Abhijit Ray

Abhijit Ray is the Co-Founder and Managing Director of Unitus Capital, a boutique impact-focused investment bank based in Bangalore, India. With over 32 years of experience spanning development finance, commercial banking, microfinance, and investment banking, Ray has established himself as a pioneering figure in impact investing and financial inclusion across Asia. His professional journey has been shaped by his immigrant family background—witnessing his parents' struggles motivated him to focus on community-centered development rather than individual advancement, a philosophy that continues to drive his investment approach.

Ray began his banking career in 1993 as a probationary officer at the State Bank of India (SBI), where he worked across multiple business divisions at six different locations throughout India. After gaining foundational banking experience, he moved to the Small Industries Development Bank of India (SIDBI), where he spent over a decade in various leadership roles. At SIDBI, Ray served as Assistant General Manager, overseeing the organization's microfinance portfolio in Andhra Pradesh and managing business development for SME initiatives. During his tenure, he appraised and rated microfinance institutions, sanctioned debt to over 50 MFIs, conducted capacity building assessments and grants to 35 MFIs, provided entrepreneur training for enterprise development, and led industrial cluster development projects across sectors including honey, handicrafts, silk, jute, iron casting, and weaving. His work spanned over 12 Indian states, giving him deep expertise in development finance and grassroots entrepreneurship.

In July 2008, Ray co-founded Unitus Capital alongside partners to accelerate the development of local and international capital markets for businesses delivering deep social and environmental impact. Under his leadership, the firm has grown into one of India's most prominent impact investment banks, having worked with over 120 companies and successfully raised capital totaling $900 million USD for social enterprises across healthcare, education, microfinance, micro-pension, technology, and agriculture sectors throughout Asia. Unitus Capital has been ranked the #1 investment bank in India for five consecutive years by both VCCircle and Venture Intelligence based on transaction volume.

Ray holds a Bachelor's degree in Economics from Kolkata University and is a Certified Associate of the Indian Institute of Banking & Finance (IIBF), Mumbai. He has furthered his expertise through executive education at Harvard Business School's Strategic Leadership for Microfinance Program, the School of Applied Microfinance in Mombasa, Kenya, and the Strategic Planning for MFIs Program in Cape Town. He is an active thought leader in the impact investing space, having co-authored articles on microfinance published in international journals, serving as a conference panelist on microfinance and impact investing across Asia, and being frequently quoted in leading Indian newspapers. Ray also serves as a mentor to young entrepreneurs at CIIE-Indian Institute of Management, Ahmedabad, and sits on the board and advisory committees for multiple debt and equity funds.

Abhijit Ray's investment philosophy emphasizes relationship-building over transactional engagement. He positions Unitus Capital not merely as a service provider but as a strategic advisor deeply embedded in understanding client business operations, governance standards, technical competency, and market dynamics. Ray has articulated that "anything that is disruptive attracts investor interest," reflecting his openness to backing innovative business models that challenge conventional approaches to development and financial inclusion.

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Unitus Capital's services are broadly classified into three major categories: Equity (raising growth capital from impact investors, PE/VC firms), Debt (structured debt solutions from banks, NBFCs, DFIs), and Advisory (M&A, strategic partnerships, valuations). The firm's stated mission is to facilitate access to capital for businesses that innovate and scale while delivering deep social and environmental impact.

• Financial Services: Microfinance institutions (MFIs), non-banking financial companies (NBFCs), digital lending platforms, micro-pension providers
• Healthcare: Primary healthcare, telemedicine, health-tech, medical devices for underserved populations
• Education: EdTech, skill development, vocational training, K-12 solutions for low-income segments
• Agriculture: AgriTech, supply chain solutions, farmer financing, agricultural input platforms
• Technology: Financial technology (fintech), SaaS platforms serving emerging markets, digital infrastructure
• Climate & Clean Energy: Renewable energy, clean technology, sustainable agriculture
• Promoter capability and integrity
• Technical competency and operational excellence
• Market size and scalability potential
• Clear path to exit viability
• Measurable social and environmental impact
• Alignment with financial inclusion and community development goals
• Primary: India
• Secondary: Broader Asia (Southeast Asia, South Asia)