Kedaara Capital

Basic intro of the firm:

 An operationally oriented private equity firm pursuing control and minority investment
opportunities in India where strategy, talent management, operational execution, and related
business-building skills can drive significant value creation.

 Partner with entrepreneurs, management teams, and family-owned businesses and provide
deep strategic & operational expertise, consultative approach, and global connectivity to
build enduring value and competitiveness in such businesses.

 Typically invests between $25-75 million in each investment, can invest a significantly larger
amount ($200 million and above) in select situations.

Key Businesses:

Investment themes
1. Strategic Partnerships
 Primarily exclusive transactions developed through privileged long-term relationships
 Typically acquire significant interest (>40%+) with strong support to shape the business
going forward
 In most cases, the seller retains a meaningful ongoing interest in the business
 Commit significant time and effort of our team especially our Operating Partners to build
long-term value

2. Emerging Leaders
 Typically acquire significant minority in a business in our focus sectors led by strong
entrepreneurs/management teams
 Provide relevant operating and strategic guidance to scale the business through our
Operating Partners involvement at the Board
 Robust governance rights and reward sharing to incentivize our management
teams/entrepreneurs
 Likely exit through a public offering or a secondary sale

The Firm does not invest in seed or early stage companies or in businesses where the market
is unproven.

Basic data:

 Assets Under Management: US$ 540 M

 Stage of Funding: Buyout, Buyout-Large, Growth-PE, Late, PIPE

 Founded in 2011 by Manish Kejriwal, former India head of Singapore sovereign wealth
management fund Temasek Holdings Pte. Ltd, Sunish Sharma and Nishant Sharma,
who were managing director and principal, respectively, of global PE firm General
Atlantic in India.

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 Raised its debut fund with a corpus of $540 million in 2013, in one of the largest fund-
raisings by an independent, home-grown PE platforms until then.

 Registered Office: Mauritius

 Investment Advisory Office: Mumbai

 Operating Partners: Sanjeev Aga (Former M.D, Idea Cellular and Aditya Birla Nuvo),
Pramod Bhasin (Founder & Former CEO, Genpact), Aditya Vij (Former Regional
Director, General Motor Europe; Former CEO, Fortis)

 Kedaara has formed a strategic partnership with Clayton, Dubilier & Rice (“CD&R”), one
of the most respected private equity firms in the world. Besides investment judgment and
perspective, the partnership with CD&R provides Kedaara access to former’s global
networks and operational insights. These capabilities are increasingly sought by Indian
business leaders as they strive to transform their businesses into professionally- managed
platforms with organizational resources to profitably scale regionally, nationally, and
internationally.

Leadership:

Board of Directors
M. S. (Vindi) Banga: currently an Operating Partner at CD&R
Santosh Gujadhur: co-founder of GFin Corporate Services Ltd., a regulated Mauritian
administrator
Tej Gujadhur: a co-founder of GFin Corporate Services Ltd., a regulated Mauritian
administrator
Kevin A. Smith: Served as a managing director at Lehman Brothers, a partner at New York
Life Capital Partners and an investment professional at J.H. Whitney & Co.

Managing Director PE: Nishant Sharma

Key Investments and recent events:

Investments
Company Sector Date Exit Status Amount
Spandan Sphoorty Microfinance Mar 2017 Unexited US$ 100M
Financial
Vijaya Diagnostic Healthcare & Life Dec 2016 Unexited INR 430 crore
Centre Science
Aavas Financiers BFSI Feb 2016 Unexited US$ 139M
Mahindra Logistics Shipping & Mar 2014 Unexited INR 200 crore
(Debut deal) Logistics
Bill Forge Manufacturing 2015 Exited US$ 48M
Exits- IPO
AU Small Finance BFSI Jul 2017 Partial Exit
Bank
Exits-M&A

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 Bill Forge Manufacturing Sep 2016 Complete Exit
(Strategic sale)
AU Small Finance BFSI Jun 2016 Secondary
Bank sale(Partial
Exit)

 Plans to float its second fund to raise around $600-650 million. The formal process is
expected to begin by mid-2017.

 Two stellar exits recorded by the firm in a short frame of time:

1. About 75% IRR (internal rate of return) in Au Financiers

2. About 55% IRR in Bill Forge

Roles it is offering at IIM-A:

Private Equity

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