When Nupur Garg began examining gender representation in private equity and venture capital, one figure stood out: women accounted for just 2% of decision-makers in the sector. For Nupur, who had spent years working in the financial industry, this was not simply a question of individual career experiences. It pointed to a systemic gap in how the industry identified, recruited and advanced talent. In 2019, after a career that included leading investments in private equity and venture capital funds at the International Finance Corporation (IFC), part of the World Bank Group, she set out to address this gap by founding Winpe, an initiative focused on improving gender representation across the investment ecosystem.
Over the next six and a half years, Winpe grew from 14 founding member firms to working with more than 55 firms. Its work expanded beyond awareness-building to include practical recruitment solutions, mentorship programmes, board-readiness training and support for women entrepreneurs. Through these initiatives, Nupur has sought to make gender diversity a more integral part of how the industry operates.
From Private Equity to a Larger Purpose
A chartered accountant and an MIT Sloan MBA graduate, Nupur built her professional career in finance before moving towards social entrepreneurship. Her role at IFC exposed her to data and research on gender representation in private capital markets, gradually bringing the scale of the problem into focus.
While speaking to The Logical Indian, Nupur explained that her understanding of the issue developed through exposure to information about the industry rather than from a personal experience of discrimination. The data revealed a structural challenge that required more than individual efforts to overcome.
The decision to establish Winpe came from recognising the need to turn that understanding into practical action. Instead of relying on lengthy consulting presentations or recommendations that remained on paper, Nupur wanted to work with investment firms to identify changes they could implement in their recruitment and workplace practices.
Winpe, which stands for Women in Private Equity, began with 14 member firms. Venture capital is also part of its broader area of work, although the organisation’s name uses the shorter reference to private equity.
Conversations to Practical Solutions
Winpe’s approach has focused on translating the idea of gender diversity into processes that firms can adopt. Among its initiatives are efforts to broaden recruitment pipelines so that women account for 40% to 50% of candidates, use case-studies and/ or red-acted curriculum vitae to help reduce bias in hiring, build a repository of potential candidates and establish mentorship programmes based on feedback from stakeholders.Other initiatives include building professional communities and networks for women, an incubator-cum-accelerator to support start-ups with diverse founding teams and a platform to connect companies and investors with women executives for board roles.
The emphasis is on creating opportunities for women to enter and progress within the industry, while encouraging firms to examine the systems through which they identify and select talent.
The organisation’s growth also reflects a gradual change in how gender representation is discussed within private equity and venture capital. Nupur noted that the conversation has evolved over six years, moving from questions about why gender diversity matters to a point where it is increasingly treated as a normal part of business.
Some member firms have also reported tangible changes in representation. Nupur cited one example in which a firm’s female representation increased from 5% to 39%. While individual outcomes vary, such developments indicate how recruitment practices, inclusive firm policies and sustained engagement can contribute to changes within organisations.
For Nupur, progress is not limited to one programme or milestone. She has described Winpe’s initiatives as parts of a broader support system, with each addressing a different need within the ecosystem.
Building a Support System for Women
Winpe has expanded its work across professional development, leadership and entrepreneurship. As of the figures shared during the interview, the organisation had conducted more than 65 knowledge sessions, attracting over 12,000 registrants from more than 550 firms. These sessions recorded a Net Promoter Score of 90%, according to Nupur Garg.
The organisation has also built a community of approximately 5,000 women, reflecting an effort to engage people across the industry in conversations around gender representation.
Mentorship is another central part of its work. Across six ongoing cohorts, Winpe’s mentorship programme has recorded a significant professional outcome: 76% of mentees secured promotions within 18 months. The programme is intended to support women as they navigate their careers and seek opportunities for advancement.
Another initiative focuses on women aspiring to board positions. Winpe’s women-on-boards portal hosts more than 150 curated profiles across 35 sectors and functional specialities. The portal aims to make women’s professional experience and expertise more visible to those seeking board-level talent.
Alongside the portal, board excellence training sessions conducted with Mr. M. Damodaran, a former chairperson of the Securities and Exchange Board of India, have trained approximately 170 women.
Winpe has also extended its work to women entrepreneurs through a startup incubator launched to complete what Nupur Garg described as a broader, 360-degree support system. In the six months covered by the figures she shared, the incubator had supported more than 100 women entrepreneurs and delivered over 400 hours of training and mentorship.
The incubator looks for women founders who demonstrate meaningful ownership and decision-making authority in their businesses. Nupur explained that nominal shareholding, such as a spouse holding a token stake without genuine authority, does not meet this requirement. Applicants are also expected to present a viable business model, a clear vision and the potential for scalable economics.
For founders whose businesses do not fit the incubator’s model, Winpe works with NITI Aayog through the Women Entrepreneurship Platform to provide access to resources.
The Discipline Behind Social Entrepreneurship
Building an organisation around a social objective has required Nupur to combine a clear sense of purpose with the systems needed to measure progress.
She described her transition from finance to social entrepreneurship as exciting and liberating rather than difficult. Support from her family, including her husband, son and mother, provided an important foundation during the transition.
At the same time, she acknowledged that establishing a new organisation requires more time and longer working hours than managing an established team. Attracting talent to a relatively new organisation is also part of the process of building something from the ground up, although Nupur did not describe these aspects as challenges.
Her approach to leadership centres on conviction and operational discipline. In conversation with The Logical Indian, Nupur emphasised the importance of a founder’s personal commitment to the cause, particularly when building an organisation that seeks to influence established industry practices.
She also challenged the assumption that not-for-profit organisations can operate with less rigour than commercial businesses. Winpe is structured as a Section 8 company, and Nupur believes that organisations of this kind require the same focus on outcomes, accountability and systematic processes as for-profit enterprises.
To strengthen this approach, Winpe developed a theory of change with support from the British Development Finance Institution, formerly known as CDC. The framework was intended to help the organisation track impact through measurable indicators rather than relying solely on the activities it conducted.
For Nupur Garg, the combination of personal conviction and organisational discipline is essential. A strong belief in the mission helps a founder communicate its importance, while clear processes and outcome measurement help determine whether the work is making a difference.
Making Private Equity Accessible
Beyond gender representation, Nupur is also interested in widening access to careers in private equity and venture capital.
She describes the sector as an exciting, high-performing ecosystem that demands patience and sustained engagement. Investment work can extend across an eight-to-ten-year horizon, involving screening opportunities, conducting due diligence, supporting portfolio companies as they grow and eventually realising investments.
The long time frame requires a willingness to engage deeply with businesses and remain committed through different stages of their development.
Nupur also noted that career pathways into the industry have broadened beyond the traditional routes associated with Ivy League MBA programmes, elite investment banks and consulting firms. Networking has become an important avenue for people seeking to understand the sector and explore opportunities within it.
Her advice is directed towards those who enjoy analytical rigour and sustained engagement. Private equity and venture capital, she suggested, can be rewarding fields for people prepared to commit to the demands of the work over the long term.
What Comes Next for Winpe
Winpe’s next phase of work will focus on extending its resources beyond its existing member network. Nupur said the organisation is working to make its programmes and resources accessible to women whose firms are not members, widening the potential reach of its initiatives.
Another priority is the development of industry standards for diversity, equity and inclusion. Such standards could help establish a more consistent approach to representation across firms, complementing the practical interventions Winpe has pursued so far.
The organisation’s journey from 14 founding member firms to more than 55 firms reflects the expansion of its network and the growing scope of its work. Its initiatives now span recruitment, mentorship, leadership development, board representation and entrepreneurship, addressing different points at which women may encounter barriers to participation and advancement.
For Nupur, the task is not simply to encourage more women to enter private equity and venture capital. It is also to help build the processes, professional networks and institutional practices that allow them to progress once they are there.
Through Winpe, she has worked to move the conversation about gender representation towards measurable action. The continuing challenge is to extend that work across the industry, making inclusion part of how firms recruit, develop talent and define professional leadership.
The Logical Indian Perspective
Gender diversity in private equity and venture capital requires more than awareness. It calls for changes in how firms recruit talent, nurture careers and create pathways to leadership. Through Winpe, Nupur Garg is working to address these gaps with practical initiatives spanning recruitment, mentorship, board readiness and support for women entrepreneurs.
The reported outcomes, including promotions among mentorship programme participants and increased female representation at individual firms, highlight the potential of sustained, structured interventions. However, lasting change depends on the wider industry adopting inclusive practices, measuring progress and making diversity part of everyday decision-making.
Nupur Garg’s work raises an important question about the future of the sector: can initiatives such as Winpe’s help make equal access to leadership opportunities a standard practice rather than an exception?
What more should private equity and venture capital firms do to ensure women have equal opportunities to lead and grow? Share your thoughts.
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