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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 – ValueQuest

  • 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

Waaree Energies Ltd.

Clean energy platform building an integrated presence across solar and cell manufacturing, energy storage and the broader renewable energy value chain

ENERGY TRANSITION
Late-stage

 RR Kabel

Wires and cables manufacturer with a diversified presence across electrical consumer products

Specialty Manufacturing
Late-stage

Zaggle Prepaid Ocean Services Ltd.

Enterprise fintech platform providing spend management, employee benefits and payment solutions

TECHNOLOGY - FINTECH
Late-stage

TBO Tek

Global B2B travel distribution platform connecting travel suppliers with travel agents and intermediaries

TECHNOLOGY - TRAVELTECH
Late-stage

Unimech Aerospace

Precision engineering company manufacturing complex, mission-critical components and assemblies for aerospace, defence and other high-technology industries

Specialty Manufacturing
Late-stage

Solarworld

Solar solutions provider with capabilities across EPC and solar module manufacturing

ENERGY TRANSITION
Late-stage

Jupiter International

Solar cell manufacturer with strong technical capabilities, an experienced management team and a proven ability to adapt to evolving solar technologies.

ENERGY TRANSITION
Growth-stage

Rentomojo

Technology-enabled consumer leasing platform offering furniture, appliances and other home products on flexible rental plans via an omnichannel presence

CONSUMER TECH
Growth-stage

Sabine Hospitals

Specialty healthcare platform focused on fertility, women’s health and mother-and-child care

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)

Omnichannel luxury fashion platform bringing together leading Indian designer and occasion-wear brand

CONSUMER (LUXURY RETAIL)
Growth-stage

 August Jewelry 
(Melorra)

Omnichannel jewellery brand focused on contemporary, lightweight jewellery for everyday wear

CONSUMER (RETAIL)
Growth-stage

Veeda Clinical Research

Clinical research organisation providing drug development and clinical trial services to pharmaceutical and biotechnology companies

PHARMA & HEALTHCARE
Growth-stage

Wow Momo Foods

Multi-brand quick-service restaurant platform operating across multiple cuisines and food formats

CONSUMER (QSR)
Growth-stage

CoreEl Technologies

Engineering and technology company providing advanced electronic systems and solutions for aerospace and defence applications

SPECIALTY MANUFACTURING
Growth-stage

Jupiter International

Solar cell manufacturer with strong technical capabilities, an experienced management team and a proven ability to adapt to evolving solar technologies.

ENERGY TRANSITION
Late-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

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.