We are India’s first electric mobility and sustainability-focused boutique investment banking firm.

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About Us

Ostara Advisors is a specialist investment banking firm focused on electric mobility and sustainability, providing fund-raising and M&A solutions to companies and investors. We work with founders and investors who have a unique vision around building sustainable technology, manufacturing and infrastructure businesses.

We are building India’s best sector-focused global investor network for mobility and energy businesses, powered by our subject-matter expertise and thought-leadership in these sectors. We bring decades of experience in executing capital-raising strategies and crafting business combinations to drive win-win M&A outcomes for our clients.

The name ‘Ostara’ is inspired from Eostre, who is the Germanic pagan goddess of dawn and is celebrated during the Spring Equinox. The name is symbolic of the ‘dawn’ of sustainability in traditional industries and a growing focus on ‘lightening the carbon footprint’ across businesses, which form our focus sectors.

Ostara Advisors (formerly Dhruva Advisors) was born in 2015 in Bangalore, India and has built a steady track record in fund-raising and M&A solutions for start-ups and mid-size companies in India and the US.

Our driving principles are:

  • Unbiased advice driven by deep understanding of sectors
  • Global Access to Investors and Partners
  • Precision in delivering results


Vasudha Madhavan


Vasudha is the founder of Ostara Advisors (formerly Dhruva Advisors) and is one of the first investment bankers in India to specialise in Electric Mobility, having advised clients in this space since 2017. She made her all-India M&A League Table debut in the top 20 in October 2018.

Vasudha has over 19 years of experience in Corporate & Investment Banking; with leading organizations like Citibank and ICICI Bank, as well as in boutique investment banking, based in Mumbai and Bangalore. Vasudha is responsible for having set up and expanded the ‘Private Equity & Hedge Fund’ coverage vertical for Citibank, India. She has also been part of Citibank’s Risk Management team for mid-size corporates, managing the bank’s lending decisions to a portfolio of companies in ITES, auto components, facilities management services, logistics, diversified manufacturing etc.

Vasudha is also a mentor at Aspire for Her, a unique organisation that enables women to join and stay in the workforce, through campus engagement, mentorships and skilling workshops. Their vision is to impact 1 million+ women and add $5B to India’s GDP through increased participation of women in the workforce by 2025.

Vasudha earned her MBA in Finance from XLRI, Jamshedpur, India and her Bachelor’s degree in Commerce from Mount Carmel College, Bangalore, India. She is also a certified Advanced Scuba Diver and enjoys photography, having held several solo and group exhibitions of her work.

Mukund Ranganathan


Mukund is a seasoned investment banker with 26 years of experience in advising companies on M&A and capital raising transactions. He has served most recently as Joint Managing Director at Motilal Oswal Investment Banking, where he worked from June 2014 to January 2021. During his career, he has facilitated over 70 strategic financial transactions including Motherson Sumi’s acquisition of PKC Group (Finland), sale of Aurangabad Electricals to Mahindra CIE, Siemens’ sale of Bangalore Airport, sale of Spicejet, Aegis’ acquisition of PeopleSupport (USA), sale of Air Deccan among others. Mukund has extensive experience in raising private equity funding as well as in the capital markets including IPOs, follow-on offerings, GDRs and ADRs for L&T Finance, Indostar, Dixon Technologies, Bharat Financial Inclusion, Tata Consultancy Services (TCS), Wipro, GAIL, etc.

Mukund has earlier worked for 9 years at Edelweiss Financial Services and started his career in 1996 with a 9-year stint at Morgan Stanley. Mr. Ranganathan holds a B.Tech degree in Electrical Engineering from Indian Institute of Technology Madras (1994) and a PGDM from Indian Institute of Management, Ahmedabad (1996).


We provide specialized advisory services in the following areas:


We create and execute precise fund-raising solutions from venture capital, private equity, venture debt and family office investors for all stages of the business. We leverage our deep understanding of focus sectors to curate the right investors from across the globe.

Mergers & Acquisitions

We provide M&A advisory services to our clients to serve their strategic priorities. We combine our expertise in cross-border and domestic M&A for start-ups and mid-size companies to deliver precise outcomes.

Focus Areas

Electric Vehicles

IoT and Automation


Renewable Energy


Marquee deals in this space include advising on India’s first Electric two-wheeler M&A, where we represented Greaves Cotton Ltd. (NSE: GREAVESCOT) on their acquisition of pioneering EV 2W maker, Ampere Vehicles and raising one of the largest funding rounds in the EV sector from venture and corporate investors for leading electric three-wheeler maker, Altigreen Propulsion Labs.

Feb 2022 $40M

Fund-raising Advisor

Ostara advised India’s leading commercial EV maker, Altigreen Propulsion Labs on their $40m Series A round from global institutional investors. Investors include Sixth Sense Ventures, Reliance Group, Xponentia Capital, Accurant International USA and Momentum Ventures, Singapore.

Mar 2021 Undisclosed

Venture Capital Funding

Ostara advised ION Energy, Inc. in their pre-Series A fund-raising from a select group of US-based and global investors. ION is India’s leading provider of Battery Management Systems for Electric Vehicles (EV) and Battery IoT solutions to global clients.

M & A
Aug 2018 $24M

Exclusive M&A Advisor

Ostara advised Greaves Cotton Limited on their acquisition of India's leading Electric Vehicle (EV) two-wheeler maker, Ampere Vehicles Private Limited. This is the first EV 2W M&A transaction in India and the 2nd overall after the Mahindra-Reva acquisition in 2010

We have also advised other leading startups on their recent rounds and are, by far, the most prolific investment bank in the Indian electric mobility ecosystem.

Our Board of Advisors

R. 'Shanx' Ravisankar

Industry Expert – Financial Technology and Cloud Solutions

Shanx is a founding member and former CEO of Oracle Financial Services Software, (formerly known as i-flex Solutions, the company was acquired by Oracle in 2006). Shanx retired in 2011 as the Chief Operating Officer, Oracle Financial Services Global Business Unit (FSGBU). As a technology leader, he has also been profiled in leading trade and industry publications. In 2008, Shanx was selected as one of the 50 Outstanding Asian American business leaders. This accolade celebrates Asian business leaders and recognizes their pivotal roles in Corporate America. Shanx is an engineering graduate from the Indian Institute of Technology, Chennai, and has an MBA in Management from the Indian Institute of Management, Ahmedabad, India.

Gautam Munshi

CEO, Redwood Algorithms

Gautam Munshi is the Founder and CEO of Redwood Algorithms, which provides cutting edge Analytics solutions and creates unique Analytics products to solve marketing and hiring problems in the digital age to companies in India and the US. Before this, Gautam was the head of Production Analytics and one of the founding employees of Marketics Technologies India Pvt. Ltd., an early mover in the emerging area of analytics in 2005 to enable business insights and decisions for global clients including P&G, IBM, Coke etc. During his tenure, Marketics scaled from a startup to a 220-member team with exceptional profitability at 50%+ operating margins with no external capital and subsequently, was sold for $64 million to a NYSE-listed firm, WNS Holdings Ltd. in early 2008. He has also worked with HSBC and Standard Chartered Bank in their retail banking divisions in India. Gautam earned his MBA in Marketing from Faculty of Management Studies (FMS), Delhi and his BA (Honors) in Economics from St. Stephens College, Delhi.

Subrat Panda

Investment Banker

Subrat Panda is a veteran investment banker with over 18 years of experience in leading Capital Market transactions. His specialities include Public offerings (initial and follow-on), QIP issuances, equity rights issuances, open offers, private equity, debt capital markets, due diligence, corporate finance, financial modelling, valuations and investor interactions. He is currently Director at Motilal Oswal Investment Banking in Mumbai. Prior to this, he was VP, Capital Markets at Tata Capital. He started his career with SBI Capital Markets, the investment banking arm of India’s largest bank where he headed the Equity Capital Markets team in Mumbai. He has extensive experience in advising large and medium companies in the Financials, Infrastructure and Energy sectors on domestic and international fund-raising and M&A strategies. Early in his career, he was also on a special assignment to State Bank of India (SBI) to set up their online banking platform. Subrat earned his MBA in Finance from XLRI, Jamshedpur and completed his B.Tech (Electrical Engg.) from College of Engineering and Technology, Bhubaneswar. Subrat enjoys mountaineering in the Himalayas in his leisure time.

Write to us at contact@ostara.co.in