We are among India’s largest Rupee capital funds with more than 15 years’ experience in the growth equity business
Since its beginning in 2007, TVS Capital has been anchored on the philosophy of partnering “next-gen” entrepreneurs, their building scalable and successful businesses. TVS Capital Funds is dedicated to backing businesses that align with India’s growth story. The platform focusses on portfolio value creation by bringing in capability through its vast network of industry leaders, advisors and partners.
TCF was founded by Gopal Srinivasan, a third-generation entrepreneur of the TVS Family with a vision to provide financial and capability capital to Empower India’s NextGen entrepreneurs.
The TCF team consists of an experienced investment team with deep sectoral knowledge, supported by an eclectic ecosystem that works with them in supporting entrepreneurs in building businesses. The team is currently actively investing from TCF’s 3rd fund, TVS Shriram Growth Fund 3, which has commitments of ~₹1,900 crore.
TVS Shriram Growth Fund 3 is backed by key domestic financial institutions, family offices and high net worth individuals, many of whom have been associated with TCF since inception. It is noteworthy to mention that entire gains generated through our investments from the Fund stay in India.
We are among India’s largest Rupee capital funds with more than 15 years’ experience in the private equity business.
TVS Capital Funds (TCF) is one of the leading Indian growth private equity funds. Since its inception in 2007, TVS Capital has been on a mission to partner “Next-Gen” entrepreneurs in building successful multi-decadal businesses. TCF was founded by Gopal Srinivasan, a third-generation entrepreneur of the TVS family, as a “Designed for India” fund and is a pioneer in the Indian growth equity industry.
We have a successful track record across three funds, investing in more than 35 companies and successfully exited 2 funds. Our track record is a result of our investment philosophy, disciplined and well-governed investing process, the Capability Capital we provide our investee companies and the robust platform support we provide to our investment team.
The team is currently actively investing from the 3rd fund, TVS Shriram Growth Fund 3, which is a wholly domestic capital fund. We will be shortly launching our 4th fund. We are grateful for the support of a diverse spectrum of investors – financial institutions, family offices and HNIs, many of whom have been associated with TCF since inception.
Interested in building a career with TCF?
At TVS Capital, we are always looking for talented and motivated people who will work with us in empowering the next gen entrepreneurs.
Our Investment Philosophy
Our investment philosophy formulated at inception and honed over the past 15 years, has been core to our performance.
- Best Ideas Based Investing – We believe in investing in the best ideas in our focus sectors, which has a direct impact on risk-adjusted returns. In order to identify the best ideas in our sectors, the team follows a thematic approach, mapping every sector into themes and sub-themes, and identifying sharp investment themes within these.
- Top Founder Quality – We partner with the best next-gen entrepreneurs, who we refer as “AAA” as per our proprietary founder assessment model. In our experience, the best founders are entrepreneurs who demonstrate Ambition to scale the business, Ability to Attract & retain top-quality talent and Ability to execute.
- Multi Decadal Business Attractiveness – As long term growth investors, we develop a multi-decadal view of the scalability of the business. We develop this through a full understanding of the business done using our proprietary methods
- Active Engagement through Capability Capital – We work alongside our entrepreneurs and their teams in business building. The TCF team along with our diverse network of advisors engage extensively with the company, to guide, support and drive strategically important areas, including preparing the company in its path towards an IPO.
We follow an eclectic approach to investing. This necessitates continuous learning and improvisation in strategy based on changing market opportunity & dynamics and also our own learnings from previous funds.
As a “made for India” fund, we primarily invest in sectors which align with 5 macro drivers supporting the growth of the nation to a 10 trillion USD economy:
Our primary investment themes are Financial Services & B2B Software and Services, which are two areas that we expect will benefit significantly from the macro tailwinds outlined above.
As mid-market growth investors, we invest across the companies’ stages of growth – straddling from early growth to late-stage growth and the pre-IPO stage. This pragmatic approach to stage of investment provides us a wider investment canvas while delivering an optimal risk-return profile to our client partners.
Idea based Investing
- Thematic approach to identifying best ideas
- Proactive origination at the core
Top Founder Quality
- AAA entrepreneurs: Ambition, Ability to attract talent & Ability to execute
- Consistently raising the bar on founder quality
Multi-Decadal Business Attractiveness
- Based on full understanding of the business
- TCF proprietery 1080 model to develop a view
Active Engagement
- Capability Capital: Wide & deep advisors’ network to drive business value
- Leadership team expertise brings ability to influence across stages
~64 mn households to enter middle class in next 10 years
JAM, GST, UPI, OCEN and ONDC to propel innovation
Mfg. to grow to 25% of GDP by FY31
25% of global workforce by’ 2025
3rd largest start-up hub, 99,000+ registered start-ups
Our Sector Focus
Based on an assessment of current macro-economic conditions and our strengths, we have identified the following as focus sectors for the fund:
Financial Services
Technology
Within each focus sector, we have identified and established specific categories based on GICS 1 which we use to map out opportunities within our Research & Origination (R&O) framework
Details of Active Schemes
| Name of the Fund managed | TVS Shriram Growth AIF Trust | TVS Shriram Growth AIF Trust II |
| Name of the Scheme | TVS Shriram Growth Fund 3 | TVS Shriram Growth Fund 4 |
| TVS Shriram Growth Fund 4A | ||
| SEBI Reg. No. | IN/AIF2/17-18/0503 | IN/AIF2/23-24/1429 |
| Category of AIF | Category II | Category II |
| Name of Investment Manager | TVS CAPITAL FUNDS PRIVATE LIMITED | TVS CAPITAL FUNDS PRIVATE LIMITED |
| Name of Sponsor | TVS INVESTMENTS PRIVATE LIMITED | TVS CAPITAL FUNDS PRIVATE LIMITED |
| Name of Trustee | VISTRA ITCL (INDIA) LIMITED | AXIS TRUSTEE SERVICES LIMITED |