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Sunil Rai

Senior Partner
Sunil Rai

Sunil Rai

Senior Partner

"Sunil Rai exemplifies exceptional client service and goes beyond the conventional role of a lawyer. With a highly personable approach, he genuinely cares for his clients." – Chambers Asia Pacific, 2025

“We are very happy with Sunil. He is always helpful to us, always answering our questions on time and very efficiently." – Chambers Asia Pacific, 2024

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"Sunil Rai exemplifies exceptional client service and goes beyond the conventional role of a lawyer. With a highly personable approach, he genuinely cares for his clients." – Chambers Asia Pacific, 2025

“We are very happy with Sunil. He is always helpful to us, always answering our questions on time and very efficiently." – Chambers Asia Pacific, 2024

 

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Sunil Rai

Sunil RaiSenior Partner

D +65 6885 3624
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  • About
  • Experience
  • Recognition
  • Insights
  • Activities and Affiliations

Sunil Rai is a senior partner in Dentons Rodyk’s Corporate practice group. He is Co-Head of the Venture Tech & Emerging Growth Companies practice group and Co-Head of the Private Equity practice group. He is also the Singapore-India relationship partner focusing on outbound and inbound India-related transactions.

Sunil concentrates his practice in corporate and transactional matters encompassing investments and exits (buyouts, trade sales), domestic and cross border mergers and acquisitions (M&A), joint ventures, licensing, corporate governance, restructuring of entities, employment law matters including formulating stock option/ share award schemes (ESOP/ ESAS), establishing new businesses and assisting clients in drafting and reviewing contracts across a broad spectrum of various industries, verticals and government sectors. Sunil is particularly experienced in complex investment and venture-backed transactions involving multiple parties, various shareholders and parties across several jurisdictions. He enjoys acting for institutional investors (family offices, venture capital funds and private equity investors) making investments and divestments and start-ups/ early stage entities receiving investments at all stages of a company’s life-cycle - from seed stage to Series D and beyond across various verticals including Fin-Tech, Med-Tech, Prop-Tech, ESG-Tech, AI and data analytics.

Sunil has a strong interest in investment-related work (involving venture capital and private equity), building up the Middle East and India - Singapore and Indonesia deal corridor and also enthusiastically assisting in the growth of various SMEs, start-ups and private funds through establishing new ventures, handling legal issues, fund-raising, managing of investments and value creation.

Sunil has given several presentations and written articles on business structures, investment term sheets, directors’ duties, essentials of contracts, founder's disputes and amendments to Companies Act of Singapore and on the Variable Capital Company regime. He has also been actively involved in pro bono activities for several years including being a grassroots leader, an active mediator with the State Courts Community Mediation Centre and Consumer Association of Singapore, mentoring startups at Singapore University of Social Sciences and Blk71 Singapore and also serving as a director at the Singapore Indian Chamber of Commerce and Industry (SICCI). 

Clients have commended Sunil as follows -

  • “India-related transaction expert Sunil Rai is a go-to lawyer for high growth emerging entities and unicorns in the region.” (Legal500 2024 - Start-up and Venture Capital - Local firms)
  • “I highly recommend Sunil Rai for venture and startup matters, from investment and structuring to commercial transaction matters” (Chambers APAC, 2025)
  • “We are very happy with Sunil. He is always helpful to us, always answering our questions on time and very efficiently.” (Chambers APAC, 2024)
  • “Sunil is knowledgeable and hands on.” (Chambers APAC, 2023)
  • “[Senior partner] Sunil Rai is very professional, approachable and has the best solution for issues. His team is prompt and very thorough in their documentation.” (IBLJ: Top India-focused Foreign Law Firms for 2022)
  • “Sunil Rai has in-depth knowledge of cross-border investment work, advising startups, SMEs and VC funds on fund-raisings, investments and joint ventures. One client comments: ‘He is very aware of the technology sector and he also knows so much about the Singapore startup ecosystem. He has done a lot of VC work and he has helped us, as an overseas investor, understand the basic norms and is always straightforward in his communications.’” (Chambers APAC, 2021)
  • “He [Sunil] is very aware of the technology sector and he also knows so much about the Singapore startup ecosystem. He has done a lot of VC work and he has helped us, as an overseas investor, understand the basic norms and is always straightforward in his communications.” (Chambers APAC, 2021) 
  • “We found Sunil to be very knowled-geable on international and India-related legal matters. He knows the right solutions for legal problems, and has apt and quick answers to address the same. Very reliable and trustworthy,” (IBLJ:The Internation al A-List, 2020) 
  • “Sunil is a committed professional and provides astute legal advice. He is practical in his recommendations and works well with colleagues to get things over the line quickly. He is a stickler for timelines and is open to sharing informed views, and is helpful even on matters where he is not billing.” (ABLJ: The A-List – Singapore’s Top 100 Lawyers 2019)

Experience

Venture Capital/ Private Equity

  • AG Active Fund 1: Leading, advising and acting for the Lead Investor, AG Active Fund I, L.P. in its US$5 million investment into Sarisuki Pte. Ltd's US$12.7 million Series A equity fundraising round and subsequent convertible financing round. AG Active's substantial investment and strategic position as a Philippines-based investment fund is to fuel expansion of the Company's business of operating a social grocery commerce platform into the Philippines.
  • AG Active/ Kickstart Ventures: Leading, advising and acting for the Lead Investor, AG Active in a US$5 million Series A funding investment in Manila-based food-tech startup Mosaic Solutions. The round also had participation from returning investors Gentree Fund and Investible. With its latest round of funding, Mosaic Solutions will use its resources to develop and refine its cloud-based platform and expand its user base in the Philippines.
  • Closed Loop Growth Opportunities Fund L.P.: Leading, advising and acting (alongside our Dentons office in New York) for Closed Loop Growth Opportunities Fund, LP, a New York-based growth equity fund, in its participation in EcoSpirits Pte. Ltd.'s US$8 million Series A equity fundraising round. EcoSpirits is involved in the development, engineering and sale of environmentally conscious low-carbon, low-waste spirits packaging and technology for premium spirits and wine to reduce the costs and environmental impact in the spirits supply chain.
  • Kickstart Ventures, Inc: Leading, advising and acting for the lead investor Kickstart Ventures Inc. in its participation in Ruralnet Pte. Ltd.'s US$2.15million series seed fundraising round. Ruralnet is a Philippines-based digital insurance platform startup whose plug-and-play software helps digital financial service providers easily cross-promote and sell insurance on their existing mobile and web apps. The round was subscribed by fellow co-investors in the South East Asia region such as Gentree Fund, Kaya Founders and Foxmont Capital. The funds raised will assist in broadening RuralNet's brokerage, CashKo, which provides microinsurance solutions to SMEs.
  • Maven Capital: Advised and acted for one of the UK's most active and leading private equity firms, Maven Capital Partners ("Maven"), and on behalf of its Venture Capital Trusts, in their £2.5 million equity investment in the award-winning sustainability solutions provider, Turnkey Group Ltd. ("Turnkey"), whose innovative SaaS technology platform, Sustainion, supports businesses to map performance against ESG frameworks and regulatory requirements. The secured funding will scale Turnkey's workforce and technology platforms, while accelerating its 5-year growth plan - fuelling future expansion plans across regions in Asia and Europe throughout.
  • Olive Tree Capital: Advising and assisting Boston-based Olive Tree Capital which led a US$15m Series A round investment in Karbon Card, a fintech company specializing in corporate cards, with participation from Harmony and Avenir Growth Capital. Karbon intends to use the investment proceeds to grow its business towards becoming India’s first Neobank designed especially for the corporates.
  • Quona Capital: Advised and assisted Quona Capital in its participation in the subsequent fund-raising rounds of Broom and Sunday Insurance. 
  • Cento Ventures: Advised and assisted Cento Ventures in leading the US$2.5m funding round of Jakarta-based lending infrastructure provider Finfra with participating by Z Venture Capital, Accion Venture Lab and other existing investors. The new funding round aims to bolster Finfra’s efforts to deliver more efficient lending solutions for underserved business sectors across the region.
  • The University of Tokyo-Edge Capital: Advising and acting for the venture capital arm of The University of Tokyo-Edge in pre-Series A investment of $4.25 million in Eureka Robotics with participation from Vietnam’s Touchstone Partners and Eureka’s seed round investor ATEQ. Also assisted in client's follow-on participation in subsequent Series A investment round that was led by B Capital. Funds received would help to accelerate the development of the Company’s main product, Eureka Controller, which enables system integrators and manufacturers to deploy high accuracy-high agility tasks in factories.    
  • Several other investment-related transactions involving family offices, limited partners, institutional funds, corporate VCs from Indonesia and Singapore to India and beyond.

Start-Up/Early-Stage/ Emerging Entities 

  • Validus Investment Holdings Pte Ltd: Advising and acting for market-leading peer-to-peer lending platform Validus in its Series C fund-raising round which had participation from renowned investors such as 01Fintech, Vertex Ventures and Vertex Growth, FMO, Vinacapital Ventures and strategic investments from major East Asian players NongHyup Financial Group, NorinChukin Bank, Aizawa Asset Management and Lotte F&L Singapore. Also advised and assisted Company in its previous equity rounds including a US$20m Series B+ funding round led by Vertex Growth Fund and Kuok Group’s Orion Fund with participation by existing investors such as FMO, Vertex Ventures, Openspace Ventures, Vietnamese investment manager VinaCapital and AddVentures (an investment unit of Thailand’s Siam Cement Group). 
  • ROKT Pte Ltd (“Rokt”): Advising and acting for e-commerce marketing technology Sydney-founded, New York-based unicorn - Rokt in its secondary transactions where valuation of Company increased from US$1.95billion to US$2.4billion. Also assisted in its US$325million Series E funding round led by investment firm, Tiger Global Management and involving other prominent investors such as Wellington Management, Whale Rock Capital Management, Pavilion Capital and existing shareholder Square Peg. The funds would be used in part to make acquisitions, invest in research and development and in hiring.
  • Dozer Data Pte Ltd: Advised and acted for Dozer Data Pte. Ltd. ("Dozer Data") in its seed fund-raising round worth US$3 million backed by SEA Surge Ventures I, January Capital Fund II Pte. Ltd., and Gradient Ventures III LP. Dozer Data provides a no-code data infrastructure platform that deploys highly scalable APIs with minimal configuration for the development of data applications.
  • Zenith Learning Group: Advising and acting for the Company, Zenith Learning Group Pte. Ltd,. in its US$1.4million series seed equity fundraising round. Zenith is a fast-growing educational institution offering educational enrichment classes to students all through the schooling system in Singapore, and provides holistic educational resources to its students through its development of the novel Edutech learning platform.
  • Phasio Pte Ltd: Advising and acting for the Company, Phasio Pte. Ltd,. in its AU$2.5million series seed equity fundraising round, attracting investment from prominent global investment funds AirTree Ventures and 500 SEA and seeing follow-on investment from existing stakeholders Entrepreneur First. Phasio specializes in the provision of software solutions and support to SME manufacturers globally to assist in streamlining and digitising their workflow processes. Also assisted in advising on and establishing its Employee Share Option Plan.
  • Vilo Creamery: Advising and acting for Vilo Gelato, Indonesia’s leading artisan ice-cream brand in securing a confidential amount of funding from Singapore-based gender lens investor SWEEF Capital. The Vilo founders’ passion for empowering women and supporting local communities is at the heart of their business strategy. The company not only aligns with Sweef Capital’s social impact principles but also underlines the solid business case for gender equality.
  • Several other early-stage entities and founders from Indonesia and Singapore to India and beyond.

M&A/ Corporate

  • Zeronorth A/S: Advising and acting for ZeroNorth A/S in its 100% share acquisition of BTS Pte. Ltd., a Singapore-based company specialized in providing innovative IT Bunkering solutions to maritime small-medium enterprises .
  • SpaceAge Labs: Advising and acting for the Company, SpaceAge Labs Pte. Ltd., in the acquisition by the strategic investor, Gradiant International Overseas Pte. Ltd,. of a majority controlling stake in the Company. The investment made by the strategic investor will provide strategic and tailored expertise in the Company's expansion and growth in its business model of providing cutting edge remote monitoring and IoT solutions combining hardware, low power wireless connectivity and advanced software that helps operations and maintenance teams increase uptime, reduce costs and improve safety.
  • Luno Pte Ltd (formerly known as BitX) and its founders: Leading, acting for and advising cryptocurrency platform company, Luno, on the buyout by an existing shareholder – Digital Currency Group (a global enterprise that builds, buys, and invests in blockchain companies) of all the remainder shares from the founders and all other shareholders for a confidential sum in a transaction that span various jurisdictions including Singapore, South Africa, USA, United Kingdom and Europe. Also advised and acted for Company and its founders in previous fund-raising rounds including a US$9 million Series B Investment by Balderton, RMIH and Digital Currency Group and a US$4 million Series A investment in this FinTech entity by PayU, a subsidiary of Naspers, and Digital Currency Group.
  • Tolaram Group (“TG”) and Tolaram Africa (“TA”), a subsidiary of TG: Assisting on a long-term joint venture between TA and NYSE-listed Kellogg Company (“KC”) to 1) create a partnership between TA and KC to develop snacks and breakfast foods for the West African market and 2) acquire 50% in the Multipro Group, a subsidiary of TG and the largest distributor of food products in Nigeria and Ghana, for US$450 million (S$634 million). Subsequently advising TG and TA on a follow-on transaction amounting to a further US$419 million (S$553 million) in relation to Kellogg’s increased investment in West African businesses, mainly 1) the exercise of a call option by a wholly owned subsidiary of leading multinational food manufacturing company Kellogg Company ("Kellogg") to acquire a 50% stake in Tolaram Africa Foods Pte. Ltd. (“TAF”), a holding company of a leading manufacturer and marketer of packaged foods in Nigeria and Ghana; and 2) the sale of a 1% stake in the Multipro Group, the largest distributor of food products in Nigeria and Ghana.
  • Mitsubishi Chemical Corporation (“MCC”): Advising MCC on the Singapore law aspects of its cross-border restructuring and amalgamation matters which involved combination of entities in Singapore and Japan worth, in aggregate, over billion yen in asset value. Continue to advise on its corporate matters in Singapore.
    Canada-based Hunter Amenities International Pte Ltd: Acting for Hunter Amenities in the acquisition of Woleco Hotel Supplies Pte Ltd (“Woleco Distribution”) including coordinating foreign counsel across Thailand, Indonesia, China, India, Malaysia and Taiwan in restructuring and change of control related matters pursuant to the purchase of Woleco Distribution from American Hotel Register Company for confidential amount.
  • Several other business-related/ corporate transactions under Singapore Law and corporate secretarial work for various clients across various industries and verticals such as construction, chemical, medical devices, hospitality etc.

Recognition

  • Chambers Asia Pacific: Recognised as Leading Individual for Startups & Emerging Companies, 2022 - 2025
  • The Legal 500 Asia-Pacific: Mentioned as key lawyer in the area of Corporate and M&A, 2024 - 2025
  • The Legal 500 Asia-Pacific: Recognised as Leading Individual in Start-Up And Venture Capital – Local and Foreign Firms, 2023 - 2025
  • Asian Legal Business: Recognised as Super 50 TMT Lawyers in 2021
  • Asian Legal Business: ALB India Law Awards -India Practice, Asian Law Firm of the 2021
  • India Business Law Journal: Recognised in the Top India-focused Foreign Law Firms as one of regional and specialist law firms for India matters, 2021 - 2022
  • India Business Law Journal: Recognised in the International A-List – Top 100 India-Focused Legal Experts Outside the Country, 2020
  • Asia Business Law Journal: Recognised in The A-List – Singapore’s Top 100 Lawyers 2019, 2025
  • IFLR1000: Recognised as a Notable Practitioner for M&A and Private Equity, 2019/20 (29th Edition) – 2024/25 (34th Edition)
  • IFLR1000: Recognised as a Notable Practitioner for Finance and Corporate Law, 2017/18 (27th Edition) – 2018/19 (28th Edition)
  • Singapore Business Review: Listed in 40 and Under, 2016

Honors and Awards

  • People’s Association: 10 Year Long Service Award for Grassroots Volunteer Work, 2023
  • Consumer Association of Singapore: 15 Year Long Service Award, 2023
  • Community Mediation Centre: 10 Year Long Service Award, 2022
  • Community Mediation Centre: Appointed as Master Mediator, 2022

In the Media

  • “Singapore fintech funding dives 41% to 3-year low, but expected to start recovering next year,” The Business Times, August 1, 2023
  • “Changes to Global Investor Programme with help attract ‘high-quality’ investors to Singapore, experts say,” CNA, March 4, 2023
  • “How to pre-empt disputes when all is well to avoid conflict when founders fall out,” The Business Times, January 16, 2023
  • "Funding Frenzy in SE Asia’s tech startups sees rise in FOMO, talent war & due diligence slack," DealStreetAsia, February 2022
  • "So you want to be an angel investor? Here's what you need to know,” The Business Times, January 2022
  • "PR scheme updated to woo new groups of foreign investors," The Straits Times, January 2020
  • "More investors to be eligible for fast-track PR scheme," The Business Times, January 2020

Insights

  • "Welcoming top founders to Singapore: Introducing the Global Founder Programme," May 6, 2025
  • "Setting up a legal entity in Asia," Dentons Rodyk Reporter Issue 05 (2024)
  • "Founders’ Conflict – Pre-empting Disputes when all is well," Dentons Rodyk Reporter Issue 01 (2023)
  • "Fund-raising document landscape in USA, Germany and Singapore," Dentons Rodyk Reporter Issue 04 (2022)
  • "Angel Investments – 5 points to consider, from a legal perspective, when flying like an Angel," Dentons Rodyk Reporter Issue 02 (2022)
  • Co-author, "Enhancing Powers of Investigation - Protecting Singapore's Reputation as a Key Finance Hub," Dentons Rodyk Reporter Issue 04 (2021)
  • Co-author, "Scammed or hacked? Overview of common fraud techniques and the corporate response playbook," Dentons Rodyk Reporter Issue 03 (2021) 
  • Co-author, "Mediating joint venture disputes," Dentons Rodyk Reporter Issue 02 (2021)
  • "Proposed Amendments to the Companies Act of Singapore (July 2020)," Dentons Reporter Rodyk Issue 05 (2020), October 2020
  • "S$33 billion Fortitude Budget to help businesses during a gradual resumption from Circuit Breaker," Dentons Rodyk Reporter Issue 05 (2020)
  • Co-author, “Surviving the COVID-19 crisis – A legal perspective for businesses and corporates in Singapore,” Dentons Rodyk Reporter Issue 03 (2020)
  • "Variable Capital Company – New Entity launched to attract new Funds to Singapore," Dentons Rodyk Reporter Issue 02 (2020)
  • "Updates to the Global Investor Programme – Attracting New Categories of Investors to set up base in Singapore," Dentons Rodyk Reporter Issue 01 (2020)
  • "Variable Capital Company - review from a corporate administration viewpoint," Dentons Rodyk Reporter Issue 03 (2019) 

Activities and Affiliations

  • Director (Non-Exec), Singapore Indian Chamber of Commerce and Industry (SICCI)
  • Director (Non-Exec), Zero Waste SG - NGO leading the drive towards zero waste through education and advocacy
  • Accredited Mediator, Singapore International Mediation Institute and Singapore Mediation Centre 
  • Mentor, NUS Alumni Ventures, and also SUSS Entrepreneurship Programme and BLK71 Singapore
  • Court Mediator, State Courts - Small Claim Tribunal and Civil and Criminal Tribunals
  • Master Mediator, appointed under the Community Mediation Centres Act by the Minister for Law
  • Mediator, Consumer Association of Singapore
  • Former Vice-Chairman and current Grassroots Leader and Member, Residents Committee of Pinnacle@Duxton (an estate comprising about 1,848 households) since 2012
  • Committee Member, University of Manchester Singapore Alumni Association (2017 to 2023)

Presentations

  • SUSS’ Venture Building programme - Presenting on “Key Documentation & Legal Aspects in Startups Fundraising Process”, April 2024
  • Blk71 Vietnam and Blk71 Singapore: Presenting on “Term Sheets”, June and September 2024
  • Panellist: Panel Discussion - Board Architecture - Envisioning the Future Shape of Boards, October 2023 organised by Russell Reynolds Board Forum 2023
  • Entrepreneur First – Presenting on Investment Term Sheets since 2020 to 2023
  • Panellist: Panel Discussion - Business Outlook and Sustainability Through a Global Pandemic, July 2020 organised by MBSAAS
  • Dentons Rodyk webinar for clients - Presenting on Legal Options in this Pandemic: Restructuring and Relief in May 2020
  • Italian Chamber of Commerce in Singapore - Presenting on Doing business in Singapore amidst a global pandemic in April 2020
  • Presenting at webinar by Taiwan Startup Stadium Term Sheet Bootcamp on "Singapore Legal Issues Concerning Startups Including Fundraising” in July 2020
  • Panellist: Venture Capital for Start-ups: Why you need it and how to get it, October 2019 organised by MBSAAS
  • Antler: Funding for an early-stage entity – getting to a term sheet but understanding what you are getting into, June 2019
  • Singapore University of Social Sciences: Building an investment-ready company structure, October 2018
  • University of Manchester Southeast Asia Centre: What you need to know about raising funding from external sources, August 2018 
  • Partnership Summit at Visakhapatnam, India: Establishing your Business Presence in Singapore to Access the South-East Asia Region, February 2018
  • Singapore University of Social Sciences: Investment Term Sheets – Understanding what you are getting into, January 2018
  • AIT Ventures Biannual Seminar Series: What you need to know as a Startup Founder, April 2017
  • Panellist: Entrepreneurship – What Works?, October 2016 organised by UOMAAS
  • SMA Seminar: Going into Private Practice: Setting Up A Medical Practice, July 2016 
  • Legislation Update: Companies (Amendment) Act (2014), March 2015 
  • Presenting on Recent Developments and Revisions to the Corporate Governance Regime, September 2012 
  • Presenting at WDA In-House Legal Seminar: Essentials of Contracts, October 2010 and July 2008

Memberships

  • Member, Law Society of Singapore
  • Member, Singapore Academy of Law
  • Member, Singapore Indian Chamber of Commerce and Industry

Prior and Present Employment

  • Senior Partner, Dentons Rodyk & Davidson LLP (formerly Rodyk & Davidson LLP), 2005 - present
 

Contact information

SingaporeLocal time
D+65 6885 3624
 

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Areas of focus

  • Corporate
  • Life Sciences and Health Care
  • Mergers and Acquisitions
  • Private Equity
  • Private Equity
  • Technology
  • Venture Capital
  • Venture Technology and Emerging Growth Companies
  • White Collar and Government Investigations

Education

University of Manchester, 2014, MBA, (Global)

2005, Postgraduate Study, Practice Law Course (in Top 10% of cohort)

National University of Singapore, 2005, LLB, (2nd Class Hons, Upper Division)

Admissions and qualifications

Advocate & Solicitor, Singapore, 2006

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