. Prior to joining Cipher, Rajeev was a corporate banker with HSBC and the Development Bank of Singapore and subsequently as an investment banker with Edelweiss Capital, during which he concluded several transactions in corporate lending, structured finance, term lending (onshore and offshore) and advised companies on corporate finance strategy and capital raising. He began his career as a consultant with the Feedback Ventures Group followed by a brief media industry stint with CNBC-TV18 where he spearheaded setting up of the research backbone of the channel.

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 Abraham George MBA - ICFAI B-School Mumbai (2004), B Com - Mahatma Gandhi University (2002) Abraham came aboard Cipher in 2004 after his post graduation in management. Earlier, he worked with IDBI Bank on product development initiatives and India Infoline on industry research projects giving valuable exposure to the Indian capital market.

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 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 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 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 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.

	X Karan Sharma PGDBA - K.J. Somaiya Mumbai (2006), PGDFA- IIBF Mumbai (2007) , B Com (Hons) - Delhi University (2004) Karan came aboard Cipher in 2007. Earlier, he worked with JP Morgan Chase with the Investment Banking Finance & Business Management Group. He was also involved in an International Transfer Pricing project at LG Electronics India Head Office, Noida.

	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 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.