India Capital has invested exclusively in Indian public equities since 1994. We employ intensive fundamental research to make long-term investments in businesses that are central to India’s growing economy. The result is a fund portfolio that differs markedly from that of the benchmark index. Institutions, including foundations, pension funds and family offices, represent the majority of the fund's capital.


Our team and those of our affiliates have over fifty years of combined experience in India investing and investment research. We bring a range of professional experience in fields such as private equity, investment banking, equity research, management consulting, corporate management and business journalism to inform a far-reaching, fundamental approach to investment.

Dan Tennebaum

Director, ICM and ICF

Dr. Jon Thorn

Director, ICF

Uday Saripalli


Piyush Goyal

Vice President

Saket Yadav

Vice President

Parang Trivedi

Information Analyst

Tanisha Chandhok

Information Analyst

Shanskar Singhal

Information Analyst

Mahesh Ambokar

Vice President, Technology

Asha Salokhe

Information Technology Analyst

Waheedali Shaikh

Manager, Administration

Our Directors

Kapil Dev Joory

Director, ICF

Nancy Orr

Director, ICM

Win Bennett

Director, ICM

Couldip Lala

Director, ICF

Ameet Parikh

Director, ICR

Christopher Brader

Director, ICM

Raju Jaddoo

Director, ICM

Sudesh Lala

Director, ICM

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RESEARCH Research is the core of our investment process. It takes us to nearly every corner of India, from executive offices and government conclaves to factory floors, construction sites and agricultural cooperatives. India’s more than 3,000 publicly traded companies are not always well understood by traditional market intermediaries, nor is comprehensive data readily available from secondary sources in many cases. As a result of these inefficiencies, interactions with customers, competitors, suppliers and regulators can yield a genuinely distinctive view of a business. Comprehensive research allows us to identify opportunities that are not widely understood and construct a concentrated, high-conviction and non-consensus portfolio.


Compass is India Capital's proprietary research application, which covers over 3,000 listed Indian companies. Compass, which is maintained by an internal IT team, is a core component of our research process. We developed Compass to address the lack of comprehensive, reliable financial data in India. The application stores and organizes internal research, third-party documents and portfolio information, facilitating detailed, fundamental analysis of Indian companies and industries. It is not, however, used for selecting or executing trades. Compass is used exclusively by our team and by our affiliates.


23 MAY 2024

The Case For India At India Capital

Dan Tennebaum’s interview with Ted Seides on the Capital Allocators podcast.

From Ted: “Dan Tennebaum is the Managing Director at India Capital, a thirty-year-old investment firm focusing on public equities in India. Dan moved to the country twenty-five years ago and spent time in the start-up world and venture capital before pivoting to the public markets in 2007.

Our conversation covers Dan's path from a U.S. Midwesterner to India and the case for public equities. We turn to India Capital’s perspective on sourcing, research, management, regulation, valuation, portfolio construction, risk, and misperceptions, colored with some examples along the way.”



The India Capital Fund has had an ethical investment policy for more than 29 years that mandates, among other things, refraining from holdings in armaments, tobacco and alcohol.

We believe that approach has enhanced our focus on sectors central to India’s responsible growth and strengthened investment performance. Portfolio companies include:

Renewable Energy. One of India’s largest green energy lenders, financing 17 thousand megawatts of renewable power capacity.

Renewable Energy

Job Creation. India’s largest private sector job creator, with more than 500,000 total employees.

Job Creation

Financial Inclusion. Institutions serving more than 150 million newly banked households and 14 million farmers.

Financial Inclusion



We and our affiliates are pleased to support a number of organizations that work to improve education, society and the environment in India and Mauritius.

Ajit Deshpande Medical Center

The Ajit Deshpande Medical Center serves more than 24,000 low income patients per year, providing free care in the areas of pulmonology, dermatology, dentistry and more.

Mauritian Wildlife Foundation

The Mauritian Wildlife Foundation assists in the conservation and preservation of Mauritius’ endangered plant and animal species. The Foundation’s long-term aim is to recreate lost ecosystems by saving some of the rarest species from extinction and restoring native forests.

The Cheshire Homes

The Cheshire Homes provide residential care to men and women with physical and learning disabilities.

Corporate India Is Starting To Consolidate. Investors Should Take Notice.

This is not an offer to buy or sell securities. The India Capital Fund maintains positions in sectors and stocks discussed in this note.

December 2022

Corporate India has historically been characterized by extreme fragmentation across sectors. But increasingly, some companies are pulling away from the rest in market share and especially in earnings. This change will have profound implications for investors.