Private equity firm Jashvik Capital, which invests in mid-market healthcare and consumer sector-focused companies, on Thursday said it has completed the first close of its $350 million maiden fund.
The fund, however, did not disclose the amount of its first closure.
Jashvik Capital had launched its maiden fund in July with a hard cap of $400 million. It seeks to invest from $10 million to $50 million from its funds.
As for its strategy, the firm invests in profitable businesses growing at a rate of over 18% in large, addressable markets in healthcare or pharma and consumer sectors in India. It seeks to partner with exceptional founders and help them accelerate growth and make their businesses resilient and future ready, a statement said.
“... 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. It is an exciting time for Indian private equity,” Naresh Patwari, founder of Jashvik Capital, said.
He added that the private equity firm believes several resilient and profitable small and medium-sized businesses in India offer the firm an opportunity to invest into these businesses and strengthen and scale them meaningfully.
Patwari, who recently launched his venture, Jashvik Capital, was the India head of healthcare and consumer investing at private equity firm TA Associates. He quit the role in April this year to launch the Jashvik Capital, a SEBI (Securities and Exchange Board of India) and IFSCA (International Financial Services Centres Authority)-registered Category II Alternative Investment Fund.
Some of its portfolio companies include Devyani International Ltd, Indira IVF, Dr Lal Path Labs, TCNS Clothing Co Ltd, Avantor, Shilpa Medicare Ltd, ACT Fibernet, among others.
