Ajay Mahipal

Super stoked to announce the close of our third fund! Grateful to have been a part of the journey thus far. 🚀 🚀 If you are building in the consumer brand space, please reach out to us- we would love to have a chat. We invest in businesses at a pre-seed, pre-revenue stage with the ability to support our portfolio companies until growth/ late stages. #Fund3 #ConsumerBrands #EarlyStageInvesting #SauceVC #Startups  #Entrepreneurship #IndiaGrowthStory #PreseedInvestment #VentureCapital #Consumer

50

1 Comment

It is often said that Impact investing does not deliver financial returns. At C4D Partners, we are proving this wrong. Our Fund 1 has already achieved a 51% DPI on the India portfolio within 6 years of fund life, delivering a robust IRR. We’re not just about investing for impact, but also prioritizing strong, sustainable financial returns. We carefully select companies that are cash flow positive and demonstrate a clear path to profitability within a couple of years of our investment. This has enabled us to keep our mortality rate under 20%, lower than the industry average. Our approach - We invest in early-growth stage companies that are well-governed and on a clear path to positive cash flows, and be there for the long haul. Our approach comprises not just capital infusion, but active involvement in fostering a culture of transparency, operational excellence and sustainable value creation. We position our investments for sustainability and success in an ever-evolving market. If you’re a startup or investor interested in partnering with us, or just curious to learn more, let’s connect. Mirakle Couriers, Ecotasar, LabourNet, Saahas Zero Waste, Aarohan , 1BRIDGE, Ananya Finance, Freyr Energy Services Pvt Ltd #VentureCapital #Startups #SMEs #GrowthCapital #InvestmentStrategy #C4DPartners

130

7 Comments

Advent International is investing INR 2475 cr (~$3bn) in Apollo Hospitals's subsidiary, Apollo HealthCo. The transaction will also see the merger of its wholesale pharma distribution unit Keimed Private Limited and online healthcare business Apollo 24|7 under Apollo HealthCo. The background: Apollo HealthCo= Keimed (B2B pharma distribution) + Apollo 24 7 (online pharma) Apollo HealthCo, the digital health and services business of Apollo Hospitals, has been pressuring the hospital operator's bottom line, hurt by its cash-guzzling pharmacy business Apollo 24/7. Apollo HealthCo posted a loss for the sixth straight quarter in February. Advent International is a global PE with 17 investments (~$5.8bn since 2009) in India (12 current, 5 exits). Its other Indian healthcare investments include Cohance Lifesciences, Suven Pharmaceuticals and Bharat Serums and Vaccines Limited. Is it a good deal? The market doesn't think so! Shares of Apollo Hospitals Enterprise dropped 8% in opening trade on Apr 29 as investors were disappointed with the valuations offered in the deal. According to the deal, it valued Apollo 24 7 at $1.7bn and Keimed at $9.6bn Nuvama Group said while the deal was long overdue, the valuation commanded by Apollo 24/7 at $1.7 bn is lower than the estimated $2.7 bn. It not only comes as a negative surprise but also a huge letdown. The brokerage also said doubling Keimed's valuation for the deal, just within a year also seemed aggressive. Jefferies also shared the same view on Apollo 24 7's valuation While Prabhudas Lilladher Private Limited also acknowledged that the stake sale of Apollo HealthCo was done at a discounted valuation, it sees the merger of Keimed with the arm as a positive step as it removes overhang of any cost leakages. That with the added management guidance of growing EBITDA gives them comfort Future Outlook: According to the management commentary, the combined entity is expected to deliver Rs 25,000 ($3bn) crore of revenue in 3 yrs with 7-8% EBITDA, up from around Rs 13,600 crore and 1.5% now. This is an EBITDA growth of about 9x in 3 years! This growth will be achieved through Apollo 24/7 breakeven in ~2 years, higher margin realization through supply chain efficiencies, and accelerated growth in the private label business Though pharmacies in India are growing at 12% YoY, Apollo believes that large players like themselves can easily grow at 20-25% YoY It seems that Apollo was a bit desperate to inject in money and was okay with taking a slightly below-par deal. That said, this deal should reduce the drag from 24/7's operating cost (and cash burn) and strengthen both its pharmacy and hospital businesses. The merged entity could also leverage Keimed’s over 70,000 store network to push private label sales and unlock synergies. #healthcare #apollo #advent #privateequity #india #apollo247 #pharma #pharmacy

4

A series where we highlight Gemba Capital's Portfolio companies' every week. Simple post - no gyaan and no bakwaas :) This week meet Pramod Rao and Abhishek Nalin from Threado AI Kamini Shivalkar Aditya Vargante Govind Lohia Vipul Rawal ↗️ ️Anupreet Singh 📈 Sujoy Chakravarty #meetourportfolio #earlystage #venturecapital #startups #tech #india #portfolio

63

2 Comments

Happy to share our latest article in The Economic Times on the "The Impact of ESG criteria in Real Estate Investments." Your thoughts and feedback are welcome! The Economic Times Spyre Proptech Venture Fund GRI Club India CREDAI National #ESG #Sustainability #Realestate

53

Private equity and venture capital investments in India reached $47 billion in October, marking a 4% increase from last year. This growth reflects not only investor confidence but also India's expanding role in the global shared economy. But the benefits go beyond individual businesses, therefore sectors like technology, healthcare, and sustainability gain momentum. We see this as a testament to how India's growth is shaping the future of global markets. This progress strengthens India's position as a key player in the global economy, and that contributes to a more connected and collaborative world. #PrivateEquity #VentureCapital #IndiaEconomicGrowth #GlobalSharedEconomy

23

1 Comment

Thrilled that UTI Alternatives has secured the 2nd position in terms of number of deals done in the first 9 months of 2024! Since 2017, we at UTI Alternatives have invested in 42 transactions and achieved complete exit in 18 of those. But that tells a fraction of the story. We must have evaluated 1,000s of transactions to get to this milestone. Added to this, our transactions are truly private market - rarely have we participated in DCM syndicated investments or listed bonds. True private market investing requires intensive underwriting and due diligence bandwidth. But our real secret sauce is origination. I like to believe that the hunting instinct is part of our DNA. Separately, a shout out to the team at 1st position, especially my good friend Ankur Jain, CFA - #WeTryHarder #PrivateCredit #Investment #Leadership #Finance #India #Credit #Markets #AlignedWithYourInterests #UTIAlternatives

284

26 Comments

WhiteOak Capital Mutual Fund has launched its latest new fund offer (NFO), the 'WhiteOak Capital Digital Bharat Fund,' an open-ended equity scheme that focuses on technology and technology-related companies. The NFO is open for subscription till on October 4, 2024. The primary objective of the fund is to offer long-term capital appreciation by investing primarily in equity and equity-linked instruments of technology-focused companies. * Our reliance on technology continues to grow as we seek innovative solutions to everyday challenges.  * Technological advancements are revolutionizing business operations, driving efficiency and innovation across industries.  * In India, new-age businesses are leading 'Digital Bharat' by leveraging cutting-edge technology to enhance innovation, efficiency, and inclusivity. These agile and digital-first companies are transforming traditional industries with AI, ML, and IoT.  * They redefine customer experiences, streamline operations, and expand market reach. From fintech firms improving access to financial services through digital platforms to e-commerce giants reaching remote areas, these businesses play a crucial role in creating a connected digital economy.  * Advancements in cloud computing, data analytics, and automation further foster innovation in healthcare, education, agriculture, and logistics, contributing to the vision of ‘Digital Bharat’.  * The ‘WhiteOak Capital Digital Bharat Fund’ aims to capitalize on this trend by investing in technology and tech adjacent companies, aiming for long-term wealth generation. As India's digital economy expands, the fund is poised to leverage the evolving tech landscape, offering investors a pathway to benefit from ongoing digital transformation The WhiteOak Capital Digital Bharat Fund is designed to capitalize on the rapid growth of India’s digital economy. Here are some key reasons why it might be an attractive investment: Focus on Technology: The fund primarily invests in technology and tech-adjacent companies, which are expected to drive significant growth in India’s economy. Long-term Wealth Generation: By targeting sectors poised for expansion, the fund aims to generate long-term wealth for investors. Experienced Management: The fund is managed by a team of experienced professionals, including Ramesh Mantri, Trupti Agarwal, Dheeresh Pathak, and Piyush Baranwal, who bring a wealth of knowledge and expertise. Diversification: While the primary focus is on technology, the fund also has the flexibility to invest in other sectors, debt securities, and money market instruments, providing a balanced approach to risk and return. N J Fin Plan recommends to invest- Insure, based on your financial goals & risk appetite. To open E-wealth account with N J Fin Plan http://p.njw.bz/55096 N J Financial Planning Off No.15, Kappeesh Mall, Near Mulund Railway Station, M G Road, Mulund West, Mumbai 400 080 +98924 22480 / [email protected] www.njfinplan.com

1

Sharp questions NISHA PODDAR and sensible answers from one of the most under-stated investors (with a stellar track record) Mukul Arora 👏 Elevation Capital have indeed set a high bar for private markets investing in India. No surprise that they are loved by founders, LP's and other stakeholders. At WaterBridge Ventures have had the privilege of working with #ElevationCapital on several company building journeys and it has been a lot of learning and fun. As Mukul said, fundamentally it's about backing high quality founders & companies, looking for the right levers (innovation vs. profitability depending on the stage), and re-tooling, evolving investment strategies as market structures and business models of success change in a fast evolving market like 🇮🇳. He makes it sound so simple. But it is - just the discipline of doing it repeatedly isn’t, that requires a different order of effort and skill. And that also separates the Midas touch investors from the common ones. Icing on the cake that #ElevationCapital folks are also as humble as they come 🎉

62

5 Comments

We at LeapFrog Investments are strong believers in the India story for impact investments. As I mentioned to Jaden, India has a lot of potential. It’s not a five-year story, it’s hopefully a 25-year story.... the reasons being growth, depth of talent, digital public infrastructure, and the depth of capital markets. Thanks to Jaden Paul for the interview in Business Standard. Read it here: https://lnkd.in/gyV-UTAv

114

2 Comments

Thrilled to announce our 2nd investment from SMBC Asia Rising Fund in India. We invested in Drip Capital - a leading cross-border trade finance platform, which supports Indian SMEs go global. The presence of Indian SMEs in global supply-chain will continue growing and financing is one of the key success factors for them. Drip Capital will play a pivotal role in it and SMBC as a global bank can collaborate with them in many ways. We are very excited to partner with Pushkar Mukewar and the entire Drip Capital team! Onwards and upwards! SMBCさんと進めているAsia Rising Fund*からインド第2号案件としてDrip Capitalへ投資しました。今回はRyu Muramatsuさん率いるGMOさんとご一緒させて頂いています。昨今の国際情勢の中、グローバルサプライチェーンにおけるインド、特にその中小企業が担う役割は日を追うごとに大きくなってきており、今後それは加速していくと考えられます。一方で、貿易に関わる彼らにとってはワーキングキャピタルの手当ては常に頭を悩ます問題で、大手銀行などの既存の金融機関がカバーしきれていない当該分野にDrip Capitalはソリューション提供しており、今後も大きく成長していくと見込んでいます。世界に展開する金融機関としてのSMBCグループとの協業ポイントも多く、こちらでも期待大です。 Incubate Fund Asia Incubate Fund Rajeev Ranka Masahiko Homma Alok Anand Patra Surbhi Bhatia Dave Kwong Xiang Darren Jawara Jasmin Y. Keiji Matsunaga Masaki Adachi Yusuke "Shuku" Shukuzawa KIMIE SUENAGA Mayoran Rajendra

178

5 Comments

Excited to announce that we at Athera Venture Partners (formerly Inventus India) have secured a major capital commitment from HDFC AMC Select AIF FoF I Scheme for our ₹900 crore Fund IV. This milestone is particularly special as HDFC AMC, one of the most respected fund houses in India, joins a strong lineup of Limited Partners, including prominent Indian family offices and international foundations, who share our belief in backing bold entrepreneurs driving innovation. With this fund, we are committed to partnering with exceptional founders building category-defining companies in India across Consumer Internet, Enterprise Software, AI, and other emerging technologies. From this fund we’ve already made investments in promising startups like Ati Motors, Terra , ClickPost, CynLr, Hyperbots Inc., and Billion Hearts Software Technologies We are deeply grateful to HDFC AMC and all our LPs for believing in our vision and supporting our mission of enabling the Indian startup ecosystem. A big thank you to all the incredible founders, past and present, who have trusted us to be part of their journey—we wouldn’t be here without you. We’re excited about the journey ahead and look forward to backing many more transformative startups from India Read more about the announcement here: https://lnkd.in/gYC8Yk84 Samir Kumar Parag Dhol Rajiv Mehta Ishan Sinha Anshu P. Kavya Prudhvi Tanya Sequeira CA Kaushik A Mangala Jois #VentureCapital #Startups #TechInnovation #AtheraVenturePartners #HDFCAMC #Entrepreneurship

478

83 Comments

Navigating the Indian Market's Valuation Landscape The Indian market has typically exhibited a scarcity premium, where companies with a proven track record of consistent earnings growth in sectors characterized by secular growth command high PE ratios. However, some of these companies are now getting disruptions from technology, changing regulations, or competition from corporate groups with formidable balance sheet. Whether this is a temporary phase or these companies will go down from great to good, time will tell. Conversely, the recent bull market has also seen an intriguing trend where stocks and sectors of companies traditionally plagued by poor governance, float management, capital misallocation, government regulation, lack of pricing power, receivable issues, and volatile input and output prices etc have gone on to become multibaggers. In many cases, this rerating has been driven more by a shaping of narrative than by long term fundamental improvements.

4

3 Comments

A quick reference sheet for all major SEBI licenses - by Shashank Gupta from Gemba Capital Can be handy for some founders planning to build in Fintech. Check it out and save it.

36

A significant milestone on the Sarvagram journey and we are very excited to continue our support to the stellar team. When we invested in 2022, we saw a distinctive company which was serving an unaddressed segment in a very large market i.e middle class households in rural India. The narrative around rural financing has primarily focused on farmers and low-income populations. However, there's a huge gap in addressing the needs of the aspirational rural middle class—the 80-100 million households with annual incomes ranging from ₹3-5L, spread across multiple income sources. This demographic is eager to improve both their income levels and quality of life, yet their financial needs have often gone unmet. Banks and microfinance institutions have targeted agriculture or low-income women but the rural middle class is a large whitespace. Though they may have access to product financing like two-wheeler or car loans, a significant portion of their aspirations remains unaddressed. SarvaGram is stepping into this gap with a holistic, customer-centric platform that offers a diverse range of financial services—from lending products and farm mechanization solutions to insurance offerings — as opposed to a mono-line strategy, which we believe works better in denser urban markets. In addition to our thesis on rural lending, we have found working with the stellar team, led by Utpal Isser and Sameer Mishra, a collaborative and insightful partnership. Their exceptional execution and understanding of the rural market have enabled SarvaGram to create lasting impact and drive sustainable growth. It has been equally enjoyable to learn from their experiences and we truly appreciate the openness of team. We have also appreciated working with our co-passengers from #Elevar, #Elevation and #Temasek and look forward to the #Peak XV team. With this fundraise, SarvaGram is on track to continue its impressive growth trajectory and we are excited to be part of this journey of SarvaGram driving meaningful change for rural middle-class households. Utpal Isser SarvaGram Sreeraman V TVS Capital Funds #FundingSuccess #RuralIndia

28

The Colossus episode on Bajaj Finserv where Matthew Reustle, CFA interviews Marcellus Investment Managers's Saurabh Mukherjea, FRSA is an exceptional one. Worth a listen / read even if you are not in fintech, if only to understand what an incredibly tight biz model they have built. The growth numbers are mindblowing, resulting in a $50b mcap co. Saurabh: "over the last 16 years, this company has compounded share prices 1,000x. That's underpinned by 30% loan book CAGR, 50% PAT CAGR. So 50% PAT CAGR over 16 years, I think that's roughly 650x PAT compounding over 16 years." Whoa! They say there are 4 elements to a lending business - cost of capital, cost of acquiring customer, quality of underwriting, and ability to collect. You need to great at at least two of these and ok at the others (cant be bad) to run a profitable lending biz. Bajaj Finance is that rare lender, who is great at all four elements, from what I understand from the podcast. Some fascinating data points in the podcast. 1/ Like this one on the lending market, and how Bajaj is about a sixth of the nonbank lending market. Saurabh: "Banks lend around $2 trillion in India. Nonbank sector lends around $250 billion. Bajaj Finance's loan book is $40 billion." 2/ The explainer on their hero product, the zero-interest EMI was illuminating. 3/ I heard once that Bajaj Finance is Salesforce's 2nd biggest account globally. I couldnt believe it then, but now after reading / hearing that Salesforce had to create a separate dbase for them (they have 1000 datapoints on 200m Indians), I can understand. 4/ The 65-hour workweek and the long hours is interesting. It is not usual for an Indian co to have a 7am start to the workday, and for the long hours to be so explicitly coded. All in all, a terrific primer on a world-class business that has got built out of India. Saurabh Mukherjea has an exceptional handle on the business. Loved the colour he has on the biz such as how each unit does their own capital allocation, and how HQs ups or downs their quota depending on their performance. Link to the piece (incl transcript): https://lnkd.in/ge2gBjiS

111

2 Comments

As I reflect on the past year, several key professional milestones stand out. This year was dedicated to fundraising at TVS Capital, focused exclusively on Indian investors. I'm thrilled to share that our efforts culminated in securing commitments of over ₹2500 Cr+ with a strong pipeline. This journey provided invaluable insights into the perspectives of various stakeholders within the funding ecosystem. I gained a deeper understanding of how to collaborate effectively with partners, including navigating their individual drivers and incentive structures. I also learned about the diverse needs and challenges of different investor types, from family offices to institutions like insurance companies, banks, and fund of funds. Furthermore, working with the team to build this fund from the ground up over the past 18 months provided a valuable perspective on regulatory challenges and structural issues. Key learnings included: a) The diverse nature of Indian family offices, ranging from sophisticated investors seeking deal flow access to those newer to AIF investments. b) The significant capital pools and growing appetite for AIF investments among family offices. c) The continued need for deepening Indian institutional capital pools to support substantial India-focused fundraises. d) The potential impact of regulatory requirements on business models. As we conclude this year, I'm incredibly grateful for the journey and the milestones achieved. Looking forward, I'm filled with optimism for the future. A huge thank you to everyone who has been a part of this success. Here's to a new year of innovation, growth, and exciting possibilities! #fundraising #investing #privateequity #venturecapital #AIF #familyoffices #TVSCapital #yearinreview

69