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US-based private equity major Bain Capital is planning to invest in India up to 20 per cent of its $5 billion fund available for Asia to cash in on the growing opportunities in the country, Sarit Chopra, Partner & Head Of Special Situations (Asia), Bain Capital, said in an interview.
The firm sees a lot of opportunities in the Indian real estate, financial services and infrastructure sectors, including logistics. “Bain Capital has been present in India since 2008 and has invested in a $629 million Special Situations Fund called India Resurgence Fund, which is a joint venture with Piramal Enterprises,” Chopra said, adding: “We also like the internet penetration theme in India.”
Since 2008, Bain has invested $2 billion in India and has made successful exits from few investments, he said. Like other private equities, Bain has been diversifying investments across the region — including in India — as investing in China becomes less attractive for Asia-based private equity funds.
In July last year, Bain acquired Tyger Capital — an NBFC (non-banking finance company) earlier known as Adani Capital — and its housing finance unit from the Adani family for an undisclosed amount. The company’s branding was changed to Tyger Capital to show the simplicity, agility and confidence of the entity, said Gaurav Gupta, founder, managing director and chief executive of Tyger Capital. “The letter ‘Y’ in Tyger signifies ‘you’ (customer) in the branding to show the customer centricity of the organisation,” Gupta said.
Bain has committed Rs 1,000 crore of capital to Tyger to expand its network across India. With the infusion of additional capital, the net worth of Tyger will exceed Rs 2,000 crore. “With this capital base, from consolidated assets under management (AUM) of over Rs 5,000 crore today, we have enough wherewithal to grow to Rs 20,000 crore over next few years,” Gupta said.
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“Opportunities in India are huge. We should be able to grow 4x from here in the next five years”, Gupta added.
The erstwhile avatars — ACPL and AHFPL — had comfortable capitalisation as reflected in consolidated net worth of Rs 834 crore and on-book gearing (leverage) of 3.7 times as on December 31, 2023, according to rating agency CRISIL. Tyger Capital operates in three segments — MSME, farm mechanisation and affordable housing finance.
Referring to expanding presence and business, Gupta said the company has 65 branches in Rajasthan and plans to go deeper into the market. “In Andhra Pradesh and Telangana, the company has been there for around 18 months now, with 20 branches. Now we are going deeper and will add another 25 branches in this financial year. Similarly, it started operations in Tamil Nadu with just four branches and is adding another 12 branches in FY25. At present, the NBFC has one branch in Uttar Pradesh and looks to add a few branches in the state.
“As we speak, we have 175 branches in roughly about nine states and we do see adding potentially 60-65 branches in this financial year,” Gupta said.
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