Parag Milk Foods (“Parag”) – Fastest growing dairy company in India

Established in 1990s, Parag is one of the leading branded milk products company, having a portfolio of four established brands ‘Gowardhan’, ‘Go’, ‘Pride of Cows’ and ‘Top-up’. Parag has a diversified product range including fresh milk, cheese, ghee (clarified butter), paneer (cottage cheese), UHT milk, whey protein and milk beverages. Parag has established a pan-India distribution network with 14 depots, 103 super stockists and over 3,000 stockists supported by two production facilities in Maharashtra and Karnataka. Parag was founded by Mr. Devendra Shah along with his brothers in 1992. Gowardhan was ranked amongst the ‘Top 25 most trusted brands’ in food products category by Economic Times in 2014

Mrs. Bector’s Foods Specialities (“Cremica”) – Large regional player in consumer staples

Established in 1991, Cremica is one of the leading North India based food processing companies with two business verticals: biscuits and bakery (“BBC”) and liquid condiments (“LCC”). BBC business markets biscuits and bakery products under the brand name “Cremica” in 410,000 stores via 1,500 distributors. BBC also has a strong institutional business (McDonalds, KFC) and manufactures for other brands (Mondelez-Oreo, ITC-Sunfeast). LCC business product portfolio includes ketchup, various variants of ethnic sauces like tamarind sauces, mint sauces amongst others, bread spreads, mayonnaise amongst others

Kurlon Enterprise Ltd. (“Kurlon”) – Largest Mattress brand in India

Kurlon, started in 1962, is one of the largest and oldest manufacturers of mattresses in India (spring, rubberized coir and foam). It also manufactures an entire range of other home comfort solutions like pillows, bed sheets, sofas, etc. Kurlon has a pan-India distribution network of 10,000+ retail touch points supported by eight manufacturing facilities spread across the country

Dairy Classic Ice creams (“Dairy”) – Fastest growing dairy player in South India

Founded in 2003, Dairy is a South India-based company selling ice creams under the brand name ‘Dairy Day’. Dairy was started by wo first-generation entrepreneurs having significant past experience in the category at Unilever India. Dairy has one manufacturing location at Bangalore and operates through a strong distribution network of close to ~43500 retailers and ~250+ distributors spread across Karnataka, Tamil Nadu, Kerala, Andhra Pradesh, Telangana, Pondicherry, Goa & Maharashtra

Ganesh Grains Limited (‘Ganesh’) – Largest staple brand in East India

Founded in 1936, Ganesh is one of the oldest and largest staple brands in East India with a strong presence in West Bengal. Its product basket includes atta and various wheat and gram based value added flour products (Maida, Sujee, Besan, Sattu, Daliya) sold under the brand name “Ganesh”. It has eight plants, with total operational manufacturing capacity of 1,547 tonnes per day in West Bengal (five plants), Uttar Pradesh (2 plants) and Telangana (1 plant). The products are distributed through 90 super stockists, 140 distributors and 780 sub distributors and are available across 60,000+ retailers

N.R Ranga Rao & Sons (“Cycle”) – Leading incense stick company of India

Established in 1948, Cycle is headquartered in Karnataka and is the largest agarbathi (incense sticks) company in India with ~13%143 market share. Being a leader in its category since 1972, Cycle is now evolving into a complete puja products and air fragrance company by expanding into the nascent but fast-growing air care and puja/ spiritual products categories. The advent in to these new business segments is based on its expertise in fragrance and the strength of its brand. Products are sold through a pan-India network of ~5,600 distributors and 1.5mn retail outlets

GR Infraprojects (“GR”) – Most efficient Road EPC company in India

Established in 1995, GR is an engineering procurement and construction (“EPC”) company based out of Udaipur focused primarily on roads. GR has execution experience in 12 Indian states and has built an integrated model with in-house manufacturing facilities. It has a strong design team and an equipment base of 2,000+ for better cost control and timely execution. GR is one of the top five players having pre-qualification for bidding for large road EPC projects

Electromech Material Handling Projects (“Electromech”) – Largest workshop duty cranes player in India

Established in 1997, Electromech is in the business of manufacturing of electric overhead cranes (“EOT”), hoists, jib cranes, gantry cranes and goliath cranes. It is the market leader in EOT cranes with a market share of ~20%. Electromech has technical ties with some of the major cranes manufacturers globally like Abus, Stahl and Zoomlion enabling product diversification. It has two subsidiaries: 1) Cranedge, focused on after-market sales and services of cranes, 2) Electromech FZE, focused on international sales in the Middle East and North Africa. The company has a JV with Zoomlion, the largest tower crane manufacturer in the world

Minda Industries (“Minda”) – Market leader in electronic auto components

Established in 1958, Minda is an auto-component company based in India. It has a diversified product range including horns, switches, lighting, fuel caps and alloy wheels. Minda has attained market leadership in switches (#1 in India), horns (#2 globally) and lighting products (#3 in India). Minda has relationships with all the major two and four-wheelers manufactures (“OEMs”) in India including Honda, Yamaha, Bajaj, TVS, and Hero Motors in two-wheelers and Maruti, Hyundai, Toyota and Nissan for four-wheelers. It has a strong after-market presence with 100,000 retail touch points. It has 28 manufacturing plants across India, Europe, Latin America and South East Asia. Minda has shown prowess in R&D with more than 100 patents across products. Minda was listed on leading stock exchanges at the time of investment

Dixon Technologies (“Dixon”) – Largest electronic manufacturing service provider in India

Established in 1993, Dixon is in the Indian design-led product solutions company in the EMS segment. Over the last 8 years, Dixon has transformed from a contract manufacturing to an ODM company. Currently, it is the #1 player in ODM in established verticals of lighting, LED TV and washing machine and has developed 20 ODM solutions for customers in last four years. Dixon has a diverse product portfolio that serves marquee customers such as Phillips, Panasonic, LG, Haier, Gionee, Bajaj, Surya, Intex, Godrej, Videocon, Airtel, Tata Sky, etc. Dixon has also entered mobile phone manufacturing in a 50:50 JV with Karbonn. It has five manufacturing units and is led by strong professional management team.

Power Mech Projects (“Powermech”) – Largest ETC player in boiler, turbines and generators for power plants

Established in 1999, Powermech is a service provider to power plants. It is a market-leader in erection, testing and commissioning of boiler, turbines and generators (ETC-BTG; 40% market share) and overhaul and maintenance of turbines (only organized Indian player). It has been involved in power projects of ~36% of India’s total power capacity addition since 2007. Powermech’s diverse clientele includes government utilities, private power companies and large national and multi-national firms. It is promoted by a passionate first-generation entrepreneur, Mr. Kishore Babu, with a strong management team having cumulative industry experience of over 150 years

Time Technoplast (“Time”) – Largest player in industrial packaging in Asia

Established in 1992, Time was started by a group of four first-generation entrepreneurs. Time is the market leader in Asia in polymerbased industrial packaging business. It primarily manufactures polymer-based products, which are used in the industrial packaging, automotive, lifestyle, healthcare, and infrastructure segments. The group has 30 manufacturing units in India with a capacity utilization of around 80%. It has presence in nine countries in Southeast Asia, Middle East, and North Africa (total capacity utilization is around 65% in overseas establishments). Time also has a presence in composite LPG cylinder, material handling solutions and battery solutions for telecom applications. Time was listed in June 2007

IMP Powers (“IMP”) – Leading power Transformer Company

Established in 1961, IMP is a specialized company engaged in manufacturing and commissioning various types of transformers. It has a total installed capacity of 10,000 MVA and is capable of manufacturing up to 400 Kv class power transformers. IMP is an approved supplier to leading consultants, all state electricity boards, other government agencies and private players including Areva, ABB, Siemens amongst others. It also exports and has a footprint in 15 countries across Middle East and Africa

Magicrete Building Solutions (“Magicrete”) – Leading AAC Block Manufacturer

Founded in 2009, Magicrete is amongst India’s leading AAC block manufacturer, promoted by a young well qualified management team. Magicrete has two manufacturing plants one each in west and north India, having combined capacity of 760,000 CBM. Magicrete is currently in the process of evolving from an AAC block manufacturer to a one-stop walling solution by expanding its product offerings over the last couple of years to include construction chemicals (including bond, plast, tile adhesives and water proofing solutions), 3D modular pre-cast construction technology (an alternate construction technology ensuring faster execution) and AAC wall panels (expected to be next shift in wall construction technology). The company supplies products to >600 customers on the projects side with recently having created a strong retail channel which currently forms ~25% of total AAC block sale

Glass Wall Solutions (“GWS”) – India’s largest façade engineering company

Started in 2002, GWS is one of the leading player in glass façade industry in India. It specializes in the field of design, engineering, manufacturing, and installation of façades. It has executed over 150 residential and commercial projects across India. GWS has a state-of-the-art manufacturing facility near Mumbai and the largest design studio with an 80 member team. GWS was awarded “Façade contractor of the Year” eight times in a row – by Construction Week from 2013 to 2020

Happy Forgings Limited (‘HFL’) – Leading forging company of India

Established in 1979 by Paritosh Kumar Garg, the company is one of the largest supplier for forged and machined transmission and engine components to the automotive sector. Over the last few years, Happy Forgings has emerged as one of the largest Crankshaft manufacturer in India. Its product range also includes steering knuckles, transmission gears, suspension assemblies, locomotive parts etc which helps it serve customers across multiple end user industries including Commercial Vehicles, Capital Equipment, Tractors, Railways in India and globally

VVDN Technologies Private Limited (“VVDN”) – Leading ODM Service Provider

Founded in 2007 by four tech-entrepreneurs (Bhupender, Puneet, Vivek and Murali), who came back to India after working for more than a decade with leading technology and electronics companies in USA. Over the last decade, the company has established itself as one of the leading integrated product design and ODM (Original Design Manufacturing) service provider with the ability to convert an idea/concept to an IoT enabled electronic product. Company has built a strong infrastructure with 10 engineering design centers across the country and 5 manufacturing plants in Northern India.

AU Small Finance Bank (‘AuSFB’) – India’s largest and fastest growing SFB

Started in 1996, Au, a NBFC headquartered in Jaipur, offers secured loans for commercial vehicle, passenger vehicles to retail customers and loans to MSMEs. Au is promoted by Mr. Sanjay Agarwal and has a strong management team which has worked together for several years. In 2015, Au became the only asset finance company to be awarded an in-principal approval for small finance bank from Reserve Bank of India. Au has received all the necessary approvals and has commenced banking operations in April 2017

Today, AuSFB is a retail focused small finance bank with a diversified portfolio of products with focus on vehicle and MSME financing which contribute ~80% to the overall AUM. AuSFB commenced banking operations in FY18 (converted from erstwhile NBFC status) and today has a strong presence in 17 states/ UTs through ~750 retail touch points with an AUM of ~INR 380 bn. AuSFB is India’s largest and fastest growing small finance bank aiding the formalization of credit at the grassroots level

Intec Capital Ltd. (“Intec”) – NBFC specializing in equipment finance for MSME

Intec started in 1994, as a non-banking finance company, with significant presence in Northern India. It is focused on providing equipment financing to MSMEs across various industries

Shubham Housing (“Shubham”) – largest independent affordable HFC in North and Central India

Shubham, founded in 2012, is a housing finance company (“HFC”) catering to borrowers in the affordable housing segment. Within a span of ~7 years, it has emerged as one of the largest independent HFCs in its segment. Shubham has a presence across 83 cities in 12 states with 85 branches. As of September 30, 2020, the Company has AUM of c. INR 18 bn

IKF Finance Ltd. (“IKF”) – NBFC specializing in vehicle finance

IKF was founded in the early 1990s by Mr. V.G.K Prasad with a primary focus to provide financing to retail customers for the purchase of commercial vehicles. Over the years, IKF has expanded its range of products into financing of other vehicles such as cars, threewheelers, multi-utility vehicles (MUVs), tractors and construction equipment. IKF received a housing finance license in FY16 and the company has commenced an affordable housing finance business. Currently, IKF has presence in 9 states across 80+ branches with AUM of INR 18 bn as of March 31, 2021.

MAS Financial Services (‘MAS’) – Leading multi-product NBFC in Western India

MAS Financial Services, based out of Gujarat in Western India, is a systemically important146 non-deposit taking NBFC engaged in (i) retail lending to middle/ low income segments with undocumented sources of income (MSME, two wheeler, CV, housing finance) and (ii) on-lending to NBFCs and MFIs. MAS is present across 6 states with 99 branches and ~3,500 touch points with an AUM of ~INR 55 bn

Finnov Private Limited (‘Kreditbee) – Leading fintech lender in the consumer lending space

Founded in 2016, Kreditbee focusses on digital lending to salaried / self employed borrowers pan India. The platform specialises in small ticket personal loans and purchase financing loans up to Rs 2 lakh with tenures ranging from 2 to 15 months to borrowers with limited access to formal credit. During FY20, the company had an AUM of ~INR 11 bn and had scaled to annual disbursal to ~INR 73 bn. Due to COVID and associated business disruptions, Company scaled down to an AUM of ~INR 8 bn in FY21

Fincare Small Finance Bank (‘Fincare SFB’) – Fastest growing Microfinance Small Finance Bank

Fincare is a Small Finance Bank offering micro loans, loan against property, institutional finance, gold loans and housing finance to borrowers largely based in rural geographies. The Company has legacy of over 10 years in the microfinance space. The Company has an AUM of ~INR 55,475 mn (3 YR CAGR of 60%) and is present across 19 states/ UTs with a network of 747 banking outlets (528 branches and 219 agency outlets)

Au Financiers (“Au”) – Fastest growing NBFC with SFB license

Started in 1996, Au, a NBFC headquartered in Jaipur, offers secured loans for commercial vehicle, passenger vehicles to retail customers and loans to MSMEs. Au is promoted by Mr. Sanjay Agarwal and has a strong management team which has worked together for several years. In 2015, Au became the only asset finance company to be awarded an in-principal approval for small finance bank from Reserve Bank of India. Au has received all the necessary approvals and has commenced banking operations in April 2017

Today, AuSFB is a retail focused small finance bank with a diversified portfolio of products with focus on vehicle and MSME financing which contribute ~80% to the overall AUM. AuSFB commenced banking operations in FY18 (converted from erstwhile NBFC status) and today has a strong presence in 17 states/ UTs through ~750 retail touch points with an AUM of ~INR 380 bn. AuSFB is India’s largest and fastest growing small finance bank aiding the formalization of credit at the grassroots level

Arinna Life sciences Limited (“Arinna”) – CNS focused branded generics pharmaceutical company

Arinna is an Ahmedabad (Gujarat) based pharmaceutical company focused on marketing generic formulations in Central Nervous Systems (CNS) therapeutic segment. It was started in January 2014 by Vivek Seth, who was instrumental in building the CNS segment at Intas Pharma from INR 200 Mn sales in 2001 to INR 6,000 Mn in 2013. Arinna has a pan-India presence with ~265 marketing personnel promoting the company’s own branded generic products

Symbiotec Pharmalab Pvt. Ltd (“Symbiotec”) – One of the largest independent pharmaceutical companies in steroids and hormones globally

Started as a steroid manufacturing business at pilot scale by Anil Satwani in 1995 in Indore, Symbiotec has transformed into one of the largest independent companies in the steroids and hormones API space globally. The company is the only backward integrated player in India (amongst very few globally) with fermentation capacity of ~150 MT/ year. The company plans to launch its formulation products using own API and become a ‘farm to pharmacy’ company

Molbio Diagnostics Private Limited (“Molbio”) – World’s first commercial point of care platform using PCR technology

Molbio (along with its subsidiary Bigtec Labs) developed and commercialized TruenatTM, the world’s first commercial Point-of-Care (PoC) molecular diagnostics platform using PCR technology. Truenat can diagnose 20+ infectious diseases (including COVID-19, Tuberculosis, H1N1, Dengue, HIV) and has a pipeline of additional 40+ diseases (such as Zika, MERS). Molbio has invested 18 years in R&D for the platform which is patented across 100+ countries

Resurgere Mines (“Resurgere”)

Resurgere was started by Subhash Sharma, a first generation entrepreneur, in 2002 with experience in trading of iron ore.

inTarvo Technologies (“inTarvo”)

inTarvo specializes in integrated lifecycle management for IT hardware and electronic equipments, providing reverse logistics, warranty management and after-sales service for marquee customers such as HP, Ericsson, Lenovo. inTarvo has a presence in 100+ cities with 200 service centers , two refurbishment and repair centers, and a 450-seat help desk center.

Effort BPO (“Effort”)

Effort provided call center services to domestic clients in various industry verticals including banking and financial -services, telecom, e-commerce, airlines, insurance and retail services. Effort shifted its business model from direct selling agent of HSBC (variable fee) to a voice based domestic BPO (fixed cost). It had its own centre in Mumbai and two centers in New Delhi and Indore

Indian Energy Exchange (“IEX”) – Largest power exchange in India

Established in 2008, IEX is India’s first and largest (over 90% market share) power exchange and pioneer in providing trading platform for electricity (physical delivery) and renewable energy certificates. Exchange participants include State Electricity Boards (“SEB”), ~4000 open access consumers, ~450 power generators and power traders. It has a robust and reliable technology platform for maintaining bid anonymity, price discovery mechanism, risk management procedures and catering to all pre/post trade functionalities. IEX has been backed by marquee investors like Multiples PE, TVS Shriram PE, Motilal Oswal PE, etc.

Updater Services (‘UDS’) – India’s leading Integrated Business Services Company

Founded in 1985, UDS is one of India’s leading integrated business services companies with a presence across (a) integrated facilities management, (b) people and staffing and (c) production support services, (d) Catering, (e) Business services and (f) Feminine hygiene and is headquartered in Chennai. UDS caters to 700+ clients with marquee names like Reliance, Infosys, ICICI, Axis, etc. With ~ 50,000 employees, the Company has a pan India presence with 19 offices across 13 cities which places the company among the top 5 players in India

Established in 2016, Happilo is an ‘online first’ branded packaged foods company involved in processing & selling dried fruits and nuts, fusion products, berries, seeds,etc. Company has a processing facility located at Bengaluru and a pan India presence through a mix of both online and offline channels.

Pathkind is a pan-India diagnostic chain, headquartered in Gurgaon. It was founded in 2016 by Sanjeev Vashishta (ex-CEO of SRL Diagnostics Pvt. Ltd.) and the promoters of Mankind Pharma (4th largest Pharma company in India). It is present in 23 states and has a network of over 80 labs. It offers over 4,000+ tests, servicing via its state of the art National Reference Lab and its regional labs

Simpolo is India’s leading premium tiles brand, based out of Morbi Gujarat. The Company was founded in 2008 by Jitendra Aghara, a passionate first generation entrepreneur with 30+ years of experience in the building materials industry. In the last 14 years, Simpolo has emerged as a very strong brand with a strong pan India network of 1,300+ dealers and 80+ exclusive showrooms. The company has entered into super premium tiles segment with Nexion International, a JV between Simpolo and the former promoters of leading premium tiles European tiles company Emilceramica SpA, an Italian company established in 1961. Nexion has leveraged its Italian heritage to create a differentiated position for itself in the super premium tiles segment in India.

Established in 2006 and headquartered in Bengaluru, Kushal’s is an omni-channel fashion jewellery retailer primarily targeted at middle to upper middle class women in the age group of 18-45 years. Kushal’s has a diverse product portfolio across different collections (temple, kundan, antique, silver and every day wear jewellery) making it a one stop shop for occasions such as weddings, festivals and formal wear. Products are sold through a mix of both offline (network of Exclusive Brand Outlets or EBOs) located primarily in South India and online (own website and third party marketplace) channels

Started in 1994 and headquartered in Delhi, Asian Footwear is a manufacturer and retailer of footwear, specialising in a wide variety of sports shoes, casual shoes, school shoes and open footwear. The Company retails its products under the brand name “Asian” through a mix of both online marketplaces (such as Flipkart and Amazon) and a pan India offline distribution network of 200+ distributors and 10,000+ retailers. Asian offers more than 500 active styles of shoes between INR 500-1,500 price points

Headquartered in Mumbai, Join Ventures is a ‘Direct To Consumer’ online platform, focused on gifting products across different categories such as fresh (flowers & cakes), food (mithai, chocolates and dry fruits), home, fashion and festival (‘rakhis’, ‘diyas’, etc). The Company operates two online platforms, (i) ‘IGP.com’, which is positioned as an unique, curated and personalized gifting solutions provider, and (ii) ‘Interflora.in’, which is positioned as a premium flowers gifting solution with high quality, unique and customized floral arrangements. Company has an in-house procurement, merchandising, designing and technology team along with a full stack owned fulfillment model

Finnov Private Limited (‘Kreditbee) – Leading fintech lender in the consumer lending space

Founded in 2016, Kreditbee focusses on digital lending to salaried / self employed borrowers pan India. The platform specialises in small ticket personal loans and purchase financing loans up to Rs 2 lakh with tenures ranging from 2 to 15 months to borrowers with limited access to formal credit. During FY20, the company had an AUM of ~INR 11 bn and had scaled to annual disbursal to ~INR 73 bn. Due to COVID and associated business disruptions, Company scaled down to an AUM of ~INR 8 bn in FY21

Established in 2016 and headquartered in Rajkot, Pan Health is one of the key domestic players in the hygiene products segment. Product portfolio comprises baby diapers and wipes sold under the ‘Little Angel’ brand, diapers and underpads sold under the ‘Liberty’ brand, sanitary napkins and other feminine hygiene products sold under the ‘Everteen’ brand and personal care products such as ayurveda based cosmetics, oils and other herbal supplements sold under the ‘Neud’, ‘NatureSure’ and ‘Mansure’ brands. Company also does contract manufacturing of baby diapers and adult diapers for other brands. Pan Health has a state-of-the-art manufacturing facility at Rajkot and sells its products through a network of offline (general trade and modern trade) and online (third party e-commerce marketplaces) channels

Founded by first generation entrepreneurs in 2007 and headquartered in Gurgaon, VVDN is a leading company in India focussed on integrated product design and ODM (Original Design Manufacturing) for a wide range of Electronic products which has an element of Voice, Video, data and network. Company provides a unique value proposition to it’s customers which helps convert an idea / concept to a finished electronic product. The Company operates through its 13 design centres globally and has 7 manufacturing facilities spread across India. VVDN currently employs (and growing) over 9,300 engineers and manufacturing workforce to deliver high quality new age technological products in the segment of 5G, IoT, Networking, Vision & Automotive etc

SK Finance, headquartered in Jaipur and founded in 1994 by Mr. Rajendra Kumar Setia, is a multiline, multi-geography NBFC engaged in financing used and new commercial vehicles (LCV’s, SCV’s and ICV’s), cars, tractors, two-wheelers and secured business loans with a presence across 12 states and union territories via a network of ~500 branches and over 9,600 employees (as of September 2023). The Company primarily focuses on catering to low-mid income, self-employed individuals who are largely underbanked and have minimal access to organized lending.

Niva Bupa (formerly known as Max Bupa Health Insurance) is one of India’s largest Standalone Health Insurance Company (SAHI). Headquartered in Delhi it is among the fastest growing retail health insurers in India. It has pioneered groundbreaking and premium products, targeting the youth, creating a right to win in a segment hitherto untapped.

Established in 2010, Lal Sweets is a prominent packaged sweets brand built around the promise of (1) taste and quality, and (2) right product at the right pricing. Lal Sweets in a short timeframe has created a very credible brand in the ready to eat Indian sweets category. The Company has a wide range of products including Indian sweets, bakery items (cookies, cake toast, baklava), and select savoury snacks, etc. The company operates like a FMCG company and follows an omni-channel strategy with its products available across 4,000+ modern trade outlets, 7,000+ general trade outlets, quick-commerce platforms, e-commerce platforms, and own website