India-focused PE Jashvik Capital holds first close of $350m maiden fund

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India-focused private equity firm Jashvik Capital has scored the first close of its maiden $350 million fund, according to various media reports.

The fund is understood to be scouting for profitable growth businesses in the healthcare, pharma and consumer sectors.

Jashvik Capital anticipates to close its inaugural fund, which was announced in July, within a year.

The firm says on its website it typically writes cheques of $10-50 million, and will predominantly take minority stakes without using any leverage.

“India presents an attractive option for investors globally. We are likely to be the fastest-growing large economy for at least the medium term, if not longer. The policy framework is stable and continually improving,” media reports cited Naresh Patwari, founder of Jashvik Capital, as saying.

“Businesses are feeling confident about the future and willing to invest for growth. 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 PE continues to mature, the quality and depth of liquidity options will continue to improve on a strong baseline,” he reportedly added.

Prior to establishing Jashvik Capital, Patwari was working for TA Associates. He had also been with McKinsey & Company, Schlumberger and ICICI Venture.

Some of his past investments include restaurant operator Devyani International, fertility chain Indira IVF, natural ingredients provider OmniActive Health Technologies, diagnostic centre Dr Lal Pathlabs, and pharmaceutical manufacturing firm Shilpa Medicare, among others.

In August, Jashvik Capital roped in Anil Matai, former CEO of Novartis Pharma India and managing director of Zydus Healthcare, and Vijender Singh, former CEO of Metropolis Healthcare, as operating partners.

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Last year, Xponentia Capital, floated by the late Ajay Relan of PE firm CX Partners and two other industry veterans closed its first fund at ₹400 crore. Meanwhile, a spate of other PE firms have also raised their latest vehicles, such as Gaja Capital which is looking to raise $400 million for its fourth fund.

Global and regional managers are also increasing interest in the Indian PE market. Most recently, Swedish private equity firm EQT said it was “particularly excited” about investment opportunities in the country. Meanwhile, DealStreetAsia has earlier reported that Singapore-based Affirma Capital was seeking to raise a new fund focused on Southeast Asia and India.

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