Portfolio

Evolvence India Fund I (EIF I) is the first independent India-focused hybrid private equity fund.


The core fund strategy consisted of 60% allocation into fund investments and 40% into co-investments. While this unique strategy was designed to provide maximum diversification to Indian private equity through exposure to different fund managers, vintage years, themes and strategies the higher than normal allocation to co-investments enabled the manager to cherry pick the best co-investment opportunities and thus enhance the portfolio returns. This hybrid strategy has proven to be very successful in one of the most difficult economic environments. Evolvence is now building on this successful model and track record and has now launched Evolvence India Fund II (EIF II), a USD 300 million fund where the allocation between funds and co-investments is 50% each. EIF II will invest primarily into the small and mid-market space with focus on Indian consumption driven strategies.

We seek to provide private equity investors with superior risk-adjusted returns through selection of top quartile fund managers and co-investments. We believe in the long term fundamental strengths of the Indian economy and identify, adopt and exploit investment opportunities. Since 2007, we have invested with 143 companies through underlying fund managers and co-investments and some of them have grown to become current industry leaders.


Fund Investments

EIF I has invested with 10 funds with established track records across a broad range of private equity strategies including growth capital, buyouts, early stage/venture and late stage growth. EIF I Fund portfolio has been constructed with the following segmentation:

  • one buyout fund manager
  • two sector focused fund managers
  • five growth fund managers
  • six fund managers backed by large global and Indian institutions
  • one early stage growth fund manager

For further information on EIF I’s portfolio funds, please contact Ajit Kumar at ajit@evolvence.com

Co-Investments

EIF I has invested in 8 co-investments through the underlying fund managers and proprietary relationships.

Gland Pharma is one of the largest manufacturers of generic injectables in India and has pioneered production of Heparin in the country. Gland manufactures Active Pharmaceutical Ingredients (APIs) and injectable formulations for Osteoarthritis, Anti-coagulants, Gynaecology, Ophthalmology, and Oncology. It sells these products in India and other regulated and unregulated markets.
Status: Exited
Sector: Healthcare

www.glandpharma.com

Emaar MGF Land Limited is a joint venture between Emaar Properties PJSC of Dubai and MGF Development Limited of India. Emaar is one of the world's leading real estate companies, having developed approximately 89 million square feet of real estate across residential, commercial and other business segments and with operations in 14 countries. MGF has established itself as one of the key players in retail real estate development in Northern India and has delivered approximately 2 million square feet of retail space.
Status: Exited
Sector: Real Estate

www.emaarmgf.com

Zylog is a leading provider of Onshore, Offshore & Near shore technology solutions and services to enterprises & technology companies across the globe. The company provides complete Software Development Life Cycle, ranging from new product development and product advancement to product migration, re-engineering, sustenance and support.
Status: Exited
Sector: IT & ITes

www.zsl.com

Centurion Bank of Punjab (CBoP) was one of the most attractive acquisition opportunities for banks in India and has been acquired by HDFC Bank, the second largest and most profitable private sector bank in India.
Status: Exited
Sector: Banking & Financial Services


RSB Group is a large automotive components group with multi-product portfolio comprising propeller shafts, gears, axles, machined engine components, trailers and construction equipment parts.
Status: Current
Sector: Automotives

www.rsbglobal.com

Consolidated Construction Consortium Limited is one of the largest engineering and construction contractors in India. The Company provides construction, engineering, procurement, and project management services and has extensive experience in constructing commercial buildings, IT Parks, Biotech Parks, Resorts and Hotels, Industrial structures, institutional buildings and infrastructure facilities.
Status: Current
Sector: Construction

www.ccclindia.com

Lodha Belleza project, launched in 2008, is a high-end, premium residential project in Hyderabad. Over the last 5 years, this location has witnessed unprecedented growth, swiftly emerging as one of Hyderabad's most coveted destinations. Lodha Meridian, launched in 2012, is strategically located in the heart of the emerging new business centre of Hyderabad. The project comprises of thirty-storey towers that fuse beautiful façades and conveniently adapt to contemporary living needs.
Status: Current
Sector: Real Estate

www.lodhagroup.com/belleza/
www.lodhagroup.com/meridian/

Eastern Silk Industries is a leading "integrated" silk plant (spinning, yarn dyeing, weaving, printing, embroidery, and fabric dyeing and finishing). It also produces the entire range of home textiles (bed linen to curtains and cushion covers).
Status: Exited
Sector: Manufacturing

www.easternsilk.com


Evolvence India Fund II (EIF II) is India-dedicated hybrid private equity fund, with a strategy of investing in private equity funds and co-investing alongside them.

EIF II will seek to invest 50% of the committed capital with top performing private equity managers in India and the remaining 50% in high quality co-investments.

EIF II’s investment strategy primarily focuses on investing with small and mid-market managers and would also actively co-invest with them. EIF II will invest in sectors that will benefit from the growing consumption boom in India.


Fund Investments

EIF II has invested with 5 funds with established track records across a broad range of private equity strategies including growth capital, buyouts, early stage/venture and late stage growth.

For further information on EIF II’s portfolio funds, please contact Ajit Kumar at ajit@evolvence.com

Co-Investments

EIF II has invested in 6 co-investments through the underlying fund managers and proprietary relationships.

Suryoday started in 2008 as a micro finance lender in Maharashtra in 2008, lending in ticket sizes of ~$ 250 to women and under banked populations in semi urban and rural areas. In Sep’15, Suryoday received regulatory approval to convert into a small finance bank, being amongst the 10 successful candidates out of 72 applicants nationwide. As a SFB (Small Finance Bank), Suryoday now offers several additional products including savings accounts, fixed deposits, SME loans, home loans, etc. Suryoday is currently present in 7 states across Western & Southern India with a borrower base of more than ~7mn.
Status: Current
Sector: Financial Services

www.suryodaybank.com

ESS KAY Fincorp (SKFIN) was established in 1994 by Rajendra Sethia (then called Esskay Auto Finance) as direct selling agency for financials products. Currently SKFIN is one of the leading registered NBFCs in used LCV and MUV finance. The company is focused on low-income, self-employed individuals in rural and semi-urban areas earning $ 400-450 p.m. and typically finances used commercial vehicles. SKFIN currently has strong network of branches across multiple states and currently operates in the state of Rajasthan , Gujarat , Punjab , Madhya Pradesh and Maharashtra.
Status: Current
Sector: Financial Services

www.skfin.in

Established in 1997, Centrum Direct Limited (CDL) is amongst the largest standalone forex product & service providers in India. CDL’s offerings include prepaid forex cards, Indian & foreign currency notes, outward remittances, etc. Customers include foreign tourists, outbound corporate & leisure travellers, students studying abroad, etc. The company operates across 4 key channels – airport counters, corporate travel desks, retail outlets & a newly launched digital platform. EIF has exited the investment in 2018 with an attractive $returns.
Status: Exited
Sector: Financial Services

www.centrumforex.com

Cygnus runs a network of 10 hospitals across NCR and Haryana, with a combined capacity of 830 beds, focused on tertiary and emergency care services. From its incorporation in 2011, the hospital network has doubled from 5 to 10 hospitals, driven by an asset light model that needs limited capex and allows for fast rollout of hospital facilities. Cygnus offers OPD & IPD services across critical areas like cardiology, orthopaedics, neurology, gastro, etc.
Status: Current
Sector: Healthcare

www.cygnushospitals.com

DMDSC was established in 1991 by Late Prof. M. Viswanathan (then called M.V. Diabetes Specialities Centre) as a day care centre & currently is led by his son, Dr. V Mohan (Padma Shri awardee). DMDSC operates 20 centres in three regions & provides comprehensive care through a hub and spoke model with IP facilities available at hub locations and spokes being OP clinics. Focus is on the OP clinic format. Group companies help in providing trained diabetologists and research which has allowed the company to be a frontrunner in the domestic market.
Status: Current
Sector: Healthcare

www.drmohans.com

Rebel Foods (erstwhile Faasos) was set up in 2011 by Jaydeep Burman & Kallol Banerjee in Pune. It operates cloud kitchen across India including Bangalore, Mumbai, NCR, Pune, etc. The company offers cuisines which includes wraps, meals, biryanis, pizzas, desserts, etc. While Core Faasos items are sold under the ‘Faasos’ brand, the newer cuisines have been launched under separate brands like - Ovenstory (pizzas), Behrouz (biryani), Firangi Bake (Continental), Mandarin Oak (Chinese) & Sweet Tooth (desserts), etc.
Status: Current
Sector: Consumer

www.rebelfoods.co

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