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After graduating from Stanford, Piali Bopanna and Nishanth Shamanna decided to partner and launch 720 Fund, the first traditional search fund aimed at acquiring a top-tier B2B business in India. They have successfully garnered support from several mentors and advisors, including institutional funds and family offices such as Ambit Partners, Cerralvo Capital, Relay Investment, TTCER Partners, BK Growth, Brown Robin Partners, and Granite Point Partners, as well as former searchers and entrepreneurs like Luka Salamunic, and Manvendra Saxena.
Piali and Nishanth are both engineers from Bangalore. Piali has worked in strategy, manufacturing, and technical sales at Bosch Group in India, and has also gained experience in the investment sector with Bessemer Venture Partners. Nishanth has a background in operations at ExxonMobil and Vahan, with his most recent experience as an investor at WestBridge Capital during his MBA program.
They are seeking to acquire a business based in India (or in the US with connections to India) valued between $10M and $40M, with revenues of up to $30M, at least three years of profitability, and a potential annual growth rate of 15%.
India represents a great opportunity for new searchers, as the market has been largely untapped until now. Following these trailblazers, we know that in the next few weeks, at least two other searchers are expected to complete their fundraising: Rehan Netarwala (Okintek Capital) and Anurag Sinha (Milestone Search Capital). Additionally, we are in contact with 3-4 others who are preparing to begin their own journey toward acquiring an SME.
So, why is India becoming such an exciting market for SFs? Here’s what we’ve learned from these inspiring searchers:
- One of the fastest-growing economies, presenting immense business opportunities.
- A wealth of family-owned SMEs facing succession challenges and ripe for acquisition.
- A massive youth demographic driving innovation and rising consumer demand.
- Emerging interest from both local and global PE investors.
- Untapped opportunities in “smaller” cities with lower competition and strong growth potential.
- Booming industries like healthcare, edtech, fintech, and technology offer prime acquisition opportunities.
- Many businesses have operational inefficiencies that could thrive under new, professional management.
The buzz around building India’s SF ecosystem is growing, and with strong support from mentors, investors, and an untapped market, there’s never been a better time to dive in! Will India become a key player in the global SF landscape in the coming years? It sure looks promising!
Big kudos to 720 Fund for blazing the trail!
