Niveshaay
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Niveshaay
Hedgehogs
Fund

₹1,068.75 crore in AUM, benchmarked against the NIFTY Smallcap250, with 34.28% post-tax returns since inception (15 September 2026).

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Periodic Returns
+34.28%
Since inception
+10.20%
3 months
+38.84%
6 months
+18.14%
1 year

Our approach has not changed: think like entrepreneurs and recognise exceptional entrepreneurial talent. In private companies the data is thin, so the promoter’s ability to execute is what we test, in conversation, across the whole value chain.

A private company files almost nothing, so the information has to be gathered on the ground: suppliers, customers, competitors, industry participants. That is where the market dynamics, the operating pressure and the risks show up long before any statement would carry them.

Being with a company from the start lets us take the lead role rather than a secondary one, and a long partnership gives us preferential access to the rounds that follow.

From growth capital to IPO, we connect our companies with bankers, investors and strategic partners, and stay hands-on through the expansion. When Kimbal Technologies needed land and a reliable supplier for new capacity, both came out of our network.

What we look for

01

High-growth sectors. Limited competition.

Sectors gaining share during supply-side consolidation, available at a discount to listed peers.
02

Exits in 6 months to 4 years.

No startups. Established businesses with clear revenue visibility and defined exit paths.
03

Competitive moat. Capacity expansion. Sound financials.

Competitive positioning, utilisation, expansion. We stress-test the financials.
04

Our listed edge sharpens unlisted entry.

When unlisted deals cluster in a sector, it signals listed growth we can read early.

Rapid industrialisation, urbanisation, and e-mobility create an energy supercycle India has never seen.

Power is 70% of a data center's operational cost. Not a trend. Infrastructure.

India's Hydrogen Mission requires ~125 GW of dedicated power. One mission. One hundred and twenty-five gigawatts.

An AI-powered search uses 6x the energy of a normal one. Every model. Every inference. All need power.

EV adoption accelerates grid demand across every state. Charging infrastructure is power infrastructure.

PLI, RDSS, Ujwal Discom, smart grid initiatives. The government is not watching this sector. It is funding it.

An open-ended mandate built for long-horizon investors.

Category and structure
Category III · Open-ended
Open-ended means you are not locked in. You may redeem subject to the exit load terms outlined in the placement memorandum. Category III allows both listed and unlisted exposure within a single structure.
How the fund is managed
Arvind Kothari, Fund Manager
Same person. Same process. Same mindset as the advisory practice Niveshaay built over a decade. The fund structure is new. The approach is not.
Solar & Clean Energy
Defence & Aerospace
Consumption & D2C
Railways & Infrastructure
Electronics
Healthcare
Textiles
Capital Goods

We built this for the ideas we
believed in most.

If you'd like a closer seat to that thinking, we'd genuinely like to hear from you.
Minimum ₹1 Crore. SEBI registered.

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The same research, directly in your portfolio.

Six baskets on smallcase, each built around a sector theme we've researched on the ground. Starting from ₹12,000 per month.

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