Mumbai-based investment banking firm Inga Ventures (Inga) partners with Singaporean private equity (PE) firm TIH Ltd to launch ₹125 crores (around $15 million) PE fund “Ekkum TIH Emerging Opportunities Fund” for investing in mid-size enterprises in India, both the companies announced.
From the sponsors and their affiliated companies, the fund has received a commitment of 25 crores.
The companies stated in a joint statement that the initial aim for the Ekkum TIH Emerging Opportunities Fund is 125 crore with a total target of 500 crores (about $60 million).
A sector-agnostic fund will “approach with positive bias” towards specialty chemicals, FMCG, electronics, food & agriculture and healthcare/pharma.
“The Fund will infuse growth capital in mid-size emerging companies operating in niche segment with strong track record. The fund will aim to target companies with a clear expansion and value creation plan,” the statement added.
Commenting on the launch, G. S. Ganesh, founder of INGA, expressed confidence in establishing a strong and sound platform for nurturing success stories. He added that with solid experience in dealing with the emotions of founders, the fund would tap the best in industries and partner with them in their growth journey. He further commented that the partnership with TIH brings the best combination of the strong network and long-term relationship of Inga and the long-standing investment experience of TIH. The strength of Inga is a collective experience of over 100 years comprising its founders and key management personnel.
Commenting on the partnership, Allen Wang from TIH said, “We are delighted to partner with Inga, a premier and veteran corporate finance/investment banking firm in India with a mid-cap segment focus. Their wide reach across the country presents great investment opportunities for us in the middle market space in corporate India. We are confident that the partnership will help both parties to expand our opportunities in a quickly expanding Indian economy – from both a direct investment and cross-board perspective.”
With over 20 years of experience successfully guiding family businesses to become strong publicly traded companies or navigating their exit through M&As, Inga has emerged as a boutique relationship investment banker (IB). In addition, Inga has demonstrated the essential characteristics of managing the family’s aspirations in light of their hesitation to cede control in each situation.
Inga Ventures has moved into the next logical phase of developing a PE fund to invest in such possibilities with this background and intense concentration on family-grown SME businesses.