PE-Style
Investing in Indian Listed
Markets.
Navrist identifies emerging listed businesses where private equity rigor meets public market liquidity to capture exponential growth.
Small Fish. Large Ocean. Category Leadership.
We look for under-scaled businesses in massive total addressable markets where a pivot in strategy, technology, or management creates a trajectory of value migration. We don't just buy stocks; we underwrite business transformations.
50+ Years
Leadership ExperienceSkin in Game
Founder AlignmentAI Stack
Forensic ResearchRisk-First
Portfolio ConstructionEmerging Leaders
Focused Growth
Private-Equity Rigor Applied to Public Markets.
We approach listed investing with the same intensity as a buy-out fund. This means deep-channel checks, management forensics, and long-term underwriting horizons that ignore quarterly noise.
- Direct field interaction with ecosystem stakeholders
- 3-5 year conviction-driven holding periods
- High active share vs benchmarks
We Invest Where Value Migrates.
Structural Change
Identifying policy shifts or technological breakthroughs that disrupt status quo.
Capital Allocation
Focusing on firms shifting from cash-burn to capital-efficiency and high ROIC.
Market Share Shift
Companies gaining disproportionate share in expanding niche verticals.
Exit Multiple Expansion
The re-rating of the business as it transforms into a market leader.
Changes We Look For
Management Transformation
New leadership driving institutionalization in family-run businesses.
Operational Leverage
Scale leading to dramatic margin expansion through fixed cost absorption.
How We Find the Change
Alternative Data Sets
Proprietary tracking of supply chains and channel demand ahead of results.
Scuttlebutt Intelligence
200+ management meetings annually with rigorous verification protocols.
The Navrist Formula.
Six rigid pillars that every investment must clear before capital is deployed.
Sustainable Moat
Right to win through cost, network, or intangible assets.
Governance DNA
Clean forensics and history of capital allocation.
Cash Conversion
Growth backed by hard cash, not just accounting profit.
Scalable Tech
Ability to grow 10x without proportional cost increase.
Margin Expansion
Clear path to top-quartile industry profitability.
Valuation Margin
Asymmetric risk-reward entry price.
Focus Areas for the Decade of India.
Concentrated exposure to sectors benefiting from structural tailwinds.
Selective Not Only in What We Buy, but in What We Refuse to Own.
“Our risk management starts with the list of companies we will never touch. We prioritize capital preservation through forensic exclusion before we seek alpha.”
Leadership.
Combined institutional experience across global private and public markets.
Suyash Chaini
FounderOver 25 years of distinguished expertise in capital markets, with a proven track record in managing investments across diverse asset classes. Possesses a deep understanding of listed equities and strategic portfolio management. Maintains an extensive network with DIIs, FIIs, Corporate India, and government organizations, consistently delivering superior investor outcomes.
Vipul Desai
Director23+ years of extensive experience in capital markets, portfolio management, and strategic investments. Specializes in listed equities, derivatives, and debt instruments. Demonstrates strong market acumen and strategic foresight, consistently delivering superior risk-adjusted returns for institutional and high-net-worth investors.
Nikhil Oswal
DirectorOver 10 years of experience in the Indian equity markets, with a core focus on identifying and investing in promising small and microcap stocks at their nascent stages. Holds a Bachelor’s degree in Financial Management and has cleared CFA Level II. Managed funds exceeding ₹200 crores while working as a Senior Analyst in Portfolio Management Services (PMS). Outside of work, interests include spiritual practices such as Vipassana meditation, reading, and travelling.
Counsel
Adv. Pradeep Kumar Jain
General CounselAdv. Pradeep Kumar Jain, General Counsel to Navrist, is a highly experienced corporate lawyer and Managing Partner at Singhania & Co., LLP, with deep expertise in mergers & acquisitions, joint ventures, corporate law, regulatory compliance, foreign investment, infrastructure, maritime, and real estate matters.
Investment Committee
Mr. Ajit Hebbar
IC MemberAjit Hebbar is a seasoned finance professional with extensive experience in fixed income and foreign exchange markets. He has held senior leadership roles at Credit Suisse, including Managing Director and Head of Fixed Income for the bank’s India branch, overseeing foreign exchange and interest rate operations. His expertise spans across capital markets and institutional sales. He is based in Mumbai, Maharashtra, India.
Mr. Sanjay Kulkarni
IC MemberSanjay Kulkarni is an investor and mentor to entrepreneurial businesses and early ventures. He has a successful investment track record in early ventures, private and publicly held businesses. He has led business transformation projects across sectors and life cycles. He is the former MD of Stern Stewart and Co. – a boutique Management consulting firm. His earlier assignments were with Reliance Industries Ltd, where he mentored group businesses and investments, and Sun Pharmaceuticals Ltd, where he assisted business transformation and family office investments. He is a trained rock climber and trekker. He enjoys writing poetry in Hindustani, Marathi and English.
Mr. Yogesh Chadha
IC MemberYogesh Chadha is the Chairman (Independent Director) of Mirae Asset Sharekhan Ltd, a well-established Financial Services Company, with over 34 years of extensive professional experience and significant leadership accomplishments in financial service industry. He is a Chartered Accountant, a forward thinker and a hands-on business leader who applies system thinking for results. His role is to establish future strategies- coordinating a strategic/ operational plan, overseeing functions like debt raising, equity leveraging working capital financing needs, revenue optimization, audit and compliance parameters, appropriate internal controls, 59 etc. He has successfully led teams through existing and new business start-ups, turnarounds and global strategic alliances. Yogesh Chadha has several leadership accomplishments, including being the Youngest Director on the board in Riyadh Investment Company- a holding conglomerate of eight large companies. He has been actively involved in board taking Mirae’s AUM from USD 150m to more than USD 18Bn in last ten years. He has set up proper financial and other banking systems with Oracle and had geared up the DCB bank for an IPO.
Mr. Ravi Pandit
IC MemberMr. Ravi Pandit is a UAE-based business leader with extensive experience across banking, financial services, global money transfer, real estate, oil & gas trading, logistics, international business development and philanthropy. He has held senior roles with State Bank of India, UAE Exchange/Western Union, Xpress Money, SBK Oil & Gas, MBM Holdings and Sobha Realty. His career reflects strong exposure to cross-border finance, NRI networks, stakeholder relationships and business expansion. He has a proven track record of raising NRI funds for investments in India, as well as raising funds from HNIs and institutions for global investments. A former first-class cricketer and cricket administrator, he also brings leadership, discipline and wide international relationship-building experience to Navrist’s Investment Committee.
Orion India Opportunities Fund
Our flagship vehicle targeting emerging category leaders in Indian listed space.
SEBI CATEGORY III AIFCapital with Conviction.
Join institutional investors and high-net-worth families in our pursuit of Indian category leaders.
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