TVS Capital Funds Onboards Kal Raman as Venture Advisor

TVS Capital Funds, a prominent rupee capital growth private equity fund manager, has onboarded Kal Raman, President, Bolt, as a distinguished venture advisor. His expertise and insights are poised to make significant contributions to TVS Capital Funds’ mission, further enhancing its strategic capabilities.

As the President of Bolt, Kal Raman leads the engineering, product, and customer experience teams. A seasoned veteran of the e-commerce industry, Raman has held executive positions at Amazon (S-team), Samsung, Groupon, and Walmart. Additionally, he has provided leadership to various other companies and contributed as a board member or advisor at BigCommerce, Feedvisor, and Solana Labs.

Commenting on Kal Raman’s appointment, Gopal Srinivasan, Chairman and Managing Director, TVS Capital Funds, said, “We are delighted to have Kal Raman as a venture advisor. His profound insights, innovation-oriented leadership, and extensive experience will help us bolster the capability capital that we provide to entrepreneurs shaping India’s growth story. As we advance in our mission of empowering next-gen entrepreneurs and deepening the pools of rupee capital supporting the country, we look forward to the valuable contributions he will bring to our journey.”

Kal Raman, Venture Advisor, TVS Capital Funds, said, “Manufacturing, distribution, and last-mile delivery aided by AI is ripe for unlocking value while improving customer experience in India. Proud to partner with TVS Capital Funds in guiding next-gen entrepreneurs on innovation to create a world-class golden standard for customer experience.”

Over the past year, TVS Capital Funds has been steadily strengthening its leadership team. This includes the appointment of Anuradha Ramachandran in October 2022, Krishna Ramachandran in February 2023, and Naveen Unni in June 2023 as Managing Partners and the appointment of Ramesh Iyer, Vice-Chairman and MD of Mahindra Finance, as a Board Member in November 2023.

About TVS Capital Funds

TVS Capital Funds is one of the largest rupee capital growth fund managers, with an AUM of ~₹2000 crores. The fund partners with top-quality next-gen entrepreneurs in the financial services and B2B services space. It provides them with capability and capital, thereby supporting them to grow into great businesses with strong long-term attractiveness. The firm delivers this capability through its experienced leadership team as well as a strong network of industry experts and advisors. TVS Capital is in the process of raising its next growth private equity fund, which will be the fourth fund in the stable. For more information, visit www.tvscapital.in/

Naveen Unni Joins TVS Capital Funds as Managing Partner

TVS Capital Funds continues the systematic strengthening of its leadership team

TVS Capital Funds, a leading rupee capital private equity fund, is thrilled to announce that Naveen Unni has stepped into the role of Managing Partner. Known for investing in tech-driven financial services and B2B services, the firm has managed ₹3500 crores across 3 funds and 32 investments under its track record.

Naveen Unni, an industry veteran with 20 years of consulting experience, specialises in business transformation, digital strategy, and leadership development. He has a 20-year track record of leadership at McKinsey and Company, where he served as the Managing Partner for the Chennai office and led the India sustainability practice. Joining a solidified leadership team, Naveen Unni will enhance TVS Capital’s long-term vision of offering a steadfast capital platform to upcoming entrepreneurs.

Commenting on Naveen Unni’s appointment, Gopal Srinivasan, CMD, TVS Capital Funds, said, “Naveen [Unni] comes with global consulting experience with significant exposure to comprehensive business transformation and digital strategy initiatives. This is of deep value for us at TVS Capital, where we partner with next-gen entrepreneurs in business building, especially those in the venture growth stage. This assumes more significance as we are preparing the launch of our next fund, to be led by the expanded competent leadership team to offer comprehensive solutions to portfolio entities.”

Naveen Unni, Managing Partner, TVS Capital Funds, said, “I am delighted by the opportunity to empower India’s NextGen entrepreneurs. What Gopal [Srinivasan] and the team have built over the past 15 years is exceptional – and the opportunity to join this mission to forge a leading Indian private capital institution with Gopal [Srinivasan], Anuradha [Ramachandran], Krishna [Ramachandran], and the rest of the TCF team is a privilege. I look forward to bringing my two decades’ experience in strategy and business transformation consulting and practice building, to support our business partners, our clients, and the TCF ecosystem.”

Over the last 18 months, in preparation for Fund-4, TVS Capital Funds has fortified its leadership team by bringing on board Anuradha Ramachandran as Managing Partner – Investments, Krishna Ramachandran as Managing Partner and Chief Operating Officer, and Praveen Sridharan as Partner – Investments, and by promoting Gaurav Sekhri to Partner.

About TVS Capital Funds

TVS Capital Funds, with an AUM of ~₹2000 Cr, is preparing to launch its next growth fund soon, building upon its mission to empower tech-driven businesses. Its third fund backs top-quality next-gen entrepreneurs piloting technology-driven businesses in financial services and B2B/enterprise services and includes some industry leaders such as Go Digit, Five Star Business Finance, and Yubi (Cred Avenue).

For more information, visit www.tvscapital.in.

TVS Capital Funds Elevates Gaurav Sekhri to Partner

TVS Capital Funds, one of the largest rupee capital growth equity funds, has promoted Gaurav Sekhri to the role of Partner as part of its ongoing efforts to institutionalise its operations. In the six years that Sekhri has been with TVS Capital Funds, he has led the B2B services vertical and has spearheaded investments in LEAP India, Digit Insurance, and Increff. Sekhri brings with him a wealth of experience in private equity and public market investments, having worked with companies such as Piramal Group, SBI Global Markets, ICICI Bank, and Bank of America.

Commenting on Sekhri’s promotion, Gopal Srinivasan, the Chairman and Managing Director of TVS Capital Funds, said, “This is part of our continued efforts to institutionalise TCF and take the fund to the next level. I am confident that Gaurav’s expertise in B2B product software and logistics and his wealth of experience will continue to help TVS Capital in its focus on supporting next-generation entrepreneurs, to build successful businesses.”

Gaurav Sekhri, Partner, TVS Capital Funds, expressed enthusiasm for his new role, saying, “I am delighted with this announcement. Will continue to work hard and stand committed to our focus of empowering next-gen entrepreneurs and delivering value to all our business partners.”

TVS Capital Funds has raised around ₹3,500 Cr so far and continues to invest in tech-driven businesses in financial and B2B services. The company has been strengthening its leadership team with strategic additions such as Anuradha Ramachandran, as the Managing Partner – Investments, and Krishna Ramachandran, as the Managing Partner and COO. These moves are aimed at building robust institutional capability for the firm.

About TVS Capital Funds

TVS Capital Funds is one of the largest domestic capital PE Funds, with an AUM of ~₹2000 crores in its current Fund. Its third fund backs top-quality next-gen entrepreneurs piloting technology-driven businesses in financial services and B2B/enterprise services. It empowers them with capability capital and helps them build great businesses. Category focus, led by best ideas and combined with an established network of advisors, enables the fund its right to win. TVS Capital plans to raise its next venture growth fund in 2023.

For more information, visit www.tvscapital.in/

In A Largest By InsurTech, InsuranceDekho Raises $150M in Series A Funding

• Largest ever Series A round by an Indian Insurtech company
• Goldman Sachs Asset Management and TVS Capital Funds led the equity round
• Investcorp, Avataar Ventures and LeapFrog Investments also participated
• Funding InsuranceDekho’s vision of insuring every Indian

InsuranceDekho, India’s leading Insurtech player, today said it has raised $150 million in Series A funding consisting of a mix of equity and debt, the largest ever series A round by an Indian Insurtech company. The equity round was led by Goldman Sachs Asset Management and TVS Capital Funds with participation from Investcorp, Avataar Ventures and LeapFrog Investments.

InsuranceDekho was founded by Ankit Agrawal and Ish Babbar in 2016. Since its inception, the company has seen significant premium growth and aims to achieve annualized premium run-rate of INR 3,500 crores by March 2023.

The latest funding will be used to scale up InsuranceDekho’s product and technology functions, expand to new markets, launch new innovative products in the health and life categories, grow the company’s Micro, Small & Medium Enterprise (MSME) insurance business, strengthen its leadership team and pursue inorganic growth opportunities.

Ankit Agrawal, CEO and Co-founder, InsuranceDekho, said: “We need to go beyond the urban regions when it comes to insurance penetration in the country. To realize our goal of democratizing insurance for the general public, we are expanding our reach and will continue to build on our tech-based solutions and empowered advisors so that they can serve every village and region of India by the end of the year. India is on the verge of a revolution in insurance, and InsuranceDekho is well positioned to meet the insurance needs of every Indian.”

Ish Babbar, CTO and Co-founder, InsuranceDekho, said: “Insurance distribution in India is a complex problem that needs innovative solutions. The fundraise will enable us to deploy scalable Insurtech solutions in the areas of data analytics, Artificial Intelligence, last mile servicing and claims management while keeping customer experience at the core of everything.”

India’s current insurance penetration is 4.2% of GDP compared to 12% in the USA and 7%2 globally. Almost 85%1 of India’s existing insurance premium is centered in the metros and Tier 1 cities. InsuranceDekho aims to change that. As part of its mission to provide access to insurance throughout the country, InsuranceDekho gets 82% of its premium from Tier 2 and beyond regions. It is present in more than 1,300 towns covering 98% of pin codes in India and is working towards establishing 100% penetration in the country.

By the end of this calendar year, InsuranceDekho aims to have more than 200,000 insurance advisors active on its platform.Typically, most InsuranceDekho insurance advisors observe a threefold increase in total household income within six months of being associated with the company. The advisor's ability to earn more allows them to significantly improve the quality of living for their families.

InsuranceDekho works with most insurance providers and has direct integration with 46 insurance companies across India offering more than 380 insurance products including 175 products for health and life. InsuranceDekho intends to expand its portfolio by offering more products in near future.

Haitong Securities India acted as sole financial advisor to the fundraise.

Amit Jain, CEO and Co-founder, CarDekho Group, said: “Celebrating the spirit of entrepreneurship and thriving on the robust value system, CarDekho Group has promoted the culture of being a ‘House of Founders’ who have fostered various disruptive ideas and propelled these businesses to the orbit of sustainable growth with profitability. It’s heartening to see that InsuranceDekho under Ankit’s leadership, has come a long way as it continues to disrupt the Insurtech space in India by leveraging its unparalleled unit economics, the best technology, phenomenal partner practices, and innovation to set new benchmarks in stakeholder experience.”

Rajat Sood, a Managing Director at Goldman Sachs Asset Management said: “Technological innovation is transforming the Indian insurance industry by making coverage more accessible and affordable. InsuranceDekho has demonstrated a proven ability to bring new-to-insurance channel partners to their platform, while empowering them through technology-based solutions and working closely with insurers. We look forward to leveraging our global domain expertise and supporting the management team in its expansion to provide broader coverage and more solutions nationwide.”

Praveen Sridharan, Partner, TVS Capital Funds said: “Though insurance is vital for financial security of everyone, its penetration is still at 4.2% of Indian GDP compared to global overage of 7.4%. The key for this is to access the middle and lower middle income class—the next 400 million—living in the next 1000 towns of India. InsuranceDekho, with its agency model and digital DNA, offers a powerful mechanism for this penetration to expand. We are convinced on the InsuranceDekho model. Of course, we always back founders who can demonstrate bringing alpha and were impressed with Ankit and the team basis their execution capability, operational excellence, and superior technology skills. We are delighted to partner in their journey of enabling access to insurance products to the 600,000 villages of India.”

About InsuranceDekho

InsuranceDekho was incubated within India’s leading Auto-tech and IPO bound Unicorn - CarDekho Group. InsuranceDekho is a brand name owned by Girnar Insurance Brokers Pvt Ltd (GIBPL). GIBPL was incorporated in 2016 and has been granted the license to act as a Direct Insurance Broker by the Insurance Regulatory Development Authority of India (“IRDAI”) in 2017. It enables its consumers to compare different insurance policies based on their requirements and helps them purchase the most suitable plan. The company currently has tie-ups with 46 insurance companies offering more than 380 plans on its platform. 10 Indians buy a policy from InsuranceDekho every minute. InsuranceDekho is headquartered in Gurgaon and has a presence in 1300+ cities across the country. Multi-talented Director Actor Farhan Akhtar is InsuranceDekho’s brand ambassador.

www.InsuranceDekho.com