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

Gopal Srinivasan is a third generation family member of the TVS Group, which is a $ 4 Billion (revenue) family owned automotive businesses, now in its 100th year of service to its customers, societal stakeholders and shareholders.

Gopal is the Founder of TVS Capital Funds Limited, with the vision of supporting and nurturing India’s mid-cap businesses into world-class companies. TVS Capital manages assets of over ₹ 1,100 crores of domestic capital, which makes it amongst the largest rupee funds in India.

Gopal has been a strong advocate of participation of domestic capital pools in private equity and venture capital funds, and actively supports initiatives for that cause as Chairman of the IVCA (Indian Private Equity & Venture Capital Association).

Gopal was the Chairman of Confederation of Indian Industry’s (CII) National Committee for Private Equity & Venture Capital for the two-year period 2009-2011. He was also the Chairman of CII’s Tamil Nadu State Council for the year 2007-2008.

Over an entrepreneurially oriented career spanning 25 years, Gopal has founded several companies operating in diverse sectors including TVS Capital Funds Limited and TVS Electronics Limited, whose boards he chairs. He is also a Director in TVS & Sons Ltd, the holding company, and on the Board of several Group Companies.

An entrepreneur at heart, Gopal is also actively involved in the promotion of entrepreneurship as an avid angel investor. He is a founding member of “The Chennai Angels”, Chennai’s premier Angel Investor network. Gopal is also the Chairman of Board of Governors at Forge CIBI (a Technology Accelerator & Incubator), hosted at the Kumaraguru College of Technology.

Gopal is also passionate about supporting management education. He serves on the Governing Council of the Loyola Institute of Business Administration (LIBA), Chennai. Previously, he had also served on the Boards of two other Business Schools, the Great Lakes Institute of Management and the Institute for Financial Management and Research (IFMR). He serves on the Provost’s Advisory Committee of the University of Michigan.

Gopal earned a B.Com from Loyola College, Chennai and an MBA from the Graduate School of Business, University of Michigan, Ann Arbor, USA.

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 s raghavan

R S Raghavan

Executive Director & Chief Financial Officer

R S Raghavan has over 35 years of experience including more than 17 years in the Group companies.

R s raghavan

R S Raghavan

Executive Director & Chief Financial Officer

Mr.  R S Raghavan is a finance professional with more than 35 years experience in the manufacturing and financial services industry (including more than 17 years in the group). He has handled various corporate functions including mergers, amalgamations, capital structuring, fund raising, credit rating  governance and compliance matters

Raghavan is a Chartered Accountant, Cost Accountant and 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

Vice President

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

Chetan

Chetan Naik

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.

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

Gibin1

Gibin Kollamparambil

Analyst

Gibin S Kollamparambil has 2.5 yrs. of experience in equity research and corporate finance advisory roles

Gibin1

Gibin Kollamparambil

Analyst

Gibin S Kollamparambil has 2.5 yrs. of experience in equity research and corporate finance advisory roles. Prior to joining TVS Capital, he worked with M&A advisory team at Ambit Corporate Finance, Mumbai
He completed his B.Tech from National Institute of Technology, Calicut.

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

Gopal Srinivasan is a third generation family member of the TVS Group, which is a $4 Billion (revenue) family owned automotive businesses, now in its 100th year of service to its customers, societal stakeholders and shareholders.

Gopal is the Founder of TVS Capital Funds Limited, with the vision of supporting and nurturing India’s mid-cap businesses into world-class companies. TVS Capital manages assets of over ₹1,100 crores of domestic capital, which makes it amongst the largest rupee funds in India.

Gopal has been a strong advocate of participation of domestic capital pools in private equity and venture capital funds, and actively supports initiatives for that cause as Chairman of the IVCA (Indian Private Equity & Venture Capital Association).

Gopal was the Chairman of Confederation of Indian Industry’s (CII) National Committee for Private Equity & Venture Capital for the two-year period 2009-2011. He was also the Chairman of CII’s Tamil Nadu State Council for the year 2007-2008.

Over an entrepreneurially oriented career spanning 25 years, Gopal has founded several companies operating in diverse sectors including TVS Capital Funds Limited and TVS Electronics Limited, whose boards he chairs. He is also a Director in TVS & Sons Ltd, the holding company, and on the Board of several Group Companies.

An entrepreneur at heart, Gopal is also actively involved in the promotion of entrepreneurship as an avid angel investor. He is a founding member of “The Chennai Angels”, Chennai’s premier Angel Investor network. Gopal is also the Chairman of Board of Governors at Forge CIBI (a Technology Accelerator & Incubator), hosted at the Kumaraguru College of Technology.

Gopal is also passionate about supporting management education. He serves on the Governing Council of the Loyola Institute of Business Administration (LIBA), Chennai. Previously, he had also served on the Boards of two other Business Schools, the Great Lakes Institute of Management and the Institute for Financial Management and Research (IFMR). He serves on the Provost’s Advisory Committee of the University of Michigan.

Gopal earned a B.Com from Loyola College, Chennai and an MBA from the Graduate School of Business, University of Michigan, Ann Arbor, USA.

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. 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.

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.

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.

Portfolio logos resize 30 12 dts chilis

Texmex Cuisine

Investment Month: January 2013 Sector: Food
Visit Site

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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Gopal Srinivasan appointed as new chairman of IVCA

Business Standard, Apr 05, 2016

Gopal Srinivasan, chairman, has been appointed as the new of Indian Private Equity & Venture Capital Association (IVCA).

At a meeting of its executive committee, Sanjay Nayar, the outgoing chairman of the Indian Private Equity & Venture Capital Association (IVCA), announced its new office bearers.

Srinivasan, chairman, TVS Capital will be the chairman of IVCA, and Padmanabh Sinha, managing partner, Tata Opportunities Fund will be the new vice-chairman.

Srinivasan said: "has been instrumental in supporting the major reforms made in this year's budget for ensuring a greater flow of long term private equity and venture capital in India and ease of doing business for the industry. There is a lot of work remaining with LPs, emerging GPs and the Start-up industry; and that's the developmental agenda for IVCA".

On his new role as Vice-Chairman of IVCA Padmanabh Sinha said: "India has excellent prospects for private equity and venture capital. The development of India's domestic alternative investment fund industry is a priority for the government and we whole heartedly support such reforms to encourage the growth of the domestic industry under the aegis of the IVCA".

http://www.business-standard.com/article/markets/gopal-srinivasan-appointed-as-new-chairman-of-ivca-116040400699_1.html

 

PE & VC industry body IVCA names Gopal Srinivasan chairman

VC Circle, Apr 05, 2016

The Indian Private Equity & Venture Capital Association (IVCA) has elevated Gopal Srinivasan as its new chairman to replace Sanjay Nayar.

Srinivasan, chairman and managing director at TVS Capital, was earlier vice chairman of the industry body.

Nayar, India CEO of global alternative investment giant KKR, was appointed as the IVCA chairman in June last year.

The industry body has also appointed Padmanabh Sinha, managing partner at Tata Opportunities Fund, as its vice chairman.

The IVCA elects its executive committee for two years. As per the norms, the vice chairman automatically takes over as the chairman the following year.

Besides the chairman and the vice chairman, the new executive committee comprises Munish Dayal, partner at Baring Private Equity Partners India; D Muthukumaran, CEO at Aditya Birla Private Equity; Shankar Narayanan, managing director and co-head of Asia at Carlyle Growth Private Equity Business; and S Srinath, CEO at Oman India Joint Investment Fund.

Srinivasan said the IVCA had been instrumental in supporting major reforms made in this year's budget for ensuring greater flow of long-term private equity and venture capital in India.

Sinha said India had excellent prospects for private equity and venture capital and that the development of India's alternative investment fund industry was a priority for the government

Founded in 1993, the Delhi-based IVCA is a platform for investment funds to interact with each other. Its members comprise venture capital and private equity firms, institutional investors, banks, incubators, angel groups, corporate advisors, accountants, lawyers and other service providers in the industry.

 

http://www.vccircle.com/news/alternative-investment/2016/04/04/pe-vc-industry-body-ivca-names-gopal-srinivasan-chairman

 

 

Not sops but a vast playing field of opportunities: Gopal Srinivasan

Business Standard, Mar 02, 2016

Government approved start-ups will now be eligible for an income tax holiday for three consecutive years during their first five years of operation

 

By now, the headline proposals in Finance Minister (Arun) Jaitley's third Budget have been analysed to death, and the details gone over with a fine-tooth comb. On first impressions, this Budget seems wholly in line with the Prime Minister's vision of 'Sabka Saath Sabka Vikas': Large increases in social and agricultural outlays, emphasis on infrastructure building, and protection from risk to the 'aam aadmi' through inclusive crop and health schemes. Funding for all this has been found in part by levying Robin Hood taxes on the wealthy.

For the AIFS (venture capital/private equity sector), the Budget left everyone a little unhappy but not too unhappy, as is won't in Indian family settlement. For start-ups, the Budget has delivered on the PM's promises made during the start-up event on January 16. Government approved start-ups will now be eligible for an income tax holiday for three consecutive years during their first five years of operation. For investors in start-ups, the long-term capital gain arising out of sale of any asset, when invested in specified funds (up to Rs 50 lakh per fund) or in their own start-ups, has been exempted from tax. Innovation has been given a push, with a low tax rate of 10 per cent for income from global use of patents registered in India. There have also been promises of amendments in the Companies Act to improve the enabling environment for start-ups.


But, the budding start-up system cannot and should not be built entirely on an edifice of tax give-aways. Sops inevitably create saps. Given the cut-throat competitive landscape in which today's start-ups need to thrive, success depends solely on a sharply honed competitive edge, built on passion, capability and business smarts, not subsidies.

This is where the real point of this Budget becomes evident. It has scores of proposals that don't only help out the Bharatiya Janata Party's core constituency of the MSME (micro, small and medium enterprises) owner but also opens new fields for exploration for his sons and daughters looking to foray into entrepreneurship. A tidal wave of exciting opportunities will come from initiatives that underpin the Rs 80,000 crore (20per cent) increased allocation for agriculture, the rural sector, the social sector and infrastructure.

Some real examples are: A unified agricultural e-market (by amendment of the APMC act), which will arm farmers with direct, disintermediated access to national marketplaces; the Digital Literacy Mission to cover 60 million additional households along with entrepreneurship education and training through MOOCs; digital depositories for academic documentation; new health insurance scheme to provide cover for one-third of the population of India at the base of the pyramid. The addition of 10,000 km of national highways and 20,000 km of state highways, coupled with the opening up of road transport sector from 'Sarkari' (state) control now makes the vast market of bus transportation (60 per cent of all transport in India) accessible to every entrepreneur.

These are the opportunities the reforms should unleash for capable start-ups, which could be funded by the many start-up funds seeded and incubated by the Rs 10,000-crore India inspiration fund, the government-sponsored fund of funds.

Effectively, therefore, these measures ensure the playing field for home-grown start-ups has the potential to go up by an order of magnitude, from the 100 million people living in 'India', to a billion more people who live in 'Bharat'. The hidden message of the Budget is now quite obvious. It has opened a magic door of opportunity, whose promise enthralled the 2,000 young men and women who gave Modi a rousing reception at his speech at the 'Start Up India, Stand Up' initiative conclave in January.

 

http://www.business-standard.com/budget/article/not-sops-but-a-vast-playing-field-of-opportunities-gopal-srinivasan-116030200023_1.html

 

 

Well begun, but...

Business Line, Mar 01, 2016

Jaitley has been justifiably frugal to industry, investors and markets

All Union Budgets are tightrope walks, but this one saw the Budget balanced on a knife’s edge. Multiple, critical sections of the economy cried out for nation building, even while the economy punditry issued warning after warning on not crossing the red line on fiscal deficit.

This tug-of-war explains why the finance minister has been so frugal with his attention to industry, investors and to stock markets in this budget, mostly fobbing them off with procedural simplifications and the promise of a friendlier interface with the tax department.

His focus on long-term nation-building activities such as agriculture, rural development, social welfare and infrastructure have rightly received the lion’s share in the policy attention and budget allocation which capture the Prime Minister’s Sabka Vikas vision, while building the economic backbone by promising to rejig the fiscal responsibility and budget management (FRBM) framework as well as amend the RBI act to legislate the new monetary policy committee.

VC/PE cautious

While many segments, especially the masses of India cheered this budget, there was only restrained applause from the venture capital-private equity (VC/PE) industry. The theme of ‘Start Up India, Stand Up India’ was a recurring leitmotif in the past year.

Policymakers on this front have been highly engaged with the entire spectrum of leadership at the finance ministry and the Central Board of Direct Taxes, partly through SEBI’s Alternative Investment Policy Advisory Committee report, as well as the interactions of the Indian Private Equity and Venture Capital Association. Hence expectations were very high.

All of them focussed on the sole objective of making the vital fuel of entrepreneurship for startups to grow through the magic of capital and capability provided by VC/PE funds. This year India saw over $20 billion of VC/PE funds of which 85 per cent came through offshore funds. There is an old adage in any family settlement in India, everybody should be little unhappy, but not entirely unhappy with the conclusion. The FM has truly delivered on that theme.

Of the four important suggestions of the industry, two received favourable outcomes. The FM delivered on making FDI investments in alternative investment funds (AIF) to be tax efficient.

Withholding tax for FDI in AIF is now based on the rates in force (investors from Singapore and Mauritius would not be taxed) and the recent announcement permitting PFRDA (Pension Fund Regulatory and Development Authority) funds to invest in VC/PE would also not suffer any withholding tax.

Short of targets

The industry advocated for parity in taxation between liquid listed investments and the riskier, illiquid investments that AIFs make. There was a step in the right direction towards the half-way mark, of reducing the period of holding from three to two years; but yet a year short of the one-year holding period required for listed entities.

On the important aspect of “safe harbour”, an item they can only be achieved through the Finance Bill, there was a deep disappointment. The FM has used the word “certainty” in his speech, and this was the one big certainty the industry had asked for, but were left wanting.

This would mean that an India-based fund manager of an offshore India-focused fund could be asked to pay tax as if the income were earned in India even though the fund was based in a tax exempt location, say, Mauritius.

The FM also failed to give comfort to the Indian AIFs that their income will only be taxed as investment income and never as business income. However, this can be potentially ameliorated through an administrative notification and perhaps given the progressive tone on simplification, one can hope to see this during the year.

Coming to the most important aspect of startup and MSME companies, the PM’s vision was fully delivered by the FM. The startups are eligible for tax holiday for three consecutive years of assessee’s choice.

Also, the long-term capital gain arising out of sale of any other asset, if invested in a specified fund or as subscription to shares of startup companies would be exempt from tax.

Modi’s speech at the ‘Start Up India Stand Up’ initiative conclave in January got a rousing reception from over 2,000 young men and women. His most important contribution has been his ability to convince the young people (and their old-school parents) that failing at entrepreneurship is not a stigma that will stay with you for the rest of your life.

The writer is the chairman of TVS Capital Funds, and the vice-chairman of the Indian Venture Capital Association

(This article was published on February 29, 2016)

http://www.thehindubusinessline.com/markets/well-begun-but/article8296737.ece

Budget 2016: Good start, but only half done

LiveMint, Mar 01, 2016

All Union budgets are tightrope walks, but this one saw the budget balanced on a knife’s edge. Multiple, critical sections of the economy cried out for nation-building, even while the economy punditry issued warning after warning on not crossing the red line on fiscal deficit.

This tug of war explains why finance minister Arun Jaitley has been so frugal with his attention to industry, to investors and to stock markets in this budget, mostly fobbing them off with procedural simplifications and the promise of a friendlier interface with the income tax department.

His focus on long-term nation-building such as agriculture, rural development, social welfare and infrastructure have rightly received the lion’s share in policy attention and budget allocation which capture Prime Minister Narendra Modi’s sabka vikas (development for all) vision, while building the economic backbone by promising to rejig the Fiscal Responsibility and Budget Management (FRBM) framework as well as amend the Reserve Bank of India Act to legislate the new monetary policy committee.

While many segments, especially the masses of India, cheered this budget, there was only restrained applause from the venture capital/private equity industry. The theme of Start Up India, Stand Up India has been a recurring leitmotif in the past year. Policymakers on this front have been highly engaged with the entire spectrum of leadership at the ministry of finance and Central Board of Direct Taxes, partly through Sebi’s Alternative Investment Policy Advisory Committee report, as well as The Indian Private Equity and Venture Capital Association. Hence, expectations were very high.

All of them were focused on the one objective of making the vital fuel of entrepreneurship for start-ups to grow through the magic of capital and capability provided by VC/PE funds.

This year, India has seen more than $20 billion of VC/PE funds, of which 85% came through offshore funds. There is an old adage in any family settlement in India—everybody should be a little unhappy, but not entirely unhappy, with the conclusion. Jaitley has truly delivered on that theme.

Of the four important suggestions of the industry, two received favourable outcomes. Jaitley completely delivered on making foreign direct investments (FDI) in alternative investment funds (AIF) tax-efficient.

Withholding tax for FDI in AIF is now based on the rates in force (investors from Singapore and Mauritius would not be taxed) and the recent announcement permitting PFRDA (Pension Fund Regulatory and Development Authority) funds to invest in VCs/PEs would also not suffer any withholding tax.

The industry advocated for parity in taxation between liquid listed investments, and the riskier, illiquid investments that AIFs make. There was a step in the right direction towards the halfway mark, of reducing the period of holding from three to two years; but yet, one year short of the one-year holding period required for the listed entities.

On the important aspect of safe harbour, an item that can only be achieved through the finance bill, there was deep disappointment. Jaitley has used the word “certainty” in his speech, and this was the one big certainty the industry had asked for, but it was left wanting. This would mean that an India-based fund manager of an offshore India-focused fund could be asked to pay tax as if the income were earned in India, even though the funds were based in a tax-exempt location like Mauritius. This lack of “certainty” means doing business continues to be very complex for 85% of VC/PE investors, increasing risk and expense while exiting investments.

Jaitley also failed to give comfort to the Indian AIFs that their income will only be taxed as investment income and never as business income. However, this can be potentially ameliorated through an administrative notification, and perhaps given the progressive tone on simplification, one can hope to see this during the year.

Coming to the most important aspect of start-up and micro, small and medium enterprises, the prime minister’s vision was fully delivered by the finance minister. The start-ups are eligible for tax holiday for three consecutive years of the assessee’s choice.

Also, the long-term capital gain arising out of the sale of any other asset, if invested in a specified fund or as subscription to shares of start-up companies, would be exempt from tax.

Modi’s speech at the Start Up India, Stand Up India conclave in January got a rousing reception from more than 2,000 young men and women. His most important contribution has been his ability to convince the young people of this country (and their old-school parents) that failing at entrepreneurship is not a stigma that will stay with you for the rest of your life.

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

 

 

http://www.livemint.com/Opinion/J0smi6xm96kWB7GbyNQ0eM/Budget-2016-Good-start-but-only-half-done.html

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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.

Current Openings

  • Analyst
  • Map iconMumbai / Chennai
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Job Description : Analyst

Part of the core investment team and will be involved with the following:-

  • Deal sourcing
  • Sector/company research
  • Financial modeling
  • Marketing presentations/collaterals
  • Knowledge Management
  • Portfolio monitoring
  • Other assignments

Qualification:

  • B.Tech. from IITs / NITs / BITS / Govt. Colleges or CA
  • Candidate with MBA qualification need not apply

Experience:

  • The candidate is expected to have 1-2 years of experience.
  • Only candidates with experience in Investment Banking, Private Equity, Equity Research & Consulting will be considered
  • The candidate is expected to have good analytical skills

Competencies:

  • Good writing skillset
  • Highly energetic
  • Self- motivated and one who takes lot of initiatives
  • Good Excel / PowerPoint skills

Location:

Mumbai / Chennai

Terms

2-3 years contract basis – hence typically, an MBA aspirant who will see these 3 years as a launch pad for getting into a good B-school.

 

Contact details

K C Srinivasan at kc.srinivasan@tvscapital.in

TVS Capital Funds Limited

249 A, Ambujammal St. Off TTK Road, Alwarpet, Chennai – 18

T: +91-44-42954800 / F: +91-44-42954888]

 

Apply Now

TVS Capital Funds Limited
249 A, Ambujammal Street,
Off TTK Road, Alwarpet,
(Near Alwarpet Post Office)
Chennai - 600018.

Phone No: +91-44-42954800
Fax No: +91-44-4295488

TVS Capital Funds Limited
2nd Floor, Quadrant B Unit 2,
IL&FS Financial Centre,
Bandra Kurla Complex,
Bandra East,
Mumbai – 400051

Phone No: +91-22-42495800
Fax No: + 91-22-42495888

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