Artha started with renewable energy investments. How has the thesis evolved?

Energy remains an important focus area for us, although it is now managed through a different structure within the group. We also run a fixed-income model where we acquire operating assets that generate recurring cash flows.

We continue to look at sectors where we believe the market has not fully appreciated the opportunity yet. Historically, we’ve invested in themes before they became mainstream, and that remains unchanged.

Which sectors are you most excited about today?

AI and space-tech continue to be areas we’re passionate about. But we’re not a sector-first investor. We are far more focused on backing founders with strong conviction, clear execution capability and a compelling business model.

A great founder building in a promising market will always get our attention, regardless of the sector.

How do you identify a metric that reflects long-term value across verticals?

When you’re investing across multiple verticals, it’s easy to get lost in different timelines and measures of success.

We anchor ourselves to one simple question: Are we genuinely increasing value on a per-unit basis over the long term? That lens helps us avoid optimising in silos.

We’ve also built a portfolio where a meaningful share of assets generate recurring cash flows. That provides stability and allows compounding to play out over time.

How do you maintain trust with limited partners in volatile markets?

LP alignment is built over years. What investors look for during uncertain periods is consistency. We try to stay disciplined and predictable in how we operate, rather than reacting to every market cycle.

What’s the exit strategy? And how many exits so far?

Through AVF I, Artha is increasingly turning to secondary sales and founder buybacks as alternatives to initial public offerings. Artha’s exits across 2025 and early 2026 included Exotel (secondary sale), Biryani By Kilo (acquired by Devyani International), Stellar (founder buyback), and Lemnisk (partial secondary).