Composite India Fund

Asset Management

In April 2018, Ocean Dial Asset Management launched third, daily dealing, sub-fund under its UCITS umbrella, Ocean Dial Composite India Fund. The Fund is an Open-Ended Investment Company (OEIC).

The Fund portfolio consists of Indian equities and bonds. It comprises of three strategies:

1. A portfolio of multi-cap listed Indian equities, mirroring Ocean Dial’s existing Gateway to India Fund – Target allocation ~60%

2. AAA domestic rated Indian corporate bonds (traded onshore & offshore) – Target allocation ~30%

3. Ocean Dial’s Systematic India Return Fund – Target allocation upto 10%

The Fund has been seeded with an initial investment of USD 73 million.

The investment manager’s strategy is principally based on investing in listed Indian equities which will be selected based on fundamental analysis and research. It seeks to identify companies whose stock prices are deemed to be undervalued in relation to their historic prices, their direct industry competitors or the overall market and have prospects of above average earnings growth in the future and thus delivering superior shareholder value. Analysis typically includes an evaluation of the financial strengths and weaknesses of the business, the company’s earnings outlook, corporate strategy as well as management quality. Valuation models are created internally on potential investments which provide an estimate of fair value from which a target price to buy or sell can be determined.

In addition to the equity component, the portfolio will also consist of a basket of Indian bonds. This investible universe is limited to companies whose credit quality is AAA/AA/A or equivalent in Indian Rupees. There is a preference in general for higher credit rating/quasi sovereigns and “fallen angels” (i.e. bonds whose credit rating has slipped from the top notch credit rating), with an emphasis on quality even at the cost of lower return. The broad strategy is to “buy and hold”, with any disinvestment being driven by specific better opportunities that may arise based on the implementation of the above investment strategy.

The Fund also intends to invest in collective investment schemes (upto a maximum of 10%) that provide exposure to assets consistent with the investment policy of the Fund.

Digital Technologies

March 2023

Current Status: Active

Indegene

Indegene is a life sciences focused IT solutions provider operating in commercialization services. It works as a leading partner to 19 out of the Top 20 global bio-pharma companies (including Pfizer, GSK, Novartis, Sanofi, AstraZeneca, Novo Nordisk, Abbott, and J&J) for the digital and AI driven transformation of their commercial, medical, regulatory and R&D operations. The Company operates across USA, UK, Europe, China, Japan and India.

July 2022

Current Status: Active

Xpressbees

Xpressbees is one of the fastest-growing end-to-end logistics companies. In addition to its e-commerce (B2C) division, Xpressbees’ vision to evolve into a strong full-service logistics organization is reflected in its new lines of businesses like 3PL, B2B Xpress, and cross-border operations. With its nationwide network covering over 20,000 pin codes, and 80K+ associations, Xpressbees is delivering happiness to India through an ecosystem of nearly 100,000+ families.

March 2022

Current Status: Active

Juspay

Juspay unifies payment gateways to provide e-commerce merchants with a seamless, secure, reliable, end-to-end and enterprise-grade payment stack. This allows its customer base, which includes the likes of Amazon, Flipkart, Swiggy, Meesho, Airtel, Big Basket and Tata Cliq to achieve higher revenue at lower costs.

Oct 2021

Current Status: Active

Zeta

Zeta is a leading provider of cloud-based software for financial institutions like banks and fintech companies. Zeta counts amongst its customers over 10 banks and 25 FinTechs, across 8 countries, including Sodexo, HDFC Bank, Kotak Mahindra Bank, Axis Bank, IndusInd Bank, Yes Bank, RBL Bank among others.

May 2021

Current Status: Active

VerSe Innovation

Dailyhunt is India’s leading news aggregator focused on the vernacular medium. Based in Bengaluru and owned by Ver Se Innovation, Dailyhunt serves content in 14 Indian languages across a mix of categories including news, entertainment, lifestyle, hyperlocal etc. The Company has also recently launched a short video app called Josh, which has grown rapidly to become one of the largest apps in the social engagement category in the country.

March 2021

Current Status: Exited

Delhivery

Delhivery is India’s leading non-captive ecommerce focused logistics and supply chain platform. The company operates India’s largest express parcel transportation network with fully integrated and self-owned pickup, mid-mile and delivery operations. The company delivers across 17,500+ pin codes and 2,300+ cities across India (as at end 2020).

July 2020

Current Status: Active

lenskart.com

Lenskart is the largest player in the Indian branded eyewear & accessories market. Based in New Delhi, Lenskart has a unique omnichannel retail model present across online, offline and even home based sales channels. It has 658 exclusive brand outlets across India (as of January 2021).

Consumption

Oct 2021

Current Status: Active

Licious

Licious is India’s leading D2C brand operating in the meat and seafood category. Headquartered in Bangalore, and with a presence in 14 other cities, the company follows a farm to fork model where it owns the entire back-end supply chain from procurement to processing, storage and delivery while maintaining the quality and freshness of each product that reaches the consumer. At the time of investment, Licious had successfully delivered to more than 2 million unique customers, with a high degree of repeat purchase.

May 2019

Current Status: Exited

Bikaji Foods

Bikaji is one of India’s leading ethnic snacks companies. Based in Bikaner, Rajasthan, the company has a wide product portfolio consisting of both traditional savoury snacks (bhujia and namkeen) as well as new age snacks including wafers, chips etc. Its products are sold across nearly 20 states in India.

Financial Services

Sep 2021

Current Status: Active

SBI General Insurance Company Limited

SBI General commenced its operations as a joint venture between State Bank of India (‘SBI Bank’) and Insurance Australia Group (‘IAG’). Pursuant to stake sale by IAG in March 2020, SBI Bank now owns 70% in the company, while the balance is held by multiple private equity funds. The company offers a complete suite of products catering to the insurance needs of the retail and the commercial sectors.

Feb 2021

Current Status: Active

NSE

NSE is the largest stock exchange in India. The products on the Exchange are organized into three asset classes for trading: Capital market for the listing and trading of equities (stocks, ETFs including indices based on the NIFTY50 index etc.), fixed income securities (Gsecs, corporate bonds etc.) and the derivatives market (contracts on equity, indices, currency, interest rates and commodities).

Nov 2019

Current Status: Active

Ujjivan Small Finance Bank

Ujjivan is one of the leading small finance banks in India. Based in Bengaluru, the bank has a pan India franchise across 24 states/UTs represented by 575 branches and serving nearly 5.7 million customers (as of December 2020).

Overview-

In April 2018, Ocean Dial Asset Management launched third, daily dealing, sub-fund under its UCITS umbrella, Ocean Dial Composite India Fund. The Fund is an Open-Ended Investment Company (OEIC).

The Fund portfolio consists of Indian equities and bonds. It comprises of three strategies:

1. A portfolio of multi-cap listed Indian equities, mirroring Ocean Dial’s existing Gateway to India Fund – Target allocation ~60%

2. AAA domestic rated Indian corporate bonds (traded onshore & offshore) – Target allocation ~30%

3. Ocean Dial’s Systematic India Return Fund – Target allocation upto 10%

The Fund has been seeded with an initial investment of USD 73 million.

Investment Strategy+

Fund Managers+

Digital Technologies

March 2023

Current Status: Active

Indegene

Indegene is a life sciences focused IT solutions provider operating in commercialization services. It works as a leading partner to 19 out of the Top 20 global bio-pharma companies (including Pfizer, GSK, Novartis, Sanofi, AstraZeneca, Novo Nordisk, Abbott, and J&J) for the digital and AI driven transformation of their commercial, medical, regulatory and R&D operations. The Company operates across USA, UK, Europe, China, Japan and India.

July 2022

Current Status: Active

Xpressbees

Xpressbees is one of the fastest-growing end-to-end logistics companies. In addition to its e-commerce (B2C) division, Xpressbees’ vision to evolve into a strong full-service logistics organization is reflected in its new lines of businesses like 3PL, B2B Xpress, and cross-border operations. With its nationwide network covering over 20,000 pin codes, and 80K+ associations, Xpressbees is delivering happiness to India through an ecosystem of nearly 100,000+ families.

March 2022

Current Status: Active

Juspay

Juspay unifies payment gateways to provide e-commerce merchants with a seamless, secure, reliable, end-to-end and enterprise-grade payment stack. This allows its customer base, which includes the likes of Amazon, Flipkart, Swiggy, Meesho, Airtel, Big Basket and Tata Cliq to achieve higher revenue at lower costs.

Oct 2021

Current Status: Active

Zeta

Zeta is a leading provider of cloud-based software for financial institutions like banks and fintech companies. Zeta counts amongst its customers over 10 banks and 25 FinTechs, across 8 countries, including Sodexo, HDFC Bank, Kotak Mahindra Bank, Axis Bank, IndusInd Bank, Yes Bank, RBL Bank among others.

May 2021

Current Status: Active

VerSe Innovation

Dailyhunt is India’s leading news aggregator focused on the vernacular medium. Based in Bengaluru and owned by Ver Se Innovation, Dailyhunt serves content in 14 Indian languages across a mix of categories including news, entertainment, lifestyle, hyperlocal etc. The Company has also recently launched a short video app called Josh, which has grown rapidly to become one of the largest apps in the social engagement category in the country.

March 2021

Current Status: Exited

Delhivery

Delhivery is India’s leading non-captive ecommerce focused logistics and supply chain platform. The company operates India’s largest express parcel transportation network with fully integrated and self-owned pickup, mid-mile and delivery operations. The company delivers across 17,500+ pin codes and 2,300+ cities across India (as at end 2020).

July 2020

Current Status: Active

lenskart.com

Lenskart is the largest player in the Indian branded eyewear & accessories market. Based in New Delhi, Lenskart has a unique omnichannel retail model present across online, offline and even home based sales channels. It has 658 exclusive brand outlets across India (as of January 2021).

Consumption

Oct 2021

Current Status: Active

Licious

Licious is India’s leading D2C brand operating in the meat and seafood category. Headquartered in Bangalore, and with a presence in 14 other cities, the company follows a farm to fork model where it owns the entire back-end supply chain from procurement to processing, storage and delivery while maintaining the quality and freshness of each product that reaches the consumer. At the time of investment, Licious had successfully delivered to more than 2 million unique customers, with a high degree of repeat purchase.

May 2019

Current Status: Exited

Bikaji Foods

Bikaji is one of India’s leading ethnic snacks companies. Based in Bikaner, Rajasthan, the company has a wide product portfolio consisting of both traditional savoury snacks (bhujia and namkeen) as well as new age snacks including wafers, chips etc. Its products are sold across nearly 20 states in India.

Financial Services

Sep 2021

Current Status: Active

SBI General Insurance Company Limited

SBI General commenced its operations as a joint venture between State Bank of India (‘SBI Bank’) and Insurance Australia Group (‘IAG’). Pursuant to stake sale by IAG in March 2020, SBI Bank now owns 70% in the company, while the balance is held by multiple private equity funds. The company offers a complete suite of products catering to the insurance needs of the retail and the commercial sectors.

Feb 2021

Current Status: Active

NSE

NSE is the largest stock exchange in India. The products on the Exchange are organized into three asset classes for trading: Capital market for the listing and trading of equities (stocks, ETFs including indices based on the NIFTY50 index etc.), fixed income securities (Gsecs, corporate bonds etc.) and the derivatives market (contracts on equity, indices, currency, interest rates and commodities).

Nov 2019

Current Status: Active

Ujjivan Small Finance Bank

Ujjivan is one of the leading small finance banks in India. Based in Bengaluru, the bank has a pan India franchise across 24 states/UTs represented by 575 branches and serving nearly 5.7 million customers (as of December 2020).

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June 2022

How private capital will take the driver’s seat for entrepreneurship in India

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Climate Change - A challenge transcending borders

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Covid has energized adoption of the digital ecosystem – and the change is likely to be permanent

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