More of a catalyst than just a venture capital establishment, TVS Capital Funds Limited was founded by Gopal Srinivasan of TVS Group in September 2007 to facilitate entrepreneurs with management capabilities, to expand and add value to their businesses beyond their existing roots.

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TVS Shriram Growth Fund

Growth fund

TVS Capital Funds has been empowering next gen entrepreneurs with management capability and capital to build companies of extraordinary value since 2007.

The fund’s sponsors are TVS Group and Shriram Group who bring with them a proven business culture, infrastructure and a wide network of relationships across sectors and geographies.

Led by Gopal Srinivasan of the TVS Group, TCF manages the TVS Shriram Growth Fund which has over INR 1,100 Cr Assets Under Management across two schemes (1A & 1B). The fund invests in companies that benefit from consumer driven opportunities such as retail, healthcare, education, food & agriculture, FMCG, Media and entertainment and facilities management among others. The funds is registered with SEBI under Venture Capital Fund regulations and has completely deployed Fund 1A investments and has commenced investments in fund 1B.

Why TVS Capital (TCF)

  • Led by a seasoned team of professionals with a collective management expertise of over 150 man years spread across diverse sectors and verticals.
  • A rich heritage of trust and a strong lineage of successful entrepreneurship from both the TVS and Shriram Group.
  • A strong ecosystem of advisors and relationships that cuts across sectors and geographies.

Investment Strategy

Idea-based Investing

TCF invests in emerging sectors but identifies specific ideas within them, such as a combination of a business model, value chain dynamics, demographic focus etc that have a significant implication on the long term performance of the business.

Bi-modality

Core investments: TCF makes a significant allocation of its corpus towards core investments in which we actively and continuously engage at strategic and operational levels to create value in collaboration with the entrepreneurs.

Classic investments: TCF also invests a portion of the corpus in opportunities that are not ‘core’ but where the investible attractiveness is high such as Pre IPO and PIPE opportunities with a clear visibility for liquidity events or significant minority in unlisted companies.

Apart from the above, TCF also invests in mezzanine and structured investment opportunities.

Sponsors

Tvs logo blue

TVS Group is one of India’s most respected business conglomerates with over Rs.38,000 Cr in sales and over 39,000 employees. It was founded in 1911 as a transport company and has grown exponentially to cover a wide range of industries including two wheelers, auto components, dealerships, finance, distribution, retail and IT.

www.tvsgroup.com
Shriram group logo

Shriram Group was established in 1974 with the mission of empowering people through prosperity. Built on a strong foundation of effectiveness, transparency and integrity, the group has grown over the years to become one of India’s largest financial service networks managing assets worth over Rs.40,000 Crores across 6.5 Million clients served by over 1,00,000 agents and 36,000 employees.

www.shriram.com

Trustees

IL&FS Trust company

IL&FS Trust company, part of the IL&FS Group, was set up in 1995. It is one of the largest independent Corporate Trustees in India administering over Rs.445,600 Crores in assets. Its clients include Governments, Corporations, Financial institutions and other entities that access debt capital and credit markets.

www.itclindia.com
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Team TCF

Gopal srinivasan

Gopal Srinivasan

Chairman & Managing Director

Gopal is the Founder Chairman & MD of TVS Capital Funds Limited, that has launched an India-focused Growth Private Equity Fund.

Gopal srinivasan

Gopal Srinivasan

Chairman & Managing Director

Being a third generation TVS family member, he is also the founder and Chairman of TVS Electronics Limited and a Director in TVS & Sons Ltd, the holding company and a member of the Board of several Group Companies.


Over the course of his career spanning 25 years, he has founded several companies operating in diverse sectors including computer peripherals, technology & financial services with a combined revenue of over Rs.500 Crores and with Asset Under Management (AUM) of Rs.1100 Crores. 
Gopal was a Board member in Great Lakes Institute of Management and IFMR. He is an alumnus of the Stephen M. Ross School of Business, University of Michigan and plays an active role in the school’s initiatives. He is also an Advisory Board Member of CKP Center at Loyola Institute of Business Administration (LIBA). 


Gopal was the Chairman of the ‘Confederation of Indian Industry (CII)’ Tamil Nadu State Council for the fiscal year ‘07-‘08. He was also the Chairman of CII National Committee for Private Equity & Venture Capital for the fiscal year ’10-‘11. 
A passionate entrepreneur, he is actively involved in the promotion of Entrepreneurship as an angel investor. He is associated with Chennai Angels as well as TiE (The Indus Entrepreneurs) where he provides guidance to the budding entrepreneurs on incubating businesses.

 
Gopal earned a B.Com from Loyola College, Chennai and an MBA from University of Michigan, US.

D.sundaram

D.Sundaram

Vice Chairman & Managing Director

An independent director on the Board of State Bank of India and a member of IFMR, Chennai.

D.sundaram

D.Sundaram

Vice Chairman & Managing Director

Sundaram was with Hindustan Unilever Limited (HUL) for more than 34 years where he served under various roles before becoming the Vice Chairman of HUL in 2008. Sundaram is also an independent director on the Board of State Bank of India, and member of the Board of Governors of Institute of Financial Management and Research, Chennai. A two-time winner of the prestigious “CFO of the Year for FMCG Sector” award by CNBC TV18 (2006 and 2009), Sundaram brings deep financial expertise and significant understanding of consumer related businesses from his experience in corporate finance, business performance, operations, governance, mergers & acquisitions, talent/people management and strategy. Sundaram is a Post Graduate in Management Studies (MMS), Chennai, Fellow of the Institute of Cost and Management Accountants, and has attended the Harvard Business School’s Advanced Management Programme.

K e ranganathan

K E Ranganathan

Operating Partner

Ranganathan brings with him more than 28 years of experience.

K e ranganathan

K E Ranganathan

Operating Partner

Ranganathan brings with him more than 28 years of experience. His last assignment was as the CEO of the diversified business conglomerate, Murugappa Group. He started his career with Sundaram Clayton in 1984 and has handled various assignments in TVS Group. Ranganathan joined Murugappa in 1994 and later went on to become the Managing Director of the Joint Venture between Parryware and Roca of Spain in 2005. After the successful exit of the JV in 2008, Ranganathan became the CEO of the Murugappa Group, which has a presence in food products, packaging, plantations, and infrastructure and services sectors.

A chartered accountant and a company secretary, Ranganathan was awarded the Fulbright Scholarship in 2000 at Carnegie Mellon University, USA, and also received the Udyog Rattan Award from the Institute of Economic Studies, New Delhi, in June 2007.

R s raghavan

R S Raghavan

Chief Financial Officer and Secretary

R S Raghavan has over 33 years of experience including nearly 24 years in TVS Group companies.

R s raghavan

R S Raghavan

Chief Financial Officer and Secretary

R S Raghavan has over 33 years of experience including nearly 24 years in TVS Group companies. 

His experience spans across functions like corporate finance, treasury, investments, handling board of directors and investors, credit rating, fund raising, legal financial accounting, corporate secretarial etc.He has handled besides restructuring, valuations, mergers and acquisitions, regulatory matters like RBI, SEBI, etc in his career. 

He is a Chartered Accountant, Cost and Management Accountant and a Company Secretary.

Karthik ranganathan

Karthik Ranganathan

Executive Director

Karthik Ranganathan has nearly 17 years of experience in Private Equity, Management Consulting and Industry.

Karthik ranganathan

Karthik Ranganathan

Executive Director

Karthik Ranganathan has nearly 17 years of experience in Private Equity, Management Consulting and Industry. He joined the TVS Capital team in Nov 2013. 

Most recently, Karthik was Partner with Baring Private Equity Partners where he led investments (both private and public markets) through the entire life cycle - from sourcing, investment, monitoring to exit. He has experience in bringing strategic focus, building profit models & driving execution in start-ups / fast-growing portfolio companies. 

Earlier Karthik was also management consultant with Andersen / KPMG where he advised top management and was instrumental in setting up and growing the automotive / manufacturing practice verticals within the firm. 

Karthik graduated from IIM-Bangalore and has a degree in mechanical engineering from IIT-Madras.

Team photos

G V Kumar

Executive Director

G V Kumar has 17 years of experience in Private Equity in sector agnostic funds.

Team photos

G V Kumar

Executive Director

G V Kumar has 17 years of experience in Private Equity in sector agnostic funds. He joined the TVS Capital team in Jan 2015.

He was earlier Partner with Aureos India where he was responsible for all aspects of investment management including sourcing, negotiations & structuring, execution and exits. In his eight year stint there, GV led several transactions across industries such as Engineering, Logistics and Healthcare services.

He also had a nine year stint as Vice President-Investments with ICICI Venture where he managed transactions across a number of sectors like Pharmaceuticals, Auto Components, Engineering, Retailing and Internet.

As a nominee director of the Funds managed, he has served on the Boards of several companies in the past. Pre MBA, GV worked with Tata Motors for 3 years as an Engineer in the Front Axle Assembly line where he was responsible for production.

GV holds a Post Graduate Diploma in Management from IIM Bangalore and is a Mechanical Engineer from NIT Suratkal.

Shyamal lahon

Shyamal Lahon

Associate

Shyamal has over two years of experience in corporate finance advisory roles.

Shyamal lahon

Shyamal Lahon

Associate

Shyamal has over two years of experience in corporate finance advisory roles. Prior to joining TVS Capital, he worked with KPMG Corporate Finance in New Delhi, before which he was with KPMG's Economic and Valuation Services practice in New York. Shyamal has done his MBA from Duke University - The Fuqua School of Business, where he specialized in Strategy and Finance. He also has a B.Tech. in Electronics and Communication Engineering from National Institute of Technology, Jalandhar. Before going to business school, Shyamal worked as a software engineer with Quark’s Product R&D Group in Chandigarh.

Varzavand batliwala

Varzavand Batliwala

Analyst

Prior to joining TVS Capital Funds, Varzavand had a three month internship stint at Tata Capital, Mumbai.

Varzavand batliwala

Varzavand Batliwala

Analyst

Varzavand, prior to joining TVS Capital Funds, had a three month internship stint at Tata Capital, Mumbai. He has completed his B.Tech and M.Tech from IIT Bombay. He is a CFA level 3 passed candidate of the CFA Institute (USA).

Pavandeep singh randhawa

Pavandeep Singh Randhawa

Analyst

Pavandeep Singh Randhawa has more than two years of experience in corporate finance advisory roles.

Pavandeep singh randhawa

Pavandeep Singh Randhawa

Analyst

Pavandeep Singh Randhawa has more than two years of experience in corporate finance advisory roles. Prior to joining TVS Capital, he worked with M&A Advisory team at Ambit Corporate Finance, Mumbai. 

He has completed his Integrated M.Sc. in Economics from IIT Kharagpur.

Board of Directors

Gopal srinivasan

Gopal Srinivasan

Chairman & Managing Director

Gopal is a Founder Chairman & MD of TVS Capital Funds Limited, that has launched an India focused Growth Private Equity Fund.

Gopal srinivasan

Gopal Srinivasan

Chairman & Managing Director

Being a third generation TVS family member, he is also the founder and Chairman of TVS Electronics Limited and a Director in TVS & Sons Ltd, the holding company and a member of the Board of several Group Companies.
Over the course of his career spanning 25 years, he has founded several companies operating in diverse sectors including computer peripherals, technology & financial services with a combined revenue of over Rs.500 Crores and with Asset Under Management (AUM) of Rs.1100 Crores.
Gopal was a Board member in Great Lakes Institute of Management and IFMR. He is an alumnus of the Stephen M. Ross School of Business, University of Michigan and plays an active role in the school’s initiatives. He is also an Advisory Board Member of CKP Center at Loyola Institute of Business Administration (LIBA).
Gopal was the Chairman of the ‘Confederation of Indian Industry (CII)’ Tamil Nadu State Council for the fiscal year ‘07-‘08. He was also the Chairman of CII National Committee for Private Equity & Venture Capital for the fiscal year ’10-‘11.
A passionate entrepreneur, he is actively involved in the promotion of Entrepreneurship as an angel investor. He is associated with Chennai Angels as well as TiE (The Indus Entrepreneurs) where he provides guidance to the budding entrepreneurs on incubating businesses.
Gopal earned a B.Com from Loyola College, Chennai and an MBA from University of Michigan, US.

D.sundaram

D.Sundaram

Vice Chairman & Managing Director

An independent director on the Board of State Bank of India and a member of IFMR, Chennai.

D.sundaram

D.Sundaram

Vice Chairman & Managing Director

Sundaram was with Hindustan Unilever Limited (HUL) for more than 34 years where he served under various roles before becoming the Vice Chairman of HUL in 2008. Sundaram is also an independent director on the Board of State Bank of India, and member of the Board of Governors of Institute of Financial Management and Research, Chennai. A two-time winner of the prestigious “CFO of the Year for FMCG Sector” award by CNBC TV18 (2006 and 2009), Sundaram brings deep financial expertise and significant understanding of consumer related businesses from his experience in corporate finance, business performance, operations, governance, mergers & acquisitions, talent/people management and strategy. Sundaram is a Post Graduate in Management Studies (MMS), Chennai, Fellow of the Institute of Cost and Management Accountants, and has attended the Harvard Business School’s Advanced Management Programme.

R. thyagarajan

R. Thyagarajan

Founder, Shriram Group

Mr.R. Thyagarajan is the founder of the Shriram Group, one of India’s largest Financial Services Network.

R. thyagarajan

R. Thyagarajan

Founder, Shriram Group

Mr.R. Thyagarajan is the founder of the Shriram Group, one of India’s largest Financial Services Network, managing assets exceeding Rs.27,000 crores, with 4.5 million clients, served by 80,000 agents and 15,500 employees, through nearly 1,200 branches across India. He is an acknowledged expert in the general insurance business having spent over 25 years in the business, starting with New India Assurance Co. Limited He had subsequent stints with New India Assurance Co. and J.B.Boda & Co. Pvt. Limited, one of the largest reinsurance and insurance brokers in Asia.

He holds a Masters Degree in Mathematics and Masters Degree in Mathematical Statistics from the Indian Statistical Institute. He is also an associate of the Chartered Insurance Institute, London. He has conducted seminars and training courses on Fire Insurance Underwriting and Consequential Loss insurance for insurance companies in Malaysia and Hongkong. He was a guest faculty for the Asian Institute of Insurance, Philippines & Insurance Institutes in Singapore & Kuala Lumpur.

Lakshmi narayanan

Lakshmi Narayanan

Vice Chairman, Cognizant

Mr. Lakshmi Narayanan has played a leading role in the global information technology industry for more than 25 years.

Lakshmi narayanan

Lakshmi Narayanan

Vice Chairman, Cognizant

Mr. Lakshmi Narayanan has played a leading role in the global information technology industry for more than 25 years, managing divisions and business units in Europe, India and United States. As Vice-Chairman, he has been instrumental in formulating Cognizant’s strategy and building and managing the organization's development centers. Mr. Narayanan began his career at TCS, growing through the ranks from developer and technologist to program manager and business leader. He was a regional head of TCS in India when he joined Cognizant as CTO. Mr. Narayanan was earlier the Chairman of the board of NASSCOM and is currently a member on the Board of the US-India Business Council (USIBC). He has received several industry accolades including Economic Times Entrepreneur of the Year 2005. He has also recently been conferred the "Life Time Achievement Award" during CONNECT 2009, a premier ICT event of CII/Govt. of Tamil Nadu.

He holds a BS and MS in Science and Electronics from Bangalore University and an MBA from the Indian Institute of Science, Bangalore, India.

H. lakshmanan

H. Lakshmanan

Executive Director of Sundaram Clayton

He became the Executive Director of M/s. Sundaram Clayton Limited in 1982 and continues to hold the position.

H. lakshmanan

H. Lakshmanan

Executive Director of Sundaram Clayton

Mr. H Lakshmanan joined the TVS Group in 1953. He became the Executive Director of M/s. Sundaram - Clayton Limited in 1982 and continues to hold the position. Mr. H Lakshmanan now aged about 74 years has more than 5 decades of rich experience, expertise and knowledge in the areas of setting up Joint Ventures, Finance, HR, Industrial Relations, Business Administration and Management.

Puneet dalmia

Puneet Dalmia

Managing Director, Dalmia Cement Bharat Ltd (DCBL)

Puneet Dalmia is spearheading the management of Dalmia Bharat Group since 1997.

Puneet dalmia

Puneet Dalmia

Managing Director, Dalmia Cement Bharat Ltd (DCBL)

Puneet Dalmia (38) is spearheading the management of Dalmia Bharat Group since 1997. He has been the driving force for the exponential growth witnessed by the group in the last few years. Puneet is a visionary leader, responsible for transforming the organization and leading it on a path of accelerated growth while keeping intact the core values which have taken the organization so far. Puneet also co-founded JobsAhead.com in 1999. The venture was one of the very few successful dotcom companies and garnered a market share of 55%. It was acknowledged as the market leader with Puneet at its helm for five years. In 2004, JobsAhead.com was sold to world’s leading e-recruitment firm Monster.com for ` 40 Crore. Puneet has been a member of FICCI’s Executive Committee and Young President’s Organization (YPO) Delhi Chapter. Now, he is also the Co-Chairman of the manufacturing committee of FICCI. He is the Advisory Board Member of NSRCEL (NS Raghvan Center for Entrepreneurship) IIM Bangalore. A gold-medalist M.B.A from the prestigious Indian Institute of Management Bangalore Puneet also holds a B-Tech degree from IIT Delhi.

Rajeev gupta

Rajeev Gupta

Managing Director, Carlyle Asia Partners

Mr. Rajeev Gupta was till recently the Managing Director of Carlyle Asia Partners and the Head of the Carlyle India Buyout Team.

Rajeev gupta

Rajeev Gupta

Managing Director, Carlyle Asia Partners

Mr. Rajeev Gupta was till recently the Managing Director of Carlyle Asia Partners and the Head of the Carlyle India Buyout Team. Previously he was a Board member and Head of Investment Banking of DSP Merrill Lynch Limited.

Prior to joining DSP Merrill Lynch Limited, Mr. Gupta was President and CEO of Cosmo Ferrites Limited, a leading Indian manufacturer of high technology soft ferrites.

Mr. Gupta earned his M.B.A. from the Indian Institute of Management Ahmedabad and a B.Tech from IIT- Benaras Hindu University.

Dr. subir gokarn

Dr. Subir Gokarn

Director - Research, Brookings India - Brookings Institution

Dr. Subir Vithal Gokarn served as Deputy Governor of Reserve Bank of India until January 7, 2013.

Dr. subir gokarn

Dr. Subir Gokarn

Director - Research, Brookings India - Brookings Institution

Dr. Subir Vithal Gokarn served as Deputy Governor of Reserve Bank of India until January 7, 2013. Dr. Gokarn has also served as Chief Economist, Centre for Economic Research of CRISIL Ltd. and CRISIL Research. He was a Fixed Income Analyst at S&P Credit Research. He joined CRISIL in 2002.

Dr. Gokarn was Chief Economist and IFCI Chair in Industrial Development at the National Council of Applied Economic Research (NCAER), New Delhi from 2000 to 2002 and Associate Professor at the Indira Gandhi Institute of Development Research (IGIDR), Mumbai from 1991 to 2000. 

He served as Chairman of the Economic Affairs Committee of ASSOCHAM, a national level industry association. He serves as a Member of the Board of Economists set up by India Today. He also served as an Executive Director of CRISIL Ltd. and CRISIL Research.

Dr. vikram kuriyan

Dr. Vikram Kuriyan

Director of the Centre for Investment and Member of faculty at the Indian School of Business

He was Chairman of the Global Asset Allocation Committee at Bank of America

Dr. vikram kuriyan

Dr. Vikram Kuriyan

Director of the Centre for Investment and Member of faculty at the Indian School of Business

Previously, he was Chairman of the Global Asset Allocation Committee and Global head of Quantitative Strategies at Bank of America’s asset management division. His unit managed over $30 billion of client assets that ranged from retail to the most sophisticated institutional investors, across a multiplicity of strategies including equity, asset allocation and absolute return products. Several mutual funds were rated at the top of their category by Lipper and Morningstar.
Earlier, he served as Managing Director of an arbitrage and principal investing fund in Tokyo and as the Global Head of complex derivatives in the commodities group at Merrill Lynch.

He is a member of the Secondary Markets Advisory Committee of the Securities and Exchange Board of India (SEBI).

Advisors

C narasimhan

C Narasimhan

Ex-Dy. Managing Director, SBI

He has headed SBIs Treasury portfolio.

C narasimhan

C Narasimhan

Ex-Dy. Managing Director, SBI

C Narasimhan is an Ex-Dy. Managing Director, SBI who has headed SBIs Treasury portfolio of over 3 lakh Crores.

Anand sudarshan

Anand Sudarshan

Former CEO, Manipal Global Education Services

Anand Sudarshan is a former CEO of Manipal Global Education Services.

Anand sudarshan

Anand Sudarshan

Former CEO, Manipal Global Education Services

Anand Sudarshan is a Former CEO of Manipal Global Education Services and a Lead assessor and jury member in quality initiatives of CI.

Dileep madgavkar

Dileep Madgavkar

Former Investment Director, Prudential Asset Management Ltd, Hong Kong

Dileep Madgavkar was the Investment Director at Prudential Asset Management Ltd.

Dileep madgavkar

Dileep Madgavkar

Former Investment Director, Prudential Asset Management Ltd, Hong Kong

Dileep Madgavkar was formerly the Investment Director at Prudential Asset Management Ltd, Hong Kong. He is also an EX-CIO, Prudential ICICI Asset Management.

Team photos

Praveen Chakravarty

Former CEO, Anand Rathi Advisors

Praveen Chakravarthy was previously the CEO of Anand Rathi Advisors.

Team photos

Praveen Chakravarty

Former CEO, Anand Rathi Advisors

Praveen Chakravarthy was previously the CEO of Anand Rathi Advisors. He is also associated with Unique Identity Authority of India (UIDAI) and Ex-MD of BNP Paribas.

Manish makharia

Manish Makharia

Advisor - Investments

Manish has over 15 years of Investment Banking and Corporate Advisory experience in India.

Manish makharia

Manish Makharia

Advisor - Investments

Manish has over 15 years of Investment Banking and Corporate Advisory experience in India.

During his previous stint in Kotak Mahindra Group, he was instrumental in setting up Mid Market investment banking practice and led many transactions. He has also worked with SBI Capital Markets, Ernst & Young Corporate Finance. He has advised corporates from across sectors including consumers, infrastructure, media, financial services, natural resources, metals, education etc and has valuable experience of working across investment banking products including Private Equity advisory, Mergers & Acquisitions, Capital Markets, structuring, financial engineering and valuations. One of the critical skill sets which he adds to the team is strategizing exits with a view to maximize value since he has extensive experience on IPOs and strategic sale.

He is a Chartered Accountant by qualification and was an All India rank holder from the November 1995 batch.

Seturaman mahalingam

Seturaman Mahalingam

Former CFO, Tata Consultancy Services Limited

Seturaman is a Former CFO in Tata Consultancy Services Limited with over 48 years of experience.

Seturaman mahalingam

Seturaman Mahalingam

Former CFO, Tata Consultancy Services Limited

Sethuraman Mahalingam is a former CFO of Tata Consultancy Services Limited with over 48 years of experience.

He has managed various consulting assignments and overseas operations in the US and UK.

B jayaraman

B Jayaraman

Former CFO, India Region of Ingersoll-Rand Ltd

Mr. B Jayaraman is a Chartered Accountant, All India rank holder, with 37 years of experience in Finance and Business.

B jayaraman

B Jayaraman

Former CFO, India Region of Ingersoll-Rand Ltd

Mr. B Jayaraman is a Chartered Accountant, All India rank holder, with 37 years of experience in various aspects of Finance and Business. He retired after 13 years as CFO, India Region of Ingersoll-Rand Ltd, a public company listed on Mumbai stock exchange. He is also a key member of India leadership team. Prior to that, he worked for 4 years in Delphi Automotive Systems as CFO, India region and 1 year as Asia Pacific Assistant Controller. Initial 19 years in Sundaram-Clayton, TVS Motors and TVS Electronics.

He has rich experience in M&A (involved in 2 acquisitions and 3 major divestment), Technical Collaboration, Internal Controls implementation in SOX framework, Treasury relationship both with Indian and MNC banks and ERP (Mfg Pro and Oracle) implementation and has managed the IPO of TVS Electronics in all aspects of all approvals, legal compliance and treasury relationship in managing the application money and allotment.

Also, he was a member of Karnataka State Council of CII for 7 years during which time he headed the Tax and Economic Affairs panel and for last 2 years the Environment panel.

P senthil kumar

P Senthil Kumar

CEO, Gardener Consulting

Mr. Senthil Kumar is currently the CEO of Gardener Consulting, a boutique HR Advisory and an expert in strategic HR and Change Management.

P senthil kumar

P Senthil Kumar

CEO, Gardener Consulting

Mr. Senthil Kumar is currently the CEO of Gardener Consulting, a boutique HR Advisory and an expert in strategic HR and Change Management.

He is a Former Chief Human Resource Officer at Tata Steel. Prior to that, He was the Director HR & Administration at Cairn India Limited. He has a professional experience of 29 years having worked in organizations spanning across sectors like Oil & Gas, Manufacturing, Hospitality, FMCG sectors, etc.

Mr. Kumar is also a Member of the CII National committee on Leadership & HR, and is well known in the HR professional community across the country. At Tata Steel, Mr. Kumar was responsible for enabling the company to win the 'Leadership in HR Excellence Award ' by CII in the year 2012. He has been trained on TQM by the topmost global Institution on the subject, The Japanese Union of Scientists and Engineers (JUSE), Tokyo.

He holds a B.Tech from NIT Trichy and Post Graduate Diploma in Personnel Management & Industrial Relations from XLRI. He also completed an Advanced Human Resource Management Programme at Ross School of Business, Ann Arbor, Michigan, USA.

 

Fund Advisory Board

Arun adhikari

Arun Adhikari

Head of Brands, Unilever Asia Pacific

Arun Adhikari is the Head of Brands at Unilever Asia Pacific.

Arun adhikari

Arun Adhikari

Head of Brands, Unilever Asia Pacific

Arun Adhikari is the Head of Brands at Unilever Asia Pacific and has over 34 years in Unilever in Management, MR, Sales & Marketing.

Daljit mirchandani

Daljit Mirchandani

Ex-Chairman, Ingersoll-Rand

Daljit Mirchandani is an Ex-Chairman of Ingersoll-Rand and Director at Kirloskar.

Daljit mirchandani

Daljit Mirchandani

Ex-Chairman, Ingersoll-Rand

Daljit Mirchandani is Ex-Chairman of Ingersoll-Rand and  Director at Kirloskar.

He has 40 years of experience in Manufacturing and Infrastructure and serves on the Advisory and Statutory Board of various Companies in the space of Bio Fuels, Infrastructure Development, Infrastructure Finance and Forgings.

Narayan ramachandaran

Narayan Ramachandaran

Head of Global Emerging Markets & Global Asset Allocation Teams

He is the former Country Head of Morgan Stanley, India

Narayan ramachandaran

Narayan Ramachandaran

Head of Global Emerging Markets & Global Asset Allocation Teams

Narayan Ramachandran is a former Country Head of Morgan Stanley India and has 25 years of experience.

He is the Head of Global Emerging Markets and Global Asset Allocation teams managing over $25 billion in assets.

Hema ravichandar

Hema Ravichandar

Former Global HR Head, Infosys

Hema Ravichandar was previously the Global HR Head at Infosys.

Hema ravichandar

Hema Ravichandar

Former Global HR Head, Infosys

Hema Ravichandar was previously the Global HR Head at Infosys and has more than 27 years of experience.

She is also an Ex-Chairperson of The Conference Board, USA’s HR Council of India.

Luis miranda

Luis Miranda

President & CEO, IDFC AMC

Luis Miranda founded IDFC Private Equity and went on to become President, CEO and Chairman.

Luis miranda

Luis Miranda

President & CEO, IDFC AMC

Luis Miranda founded IDFC Private Equity and went on to become President, CEO and Chairman. He has over 11 years with the start-up team at HDFC Bank. He is also Senior Advisor at Global Environment Fund India.

B soundarajan

B Soundarajan

Founder and Chairman, Suguna Foods.

B Soundarajan is the Founder and Chairman of India's largest poultry enterprise, Suguna Foods.

B soundarajan

B Soundarajan

Founder and Chairman, Suguna Foods.

B Soundarajan is the Founder and Chairman of India's largest poultry enterprise, Suguna Foods.

He has a deep understanding of agriculture and grassroots entrepreneurship.

Seturaman mahalingam

Seturaman Mahalingam

Former CFO, Tata Consultancy Services Limited

Mr. Mahalingam has over 42 years of experience in Tata Consultancy Services Limited.

Seturaman mahalingam

Seturaman Mahalingam

Former CFO, Tata Consultancy Services Limited

Mr. Mahalingam joined TCS on November, 1970 and has over 42 years of experience in Tata Consultancy Services Limited with his last role as Chief Financial officer. During his career he has managed various consulting assignments and has looked after overseas operations in the US and UK.

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TSGF Fund 1A

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9.9 MediaWorx Pvt Ltd

Investment Month: October-2008 Sector: Media
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Pramath Pramath Raj Sinha Managing Director

TVS Shriram Growth Fund has invested in 9.9 Mediaworx Pvt Ltd, a diversified media company focused on niche consumer, business and professional communities.

"Our relationship with TVS Capital is a true partnership. Having Gopal as a Board member and mentor has been great for us. He and the rest of the TVS Capital team provide sound consel and support. Their unstinting commitment to the success of our business has been a source of immense strength for us."

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Om Pizzas & Eats Private Limited

Investment Month: December 2010 Sector: Food
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TVS Shriram Growth Fund has invested in Om Pizza’s & Eats Private Limited, which holds franchisee rights in India for multiple brands such as Papa John’s Pizza, Chili’s Grill & Bar and The Great Kabab Factory.

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Texmex Cuisine

Investment Month: January 2013 Sector: Food
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To improve performance and facilitate further growth in investments, Papa John’s and Chili’s were separated into two different entities during the year. A new entity ‘Texmex Cuisine’ has been created for the Chili’s business. Chili’s is a chain of restaurants across India that offers Texmex cuisine.

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Dusters Hospitality Services Pvt. Ltd

Investment Month: November 2009 Sector: Hospitality
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61logoshamsher duster Shamsher Puri MD

TVS Shriram Growth Fund has invested in Dusters Hospitality Services Pvt. Ltd., a leading facility management services player based out of Bangalore.

“We are delighted to partner with TVS Shriram Growth Fund in our quest to become a top player in our industry.”

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Medfort Hospitals Pvt. Ltd

Investment Month: Sector: Healthcare
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Gskvelu Dr.G.S.K. Velu Chairman

TVS Shriram Growth Fund has invested in Medfort Hospitals Pvt. Ltd which is a leading eye-care hospital chain. Maxivision is an eye care focused healthcare chain driven by renowned eye care surgeon Dr. K P Reddy. Maxivision aims to build a pan India network of healthcare delivery centers through a combination of Organic growth and acquisitions of successful practices across the country. Medfort is a venture by Dr. G.S.K. Velu, a successful serial entrepreneur in the healthcare Industry.

"We at Medfort are excited to have TVS Capital backed by two of the most renowned business houses TVS and Shriram group. The experience and network of TVS Group and Mr. Gopal Srinivasan will help Medfort’s growth to become immense and substantial"

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Medplus Health Services Private Limited

Investment Month: December 2010 Sector: Healthcare
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Dr.madhukar Dr. Madhukar Gangadi Founder & CEO

TVS Shriram Growth Fund has invested in Medplus Health Services Private Limited. Medplus, started in 2007 has grown to become India’s second largest pharmacy retail chain with focus in Andhra Pradesh, Tamil Nadu and Karnataka and recent entry into West Bengal. The Hyderabad-based company has embarked on an aggressive growth path with over 1000 pharmacy stores and 10 in-hospital pharmacies under the leadership of its promoter and CEO Madhukar Gangadi.

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Dunar Foods Limited

Investment Month: February 2012 Sector: Food and Agriculture
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Surender Surender Gupta Chairman & Managing Director

TVS Shriram Growth Fund has invested in Dunar Foods Limited, which is one of the leading basmati rice processing company in India. IFC, which is a leading investor in agro segment in India, is also an investor in the company.

“We welcome TVS Capital to the Dunar family. TVS Capital has a great team in place and understands the rice business and we are certain to achieve greater growth in the future by this association.”

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Landmark Limited

Investment Month: November 2009 Sector: Retail
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Noel n tata1 Mr. Noel N. Tata Managing Director of Trent Limited and Chairman of Landmark

TVS Shriram Growth Fund had invested in Landmark, a leading book and music retail chain that is a subsidiary of Trent Limited. Landmark - Part Exit: The fund sold its share in Landmark Ltd. to Trent Limited in February, 2013. The fund would have an option to purchase a stake in Westland Limited, a subsidiary of Trent Limited at a future date. Westland Limited operates in book publishing and distribution business for over 50 years as part of Tata group. It publishes commercial fiction and non-fiction books and its publication is consistently in the top 10 bestselling charts in India.

"We are excited about the equity investment into Landmark, and look forward to partnering with TVS Shriram Growth Fund and our journey to scale up the Landmark's retail business".

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ReGen Powertech

Investment Month: March 2012 Sector: Power
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Madhusudan Madhusudan Khemka Managing Director

TVS Shriram Growth Fund has invested in Regen Powertech, a leading wind EPC company. Investment in Regen is a co-investment with Mcap Fund Advisors.

"We are delighted to be associated with TVS Capital as we both share a deep understanding of the business and a vision for the future which will propel Regen Powertech to a new level."

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TVS Logistics Services Limited

Investment Month: March 2008 Sector: Logistics
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Dinesh R Dinesh Managing Director

TVS Shriram Growth Fund had invested in TVS Logistics Services Limited, providing in-bound and out-bound logistics solutions to the automotive sector. We have successfully exited from our investment in TVS Logistics in May 2012.

“Having had a first time experience to private equity investment, it has been a pleasure working with the team at TVS Capital. They have given us an exposure to the professional expectation of the private equity world but with a solid understanding of the business requirement.”

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Indian Cookery Private Limited

Investment Month: February 2011 Sector: Food
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Sanjeevkapoor Sanjeev Kapoor Promoter

TVS Shriram Growth Fund has invested in Indian Cookery Private Limited (ICPL), which owns multiple Indian-cuisine restaurant brands such as The Yellow Chili, Khazana and Indii. ICPL is promoted by Master Chef Sanjeev Kapoor & Better Value Brands Private Limited (“BVBPL”).

"We are delighted to be associated with TVS Capital as we both share a deep understanding of the business and a vision for the future which will propel Indian Cookery to a new level."

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Development Credit Bank

Investment Month: February 2012 Sector: Banking
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TVS Shriram Growth Fund has invested in Development Credit Bank (DCB), a mid-sized bank with close to 6,000Cr advances, is a full service bank with 86 branches and 331 ATMs. Development Credit Bank is promoted by Aga Khan Fund for Economic Development, an international development enterprise spanning across 16 countries.

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RBL Bank

Investment Month: March 2011 Sector: Banking
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TVS Shriram Growth Fund has invested in Ratnakar Bank, a mid-sized full service bank with about 4,000 Cr advances and 100 branches. The Bank is promoted by Mr. Vishwavir Ahuja, who is an industry expert with a great banking experience.

TSGF Fund 1B

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RBL Bank

Investment Month: March 2011 Sector: Banking
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TVS Shriram Growth Fund has invested in Ratnakar Bank, a mid-sized full service bank with about 4,000 Cr advances and 100 branches. The Bank is promoted by Mr. Vishwavir Ahuja, who is an industry expert with a great banking experience.

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Wonderla Holidays Limited

Investment Month: May 2014 Sector: Amusement park
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Arun k chittilappilly Arun K. Chittilappilly Managing Director

TVS Shriram Growth Fund has invested in Wonderla Holidays Limited; one of India’s most prominent amusement park companies. Wonderla Holidays Limited operates two largest amusement parks in Bengaluru and Kochi under the brand name Wonderla, which started operations in 2000 and 2005 respectively. Wonderla Kochi completed 12 thrilling and safe years of operation providing a joyful experience for more than one Crore visitors. Wonderla Bangalore has entertained 60 Lakh people in 7 years. Wonderla Holidays also owns and operates a three-star luxury resort close to the amusement park in Bengaluru, which started operations in 2012. The company has won 22 awards since inception, including the National Award for Excellence from the Indian Association of Amusement Parks & Industries. In FY14, the company clocked revenue of Rs 154 Cr, which is a compounded annual growth of 14.6% over the last 3 years

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City Union Bank

Investment Month: July 2014 Sector: Banking
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Dr n. kamakodi Dr N. Kamakodi MD & CEO

TVS Shriram Growth Fund has invested in City Union Bank, a rapidly growing regional bank with strong presence in Tamil Nadu. Incorporated in 1904 as The Kumbakonam Bank Limited, it is the oldest private sector bank in the country. In 1957, the bank took over the assets and liabilities of the Common Wealth Bank Limited. In December 1987, the name of the bank was changed to City Union Bank and subsequently got listed on BSE/NSE in 1998. It is based out of Kumbakonam, Tamil Nadu. It has a network of 425 branches, with 291 (68%) branches in Tamil Nadu doing 72% of the business. It also has a network of 950 ATMs.

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Karur Vysya Bank

Investment Month: August 2014 Sector: Banking
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Kvenkataramankvb k Venkataraman MD & CEO

TVS Shriram Growth Fund Scheme 1B (TSGF 1B) has invested in Karur Vysya Bank (KVB). Incorporated in 1916, KVB is a mid-sized regional bank with strong presence in South India and headquartered in Karur, Tamil Nadu. The Bank has 572 branches and 1,616 ATMs. The Bank has strong presence in Tamil Nadu with 299 branches in the state. The bank is promoted by well-known families from Karur, and their 3rd and 4th generation members still actively engage with the management and participate in the board. Currently, KVB has over Rs 51,543 Cr assets and a Total Business of Rs 77,750 Cr, with Advances of Rs 33,992 Cr and Deposits of Rs 43,758 Cr as of March 2014. The bank is focusing on its SME segment and is working towards increasing its share in the segment.

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"Will invest up to Rs 1000 cr by end of this year: TVS Cap" - An interview to CNBC-TV18, Gopal Srinivasan talks about the business, investments and road ahead for the company

CNBC-TV18 Interview. Published by MoneyControl, Apr 25, 2015

Will invest up to Rs 1000 cr by end of this year: TVS Cap

 

Reckoned for his business acumen, deep knowledge and focus Gopal Srinivsan of TVS Capital Funds sets the bar high for TVS Capital as years go by. In an interview to CNBC-TV18, Srinivasan talks about the business, investments and road ahead for the company.   

Founded in 2007 by TVS and Shriram Group TVS Capital Funds is focussed on the mid market segment with over Rs 1,100 crore of assets under management. The Chairman and Managing Director Gopal Srinivasan, a third generation TVS family member has delved cross investments in varied sector for 25 years.

Reckoned for his business acumen, deep knowledge and focus Srinivsan sets the bar high for TVS Capital as years go by. In an interview to CNBC-TV18, Srinivasan talks about the business, investments and road ahead for the company.   
 

Below is the transcript of Gopal Srinivasan’s interview with CNBC-TV18's Kritika Saxena.

Q: The last four to five years have been slightly volatile when it comes to the investment climate, be it for private equity funds, be it for venture capital funds. There seems to be some clarity when it comes to the reform cycle. How significant is the change in the government reform cycle, in the government policy network or framework in your investment regime? 

A: The last two years have actually seen an up cycle, probably lead strongly by the VC Tech growth (e-commerce growth, the tech companies growth, little bit in fin-tech and something in pure tech) but largely consumer tech growth. So that is really what has lead to this up cycle. As you said, the reform process is very clear now. One year of the government has brought a tremendous amount of clarity. In a mid market growth fund like ours, which has quite a few of Indian funds in the space, there has been a fair amount of clear signalling, at least 70 percent is clear.

Q: Since you brought up this sectoral demarcation as you said the tech sector has been significant we have seen interest when it comes to the consumer space, we have seen interest in the manufacturing space but we haven’t really seen big bang changes, big bang investment, definitely not from the mid market venture capital funds like yourself or even those PEs. They have stayed away from sectors like power, energy, the heavy regulated sectors. Would you now look at perhaps venturing into these areas or is it something that falls out of your investment gamut?

A: Some of it falls out os our investment gamut while some doesn't . For example we invested in India Energy exchange which is the power exchange, so we really think that with power growth if we see reports of the last week, it indicates that first time India went into trillion watt hours.

So, fundamentally for 8-9 percent growth in power generation which are absolutely ready for investment. This is the right time before there is complete clarity on everything to underwrite a bit of risk and essentially participate in this. We participate in asset light part. On the asset heavy part, clearly will be the infrastructure part.

 Q: How much have you invested in India across the board and if you could demarcate now that there seems to be a little more pick up in terms of the investment climate? Would that increase in the next couple of years?

 A: This is going to be a very hot year in terms of investing. You are going to see a lot of investing. It won't be a surprise if it went past USD 10 billion in terms of non-infrastructure, non-real estate investing from the VCP sector because it is very blurred. But today in sectors like e-commerce, tech investment writing a USD 200 million cheque isn't possible.

So this is going to be an year where you will see a lot of it happening. The rupee funds is getting opened up or the foreign funds who are investing here which are domestic managers getting a good cover in terms of safe harbour in terms of permanent establishment is what has been announced in the Budget. Those two things have a lot of power. They look very boring in terms of procedural detail but they are very powerful.

Q: You have been successful in the mid market growth equity range. How much in terms of capital has been deployed so far and are you looking at fresh fund raising and while doing so would you look at moving away and moving higher from the mid market range or is that a clear focus area for the next five years? 

A:  Curently, we have put about Rs 750-800 crore money investment. We will probably invest another Rs 250 crore this year.

So about Rs 1,000 crore would be our total investment by the end of the year. This is an area we really like. It is between early growth and it is between buy out and large scale consolidation. So the size of this area keeps getting redefined.

Q: You haven’t dived all that much into the listed space. What is the reason for that and also doesn’t any of the portfolio companies right now make sense to look at tapping the IPO markets possibly for an exit?

A: In our second fund till now we have significant number of listed investments. From Karur Vysya bank, City Union bank and Wonder La, the amusement park and we are probably in the process of doing a couple more. One of our companies is hopefully going to get listed pretty soon.

http://www.moneycontrol.com/news/mf-interview/will-investto-rs-1000-cr-by-endthis-year-tvs-cap_1367852.html

 

"Much ado about MAT" - Gopal Srinivasan, CMD, TVS Capital Funds

The Hindu Business Line, Apr 24, 2015

 

The latest Budget grants waiver to future foreign investors, so what’s the hullabaloo about?

Can India, a developing country in dire need of capital, afford to displease foreign investors? This broad-brush argument seems to crop up whenever Indian regulators or policymakers attempt to apply the laws of the land to foreign investors. Whether it is SEBI trying to get foreign portfolio investors to disclose their basic identity before investing in Indian markets (by discouraging participatory notes) or the government trying to enact a law to crack down on tax avoidance (by way of GAAR), these moves have been repeatedly scuttled on the assumption that it would trigger an exodus of foreign investors.

The latest to fan such fears is the tax department’s issue of demand notices to the tune of about Rs.40,000 crore to some foreign funds, on their liability to pay Minimum Alternate Tax (MAT) for share transactions made in the past. Some foreign investors have complained that the BJP government is inflicting ‘tax terrorism’ upon its constituents and is indulging in retrospective taxation, as did its predecessor. Others have gone so far as to label the tax demands unconstitutional, extra-territorial and violative of India’s tax treaties with other nations. The facts are otherwise.

MAT dismantled

For starters, the latest Budget actually dismantled the perverse MAT regime for foreign investors by exempting their long-term capital gains from MAT, with effect from April this fiscal. In doing so, it has created a special dispensation for FIIs, as domestic companies will continue to pay MAT on their long-term capital gains from shares.

The Budget has also gone out of the way to bolster foreign investor sentiment by deferring GAAR by two years (to April 1, 2017), granting overseas portfolio managers operating out of India ‘safe harbour’ from the applicability of permanent establishment rules and by providing pass-through tax benefits for certain categories of venture funds.

What the government has refused to do, and with good reason, is to apply this MAT exemption with retrospective effect, so that foreign investors can avoid responding to tax notices already issued by the IT department for earlier years. The government is not insisting that MAT is a good law or even that foreign investors have to perforce comply with the demands. Its stated stance is only that, if foreign investors feel aggrieved by these demands — which are backed by a favourable ruling by the Income Tax Authority for Advance Rulings (AAR) — they are free to go on appeal in a judicial forum.

In any case, not all MAT demands have been issued to DTAA-protected investors. Any exemptions, therefore, need to be granted on merit, based on the facts of each case. Therefore, this debate is best resolved through private dialogues between the aggrieved investors and the tax department, instead of through alarmist media campaigns that paint a doomsday picture of imminent FII withdrawals.

Where we stand

The applicability of MAT to foreign companies which do not have a place of business in India, and those operating out of DTAA-protected regimes, has been a bone of contention between foreign investors and the Indian tax authorities for several years now. The tax department has based its recent MAT notices to foreign investors on an August 2012 advance ruling by the AAR, in the case of Mauritius-based Castleton Investments.

In 2012, Castleton had sought the AAR’s opinion on its liability to pay both long-term capital gains tax and MAT after it effected a transfer of shares in an Indian company to a Singapore-based firm. The AAR ruled that MAT provisions did indeed apply to foreign companies and not just to domestic entities. It also ruled that while the specific transaction was not subject to long-term capital gains tax (due to the tax treaty), it was subject to MAT on book profits.

Now, foreign investors and their tax consultants argue that this ruling cannot be applied as a precedent and that there have been other decisions by the AAR in the foreign investors’ favour. Equally, the IT department is of the view that the 2012 Castleton ruling is the final word on the subject. However, there is nothing in these arguments to suggest that one side has a better understanding of the legal position than the other.

Even tax lawyers admit that it is an over-reaction to term the demands over MAT as extra-territorial, as no one can question a government’s sovereign right to levy taxes on any of the market constituents it chooses. Some of these arguments seem to be stuck in a time machine that suggests past laws when detrimental to foreign investors be done away with but those favourable be maintained, embodying the notion of “private profits social losses” that the world experienced during the global financial crisis of 2008.

Others allege that publicly taking on FIIs and making a political statement was the key intention behind the MAT notices. But if this was the intention, why amend the law in the latest Budget to specifically exempt FII from MAT on capital gains? In fact, it was to smooth the ruffled feathers of foreign investors that the Modi government has unambiguously stated that it will not appeal against the victims of the earlier MAT tax ruling in an appellate process.

ROI matters

Finally, to insinuate that foreign investors will shun India en masse unless the Modi government extends its long arm across the judicial process to exempt foreign investors from MAT, is unduly alarmist. For one, it must be recognised that this government has inherited an unenviable legacy of arcane laws, some inherited from the pre-Independence era. Indeed, if the MAT demand notices have created uncertainty in the minds of foreign investors already in India,, then the MAT waiver granted to future foreign investors in the Budget, should be an FII magnet.

It won’t, because it is not tax incidence alone that influences a foreign investor’s decision to choose an asset over scores of other investment destinations. What global investors primarily seek is an attractive return on investment and a government that is responsive to business needs.

On the first aspect, if India sustains relatively healthy economic growth amid a slowing global economy, foreign investors can hardly choose to ignore it because they will be subject to MAT on the returns they make. Let’s not forget that for all the brickbats that India earned for its mis-treatment of Vodafone, the telecom major does continue to do business in India.

On the second, contrary to the actions of foreign investors and their representatives, the Modi government has acted in a transparent and exemplary manner by responding quickly to the backlash on MAT.

The immediate and unusual action taken by the finance minister to hold a conference call with foreign investors, to address their queries on MAT and reassure them that tax treaties will be respected, surely shows that the Centre is open to free and fair discourse, even when its adversaries don’t always play fair.

The writer is the chairman of TVS Capital Funds

(This article was published in the Business Line print edition dated April 24, 2015)

‘A breakthrough budget for private equity industry’ - Gopal Srinivasan

The Hindu, Mar 01, 2015

This has truly been a breakthrough budget for the private equity/venture capital industry.

Tax pass-through for all category I and category II funds, and the ability to blend foreign capital in AIFs, will provide significantly greater access to funds for Indian private equity/venture capital industry. This could propel the Indian PE/VC industry from making annual deployment of $8-9 billion to a trajectory of making 3x the current annual deployment ($25–30 billion) in the next three years. Unlisted companies, who face the most scarcity of capital, are the primary recipients of PE/VC equity.

Two budget measures that will greatly accelerate the availability of debt capital to unlisted mid-sized companies are: (1) enabling NBFCs (mid-sized) with SARFAESI Act and (2) MSME refinancing mechanism through the MUDRA Bank. These measure give greater protection to the lending NBFCs, and hence enhance their ability to lend particularly at the growth stages of companies.

These changes come at a time, when India is superbly poised for sustained, high GDP growth. These measure will create a very enabling environment for entrepreneurship and growth, providing ubiquitous equity and debt capital for all capable entrepreneurs – from push-cartwallah to Flipkart!

The clarifications on permanent establishment regarding India-focused offshore fund managers in India is a good initial platform to enable offshore fund managers to operate from India. While it is a good beginning, it appears to need some work from the government to iron out the execution details before becoming a widely adopted platform.

The PE/VC industry has worked with the government for these changes for three years. It has paid off, thanks to a government that listens and thinks big!

 

'Budget 2015 is break-through for Indian PE industry' - Gopal Srinivasan

VCCircle, Feb 28, 2015

The budget could propel the PE industry three-fold from the current annual deployment of $8-9 billion to $25-30 billion. 

This has truly been a break-through budget for the PE / VC industry.  Tax pass-through for all Category I and Category II funds, and the ability to blend foreign capital in AIFs will provide significantly greater access to funds for Indian PE / VC industry.

This could propel the industry from making annual deployment of $8-9 billion to a trajectory of making 3x the current annual deployment ($25 – 30 billion) in the next 3 years. 

Unlisted companies, who face the most scarcity of Capital, are the primary recipients of VC/PE equity. The 10% tax-withholding appears to be an intelligent way to comfort tax authorities (for tracking and monitoring), while providing pass-through.

While this could be an administratively smart move, its impact of capital flow from foreign investors with special tax status is to be studied.

Two budget measures that will greatly accelerate the availability of debt capital to unlisted mid-sized companies are: (1) enabling NBFCs (mid-sized) with SARFAESI Act and (2) MSME refinancing mechanism through the Mudra Bank. These measures give greater protection to the lending NBFCS, and hence enhance their ability to lend particularly at the growth stages of companies. 

These changes come at a time, when India is superbly poised for sustained, high GDP growth. These measures will create a very enabling environment for entrepreneurship and growth, providing ubiquitous equity and debt capital for all capable entrepreneurs – from push-cart wallah to Flipkart!

The clarifications on permanent establishment regarding India-focused offshore fund managers in India is a good initial platform to enable offshore fund managers to operate from India. While it is a good beginning, it appears needs some work from the government to iron out the execution details before becoming a widely adopted platform.

The PE / VC industry has worked with the government for these changes for last three years. It has paid off, thanks to a government that listens and thinks big!

Kudos to the JAM (Jayant Sinha – Arun Jaitley – Modi-ji) trinity for hyper-charging capital supply for entrepreneurship in India.

-VCCircle

TVS Shriram Growth Fund 1B invests Rs 60 Cr in Karur Vysya Bank

Investor Relations Team, Aug 24, 2014

TVS Capital Funds is pleased to inform that TVS Shriram Growth Fund Scheme 1B (TSGF 1B) is INVESTING Rs 60 Cr (at a price of Rs 466 per share) in Karur Vysya Bank (KVB) in its Qualified Institutions Placement of about Rs 625 Cr. Incorporated in 1916, KVB is a mid-sized regional bank with strong presence in South India and headquartered in Karur, Tamil Nadu. The Bank has 572 branches and 1,616 ATMs. The Bank has strong presence in Tamil Nadu with 299 branches in the state. 

The Bank is promoted by well-known families from Karur, and their 3rd and 4th generation members still actively engage with the management and participate in the board.Currently, KVB has over Rs 51,543 Cr assets and a Total Business of Rs 77,750 Cr, with Advances of Rs 33,992 Cr and Deposits of Rs 43,758 Cr as of March 2014. 

The capital raised through the QIP will be utilized to fund the Bank’s growth plans, which includes opening of new branches and growing its Advances book.The Bank is focusing on its SME segment and is working towards increasing its share in the segment. At TVS Capital Funds, we believe that this strategy will bring multi-fold benefits to the Bank in the form of better margins, higher fee income and control in asset quality. 

The management has shown the capability of executing high growth in the last 5 years, Advances have grown at a CAGR of 26.7%, Deposits at 23.7% and Net Interest Income at 25.6% between FY09 to FY14. As on Mar-14, Gross NPA and Net NPA stood at 0.8% and 0.4% respectively, which are very healthy metrics, compared to the overall banking system. Also, the asset quality has shown continuous improvement in the last 5 years. KVB’s NIM has been in the range of 2.9% to 3.4% between FY09 and FY13. Its NIM for FY14 was 2.8%. With the Bank's new initiatives, we expect its NIM to improve in the next three years in line with its earlier performances. 

The Bank opened 200+ branches(35% of total of 572), and grew employee base by 60+% to 7,340 in last 3 years. This provides the Bank with significant operating leverage to grow leveraging on the productivity and utilization improvements of the new branches and workforce, without incurring proportionate costs. The Bank has taken technology initiatives having implemented 100% Core Banking Solution (CBS) in 2005 

We believe that the Bank has the strategy, capability and resources to grow and perform in the mid to long term, while maximizing gains from the positive macro changes in the economy, which should drive overall and SME credit growth and improve asset quality in the system. With higher capital adequacy after this infusion, the Bank will be in a position to leverage to achieve the growth as per its long-term plans. 


(This article was published on Aug 23, 2014)
Investor Relations Team

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At TVS Capital, we are always looking for talented and motivated people who will join us in empowering the next gen entrepreneurs.  If you have a keen eye for detail, a strong sense of values and a firm commitment to making a difference, write to us at careers@tvscapital.in or click below to find our current vacancies.

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Qualifications:

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