TARA IV Fund & portfolio companies

Realizing value in India by investing in small and mid-cap companies

Over the last few decades SMEs have emerged as highly vibrant and dynamic engines of the Indian economy. These companies play a crucial role in providing employment opportunities at relatively low capital cost. They also contribute to industrializing rural areas, ensuring a more balanced and equitable distribution of national income and wealth.

Tara India Fund IV is a private equity fund, created in 2016. The fund has raised $50 million and had invested, as of end December 2019, in eight technology enabled and innovation oriented SMEs, in fast-growing sectors: healthcare, education, alternative energy, ICT and financial inclusion, food and agriculture, and logistics. KOIS advises the fund manager, a leading infrastructure development and financial services group in India, with whom it has set-up this fund. Limited partners of the fund include DFID and SFPI-FPIM.

Fund characteristics

  • Launch: 2015

  • Geographies: India

  • Assets under Management: $50m

  • Investment type: Private equity

  • Size of investments: $8 to $15m

  • Target IRR: 20% (net)

  • Equity participation: minority stakes with strong control provisions

  • Investment stage: early to mid-stage businesses targeting large addressable markets

Portfolio companies

Disprz (Heuristix Digital Technologies PVT LTD)

Online & classroom learning for educational institutions and enterprises

  • Inception year: 2016

  • Investment year: April 2018

  • Target population: K12, higher education, test preparation & certificate courses

  • Geographies: Online & Offline (Chennai)

Disprz (known legally as Heuristix Digital Technologies PVT LTD) provides a platform for the learning industry to deliver high engagement education and training experiences online on all devices in emerging market network conditions. The company focuses on both classroom learning and online learning for educational institutions (K12 schools, higher education, coaching and online certifications) and enterprises (corporate learning and collaboration).

Heuristix's impact in 2019

  • 200,000+ blue-collar workers using the platform

  • 350,000+ hours spent by blue collar workers on the platform

OVUM (Neonatal care & research institute)

Providing high-end maternal and childcare to reduce the mortality and morbidity rate of newborns

  • Inception year: 2011

  • Investment year: July 2016

  • Target population: Young mothers and their babies

  • Geographies: Bengaluru, Karnataka

Ovum hospital is a maternity and childcare specialty hospital focused on high-end neonatal care and run by Neonatal Care & Research Institute (NCRI). It was founded by a team of four doctors to meet the growing demand for specialized care at state-of-the-art facilities to serve India’s expanding middle-income group. The lack of quality mother & child care services and non-availability of fully equipped NICUs in the country causes over 1 million neonatal deaths per annum and high premature delivery rates. At the time of investment, Ovum had two hospitals with 36 beds, 10 NICU beds and an IVF centre in Banaswadi. It also provided NICU coverage to Milann Fertility Centre and Chinmaya Mission Hospital.

Ovum's impact in 2019

  • ~1600 births healthy babies delivered

  • 480+ Neonatal Intensive Care Unit treatments

  • 750+ gynaecology treatments

  • 99.6% neonatal survival rate achieved

Panacea medical technologies

Manufacturing affordable radiotherapy equipment for cancer treatment

  • Inception year: 1999

  • Investment year: January 2017

  • Target population: Cancer patients

  • Geographies: Bengaluru, Karnataka

Panacea Medical Technologies is the only Indian company manufacturing radiotherapy equipment, building an affordable linear accelerator that is 40-50% cheaper than competition.

At its state-of-the-art research facility in Bengaluru, the company builds products with advanced technology at par with major global manufacturers, driven by a lean research and development system.

Apart from its India operations, the company has presence in 25 countries globally through direct employees and channel partners, and has already mapped the market for linear accelerator across India, Africa and South East Asia for the large under-served and unserved market for cancer treatment in emerging markets.

Panacea's impact in 2019

  • 60+ units sold

  • 800,000+ patients treated

Lilac insights

Providing prenatal screening and genetic services to improve pregnancy outcomes

  • Inception year: 2011

  • Investment year: June 2017

  • Target population: Pregnant women and their babies

  • Geographies: Navi Mumbai, Ludhiana, Chandigarh

Founded by a team of three healthcare professionals and advised by leading gynecologists who have extensive prenatal expertise, Lilac provides prenatal screening and genetic services to improve the pregnancy outcome by offering early insights into the health of babies before their birth.

Lilac presently operates through its main genetic laboratory at Navi Mumbai and satellite laboratories at Ludhiana and Chandigarh and has relationships with more than 700 maternity homes and doctors.

Lilac's impact in 2019

  • About 144,000+ prenatal screenings conducted so far post investment

LifCare (Corner stone technologies)

Full-service subscription pharmacy focused on chronic disease management

  • Inception year: 2015

  • Investment year: July 2018

  • Target population: Patients suffering from chronic diseases

  • Geographies: New Delhi, Jaipur

Lifcare is a full-service subscription pharmacy focused on chronic disease management, with a robust offline channel for customer servicing. It offers a strong differentiated play with high customer retention ratios and lifetime value of a customer. At the time of investment, the Company was servicing Delhi-NCR, Jaipur and Tier-II, III and IV towns in Rajasthan.

It offers higher availability of medicines, access to genuine drugs, product discounts and helps improve medical adherence.

Lifcare's impact in 2019

  • 97% fill-rate of prescription achieved compared to an average fill-rate of prescription of 70% in India.

  • Increased adherence to prescription-based medicine

  • Reduction of counterfeit drugs in circulation as a result of direct sourcing of drugs by LifCare

Transerve Technologies

Developing geospatial solutions for urban planning & development

  • Inception year: December 2009

  • Investment year: August 2017

  • Target population: Indian cities and their citizens, private-sector organisations

Transerve Technologies provides geospatial solutions for urban planning and development, through location-based information software to empower decision makers to develop smart cities. This technology covers different modes of data collection, data management for workflow management and visualisation. It has diverse applications, including property tax, city revenue modules, utilities, air, water and noise pollution. Transerve’s solutions helps for example, local urban planning bodies plug leakages in tax revenue and be efficient in resource management.

Transerve's impact in 2019

  • ~15,000 properties and 1.8M+ households covered for local governments.

  • 80+ sq. km. covered for water and sanitation

Caliper Business Solutions

Transport management solution

  • Inception year: 2016

  • Investment year: August 2018

  • Target population: Shippers, transporters, brokers, fleet owners, drivers

  • Geographies: Mumbai

Caliper is a transportation management solutions company founded by experienced industry professionals and backed by Goldratt Consulting, Israel. It is bridging the digital divide to drive transparency, operational efficiency, compliance and financial inclusion thereby enhancing the income and profitability of all the players (Shippers, transporters, brokers, fleet owners, drivers and others) operating in the ecosystem.

Caliper's impact in 2019

  • Elevation of the status of 1400+ truck drivers; improvement in job quality and creation of jobs

  • Improvement of utilization and income through facilitation of order to idling drivers/fleet for 20+ corporates

Infinite Uptime India PVT LTD

IIoT solution provider for engineering & processing industries

  • Inception year: 2015

  • Investment year: June 2018

  • Target industries: Aerospace, material handling, petrochemical, power, food processing

  • Geographies: Pune

Infinite Uptime is an Industrial Internet of Things (IIoT) solution provider for improved quality, productivity, monitoring and predictive maintenance in the engineering and processing industries. The Company specializes in high-frequency data analytics, such as tri axial vibration and acoustic analyses, spectral analyses and pattern recognition for data annotation. Key use cases are across manufacturing, test rigs, critical rotating equipment and tool tracking across industries that include aerospace, material handling, petrochemical, power generation, food processing, etc.

Infinite Uptime's impact in 2019

  • 120+ safety incidents detected using the platform

  • 4384 hours reduction in downtime

  • 5-10% average efficiency improvements

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