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.

 

to contact: kc.srinivasan@tvscapital.in

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.

to contact: kc.srinivasan@tvscapital.in

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

Executive Director & Chief Financial Officer

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

R s raghavan

R S Raghavan

Executive Director & Chief Financial Officer

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.

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.

Chetan

Chetan Naik

Associate Vice President

Chetan has close to 8 years of experience in Investment Banking, Corporate Finance & Business Strategy.

Chetan

Chetan Naik

Associate Vice President

Chetan has close to 8 years of experience in Investment Banking, Corporate Finance & Business Strategy. Prior to joining TVS Capital, Chetan was part of the Investment Banking team at ICICI Securities (Mumbai).

He has rich experience of transaction origination and execution across M&A Advisory, PE Fund Raising, Capital Market Transactions, Mezzanine Fund Raising and Restructuring Advisory. He has advised leading Indian and Global Corporate Houses on Advisory Transactions across Consumer, Food & Agro, Pharmaceuticals & Healthcare and Infrastructure Sector.

Prior to his MBA, he worked with Tata Motors and Symphony services (Oracle group) in the areas of Strategic Planning and Business Development.

Chetan holds a Post Graduate Diploma in Management from Indian Institute of Management, Indore and is a Mechanical Engineer from Government College of Engineering, Pune.

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.

Dhanjayan

Dhananjaya Kathait

Analyst

Dhananjaya Kathait has 1.3 yrs. of experience in corporate finance advisory roles.

Dhanjayan

Dhananjaya Kathait

Analyst

Dhananjaya Kathait has 1.3 yrs. 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 completed his Integrated M.Sc Economics from BITS PILANI

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.

to contact: kc.srinivasan@tvscapital.in

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.

to contact: kc.srinivasan@tvscapital.in

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.

Karthik ranganathan

Karthik Ranganathan

Advisor - Investments

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

Karthik ranganathan

Karthik Ranganathan

Advisor - Investments

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.

Saraf's

R K Saraf

Former DMD and CFO of State Bank of India

Former DMD and CFO of State Bank of India, Mr. Saraf  looks after Corporate Strategy and New Businesses at SBI.

He has a wide exposure in corporate strategy.

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.

 

Crm photo1

Muralidharan C R

Ex - CGM RBI; Whole Time Member - IRDAI

Nearly four decades on bank regulation and supervision as well as the regulation of the insurance sectors. - Former Chief General Manager in charge heading the Bank regulation Division in the Reserve Bank of India (RBI) and Whole time Member(Finance and Accounts) at the Board level in the Insurance Regulatory and Development Authority of India (IRDAI)

Crm photo1

Muralidharan C R

Ex - CGM RBI; Whole Time Member - IRDAI

A long career spanning nearly four decades with significant professional expertise on bank regulation and supervision as well as the regulation of the  insurance sectors – two significant segments of the Indian financial sector, first  as the Chief General Manager in charge heading  the Bank regulation Division in the Reserve Bank of India (RBI) and later as a Whole time Member(Finance and Accounts)  at the Board level in the Insurance Regulatory and Development Authority of India (IRDAI). A unique blend of experience, in both operational and executive capacities, in both sectors involving their opening out  to greater competition, aligning their regulatory and supervisory frameworks to international standards, and consolidation, requiring careful sequencing and coordinating with the overall financial sector and economic reform process initiated by the Government of India

Key responsibilities in the RBI between 1995 and 2005 included leading and overseeing major initiatives associated with banking sector reforms and liberalization that saw a paradigm shift of the Indian banking sector. As a Whole time Member, IRDAI between 2005-09 oversaw registration of new Insurance companies and supervised regulatory areas in Finance and Investments of the  Insurance Companies

 Currently an Independent Director on the Board of Directors of

  • The City Union Bank Limited(CUB), Kumbakonam
  • ICICI Prudential Asset Management company Limited, Mumbai
  • PTC Financial Services Limited, (PFS) New Delhi
  • Universal Sompo General Insurance company Limited (USGI) , Mumbai
  • GMR Infrastructure Limited Bangalore 

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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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.

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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.

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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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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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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NSE

Investment Month: June 2015 Sector: Market Infrastructure
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The National Stock Exchange of India Limited (NSE) is the leading stock exchange of India, located in Mumbai. NSE was established in 1992 as the first demutualized electronic exchange in the country. NSE was the first exchange in the country to provide a modern, fully automated screen-based electronic trading system which offered easy trading facility to the investors spread across the length and breadth of the country. It accounts for 74% in Equity market and more than 98% market share in equity derivatives segment. Today NSE network stretches to more than 1,500 locations in the country and supports more than 2,30,000 terminals NSE has a market capitalization of more than US$1.7 trillion, making it the world’s 12th-largest stock exchange as of April 2015.NSE's flagship index, the CNX Nifty,the 50 stock index, is used extensively by investors in India and around the world as a barometer of the Indian capital markets.

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Indian Energy Exchange

Investment Month: September 2015 Sector: Market Infrastructure
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Incorporated in 2007 and headquartered in Delhi, Indian Energy Exchange Limited (“IEX”) offers an online electricity trading platform for trading, clearing and settlement operations. It enables efficient price discovery and price risk management for participants of the electricity market, including industries eligible for open access. IEX is approved and regulated by Central Regulatory Electricity Commission and is operating since June 2008. IEX is the market leader in exchange trading of energy holding ~94% market share, It also holds the distinction of being the number 1 exchange in the world in terms of number of registered participants with 4000 participants across utilities from 29 States, 5 Union Territories and 1000+ private generators and more than 3000 open access consumers leveraging the Exchange platform to manage their power portfolio. During FY15, IEX was again recognized for its performance and was conferred with the Best Power Exchange in India.

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Prabhat Dairy Limited

Investment Month: September 2015 Sector: Dairy
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Founded in 1998 by the Nirmal family, Prabhat is headed by Mr. Sarangdhar Nirmal (CMD) and his son Vivek Nirmal (Joint MD). Prabhat’s products include milk powder, sweetened condensed milk (SCM), curd which primarily cater to institutional segment and products like liquid milk, ghee, flavoured milk, ultra-heat treatment (UHT) milk which cater to retail. The Company currently procures about 9 lac litres of milk per day and services both institutional and retail segments. Over the last 20 years the Company developed significant strengths in milk procurement, a key success factor, developing quality systems and processes to exceed institutional client requirements and growing the Dairy business profitably. The Company has an aggregate milk processing capacity of 1.5 million liters per day. The Company has 350 distributors across the country and the focus has been in Jammu and Kashmir, North East and West India. The Company’s products are sold under the brand names‘Prabhat’, ‘Flava’ and ‘Milk Magic’ The Promoters have built the business on strong value systems with high focus on profitable growth, strong compliance and governance practices. This has enabled the company to acquire and retain marquee institutional clients like Mondelez, Britannia, Nestle.

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FSN Ecommerce Ventures Pvt. Ltd (Nykaa)

Investment Month: October 2015 Sector: E-Commerce
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Fsn Mrs. Falguni Nayar Founder & CEO

FSN Ecommerce Ventures Pvt. Ltd. (FSN) operates an online platform for beauty & wellness products under the brand name “Nykaa”. Incorporated in 2012, FSN offers a range of products and brands at one stop for the young Indian woman (18-35 years) – 35,000 products curated from 350+ brands across the world. The product portfolio comprises a comprehensive selection of makeup, skincare, hair care, fragrances, bath and body, luxury and wellness products. FSN delivers ~35,000 orders per month with over 2 million visitors to the site every month. FSN has also successfully piloted a unique Omni-channel business model by launching its first physical store in Delhi T3 airport terminal in 2014 and plans to open more 3 more destination stores in Delhi, Mumbai and Bengaluru. FSN is promoted by Mrs. Falguni Nayar, who till recently was Managing Director (Investment Banking) at Kotak Mahindra Bank.

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Budget 2016: Important to unlock ways to get fund managers to India: Experts

CNBC TV18 Interview, Feb 11, 2016

The Alternative Investment Funds Policy Advisory Committee (AIPAC) under chairmanship of N R Narayan Murthy, established by the market regulator SEBI is pushing for a more favourable tax environment to and development of alternative investment funds (AIFs).

The Securities and Exchange Board of India (SEBI), in January 2016, released its first report on AIPAC for comments from stakeholders.

AIFs, defined under Regulation 2(1) (b) of SEBI (Alternate Investment Fund) Regulations, refer to privately pooled investment fund in form of a trust or a company or a corporate.

The committee has recommended various measures to unlock domestic capital pools like pension funds, charitable trusts, insurance companies and NABARD.

In an interview with CNBC-TV18, Gopal Srinvasan, CMD, TVS Capital Funds & Vice Chairman of IVCA says that it is important unlock ways to get more fund managers to the country.

There are three main principles through which foreign investors are looked at. “Ease of doing business is the most important principle, certainty in taxation is most important, we should not only bring in the best practice from other countries but India should be bold and setup the next practice in terms of regulation,” he says.

KEC Raja Kumar, Founder & CEO, Ascent Capital says the committee has estimated capital rising to Rs 3,000 crore if the fund managers are brought to India.

Ease of doing business and certainity in taxation are essential issues, says Srinivasan adding that these are the basis to make foreign investors more comfortable in India.

NASSCOM co-founder Saurabh Srivastava believes that it is essential to increase the domestic capital, which will automatically be followed by foreign capital.

Below is the transcript of Gopal Srinivasan, Saurabh Srivastava and KEC Raja Kumar's interview with Latha Venkatesh, Anuj Singhal & Guest Editor Manish Chokhani on CNBC-TV18.

Latha: You understand alternative investments much better. Is this going to be the magic wand that makes make in India happen?

Chokhani: There is no magic wand in India because we are a great country and lots of things happen. There were 28 of us who served on the committee constituted by Sebi under the chairmanship of Narayana Murthy. We had representatives from Sebi, Reserve Bank of India (RBI), the ministry of finance, the tax authorities also came.

The mood was that how do we create an ecosystem which starts encouraging entrepreneurship in India, much in the way which NASSCOM did 25 years ago because time has come when it is a young India. We will have to create more jobs, more employment and more wealth in this country and how can we as an regulators create an environment conducive for that.

Manish: Lay the context and the contours of what we discussed in a committee, the recommendations which are now sitting in front of the government, some of which came out in the Startup India announcement by the Prime Minister and some will now come in the Budget?

Srinivasan: The first thing to note is that alternate investments - venture capital, private equity bring about USD 20 billion of long-term capital to India and along with a capital, they bring a style called capability capital, working very closely with companies.

Companies with venture capital partners (VCP) funding typically generate 15-18 percent more employment and also more taxation as evidence in the recent McKinsey study that was done by us, the IVCA last year. So, it is good that Sebi which I would call them as a listening regulator, essentially commissioned this study under the best possible leadership which is Narayana Murthy.

As Manish said what this study does is basically it looks at it from three or four angles. One, how do you get more capital to GPs or fund managers, how do you also get more fund managers to be comfortable in India.

Most of them are overseas, so 'Atithi Devo Bhava' how do you actually get them into India is also the issue and it also deals with very important issues of taxation and when put together this can give the results.

However, the last thing I want to say is it's been a breakthrough year. This policy where foreign direct investment (FDI) has been allowed in Alternative Investment Funds (AIF) and the ensuing downstream money does not get affected by FDI sector caps, is also another breakthrough the government has done. So this government has been listening also and acting. We hope on February 29 they will act in phenomenal power.

Manish: Pick on this whole theme of bringing fund managers onshore, which the sub-committee spend some time on as well.

Srinivasan: Out of the USD 21 billion, if you look at it.....

Manish: This is per annum. Last year, PE brought in USD 20 billion while foreign institutional investors (FIIs) were exiting and we should make the point that this is a stable long-term capital.

Srinivasan: Very simple number- 40 billion is total long-term capital that came to India Last year. 21 came from VCPE, balance came from strategic FDI and about 2 billion came from IPOs. So that is a total number. So this is the single most form, far more than IPOs.

Manish: Therefore, in a context when this market is selling off and there is fear that the FIIs are running away. I can speak from the foreign private equity investor's point of view and these guys are running local money. I think it is great time because you go and make investments now?

Srinivasan: The answer to your question, from our point of view out of 20 billion about 2 billion odd is rupee capital, about 20 percent about 4 billion is managed by Indian managers like ourselves or many others who have--the manager is domiciled in India but the balance 80 percent is by India based managers with offshore vehicles in Mauritius or Singapore because India is only country that gives zero tax status for foreign investors which is an amazing thing and like a dinosaur it will go away soon.

But, for them to feel comfortable to operate here, we need to give them something called safe harbour, which means they should not be assessed as having to pay Indian tax even though their vehicle is in Mauritius or Singapore.

Actually this kind of fears, Narayana Murthy has put very well, ease of doing business is the most important principle, certainty in taxation is most important, we should not only bring in the best practice from other countries but India should be bold and setup the next practice in terms of regulation. These are the three principles with which we have looked at foreign investors being comfortable to operate in India.

Manish: I will just toss over to Saurabh Srivastava, who is the father of the software industry in some form and we were so glad that entrepreneurship is getting recognized and rewarded in the Padma awards. Saurabh Srivastava did a lot of work in his sub-committee on how to unlock domestic pools of capital, so it could be pension funds, it could be banks, it could be family offices.

Srivastava: Gopal Srinivasan said that USD 20 billion came in, only USD 2 billion was domestic. 90 percent of it is foreign capital. It is very important for us to unlock domestic capital to go into this industry for many reasons.

One of the reasons is when you look at it globally, domestic capital is necessary if you want to fund start-ups early stage because it takes higher early stage risks. Foreign capital takes that but also prefers a lot of late stage risk and although we are survival in foreign capital, if market sentiments change, some of that capital could become scarce.

China started with the same scenario, 50 percent of their capital today is domestic capital. So we have domestic capital, you will have a lot more start-up investments and more foreign capital will follow the domestic capital. So this 20 billion annually can become 50 billion.

So for the start up regime that was launched and some of these suggestions that we had did find their place in there, it becomes very important because globally, studies that have been done in the US show that net new job growth is not done by just established large companies.

It is done by the newer companies that come up and are funded through private equity and venture capital. So it is very important for us to do it. If you look at it domestically then normally the people who invest in this asset class globally, pension funds, insurance companies, educational institutions, those kind of things, in India they are not enabled to do so.

What we have recommended in the committee is that the government should create enabling legislation which says pension funds for example should invest a small portion of the capital --3-5 percent in this asset class. For insurance companies this is exactly the right kind of risk, it is longer-term, banks, for example by saying that this is priority investment, the capital market exposure norms shouldn’t come into it.

So, we create a domestic asset class and we encourage family offices for example to also put money in these asset class. We would like HNIs to do this rather than buy the next farm house that puts property prices up, they should put money in here and governments around the world have done that. In the US, in the UK even till today Angel investing in the UK, you get 30-50 percent tax credits. We have section 56, which taxes that investment. So there is a lot of room for us.

Manish: in fact, capital may be treated as business income in the hands of the company. So that just leads me to Raja Kumar who in his previous avatar, spent time as a tax officer as well. So, he is very into the subject. He now runs asset capital which does a series of great investments. You want to take us through some of the recommendations we made around taxation which really is the bug-bear for most of the community?

Kumar: To present a big picture, macro view to the policy makers, the tax planning guys, our committee has done, analysed to figure out where is the tax potential in venture capital, private equity asset class. And we figured out there are three entities, the fund manager, the fund and the fund backed portfolio companies.

These are three entities where tax generated and we came out with estimates that about 85 percent of the tax is generated at the venture capital, private equity backed portfolio companies.

Only 5 percent of the tax potential exists at the fund level and about 10 percent potential, tax potential exists at the fund manager level. And, it is the fund backed portfolio companies which are robust tax generating entities. They generate tax annually, recurring taxes.

Now, typically, private equity funds, venture capital funds, they have losses, they have exempt income, they exit sometimes through public markets, and also they make capital gains typically once in 12 years or 10 years.

So, if there is only 5 percent in the tax potential at the fund level, why is that the taxation, the tax policies are so cumbersome for the alternative funds, especially SEBI registered alternative funds. So, this is particularly a reason why 90-95 percent of the funds have chosen to get located offshore. So, to bring them home, with a lot of good intentions, the current government has proposed safe harbour norms, but the details and conditionalities stipulated are very cumbersome and impractical to actually follow.

And our committee has recommended small tweaking, small changes in safe harbour norms so that we can bring the fund managers from the offshore to the onshore and it can give a new tax realisations. We estimated about Rs 3,000 crore per year is possible if fund managers can actually move to India.

Then also, I would like to say few things about the pass through which our industry has been asking for. Mutual funds, real estate investment trust or pooled investment vehicles, the regulated entities by SEBI, there is a clear one level taxation for the mutual funds.

In the case of our asset class, the most cumbersome tax laws have been put in place where the fund has to pay tax on certain heads of income, then it has to pay 10 percent withholding tax, then investors also have to pay tax.

Pass through is not a tax exemption at all. Pass through is something which is very much consistent with the Indian tax policy. Pass through will simplify taxation, will enable more addition of capital to Indian funds, will also create more pooling of capital from the domestic investors into Indian funds.

Also one more point to say here is that the category III alternative investment funds are also eligible for pass-through and there is logic or rationale or justification to deny pass through for category III funds.

We came out with another alternative approach of taxation that is called securities transaction tax (STT) approach. Every distribution made by alternative investment fund will be subjected to STT so that the income can be tax free in the hands of investors. STT is the same for both fund investors and also Indian investors.

Manish: What are your closing remarks?

Srivastava: I just wanted to make one last point at closing which is that what we are proposing on unlocking domestic capital is very key to the startup India launch. We announced a fund of funds so, Rs 10,000 crore.

However, this fund will actually take 15-20 percent of the corpus of funds that get created to invest in startups. Where will the 80 percent money come from? Unless we make more domestic capital available, so that  Rs 10,000 crore will not be effective unless we make some of these changes.

Last one, I would just make is that today investing in private equity, venture capital in unlisted companies in particular is immensely more risky, is illiquid but it creates new jobs. However, we seem to treat this less favorably then investment in the stock market through foreign institutional investors (FIIs). We really should align the capital gains tax regime for both of these investments. If not make it better for this at least make it the same.

http://www.moneycontrol.com/news/market-news/important-to-unlock-ways-to-get-fund-managers-to-india-experts_5422421.html

Industries Secretary promises unique startup policy in TN - CII Startupreneurs 2016

Hindu, Feb 11, 2016

The Tamil Nadu government’s startup policy is at various levels of discussion. “The government is talking to stakeholders. The policy can’t be a replica of other states. It has to be a unique policy pertaining to Tamil Nadu,” said State Industries Secretary, C.V. Sankar, at the sidelines of the second edition of Startupreneurs 2016, a conference for startup companies and budding entrepreneurs, organised by the Confederation of Indian Industry (CII).

Delivering his inaugural address, Mr. Sankar said that entrepreneurship is embedded in the culture of Tamil Nadu and it is manifest in several towns like Sivakasi (printing), Tirupur (knitting) and Ambur (leather clusters) and others.

Gopal Srinivasan, Chairman and Managing Director, TVS Capital Funds Limited, told entrepreneurs, “Build whatever business you enjoy doing and be really good at it. Do not worry about valuation nor worry about failure. Even if you fail be flexible and graceful.”

Arun Jain, Chairman and Managing Director, Intellect Design Arena Ltd, said that entrepreneurship was a 15-year journey, a persistent and sustained journey. The focus of CII Startupreneurs 2016 was to create a platform for start-ups, potential investors and venture capitalists.

There were more than 250 participants and more than 85 startups showcased their products.

Anand P Surana, Chairman, CII Startupreneurs 2016, said there were thousands of individuals who required guidance and that was the whole idea of organising this event. “Entrepreneurs are the change agents and they make things happen,” he added.

 

http://www.thehindu.com/news/cities/chennai/industries-secretary-promises-unique-startup-policy-in-tn/article8220857.ece

 

 

Need strong pool of local fund managers, capital

Economics Times, Feb 01, 2016

There is a Silicon Valley adage that successful investors should stick to the “one hour” rule, fund startups that are within a 50-mile radius. But Indian startups today operate at the other extreme. They are attracting a flash-flood of capital from global funds, the bulk of which originates from distant shores.

It is a pity that less than a tenth of the venture capital and private equity investments in Indian startups is domestic.

In addition, 85% of AIFs are managed from offshore locations. Such long-distance relationships don’t really work in venture funding. It impairs the quality of investment choices managers make and their ability to take on the important hands-on role in investee firms.

For India’s startup boom to throw up resilient ventures that can outlast competition, we need two enabling factors. One is a strong local base of exceptional fund managers, and to also embrace the principle of Athithi Devo Bhava for foreign fund managers who want to onshore to India. Two, we need a sustainable pool of domestic risk capital that has a deep understanding of the Indian ethos.

Sebi is a ‘listening’ regulator. It has taken steps to encourage India-based alternative investment funds, as has the finance ministry. But more is needed for the “manage in India” juggernaut to roll. The Sebi-constituted advisory committee chaired by NR Narayana Murthy has taken a principle-based approach to re-imagine the regulations.

First, taking the view that consistency on taxation is essential, it asks for alternative investment funds to be treated as passthrough investment vehicles and never as business entities in themselves.

It argues that exempt investors in such funds be freed from withholding tax and that their returns not be treated as business income. It also aims to make these investors eligible for beneficial rates-in-force under the Double-Taxation Avoidance Agreement.

Second, as ease of doing business can only come with trust, it demands a fool-proof safe harbour from permanent establishment for India-based managers of offshore venture and private equity funds.

Arguing for greater operational freedom on matters such as investor diversification, management control and arm’s length remuneration, it is seeking oversight based on the ‘prudent man principle’ (that a fiduciary must function as a prudent person would).

Third, recognising that startups will need a steady supply of risk capital, the committee argues for domestic institutions such as pension funds, life insurers and banks to contemporise their risk philosophy and dip their toes into AIFs. Currently, a blunt-instrument approach of minimum investment of Rs 1 crore is used to protect investors.

The committee recommends a globally accepted approach of basing the assessment on the ability and income of the investor, rather on the investment. This ensures that the right people invest, and get the requisite diversification. This plants the seed for a framework across diverse financial instruments, such as peer-to-peer lending.

It argues that given the riskiness and long-term nature of the AIF capital, these investors, at the very least, deserve parity with public market investors on taxation.

If these measures are implemented, it is estimated that the annual VC/PE flows into India can vault from the current $20 billion to $50 billion, with the proportion of India-based managers likely to treble.

Just imagine the enormous spill-over effects of this on job creation, GDP growth and tax collections. Why use tax subsidies for Mauritius or Singapore-domiciled funds, when such on-shoring is within reach? Over 2,000 young men and women gave a rousing reception to PM Modi when he flagged off the Stand-Up-Start-Up-India initiative a few weeks ago.

Let those young entrepreneurs not be denied their rightful opportunities, just because CBDT is haunted by the ghosts of roundtripping or tax evasion by large corporates that it has grappled with in the past.

(The writer is the chairman of TVS Capital, and a member of Sebi’s AIPAC)

Private equity | Industry builds on a path-breaking year

LiveMint, Jan 04, 2016

One hesitates to use clichés, but the term that best describes the year 2015 for the Indian venture capital (VC) and private equity (PE) industry is “path-breaking”. The credit for this has to go squarely to two factors. India’s vast potential in terms of market opportunity and talent, which has created such a thriving ecosystem for start-ups. Even his critics will give credit to a development-oriented prime minister, whose big vision on economic growth has only been matched by his execution capability.

With the Indian economy attracting global attention, a record $12.75 billion in new money flowed into Indian VC/PE industry, with emphasis on start-ups, in the first 10 months of 2015. Inflows in 2015 are now on course to comfortably exceed and perhaps double the annual run rate of $7-10 billion of alternative investment fund money that the country has managed since 2007. This is certainly good news as, unlike volatile portfolio investors, PEs/VCs are long-term investors who stay invested for a minimum five-to-seven years in their investee firms, and chip in both with taxes and job creation.

Policy triggers

In the past year, the strident growth in entrepreneurship has definitely fired the imagination of policymakers, too. The centre flagged off its “Start-up India, Stand-Up India” policy in December. Ahead of that, Foreign Exchange Management Act (FEMA) rules were significantly relaxed to allow domestic alternative investment funds (AIF) to receive contributions from overseas investors, without prior approvals.

Whatever be the mix of funds in an AIF, its downstream investments will now be treated as domestic capital, and not affected by foreign direct investment (FDI) sector caps.

This can unleash a positive tsunami of change for the AIF industry. One, FDI restricted sectors with investment caps or other conditions in place will now be able to tap into a large new pool of capital via venture funds. Two, the best of fund managers will now have an incentive to locate their operations onshore and to “Manage in India”. They will no longer have to resort to offshore fronts in tax havens just for the purpose of tax arbitrage.

Thanks to these triggers, the influx of AIF money into India looks set to accelerate in 2016.

Early warning signs

While the inflows have been at a high, not all sectors have been equal beneficiaries of this flash flood of risk capital.

According to the Indian VC and PE Report 2015 from IIT Madras, just a handful of sectors have grabbed 40% of new investments in the last two years—Internet, mobile, e-commerce and IT/ITeS.

In the West, where tech start-ups have been attracting venture capital, glowing reports about unicorns (start-ups with billion dollar valuations) have lately begun to give way to mutterings about “zerocorns” (start-ups that lose value as quickly as they gained it). A recent Zerohedge post drew attention to the fact that the valuations of once-hot start-ups such as Dropbox, Snapchat and Square are likely to be marked down by the public markets, in their upcoming initial public offers.

These are clear signs that globally, the hype and excessive optimism surrounding tech start-ups is beginning to wane. This is, in fact, a healthy development for India’s tech start-ups that are still in their nascent stages. The early warning on cash burn and undifferentiated business models can help them make mid-course corrections that ward off a large-scale implosion at a later date.

Going ahead, enterprises with truly differentiated business models, which pay attention to unit economics (whether the firm has the potential for profit at the transaction level) may win over vanilla e-commerce firms that simply rely on ad-splurge and scale, to draw in successive rounds of funding. Entrepreneurs focused on creating valuable businesses and not just obsessed with valuations alone, will be in demand.

Way forward

For the industry, the unfinished agenda on taxation is expected to see the light of day in 2016. A few tweaks are critically required in the new pass-through taxation system for it to work efficiently.

The proposed withholding tax, for instance, should not be levied on exempt categories of investors covered by tax treaties, for whom rates in force should apply. And the tax authorities need to clearly see the fact that a fund itself is only a pooling vehicle and, hence, not treat it (it’s income) as business income.

In addition, here is a parting thought. India now has a uniquely friendly tax regime in place for foreign portfolio investors (FPIs), with FPIs exempt from minimum alternate tax (MAT) and enjoying a zero tax rate on their long-term capital gains if they transact in listed securities. In comparison to FPIs, the PE/VC industry certainly brings in far more patient capital that contributes directly to both nation building and job creation.

Therefore, isn’t it only logical and fair that the AIF industry in India should be deserving of the same tax regime that the mercurial FPIs are effortlessly able to access?

Gopal Srinivasan is chairman, TVS Capital Funds, and vice-chairman, Indian Venture Capital Association.

 

http://www.livemint.com/Opinion/XY1AAXKGe4JNZrae3rethM/Private-equity--Industry-builds-on-a-pathbreaking-year.html

 

Gopal Srinivasan: Isn't liberalisation meant to be liberal?

Business Standard, Dec 21, 2015

 The new AIF rules lay down the red carpet for foreign investors to make a grand front-door entry into the booming Indian start-up space

The often attracts criticism for smothering in red tape and making them walk over hot coals when they try to invest in the country. It is, therefore, an irony that having untangled the complex rules for foreign investors in (the official term for private equity and venture capital funds, henceforth referred to as AIF), the government should be chided for being "too liberal" and offering a "back-door entry" to foreign investors.

In reality, there is nothing "back-door" or covert about the recent of foreign investment rules pertaining to AIFs. The new rules simply lay down the red carpet for foreign investors to make a grand front-door entry into the booming Indian start-up space.

The facts are simple. In November, shortly after it announced a package of measures to relax sectoral foreign direct investment (FDI) restrictions, the government liberalised the ground rules for AIFs operating in India.
 

The changes were threefold. AIFs investing in India were allowed to receive contributions from overseas investors without prior approval from the Foreign Investment Promotion Board. The vehicle was green-flagged for NRI investors, who remit about Rs 8 lakh crore annually into bank deposits in India. And most important, downstream investments by India-sponsored and managed AIFs, whatever be their mix of rupee and dollar funds, were exempt from all sectoral caps and conditions. This means that such AIFs can now pool in dollars to redeploy them into FDI-restricted sectors such as e-commerce, multi-brand retail trade or defence.

These sectors, due to their mandated need for, and yet non-availability of domestic capital, have had to take recourse to multi-layered holding companies to appear as Indian-owned, even as their capital is actually pooled in Singapore or Mauritius. Thanks to the disentangling of these rules, Indian AIFs may also witness manifold expansion in their capital flows.

Quick number-crunching based on industry and data shows that in the first nine months of 2015, Indian asset managers invested about $2.45 billion in domestic opportunities, with nearly two-thirds of that money routed through offshore structures. With the simplification, domestic AIFs (who invested $850 million) can easily see their assets treble, translating into a total commitment of $7-8 billion that will make it to Indian shores.

The opportunity could be much should the Centre eventually consider further liberalisation of its AIF rules that allow India-focused foreign firms to sponsor or manage vehicles here. Besides boosting further flows, the move is critical for nurturing local fund management talent - the lifeblood of the fund management business.
 

With the definitions of AIFs "managed" and "sponsored" in India clearly laid out, AIF managers can use simple operating structures. They will no longer have to lead a make-believe life as "offshore" investors, with operations artificially located in Mauritius or Singapore and convoluted mechanisms to prove that "decision-making" resides there. This will result in a welcome trend of more AIFs onshoring their operations to India.

Fund management, in the AIF context, is a hands-on activity. Value creation for venture capital/private equity investors rests wholly on the ability of the general partners (fund managers) to actively participate in the strategic and management decisions of their investee firms over five to seven years so that they can drive scale and better governance practices.

Today, India's start-up economy is thriving because it has hundreds of intrepid entrepreneurs with disruptive ideas, keen to strike out on their own. For the best ideas among these to win, we also need a pool of capable managers who can sift the true innovators from the also-rans. That can only be achieved if AIFs are incentivised, as they are now, to "manage" in India.

The impression that relaxing the rules for AIFs somehow gives a privileged set of foreign investors a back-door entry into FDI-restricted sectors such as e-commerce, multi-brand retail or defence is also wrong. History shows that as a source of capital flows into the country, foreign portfolio investors can be quite mercurial. Running a standard deviation analysis of foreign institutional investor flows into India in recent years shows that they have been about 14 times as volatile as the Nifty! While portfolio investors may base their commitments or pullouts on a short-term view of currency and market movements, AIF investors per force lock in their investments for five to seven years.

Going by experience, this means assuming a 50 to 60 per cent risk to capital on rupee depreciation alone. Add to this the illiquidity needed for AIF investments to mature into distribution, and there's an overall risk premium of 70 to 80 per cent that AIF investors are called upon to bear. In return for taking on this extra risk on illiquidity and exchange rates, there seems to be no harm in extending some concessions by permitting AIF investors to invest in restricted sectors.

If you look at some of the most successful multinationals in India, many have their origins in the relaxations made by the (Fera) in the 1970s. In 1973, in a fit of nationalist sentiment, rules forced all multinationals stationed in India to dilute their foreign ownership and cap their parental equity stakes at 40 per cent in their Indian arm.

Wiser counsel prevailed even then and multinationals operating in technology-intensive, export-intensive and core-sector industries were allowed to retain higher ownership stakes of 74 per cent. A selective licensing regime was instituted for technology transfer and royalty payments and applicants were subjected to export obligations.

We live in far more enlightened and liberal times. Any move to throw open the doors for long-term foreign investors who can bring in technology, skill and dollars into our capital-starved economy deserves celebration, rather than censure.

 

http://www.business-standard.com/article/opinion/gopal-srinivasan-isn-t-liberalisation-meant-to-be-liberal-115122000637_1.html

 

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