Sectors
Sector agnostic. Conviction specific.
Choose a sector to see our thesis, what gets us excited, and how our group can help you win.
Our thesis
Agriculture & food
Indian farming is moving from subsistence to enterprise. The winners will bring better inputs, credit and market access to the farm gate — and capture value in processing and distribution.
What excites us
- Farm-gate distribution and franchise retail models
- Biologicals, organic inputs and soil-health products
- Processing and branded food built on local sourcing
Where we usually pass
- Models that depend on permanent subsidies
- Capital-heavy plays with no path to margin
Our thesis
Real estate & built environment
Real estate is India’s largest asset class and among its least digitised. Technology that cuts cost, time and friction out of building, selling and owning property has a long runway.
What excites us
- PropTech that removes brokerage friction
- Design, construction and project-management tools
- Asset-light services for developers and landowners
Where we usually pass
- Land banking dressed up as a startup
- Pure lead generation with no defensibility
Our thesis
Fintech & credit
Millions of Indian SMEs are creditworthy but invisible to lenders. Better data, underwriting and collections infrastructure will unlock that credit — responsibly.
What excites us
- Trade-credit and supply-chain finance infrastructure
- Underwriting and risk tools for lenders
- Finance operations software for SMEs
Where we usually pass
- Unsecured consumer lending at any cost
- Models that rely on regulatory grey zones
Our thesis
Healthcare
Quality care in India is scarce outside the metros. Digital-first models that extend doctors, diagnostics and records to the next 500 million people will define the decade.
What excites us
- Digital health platforms with clinical depth
- Affordable diagnostics and care in Tier 2–3 towns
- Tools that make clinicians more productive
Where we usually pass
- Wellness products with unproven claims
- Plays that ignore data-privacy obligations
Our thesis
Consumer & FMCG
A new wave of Indian brands is being built for value-conscious households, with sharp products and efficient distribution across online and general trade.
What excites us
- Brands with repeat purchase and real gross margins
- Home, personal care and everyday essentials
- Smart distribution into towns and villages
Where we usually pass
- Growth bought purely with discounts
- Single-channel brands with no retention
Our thesis
Applied AI & software
AI is finally good enough to do real work. We back teams that use it to run entire business functions for Indian SMEs and enterprises — not demos.
What excites us
- Vertical software that owns a workflow end to end
- AI agents for finance, marketing and operations
- Products with clear, measurable ROI for customers
Where we usually pass
- Thin wrappers with no proprietary data or workflow
- Services businesses dressed up as SaaS
Our thesis
Manufacturing
Supply chains are shifting to India. Specialised manufacturers with process know-how and quality systems can build durable, profitable businesses.
What excites us
- Specialty materials, granules and formulations
- Import substitution with a real cost advantage
- Contract and private-label manufacturing
Where we usually pass
- Commodity capacity with no differentiation
- Projects without secured offtake
Our thesis
Something else
We are sector agnostic for a reason. If the founder is exceptional and the business is built on fundamentals, we want to hear about it — whatever the category.
What excites us
- A founder with deep insight into their market
- Early evidence that customers pay and come back
- A business that can compound for a decade
Where we usually pass
- Businesses we can’t understand or help
- Founders who aren’t building full time