Amit Gupta

Super stoked to announce the close of our third fund! Grateful to have been a part of the journey thus far. 🚀 🚀 If you are building in the consumer brand space, please reach out to us- we would love to have a chat. We invest in businesses at a pre-seed, pre-revenue stage with the ability to support our portfolio companies until growth/ late stages. #Fund3 #ConsumerBrands #EarlyStageInvesting #SauceVC #Startups  #Entrepreneurship #IndiaGrowthStory #PreseedInvestment #VentureCapital #Consumer

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Advent International is investing INR 2475 cr (~$3bn) in Apollo Hospitals's subsidiary, Apollo HealthCo. The transaction will also see the merger of its wholesale pharma distribution unit Keimed Private Limited and online healthcare business Apollo 24|7 under Apollo HealthCo. The background: Apollo HealthCo= Keimed (B2B pharma distribution) + Apollo 24 7 (online pharma) Apollo HealthCo, the digital health and services business of Apollo Hospitals, has been pressuring the hospital operator's bottom line, hurt by its cash-guzzling pharmacy business Apollo 24/7. Apollo HealthCo posted a loss for the sixth straight quarter in February. Advent International is a global PE with 17 investments (~$5.8bn since 2009) in India (12 current, 5 exits). Its other Indian healthcare investments include Cohance Lifesciences, Suven Pharmaceuticals and Bharat Serums and Vaccines Limited. Is it a good deal? The market doesn't think so! Shares of Apollo Hospitals Enterprise dropped 8% in opening trade on Apr 29 as investors were disappointed with the valuations offered in the deal. According to the deal, it valued Apollo 24 7 at $1.7bn and Keimed at $9.6bn Nuvama Group said while the deal was long overdue, the valuation commanded by Apollo 24/7 at $1.7 bn is lower than the estimated $2.7 bn. It not only comes as a negative surprise but also a huge letdown. The brokerage also said doubling Keimed's valuation for the deal, just within a year also seemed aggressive. Jefferies also shared the same view on Apollo 24 7's valuation While Prabhudas Lilladher Private Limited also acknowledged that the stake sale of Apollo HealthCo was done at a discounted valuation, it sees the merger of Keimed with the arm as a positive step as it removes overhang of any cost leakages. That with the added management guidance of growing EBITDA gives them comfort Future Outlook: According to the management commentary, the combined entity is expected to deliver Rs 25,000 ($3bn) crore of revenue in 3 yrs with 7-8% EBITDA, up from around Rs 13,600 crore and 1.5% now. This is an EBITDA growth of about 9x in 3 years! This growth will be achieved through Apollo 24/7 breakeven in ~2 years, higher margin realization through supply chain efficiencies, and accelerated growth in the private label business Though pharmacies in India are growing at 12% YoY, Apollo believes that large players like themselves can easily grow at 20-25% YoY It seems that Apollo was a bit desperate to inject in money and was okay with taking a slightly below-par deal. That said, this deal should reduce the drag from 24/7's operating cost (and cash burn) and strengthen both its pharmacy and hospital businesses. The merged entity could also leverage Keimed’s over 70,000 store network to push private label sales and unlock synergies. #healthcare #apollo #advent #privateequity #india #apollo247 #pharma #pharmacy

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At Motilal Oswal Financial Services Ltd, we used to do a Wealth Creation Study every year under the guidance of Raamdeo Agrawal. In 2021, we did one on "Atoms to Bits" (https://lnkd.in/gdyic6Ny). Key insight when we were researching was Digital Business Design is about business first, design second and digital third. A simple framework that comes from this (Think of it like a 2x2) 1. Quality of Business Design and 2. Degree of Digitization When we started interacting with Namma Yatri, it struck us that this is one of the rare teams which not only has the most simple and innovative use of a protocol but also innovated on business design. The enduring moat of the business actually comes from their frugal DNA which supports this innovation. It is invisible like the best moats are :) Their data is transparent on https://lnkd.in/gARxQEsA which is also a window into one of their other key facets of culture - Collaboration and Transparency I have no doubt in my mind that this is one of the most exciting population scale companies being built and it is a privilege to be a yatri with Magizhan Selvan Shan M S. More details from Nitin Sharma https://lnkd.in/gbgzTPdp

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Excited to announce that we at Athera Venture Partners (formerly Inventus India) have secured a major capital commitment from HDFC AMC Select AIF FoF I Scheme for our ₹900 crore Fund IV. This milestone is particularly special as HDFC AMC, one of the most respected fund houses in India, joins a strong lineup of Limited Partners, including prominent Indian family offices and international foundations, who share our belief in backing bold entrepreneurs driving innovation. With this fund, we are committed to partnering with exceptional founders building category-defining companies in India across Consumer Internet, Enterprise Software, AI, and other emerging technologies. From this fund we’ve already made investments in promising startups like Ati Motors, Terra , ClickPost, CynLr, Hyperbots Inc., and Billion Hearts Software Technologies We are deeply grateful to HDFC AMC and all our LPs for believing in our vision and supporting our mission of enabling the Indian startup ecosystem. A big thank you to all the incredible founders, past and present, who have trusted us to be part of their journey—we wouldn’t be here without you. We’re excited about the journey ahead and look forward to backing many more transformative startups from India Read more about the announcement here: https://lnkd.in/gYC8Yk84 Samir Kumar Parag Dhol Rajiv Mehta Ishan Sinha Anshu Pandey Kavya Prudhvi Tanya Sequeira CA Kaushik A Mangala Jois #VentureCapital #Startups #TechInnovation #AtheraVenturePartners #HDFCAMC #Entrepreneurship

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Moneycontrol covered the latest report by Bain, The India Private Equity Report 2024: "The year 2023 was also significant for Indian exits with the exit value soaring 15 percent to $29 billion, alongside a rise in exit volumes from 210 to 340. This was driven primarily by public market sales (notably block trades) which comprised half of exits by value, benefitting from an increasingly deep Indian public market, which outperformed those of most major economies, with a significant increase in domestic investor participation."

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Moneycontrol covered the latest report by Bain, The India Private Equity Report 2024: "The year 2023 was also significant for Indian exits with the exit value soaring 15 percent to $29 billion, alongside a rise in exit volumes from 210 to 340. This was driven primarily by public market sales (notably block trades) which comprised half of exits by value, benefitting from an increasingly deep Indian public market, which outperformed those of most major economies, with a significant increase in domestic investor participation."

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Moneycontrol covered the latest report by Bain, The India Private Equity Report 2024: "The year 2023 was also significant for Indian exits with the exit value soaring 15 percent to $29 billion, alongside a rise in exit volumes from 210 to 340. This was driven primarily by public market sales (notably block trades) which comprised half of exits by value, benefitting from an increasingly deep Indian public market, which outperformed those of most major economies, with a significant increase in domestic investor participation."

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Moneycontrol covered the latest report by Bain, The India Private Equity Report 2024: "The year 2023 was also significant for Indian exits with the exit value soaring 15 percent to $29 billion, alongside a rise in exit volumes from 210 to 340. This was driven primarily by public market sales (notably block trades) which comprised half of exits by value, benefitting from an increasingly deep Indian public market, which outperformed those of most major economies, with a significant increase in domestic investor participation."

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Somerset Indus Capital hits first close for third PE fund Ramesh Kannan, partner, Somerset Indus Capital Healthcare-focused private equity firm Somerset Indus Capital Partners, which is an investor in companies such as Genworks, Apex Hospitals, globela Pharma, and Sterling Hospitals, has marked the first close of its third fund, a top company executive told VCCircle. Somerset, which is targeting a corpus of $250 million for the Somerset Indus Healthcare Fund III, has raised $111 million, said Ramesh Kannan, senior partner at the PE firm. “Building on the success of Fund-1, which raised $27 million and is nearing a 100% exit, and Fund-2, which secured $86 million and has already begun its exit process, Fund-3 has attracted significant interest from new marquee investors as well as increased participation from existing backers,” Kannan added. To be sure, Somerset had already brought on board the government-backed Self-Reliant India (SRI) Fund as an LP for its third investment vehicle. SRI Fund is a Rs 10,000-crore fund-of-funds that backs private equity and venture capital firms which, in turn, help micro, small and medium-sized businesses grow. "The response to our first close is an endorsement of our impact, sustainability focus, and our commitment to tier-II and III cities. We are dedicated to supporting promoters in these regions," Kannan said. The fund is now looking to make the next close by December, with participation from both domestic and international investors. It looks to make the final close by March 2025, with a balanced mix of LPs from the US, UK, Singapore, Hong Kong, the Middle East and more. Somerset plans to invest $25 million per investment, with co-investment opportunities in line with company growth needs. Kannan said that many of the fund’s LPs are keen to co-invest and benefit from its domain expertise. It plans to make one investment this year and two next year. "Our niche isn't just capital; it's the value we bring through acquisition opportunities, management teams, globally experienced directors, alliances, partnerships, and overseas opportunities," Kannan said, adding, "Governance, audits, and statutory regulations are critical to our operations." The fund is focusing on sectors such as single-speciality hospitals, particularly oncology, multi-speciality hospitals in tier II and III cities, diagnostics with home care, medtech manufacturing, excipient and API, health insurance including OPD insurance, and preventive care. The PE firm has also previously invested in Krsnaa Diagnostics, Hexagon Nutrition, and Emil Pharmaceutical Industries.

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🚨 So we in 🇮🇳 have been boasting about our affordable healthcare for a while ... well, brace yourselves coz the PE sharks have smelled the blood in the water. 🦈💸 From #KKR gobbling up oncology chains like #HCG to whispers of #UnitedHealth setting up shop, it's clear that the big players are eyeing our market. Now, while the govt's healthcare system is buckling under the load, private clinics and hospitals are finding it tougher to stay afloat. 🏥💔 And there are the insurance companies - playing their own game of foul play.... But there's more!!!! The new Insurance Bill opened the floodgates for 100% FDI. So, as aam aadmi - expect a surge in private healthcare costs. 💸💸 But atleast we'll have more options, right? The insurance sector is set for a major overhaul. With new regulations and incentives, policyholders might see better coverage options, but at what cost?!?! 👉 Healthcare funding has dropped by a staggering 94.52% in November 2024. This means less money for public healthcare, pushing more people towards private options!!! The healthcare game is changing, and it's time to play smart. 🧠💡 #HealthcareHustle #InsuranceInsanity #IndiaHealthcare #FDI #PrivateEquity

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The One That We Had To Back. It is rare in venture to find a team so complete. As the former leadership team of NDTV, an iconic Indian media powerhouse - Suparna Singh Arijit Chatterjee and Kawaljit Singh Bedi have been battle-tested in ways that most of us can't even imagine. With over 3 decades of experience in digital media, broadcasting and media tech - the team has seeded ventures, scaled them, and navigated a publicly listed company from turnaround to profitability (stock price went up 27x and was voted Asia's Best Media Company under Suparna's leadership). Miraculously, they have the hunger and drive to do it all over again. As a VC, it is rare to come across complete teams at the seed stage with the perfect blend of business acumen, domain expertise and technical prowess.Those tend to get built over time. Compounded by unanimous positive feedback on leadership ability + startup drive and hustle - that's the rarest of the rare. We simply had to back them. Frammer AI is building on a thesis that we have long harboured. The world of media is changing so fast, eyeballs are moving digital and most importantly to social media. Formats are becoming shorter but yet brands, publishers, enterprises were using the same ol' means of content creation and targeting. Manual, tedious and imprecise. Frammer AI makes the entire process of short form video creation faster, cheaper and most importantly monetisable. And unlike other prosumer solutions - Frammer's AI is trained on some of the smartest and premium data sets available in the world - news content which is complex, dense, multi-faceted as opposed to low quality Youtube shorts. In a span of 8 months since launch, they are already integrated with several large global clients from the US, Europe, and MENA with leading domestic clients like India Today, ZEE, Acko and several others. Big Tech is already talking to them to collaborate on enterprise projects. Given the demand for the round globally, it's a privilege to be part of their journey. Lumikai Fund We can't wait for what lies ahead. Onwards and upwards! 🚀 🚀 🚀

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Here is proof of the pudding on my article on the Samaj, Sarkar, Bazar Dynamic.... (please see link in comments) Tata Capital Healthcare Fund Lead Visalakshi Chandramouli shares her thoughts on 'Why Tata Capital Healthcare Fund is wary on Healthtech bets' and is restricting its exposure on it in this Piece from #livemint The piece also talks about the fate of Marquee Investor bets by brave investors on names we celebrated in the recent past and the fate they suffer. Estimating conservatively, that is a good 500 Million Dollars lost and more in the pipe if you notice some big names disappearing as fast as they appeared !! And we aren't even talking about the money young, bootstrapped and small capital startups that are in the space dying painful and unsung deaths from lack of procurement as the ecosystem and adoption languishes. Letting the adoption of digital health be scuttled, has strangled the space and investors are bleeding money...while the fiddlers fiddle. It is also strangulating the promise of AI and other seductive new technologies that would remain nothing more than experiments until real-time data of authentic provenance is available to them at scale to work on. The importance of Healthtech, in nations being able sustain offering their people Universal Healthcare or the Right to Health; and then graduating to Preventive, Predictive and Personalised healthcare or its geo-startegic importance can hardly be overstated. Yet our feet seem to be stuck in a quciksand at this moment! #digitalhealth #universalhealthcoverage #sdg3 #governance #opensource #publicgood #dpg #dpi #SaaS #iaas #paas #telecom #publichealth #globalsouth #aiinhealthcare #ai #adoption #mohfw #philanthropy #policy #nmc #healthcare #interoperability #digitaltransfomation #data4good #IITJodhpur #LibraFoundation #Innovation #Research #Onehealth #GIDH #abdm #exponentialtechnologies #linuxfoundation #thoughtleaders #transformation #policymakers #capacitybuilding #mozilla #a16z #healthtech #medtech #Innovation #datadriven #ml #pmoindia #nha #mygovindia #uhc #startups #incubation #pmoindia #g20 #h20 #telemedicine #primaryhealthcare #healthsecurity #pandemicpreparedness #Saúde #sus #SEIDIGI #PAHO #OPAS #africanunion #africahealth #cgdhi Sachin Chaturvedi #1mg #practo #pharmeasy Vamesh Chovatia PadUp Ventures Villgro Vilas Dhar World Health Organization #undp #adb #worldbank Pramila Srinivasan Peak XV Partners Quadria Capital HealthXCapital KKR TPG Khosla Ventures Ravishankar G V Alain Labrique Tom Frieden Tata Trusts Tata Communications Ministry of Health and Family Welfare, Government of India National Health Authority (NHA) #startupindia#startupindia Sunil Wadhwani Rahul (ZebPay) Pagidipati Dr.Bhadra Reddy #pafi Dilip Cherian McKinsey & Company NITI Aayog Official Ck Mishra Siddharth Sharma Anas Rahman Junaid Bhomik Shah Jhpiego India Health Fund PATH Clinton Health Access Initiative, Inc. Anuradha Jain #tata

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It is fabulous to see the growing interest in Angel Investments in Startups.. The news of Mamaearth stocks and also those of Zomato, Policy Bazar etc doing so well and making many new millionaires is definitely helping the cause. Some of these angel investors are beneficiaries of exits and esops and hence believe in this asset class, while others are looking to build such breakout events in their lives. Yet there are others who thrive in the ecosystem and enjoy riding the wave while making profits or losses from it. Whatever is the motivation, this space needs to be tread with caution. As a lead investor of our syndicate VG Angels at VentureGarage and having over a decade of experience in this space, I often advice my fellow angel investors the following: 1. Angel Investment is probably the riskiest asset class and requires patience. If you want to be one, then invest in 7-8 cos in 3 years or so and then expect a breakout in the 4th year from one of them. 2. There are over 20000 startups registering in the country every year, it is almost impossible for you to source and then invest in one of the top 20 of those. Follow a syndicate lead investor or a curated angel network for the deal flow and evaluation. 3. Founders are not looking for your mentorship. Invest in them first and then maybe you can mentor them. Definitely do not invest in founders who need your active guidance. 4. Learn about the future opportunities and build your thesis around some sectors. Learning new stuff is one of the big requirements and motivators of angel investments after all. Invest in those sectors which you are bullish about. Happy investing! https://lnkd.in/g2xx3zBX

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It is MIND BOGGLING how quickly Pickleball is picking up, not just globally but (especially) in India as well.🏓 A conversation with Yash Jain last month on how Dink Pickleball is growing in Surat, plus seeing the surge of new courts in Ahmedabad, I am convinced the sport is more than just a passing wave. Pickleball seems to have all the right tailwinds turning it into a full-blown movement. The way I see it (cue the VC hat), there are two main factors driving this growth. 1. Minimal Learning Curve!🧑‍🎓 It is very easy to pick up, plus the age is not a barrier. You can see 70-year-olds battling it out with 20-year-olds, which is rare for most sports. (read: DEMAND) 2. Money and Infrastructure?🛠️ A single court costs a maximum of 5 lakhs to set up (higher for padel) and gives a three-for-one advantage in space utilisation compared to a tennis court! (read: SUPPLY) Another personal thought process on why this sport has such a strong foothold in #Ahmedabad (and, #Gujarat) particularly is due to limited nightlife options here, Pickleball is filling the gap and becoming a #socialoutlet altogether rather than being just a #sport. The courts are full up until 3am on weekends!! Lastly, with the entry of the brilliant Gaurav Natekar with the inaugural edition of World Pickleball League (p.s they roped in Samantha Prabhu as the owner of the Chennai Franchise in August) and obviously the #WorldPickleballChampionship coming to Ahmedabad this October, Pickleball is going to the big leagues, literally and figuratively. Might as well call it the startup unicorn of sports. Keep an eye out, and give it a try! Source: Tanuj Lakhina's amazing coverage on Firstpost https://lnkd.in/d7fMrysq

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An interesting piece in FT, on rising investment by PEs/VCs in healthcare in India. According to this report, based on Bain & Co reporting, such funds are attracted to Indian hospital chains and medical firms, lured by rising spending on healthcare in India, even by the poor households, with the sector providing a rare bright spot amid a downturn in overall deal activity. Earlier, SWFs from Singapore, Blackstone and GIC have invested in Manipal hospitals, and many others are thronging in. These include besides Bain Capital, Blackstone Group and KKR etc. Considering even average persons go to private hospitals despite higher costs due to lack of trust and overcrowding in govt ones, the market is huge, and these funds are focusing on India due to China's slowdown and find it a lucrative sector. #FT #MinistryofHealth #BainCapital #Blackstone #KKR #temasek #GIC #SWF #Manipal #Fortis #Apollo #Max #KIC

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The Colossus episode on Bajaj Finserv where Matthew Reustle, CFA interviews Marcellus Investment Managers's Saurabh Mukherjea, FRSA is an exceptional one. Worth a listen / read even if you are not in fintech, if only to understand what an incredibly tight biz model they have built. The growth numbers are mindblowing, resulting in a $50b mcap co. Saurabh: "over the last 16 years, this company has compounded share prices 1,000x. That's underpinned by 30% loan book CAGR, 50% PAT CAGR. So 50% PAT CAGR over 16 years, I think that's roughly 650x PAT compounding over 16 years." Whoa! They say there are 4 elements to a lending business - cost of capital, cost of acquiring customer, quality of underwriting, and ability to collect. You need to great at at least two of these and ok at the others (cant be bad) to run a profitable lending biz. Bajaj Finance is that rare lender, who is great at all four elements, from what I understand from the podcast. Some fascinating data points in the podcast. 1/ Like this one on the lending market, and how Bajaj is about a sixth of the nonbank lending market. Saurabh: "Banks lend around $2 trillion in India. Nonbank sector lends around $250 billion. Bajaj Finance's loan book is $40 billion." 2/ The explainer on their hero product, the zero-interest EMI was illuminating. 3/ I heard once that Bajaj Finance is Salesforce's 2nd biggest account globally. I couldnt believe it then, but now after reading / hearing that Salesforce had to create a separate dbase for them (they have 1000 datapoints on 200m Indians), I can understand. 4/ The 65-hour workweek and the long hours is interesting. It is not usual for an Indian co to have a 7am start to the workday, and for the long hours to be so explicitly coded. All in all, a terrific primer on a world-class business that has got built out of India. Saurabh Mukherjea has an exceptional handle on the business. Loved the colour he has on the biz such as how each unit does their own capital allocation, and how HQs ups or downs their quota depending on their performance. Link to the piece (incl transcript): https://lnkd.in/ge2gBjiS

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Holy Grail of Asset Management Companies are returns and governance. Any miss on either of them creates an outflow of capital.. which can break the AMC... Case in point in India... Quant MF and Franklin Templeton MF... Very recently papers reported that a big PMS firm in India is facing redemption pressure more for returns issue... In US, Franklin Templeton reported outflows of $37 Billion in last quarter due to governance lapse on derivative trades #sec #amc #markets

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