ValueQuest SCALE Fund

Overview

ValueQuest SCALE Fund is a private equity fund based in Mumbai, India, focusing on mid-to-late-stage companies that exhibit strong unit economics and proven business models. The fund aims to construct a portfolio of 10-20 companies at their growth inflection points, providing capital to businesses poised for significant expansion. The fund's investment strategy emphasizes scalable companies with unique customer propositions, irreplicable unit economics, and institutionalized organizations. It also seeks businesses with competitive advantages such as a strong work ethic culture, network effects, intellectual property, lean cost structures, and established brands and distribution channels. Additionally, the fund targets companies that are adaptive, with the ability to withstand downturns, build adjacencies, conduct controlled experiments, and implement sustainability practices. The fund's investment horizon is seven years, with the possibility of two one-year extensions. The minimum investment requirement is ₹1 crore, and the target fund size is ₹1,000 crore, plus a ₹350 crore greenshoe option. The fund is managed by Pushkar Jauhari, who brings extensive experience in private equity investments. The fund's portfolio includes significant investments in companies such as Waaree Energies, a leading solar equipment manufacturer, and Jupiter International, a solar photovoltaic cell manufacturer. In April 2025, ValueQuest SCALE Fund and its affiliates invested ₹500 crore in Jupiter International to support its expansion plans. This investment underscores the fund's commitment to the renewable energy sector and its strategy of backing companies at critical growth stages. The fund's approach combines private and public market opportunities, focusing on mid-to-large-cap companies that can achieve efficient and scalable growth. By identifying breakout entrepreneurs capable of creating scale with capital efficiency, the fund aims to generate substantial returns for its investors. ValueQuest SCALE Fund operates under the ValueQuest Alternate Investment Trust, registered with the Securities and Exchange Board of India (SEBI) as a Category II Alternative Investment Fund (AIF). The fund's investment philosophy is guided by the S.C.A.L.E framework, which stands for Scalable Companies, Competitive Advantage, Adaptive, Long Runway, and Superior Execution. This framework ensures a disciplined and strategic approach to selecting and managing investments, aligning with the fund's objective of delivering superior returns through thoughtful and impactful investments in India's growing economy.

Investment Focus

• Target fund size of ₹1,000 crore plus ₹350 crore greenshoe option
• Investment horizon of 7 years with possible extensions

Portfolio Companies