The Firm

"We are what we do. Excellence, therefore, is not an act, but a habit."
-William Durant, The Story of Philosophy

Wellspring Advisory Services LLP is an honest initiative and a step ahead that was conceptualized in year 2013 by our Managing Partner and supported by number of stakeholders. It’s an honest initiative to offer ethical and practical workable solutions to our clients. The firm has focused its energy on Infrastructure – Projects Advisory and Investment Banking. We are sector agnostic and provide end-to-end solution to our clients, from the stage of conceptualization of infrastructure projects to appropriate structuring to transaction advisory to fund raising to offering exit routes to the investors.

We offer our services to:

  • Government – National, State, Urban Local Bodies and Parastatal agencies
  • Multilateral and Development aid agencies
  • Public and Private Developers, engaged into development of infrastructure projects
  • Financial institutions – Banks, NBFCs, Debt/Equity Funds etc. involved in infrastructure investment & development

Our headquarter is in Mumbai-India and a strong associate network spread geographically within India and Abroad gives us an edge of diverse reach as well as faster turnaround. The team has collective experience of more than hundred years of working, across industries with a diverse expertise and has worked across Asia, Middle East, Africa etc.

Team Members

Setu Divekar


Setu Divekar, Managing Partner of Wellspring, with a finance and engineering background has about twenty years of experience almost equally divided between consultancy for infrastructure projects and capital market. Setu is actively engaged as a consultant for last decade, advising various government, private and multilateral clients in India and South East Asian markets, mainly for infrastructure PPP projects across various aspects such as institutional development, conceptualization, project structuring, financial viability, development of concession agreements, project implementation support, risk assessment, mediation support, bid process strategy, PPP transaction/bid advisory etc. In his earlier role in the capital markets in India, he had worked as an equity analyst, strategic and M&A advisors to private clients providing services in the business valuation, private equity and M&A. He also had a short stint with one of leading commercial banks in India as a credit risk analyst. Setu is Electronics Engineer with CFA Charter from ICFAI and has a work experience in India, Indonesia and Vietnam. Currently he operates from Mumbai, India.

Dhairyasheel Bhosale


Dhairyasheel Bhosale has over twenty + years of techno-commercial experience with a specialization in Infrastructure Projects, Steel and Renewable energy, mainly wind. Dhairyasheel has executed wind-power projects of over 400 MW + and has an expertise from concept-to-execution-to-commissioning, providing end-to-end services to various clients. He has worked at a very senior level with various renowned private developers & consultants like Indo Rama Renewables, NSL Power, Winwind Power, Vestas Wind, MECON, Stein Heurtey France, Gamesa wind, Atlanta Power Projects Pvt. Ltd. etc. Dhairyasheel has also handled liaison with various government authorities and statutory bodies such as EB, IREDA, MEDA, MERC etc. and other departments concerned, as well as handled techno- commercial negotiations with financial institutions. Dhairyasheel is a Production Engineer and currently operates from Satara – Western India.

H M Karna


H M Karna with his engineering background, has a multi-faceted experience of over twenty five years, mainly in transportation segment with a specialization in the field of infrastructure development, operations & maintenance, planning, traffic & highway engineering and road safety. Karna is an astute leader in techno-commercial mannerisms of infrastructure development having technical skills and leadership qualities for better understanding in business development, execution monitoring, operations & maintenance and secondary acquisitions of BOT assets. He has an experience in working in multi-cultural, multi-linguistic environment and with national & international government clients, state/local government and government agencies, private infrastructure developers, multilateral and other investment agencies. Karna currently operates from Hyderabad, India.

Susil Kumar Gupta


Susil Kumar is a qualified Chartered Accountant and has a varied experience spanning more than sixteen years in fund raising in Indian and international markets, accounting & auditing for corporate from varied sectors, taxation, company law matters etc. Susil has an in-depth knowledge of financial & capital markets. In past, he has managed corporate of various sizes – from mid-to-large and sectors, assisting them in raising project finance, debt restructuring, arranging ECB, working capital requirements, bridge finance, buyer’s credit, unsecured business lending etc. Susil has also assisted various companies strategizing and implementation of their growth plans. Susil currently operates from Navi Mumbai.

Vivek Kumar


Vivek Kumar, a management expert has an experience of about fifteen years in management consulting, private equity & corporate banking with deep understanding of strategy & business planning, business processes, investment appraisal, financial analysis, project structuring, negotiation & documentation and transactions. He has been involved with multiple consulting assignments with corporate and governmental organisation across industry sectors. Vivek has an expertise in Business Transformation, helping businesses re-think, re-focus, re-structure and re-energise to help them take the big growth leap. He wears consultancy hat for last five years and prior to his consulting avatar, Vivek had a long stint with ICICI group, one of the largest Financial Houses in India, having worked with ICICI Ventures and ICICI Bank. Vivek is a MBA – Finance, and is currently based in Mumbai, India.

Divya Chandra


Divya Chandra is a result-oriented finance professional with over fifteen years of diverse experience in risk management, consulting and auditing having exposure to well over a dozen countries in Asia, Europe, Middle East and Africa. Divya is a Chartered Accountant & Masters in Commerce and has worked with top-notch organisations like KPMG, CRISIL Infrastructure Advisory (subsidiary of S&P’s), Barclays Bank and Nimai Management Consultants across India, Singapore and Dubai. Over the years, Divya has gained varied experience across international financial markets and services, mainly in credit risk management, business & financial statements, interpretation, compliance & governance as well as has proven business development skills. Divya currently operates from Boston, USA.

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