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ValueQuest S.C.A.L.E. Fund I & II – AIF CAT II Companies at growth inflexion point

Companies at growth
inflexion point

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Investment Strategy and Approach

  • icon for Growth and late-stage by design
    Growth and late-stage by design

    Balancing strong returns with liquidity

  • icon for Proven, De-Risked
    Proven, De-Risked

    Established product-market fit and proven unit economics

  • icon for Room to Compound
    Room to Compound

    Backing companies with strong visibility for value creation

  • icon for Visible Liquidity
    Visible Liquidity

    Credible paths to liquidity within a defined holding period

Sector Agnostic, But Thematic

  • Classic PE Sectors, Active Across Stages
    • Financial Services & Fintech
    • Healthcare & Pharma
    • Tech & Digital
    • Consumer
  • VQ Research Depth
    • Energy Transition
    • Niche Manufacturing

S.C.A.L.E. Fund Highlights

  • Fund Size

    INR 1,350 Cr

  • Fund Tenure

    7 years from Initial Close (March 2023)

  • Investee Companies

    6 late-stage and 9 growth-stage

  • Fund Status

    Fully deployed

S.C.A.L.E. Fund II Highlights

  • Fund Size

    Target INR 3,000 Cr plus INR 1,000 Cr greenshoe

  • Fund Tenure

    8 years from Initial Close (June 2025)

  • Investee Companies

    1 late-stage and 2 growth-stage

  • Fund Status

    Active deployment

Leadership Team

  • Ravi
    Ravi Dharamshi

    Founder & CIO

  • Sameer Shah
    Sameer Shah

    Co-Founder & Fund Manager - ValueQuest

  • Aniket
    Aniket Dharamshi

    Co-Founder & Managing Partner – Private Equity

  • Dr. Arvind Ananthnarayanan
    Dr. Arvind Ananthnarayanan

    Partner – Private Equity

  • Sachin Mehta
    Sachin Mehta

    Partner – Private Equity

  • Niyati Tanna
    Niyati Tanna

    Partner – Private Equity

Investee Companies - Scheme I Overview

Waaree Energies Ltd.

Largest Indian integrated energy transition player manufacturing solar PV modules & cells in India with robust plans of backward integration

ENERGY TRANSITION
Late-stage

 RR Kabel

Amongst top 5 players in wires and cables industry with a growing FMEG business

SPECIALTY MANUFACTURING & INDUSTRIALS
Late-stage

Zaggle Prepaid Ocean Services Ltd.

Leading player in expense & spend management solutions with diverse monetization through SAAS and transaction revenues from growing base of corporate clients

TECHNOLOGY - FINTECH
Late-stage

TBO Tek

India's leading travel distribution platform catering to B2B agents across hotel bookings & airline ticketing

TECHNOLOGY - TRAVELTECH
Late-stage

Unimech Aerospace

Niche precision components manufacturer catering to aerospace, defence, power generation, nuclear and semiconductor industries

SPECIALTY MANUFACTURING & INDUSTRIALS
Late-stage

Solarworld

Solar energy solutions provider, specializing in EPC services for solar power projects – both rooftop & ground-mounted as well as a solar module manufacturing facility

ENERGY TRANSITION
Late-stage

Jupiter International

Solar cell manufacturer with deep experience, strong technical capabilities and professional management team experiencing strong scaling up

ENERGY TRANSITION
Growth-stage

Edunetwork Pvt. Ltd. (Rentomojo)

Leading furniture and appliances renting company offering multi-brand products with an omnichannel presence targeting young executives looking for flexible home furnishing solutions

CONSUMER TECH
Growth-stage

Sabine Hospitals

Single-speciality mother & childcare hospital brand offering integrated care including fertility treatment, Obstetrics, Gynaecology and Neonatology

PHARMA & HEALTHCARE
Growth-stage

Naffa Innovations
(‘Tonetag’)

Sound-wave powered deep-tech payments platform enabling secure, contactless transactions while providing customers with advanced data analytics

TECHNOLOGY - FINTECH
Growth-stage

Purple Style Labs 
(Pernia Pop-Up)

Luxury designer wear platform with omnichannel presence under the brand ‘Pernia’s Pop-Up’

CONSUMER (LUXURY RETAIL)
Growth-stage

 August Jewelry 
(Melorra)

Jewellery player with elegant and niche product designs with omnichannel presence focused on daily wear market

CONSUMER (RETAIL)
Growth-stage

Veeda Clinical Research

Prominent Clinical Research Organization (CRO) in India with capabilities of serving innovative pharma companies as well as generics for their human and animal clinical trial needs

PHARMA & HEALTHCARE
Growth-stage

Wow Momo Foods

India’s largest homegrown Chinese QSR chain - expanded beyond momos into meals (WoW China), new formats (WoW Chicken, WoW Kulfi), and FMCG products

CONSUMER (QSR)
Growth-stage

CoreEl Technologies

Provider of high-end Electronic System Level products and solutions focusing on the Aerospace & Defence sector

SPECIALTY MANUFACTURING
Growth-stage

MTandT Rentals

Provider of access and safety solutions through Aerial Work Platforms (AWPs) and Ground Protection Mats

INDUSTRIALS / EQUIPMENT RENTALS
Growth-stage

ValueQuest S.C.A.L.E Fund is a scheme of ValueQuest Alternate Investment Trust, registered with SEBI as a Category II AIF, vide registration number IN/AIF2/22-23/1156 Quest4Value Investment Managers LLP is the Investment Manager and ValueQuest Investment Advisors Private Limited is the sponsor of ValueQuest S.C.A.L.E Fund. Amicorp Trustees (India) Private Limited is the Trustee of the AIF.

ValueQuest S.C.A.L.E Fund II is a scheme of ValueQuest Alternate Investment Trust II, registered with SEBI as a Cat II- AIF, vide registration number IN/AIF2/24-25/1737. Quest4Value Investment Managers LLP is the Investment Manager and ValueQuest Investment Advisors Private Limited is the sponsor of ValueQuest S.C.A.L.E. Fund II. Axis Trustee Services Limited is the Trustee of the AIF.