We Deliver Market-Neutral, Risk-Managed Alpha Through Quantitative Strategy.
At Whitespace Alpha, we believe investing is not about timing the market—it’s about staying ahead of it. Since 2015, our mission has been to deliver market-neutral, low-risk alpha using sophisticated quantitative models and disciplined strategy execution.
We are a SEBI-registered Category III AIF, proudly headquartered in India and operational globally via GIFT City. Our core belief? “Win more. Lose less.” This translates to a strategy that actively manages risk while seizing market inefficiencies, ensuring our investors experience steady, compounding returns across market cycles.
Risk-first Mindset
Risk-first mindset backed by model-driven execution
Low Market Correlation
Low correlation with equity markets
Research-Driven Strategy
Robust research and backtesting on proprietary capital
Institutional Trust
Trusted by institutions and family offices globally
We Are a Team of Experts Driven by Purpose

Puneet Sharma
CEO & Fund Manager
Quant-driven strategist with roots in PwC’s M&A desk. IIM Lucknow alumnus. Engineer by training, investor by conviction.

Praveen Dwarakanath
Head of Fund Strategy
Built Whitespace Alpha after exiting his tech venture. An IIM Lucknow MBA with deep expertise in correlation modeling.

Shiva Subramaniam
Head of Investment Strategy
Ex-Private Equity pro turned multi-asset tactician. IIT-BHU and IIM Ahmedabad graduate.

Ashish Maskara
Head of Global Market Strategy
Ashish is a seasoned global trader with expertise in macro analysis and risk management. An IIM Lucknow MBA and NIT Trichy graduate, he blends strategic insight with consistent performance.

Fanar Iskif
Head of Fund Operations
Systematic portfolio deployment specialist with expertise in hedge fund automation and algorithmic risk control.

Viki Badani
Fund Manager, SSF
Special situations expert with 10+ years in distressed debt and investment banking. IIM Lucknow alum, CFA charterholder.

Rohit lokareddy
Investment Manager, SSF
Turnaround dealmaker. Structured MTAR’s IPO and led the Viceroy Hotels resolution. MBA from ISB.

Rohit Reddy
AVP(Partnerships)
With 7+ years of leadership in Sales, Marketing, and Operations across Packaging, Rohit now brings his strategic expertise to finance. He holds a Bachelor’s degree from the University of Illinois at Urbana-Champaign.

Sudarshan Saraf
Partner
A seasoned trader in international derivatives, Sudarshan combines global insight with sharp risk management. He is an IIT Guwahati graduate, CFA Level III cleared, and a certified FRM.
What We Offer

Equity Plus
Designed for compounding growth through investments in the NIFTY50 with an added layer of consistent Alpha along with robust risk management from our proprietary derivative models

Debt Plus
Delivering low-risk, and steady returns with minimal volatility through investments in AAA-rated securities and the Alpha from our models on top.

Hybrid Plus
A balanced blend of equity and debt investments, giving our investors both stability and growth through our proprietary derivative models, and a well-diversified portfolio with a strategic mix of asset classes.

International Fund
Our latest offering, providing opportunities to NRIs and foreign citizens to gain tax-efficient exposure in the growing Indian capital markets, through the GIFT city IFSCA framework.

CAT I - SSF
Targeting stressed assets with untapped potential, the SSF focuses on mid and SME tier investments, using strategic turnarounds and operational enhancements to drive value.
We Turned Passion into Recognition






In the News
Global geopolitical and trade tensions have eased, but risks persist
Published On: Moneycontrol
20 May 2025
Market valuations are no longer on the cheap side, and several indicators suggest that optimism is already priced in.
Valuation discipline key in mid, small-caps; India’s long-term growth narrative intact
Published On: Mint
13 May 2025
Puneet Sharma, CEO of Whitespace Alpha, emphasises selectivity and adaptability in current markets. While India’s long-term growth is intact, near-term geopolitical risks create volatility.
FII return sees Rs 46,000 crore buying spree, likely prefer large caps vs broader market stocks.
Published On: Economic Times
13 May 2025
While midcaps see selective interest, high valuations and liquidity concerns are keeping FIIs focused on scalable, liquid large-cap opportunities.
Smart beta funds for alpha
Published On: Financial Express
11 May 2025
Amid rising India-Pakistan tensions, smart beta funds offer downside protection and alpha potential. These factor-based strategies use metrics like quality, low volatility, and value to reduce risk, enhance returns, and bring portfolio discipline during volatile market conditions.
Whitespace Alpha's Puneet Sharma maintains cautious stance over capital markets segment, sees inflationary risks in near term
Published On: Moneycontrol
2 May 2025
Inflationary risks are elevated in the near term, driven by supply chain disruptions and domestic factors like erratic monsoons and rising crude prices, said Whitespace Alpha’s Puneet Sharma.
Investors should remain prepared for turbulence, as full economic ripple effects of tariffs still unfolding, says Whitespace Alpha's Puneet Sharma
Published On: Moneycontrol
16 Apr 2025
Stakeholders should anticipate extended periods of uncertainty, punctuated by sporadic progress on narrow issues, rather than sweeping solutions.
These 3 sectors can potentially lead the market recovery, don't see much value upside in PSU, says Whitespace Alpha's Puneet Sharma
Published On: Moneycontrol
5 Mar 2025
While there will certainly be some more volatility in the short term due to the economic and political environment globally, there is a high likelihood that the markets are close the bottom.
Small-caps still overvalued, but opportunities for select stocks emerging
Published On: Mint
31 Jan 2025
The downturn in Indian equities is driven by global liquidity tightening and foreign institutional investor selling, exacerbated by high valuations and concerns over US economic policies. The market remains volatile, particularly in small-cap segments, posing challenges for investors.
Managing Market Volatility; How AIFs turn risk into opportunity
Published On: Livemint
29 Jan 2025
Market volatility can erode capital and disrupt returns, but the right strategies- like those used by AIFs can turn this risk into an opportunity. By leveraging diversification and advanced risk management, investors can navigate uncertainty with confidence.
Hybrid funds built for volatility
Published On: FinancialExpress
20 Jan 2025
If interest rates fall, bond component of such funds will benefit.
Daily Voice: Whitespace Alpha
Published On: Moneycontrol
15 Jan 2025
WhitespaceAlpha’s Puneet Sharma discusses the evolving dynamics of Indian Markets
GuruSpeaks: Puneet Sharma's trading journey
Published On: Moneycontrol
27 Dec 2024
Mastering quantitative trading through data and algos
Will Indian markets see 2023-like Santa rally this time?
Published On: Moneycontrol
24 Dec 2024
Market observers remain divided on whether previous years’ gains can be replicated as the domestic markets have slipped into correction territory, with Nifty dropping nearly 10% from September peak.
Are SEBI's new F&O rules successful in curbing Indian stock market's volatility? Experts weigh in
Published On: Mint
9 Dec 2024
Experts express concerns that new SEBI rules may favour institutional investors over retail traders, potentially reducing market liquidity and increasing volatility.
Why Indian AIFs are gaining popularity among NRIs seeking diversified returns
Published On: Economic Times
26 Nov 2024
There’s also a noticeable shift toward exploring the less-trodden path of Alternative Investment Funds (AIFs). Many clients are intrigued by the idea of strategies that don’t depend on the market’s mood swings
SEBI's New F&O Rules Kick In: How the Risk Tail Coverage Change Will Affect Traders
Published On: Outlook Business
20 Nov 2024
A series of measures introduced by the Securities and Exchange Board of India (SEBI) to strengthen the index derivatives framework will go live on November 21, 2024. This move is aimed to protect small investors and enhance market stability.
How derivatives can protect you against uncertainty in a volatile market
Published On: ET Markers
20 Nov 2024
By examining option chain data and employing techniques such as straddles and iron condors, investors can capitalize on opportunities in both volatile and stable market environments.
Nifty hovers near critical support level, will markets bounce back?
Published On: Moneycontrol
18 Nov 2024
Puneet Sharma weighs in on the consumption slowdown and its implications for Q3 earnings.
Steady recovery in earnings
Published On: Moneycontrol
16 Nov 2024
Whitespace Alpha’s Puneet Sharma expects steady recovery in earnings rather than a rapid rebound, after weak Q2 numbers
F&O clampdown: How will Sebi's new rules affect traders and brokers
Published On: Economic Times
3 Oct 2024
Sebi has introduced six measures to regulate the derivatives market and curb speculative trading. These include upfront collection of options premiums, intraday monitoring of position limits, and increasing contract sizes. These steps aim to protect retail investors, reduce market volatility, and stabilize trading dynamics between November 2024 and April 2025.