Kshitij Jayakrishnan

100 out of 178 firms decline approx 4% in a day @ Quant MF owns Rs 90,000 cr assets - Front-running occurs when an individual, often an insider or broker, executes trades based on advanced knowledge of pending large transactions including in last 1 year up Arvind 185% Swan Energy 140% Gujarat State Fertilisers s65%, while Brooks Laboratories advanced by 25% https://lnkd.in/gY9wts56

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

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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

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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

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We are delighted to announce the close of Kedaara IV at USD 1.738bn, our fourth fund. We had a one and only close, and we completed the entire fund-raise in 4 months. This is an important milestone in Kedaara Capital's 12 year journey and comes at a time when the PE industry is fending off fierce headwinds and a challenging fund-raising environment. This is all thanks to our incredible family at Kedaara, where we have brought together a team with extremely sharp minds, diverse areas of expertise and a real passion to create a unique firm. It is made possible by the terrific entrepreneurs and owners of quality companies who give us the opportuity to partner with them. On top of that, we have an absolute solid set of thoughful Limited Partners/Investors who have backed us from our start in 2011, and continue to do so today, despite various challenges in the macro and the micro which crop up occasionally. And of course, a final thanks to our friends at Clayton Dubilier & Rice, who we partnered with early on in our journey... For us, with all humility, this is just the beginning... At the end its never about size, its about performance. Its about giving back many times more than what we take - to our investors, to our portfolio companies, and to our team - As India sets itself for even bigger strides in the coming decade, we hope that we, as Kedaara Capital, can play our small role in accerating that, even as we provide disproportionately high (relative to the risk taken) returns to our Limited Partners... As always, we welcome your thoughts.... https://lnkd.in/dWYePTKg

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For all India watchers, another interesting week gone by with Coldplay gets too much love from India, India rules Chess Olympiad, housing demand robust, spend on health rises, substandard drugs made public, IIM-A introduces quotas, and more. 1. "A Sky Full of" Fans: Coldplay India 2025: When 13m fans logged in to book tickets. 2. King's Gambit: India clinches historic double gold at Chess Olympiad. 3. Home Sweet Home: Housing demand up by 12.3% in September quarter: Report 4. Making Electricity When The Sun Shines: India's solar PV module manufacturing capacity increases from 2.3GW to 67GW under Make in India. 5. Investing in Health: Health expenses share as against GDP increases from 1.13% in FY15 to 1.84% in FY22. 6. Connecting Global Investors: SEBI launched FPI outreach cell for seamless market access. 7. Deposits Trump Credit: Deposit growth outpaces credit growth in last 8 months: CARE Ratings 8. Know Your Meds: CDSO finds over 50 substandard drugs, full list included. 9. Manufacturing Needs More: Warehousing demand from manufacturing companies up in H1 2024. 10. Promoting Diversity: In a first, IIM-A to introduce quotas for PhD admissions. Have a fabulous weekend ahead 👍

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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

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Our 'prepared mind' on India bank SaaS, i.e. companies selling SaaS to banks, NBFCs, Insurers, and AMCs. We definitely came out more positive post our work than going in. We’ve historically carried a level of scepticism in the ability of such companies to reach the coveted $100M ARR mark in the venture timeframe i.e. 10 years, primarily on account of the limited universe of large banks or NBFCs in India to sell to, which is unlike US or China. However, in light of some companies in this category (Perfios, M2P, Lentra) reaching meaningful scale, especially post COVID, we decided to refresh our view on the sector. So, here goes our key learnings on key challenges and key attractions. Top challenges include: - Banks’ existing software stack is very sticky and hard to displace - Universe of bank logos to sell to is limited, concentration risk an inevitability - No concept of MVP, need a near-final product at get-go - Long sales and implementation cycles - Need a very specific founder archetype to sell to a bank - High need for customisation and custom-integrations - Multiple products (and PMFs) needed to reach $100M ARR Top attractions include: - Existing stack is old and carries poor NPS - Expanding tech spend in banks, increasing SaaS mix  - High ACVs possible on the back of usage-based billing - High NRR with relative ease of cross-selling new products and to new buyers within bank - Network effects allowing first mover to get to dominant market share - Banks’ openness for multi-stacking can serve as a wedge to land the bank - Ability to command a price premium and high GMs (80%+) More detailed version: https://lnkd.in/gZi4--m5. Do hit us up if you're building in bank SaaS, and we'd love to chat Stellaris Venture Partners Shreyan Puri #fintech

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It's clear that significant FII sales have driven down the benchmark indices. However, a look at MSCI indices reveals that October has been challenging for more than just the Indian market. As of October 30, 2024, MSCI India has dropped 7.4% in USD terms, while MSCI China fell 5.4%, Malaysia decreased by 8.1%, Korea declined by 5.99%, and MSCI Emerging Markets ex-China slid by 3.5%. Developed markets are also feeling the impact, with a shift to safer assets ahead of the US elections—reflected in rising US bond yields and gold prices. In India, domestic investors remain a crucial stabilizing force, continuing to soften market declines.

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RBI tightens rules for peer-to-peer lending platforms💸⚠ RBI has tightened rules for peer-to-peer lending platforms after it found violations of guidelines. The watchdog found that P2P lending is being promoted as an investment. With the rise of fintech in India, P2P lending platforms have emerged and enabled direct connections between individual lenders and borrowers online. This innovation offers higher returns but also carries default risks. New rules for P2P lending platforms focus on transparency and proper fund use.  NBFC-P2P companies can only use lenders funds for specified purposes and cannot replace one lender's funds with another's. Fees must be disclosed upfront and be fixed, not tied to borrower repayments. Matching participants within closed groups, especially through affiliates, is banned. Platforms must display their brand on all materials. The new rules require those individuals lending over Rs 10 lakh to obtain a certificate from their CA that they have a net worth of over Rs 50 lakh. If there is a default, the loss (principal and interest) must be fully borne by lenders. "Some of these platforms have adopted certain practices that are violative of directions. Such practices include violation of the prescribed funds transfer mechanism, promoting peer-to-peer lending as an investment product. Such violations, when observed, have been dealt with bilaterally," RBI said in its circular. There are 26 registered NBFC P2P companies and most of them accept funds ranging from a minimum of Rs 1,000 to Rs 1 lakh. The rules on cross-selling products have also been tightened. While platforms were previously allowed to offer only loan-specific insurance products, Friday's guidelines prohibit them from selling any insurance product that acts as a credit enhancement or guarantee. #digitallending #p2plending #p2plendingplatform #India

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The Brewing Casino in the Indian Stock Market The Indian public equity market has demonstrated remarkable resilience, buoyed by a surge in retail investor participation. This influx of individual investors has not only bolstered market stability but also presented traditional banking institutions with unprecedented competition enticing potential savings away from conventional bank deposits. Yet, beneath this veneer of robustness, there lurks a speculative frenzy akin to a casino, driven by several factors: - Exuberant Retail Participation: The market has witnessed a tidal wave of new retail investors. - Unsecured Lending Practices: Brokers, in their quest for growth, have adopted aggressive lending practices, further fueling the speculative fire. - Technological Advancements: The advent of digital platforms has 'gamified' market access, making trading seem an almost "get rich quick dream" for the masses. - Regulation: The introduction of shorter duration in options has had a FMCG style 'sachet' strategy effectively reducing the capital needed to take on similar risks to boost the volumes. Weekly options are cheaper compared to monthly contracts, and buyers gain exposure to the full notional value. - Influencers: Influencers and market promoters have been zealously advocating for market participation, painting it as a rapid path to wealth accumulation. The options trading market in India has experienced an explosive growth of amateur, or 'retail', traders. Equity derivatives dominate the market, accounting for a staggering 99% of volumes. The leverage on index options can reach dizzying heights of up to 500 times on expiry day, magnifying both potential profits and losses. For instance, a modest INR 2,000 option can command exposure to securities worth INR 10 lakh, epitomizing the speculative nature of these transactions. Notwithstanding the fact that retail options traders make losses in more than 80% of their bets, derivative volumes have reached 400x that of cash equity and 900x of delivery-based trading volumes, the highest ratio in the world. In 2023 alone, Indian investors traded 85 billion options contracts, more than any other nation. In most markets, derivatives volumes now account for 5-15x their cash market volumes. In India, however, derivative volumes are more than 400x higher than that of the underlying cash market today, having grown from 3x in 2010. Despite the evident risks, the practice of daily and weekly expiry options trading persists. While such instruments provide essential liquidity and serve as legitimate hedging tools for institutional investors, the overwhelming popularity of index options – which represent 99% of derivative volumes, with weekly options comprising 95% of trades – raises concerns. As the Indian financial landscape continues to evolve, it is imperative to strike a balance between fostering market growth and safeguarding investor interests.

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Sahil Contractor, Sandeep Jethwani and I are thrilled to announce that Dezerv has raised INR 265 crore in a funding round led by Premji Invest, with continued support from our existing investors Elevation Capital, Matrix Partners India (aka Z47) and Accel. This milestone marks a pivotal moment in our mission to revolutionise wealth management for India's wealth creators. India is on the cusp of an unprecedented wealth creation boom. By 2027, we'll have ~30 Lakh households with financial assets of INR 1 crore or more. India’s wealth creators are set to add nearly 100 trillion rupees over the next five years, growing at a 14% CAGR. The financialisation of assets has increased from 45% in FY14 to 51% in FY23 as a percentage of total wealth. Managed assets in India, including mutual funds and PMS/AIF, are expected to grow at a CAGR of 25% from FY23 to FY30.  At Dezerv, we are at the forefront of this transformative era. With this fund raise our endeavour is to double down on strengthening our investment solutions so that our clients can leverage wealth creation opportunities.  Further, we understand the importance of trust, regulatory compliance, and robust governance. This funding empowers us to strengthen these pillars, ensuring the security and reliability that underpin our partnership with you. Looking ahead, we are laser-focused on leveraging this funding to enhance our investment solutions and elevate your investment experience through technology-driven innovation. The future of wealth management holds boundless opportunities, and our vision is to play an integral role in this journey through our investment solutions. And this is just the beginning! Read more about the fundraise and what this means for our clients here https://lnkd.in/d9mCiPXJ

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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 🎉

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Thank you, Yash Roongta, CFA, FRM, for inviting me to join your podcast! We explored how BetterInvest is transforming the media industry with innovative investment opportunities. You can learn more about our risk mitigation strategies and the future of investing in media projects in this podcast!

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Link to 2Point2 Capital's Q1 FY25 Investor Update - https://lnkd.in/ddZZ5Mk6 In this update, we talk about Base Rate Neglect and Absurd Valuations in the Indian stock market.

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“Globally, venture capital funds make up one-third of the private impact fund universe; but in India, they account for 85 per cent” Good insights by FT on how Indian venture capitalists are leading the way in private market impact investing (Glad to see our fund parrners mentioned in the report). Few other funds that are not mentioned are also driving real change by investing in entrepreneurs who are truly driving ‘Innovation for Impact’. India’s venture capitalists seek to verify the impact they make https://lnkd.in/dDVgKFgA British International Investment, Mark Kahn

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