SUMMARY
The PE firm announced the fund in July 2022 with plans to close the same by July 2023
Jashvik Capital will back growth stage businesses in India's healthcare, pharma and consumer sectors
It plans to write $10 Mn - $30 Mn worth of minority investment cheques for nearly 20 companies
Mumbai-based Jashvik Capital has marked the first close of its maiden $350 Mn fund. The private equity (PE) firm announced the fund in July 2022 with plans to close the same by July 2023.
With this maiden fund, the PE firm plans to back growth stage businesses in India’s healthcare, pharma and consumer sectors. Further, the fund will focus on founders, help them accelerate growth and make their businesses resilient and future ready.
Jashvik Capital was launched by former TA Associates executive Naresh Patwari and later joined by Metropolis Healthcare and Dr Lal PathLabs’ Vijender Singh and Zydus Healthcare’s Anil Matai.
The fund would be a mix of domestic and offshore funds, with plans to write $10 Mn – $30 Mn worth of minority investment cheques for nearly 20 growth stage healthcare and consumption-linked startups.
India’s healthtech ecosystem will be a market worth $21 Bn by 2025, growing at more than 35% CAGR. On the other hand, consumer-linked spending in India stands at INR 23 Tn, with India poised to become one of the largest consumer markets in the world by 2030.
In a statement, Patwari stated that India presents an attractive opportunity for investors globally and that businesses are confident about the country’s future – both policywise and economy-wise.
“If we are buying in the next 1-2 years, we will likely see margin expansion by the time we look to exit. Finally, as India’s PE continues to mature, the quality and depth of liquidity options will continue to improve on a strong baseline. It is an exciting time for Indian private equity,” he said.
According to the company’s website, the PE firm already backs QSR chain Devyani International, Indira IVF, Omni Active Health Technologies, Dr Lal PathLabs, Metropolis, TCNS Clothing Ltd, Shilpa Medicare and ACT Fibernet.
Jashvik Capital’s maiden fund comes at a time when startups are grappling with raising fund issues and simultaneously, India is home to more than $16 Bn worth of dry powder.
As investors become wary of far-from-profitable startups, several PE and VC funds have readied ammunition for the right time. Among these are IvyCap’s INR 2,000 Cr fund, Yatra Angel’s fintech-focussed INR 90 Cr fund, First Cheque’s $5 Mn fund, Merak Ventures’ $100 Mn maiden fund, Sequoia’s $2.85 Bn fund, Artha Venture’s INR 450 Cr fund, Symbolic Capital’s $50 Mn crypto-focussed fund, and more.
