Pulsar Capital Logo

Pulsar Capital

Mid-market private equity firm focused on transformative tech businesses that cross borders between India and the Gulf markets.

We target investment opportunities that are poised for growth in the dynamic India-Gulf (GCC) corridor. The centuries-old trade relationship between India and the Arabian Gulf countries provides a solid foundation for more intimate economic ties. Both regions have large and rapidly growing consumer markets; India's strengths in technology and manufacturing complement the GCC's resources and capital and its own high-growth opportunities as Indian businesses increasingly seek to expand near-shore.

We invest $25-75M into companies that demonstrate strong revenue and EBITDA growth prospects, sustainable competitive advantages, driven management teams and the potential to become market leaders. We seek industry structures that support a buy-and-build strategy, with multiple exit options. Our preferred sectors are Consumer, Healthcare, Software & Technology and Financial Service: high-potential sectors with a history of solid performance, global competitiveness, and transformational change.

We invest on a deal-by-deal basis so that our investors are not locked in to a blind pool, can tailor their investments to their specific needs and risk appetite, and have detailed visibility into the performance of each investment opportunity. We align with the interests of our limited partners to ensure that we are both focused on the success of each individual investment.


Investment Philosophy

Our investment philosophy revolves around six core principles:1. CONCENTRATION: We will limit ourselves to no more than five investments. A concentrated portfolio keeps us disciplined, allowing us to select only the best investments for our strategy. It also enables us to focus on growing our portfolio companies rather than on the various tasks required to keep a firm running.2. OWNERSHIP: We aim for significant minority ownership and often, control transactions, typically with deal sizes of $25-75M in lower mid-market private equity. We seek companies with the potential to be leaders in large markets and an industry structure that supports buy-and-build through a combination of strategy, capital, and committed teams. We adopt an owner mindset, aiming for organic growth through new markets, new products and margin expansion, and inorganic growth through bolt-on acquisitions.3. OPERATIONAL TALENT: A great business is finally about the right leadership. We recruit and incentivize operating leaders to build winning teams, accelerate results, and drive value creation. We will bring extensive capabilities and experience in organic revenue acceleration, operational improvements, and capital market efficiencies – along with our energy, commitment, and the stamina to see our investments through to performance and exit.4. BUY SMALL, SELL LARGE: We find that smaller-sized deals in the middle market are often lucrative because these businesses are agile, nimble, and innovative. We are able to access opportunities outside of competitive sell-side auctions and drive their growth to the upper middle market, eventually exiting when companies are well-established. We believe this approach carries less risk than into buying larger companies, which have limited exit routes after capital injections.5. EXIT FOCUS: There is no good idea that too much money can’t spoil. We will not chase deals, buying high and hoping to sell even higher, nor will we run up debt in operating businesses. We avoid investments in sectors that attract way too much capital relative to the opportunity set. We know that selling is an art, and drive exit outcomes ourselves by nurturing long-term relationships with the top global capital providers and sponsors.6. LONG HOLDS: We consider ourselves permanent stewards of the business, even though we do not have permanent capital. We believe in long holding periods and have the desire to own our businesses over long time horizons, possibly even after our Limited Partners have exited. Our owner mindset aims to triple or even quadruple the size of revenues at our businesses over our investment period, while turning them into market-leading companies.


Our Culture and Values

Our principles serve as a North Star to guide our culture and the actions of all of our people in everything we do in the firm’s name.

Our Business Principles

1. We are responsible custodians (and not just General Partners) to our clients’ hard-earned capital. We work as a team and devote all our abilities, energy and network to generate superior returns for our investors. We know that transparency builds trust. We will strive to understand and anticipate our investors' evolving needs, and will always put their interests ahead of our own.2. We will aim to be the best, not the biggest. We are determined to achieve excellence in all our endeavours, and believe that narrowing the focus on a limited number of investments will helps us exponentially improve the quality of business outcomes, and consequently investor returns.3. We know that our reputation is our most valuable asset and that ethical behavior builds long-term trust and success. We will maintain the highest levels of integrity and fairness in our actions and decisions. We will handle all client information with strict confidentiality and discretion and ensure that our companies adhere to all laws, regulations, and ethical guidelines in the spirit of fair play and long-term success.


Operating Company Principles

1. Success comes from having the best people in the right roles. We will nurture, and retain the best talent to accelerate performance at our operating businesses to turn them into market-leading companies. We will recruit operating leaders who embody a balance of ambition and patience — leaders whose ambition fuels innovation and growth, and whose patience ensures extraordinary business results and consequently, substantial returns.2. We will encourage, foster and finance creativity and innovation in our operating businesses, remain agile in learning and and regularly benchmark against the best to adopt best practices from other successful companies. We know that the world does not stand still and that entropy and complacency can lead to extinction.3. People do their best work when they like what they're doing, enjoy their workplace, and feel supported. We insist that our operating companies reward individual merit, effort and enterprise.4. We believe that true compounding requires stewardship over a long period of time. We encourage our operating leaders to think in terms of decades, not quarters or years, avoid short-term approaches, and focus on creating enduring value that will, in turn, generate superior returns.


Our Investments

Our Partners have a successful 18-year investing track record and have deployed nearly $1B of Private Equity capital into Healthcare, Technology, Financial Services and Consumer across the South Asia region and its neighbourhood (India, Myanmar, Sri Lanka, Vietnam and Africa)

Active Investments

TRUDOC
HEALTHCARE

TruDoc is the Middle East's leading digital health provider. Their offerings include tele-health, e-pharmacy, at-home-labs, at-home health and chronic disease management. TruDoc has 70% coverage among insurers in the UAE and covers 2 million patients out of a population of 9.5 million residents, and a strong presence in the Kingdom of Saudi Arabia, Nigeria and India.

ASSIDUUS
ECOMMERCE

Assiduus is ecommerce middleware and logistics partner to the world's leading enterprise brands to ship, sell and fulfil their products across borders. Assiduus ensures end-to-end fulfilment and distribution through own and 3PL warehousing in 4 continents across 11 global marketplaces.


Prior Track Record

LENSKART (2016)
CONSUMER, ECOMMERCE

LensKart is India’s largest multinational precision eyewear online and retail chain.

HEALTHIUM MEDTECH (2013)
HEALTHCARE

Healthium is India's leading medical devices company specializing in advanced surgical, wound care, and post-operative products.

LANDMARK CARS (2016)
NSE: LANDMARK
CONSUMER

Landmark Cars India is a premier automotive retail chain offering a wide range of luxury and premium vehicles, known for its exceptional customer service and extensive dealership network.

DODLA DAIRY (2016)
NSE: DODLA
CONSUMER

Dodla Dairy is a is a prominent dairy company in India, specializing in the production and distribution of high-quality milk and dairy products.

PHARMEASY (2016)
HEALTHCARE, ECOMMERCE

PharmEasy is a prominent online healthcare platform in India that offers medicine delivery, diagnostic tests, and teleconsultations.

ASIA HEALTHCARE HOLDINGS (2014)
HEALTHCARE

Asia Healthcare Holdings is India’s largest single specialty
hospital platform comprising of oncology, IVF and mother and
child hospitals. It operates Motherhood Hospitals, a premium maternity healthcare chain and Nova IVF, a leading fertility treatment chain providing advanced assisted reproductive technologies and personalized care.

CAMPUS SHOES (2017)
CONSUMER

Campus Shoes is a well-known Indian footwear brand, offering a diverse range of stylish and comfortable shoes, particularly popular among the youth.

ASIRI HEALTH (2014)
HEALTHCARE

Asiri Health is Sri Lanka’s leading group of private hospitals & diagnostic facilities counting four decades of excellence in healthcare.

MASAN GROUP (2009)
CONSUMER

Masan Group is one of Vietnam’s largest local diversified branded food & beverage companies. It also operates a large network of retail convenience stores.

GREENKO (2010)
CLEAN ENERGY

Greenko is one of India's leading Renewable Energy companies, replacing fossil fuels with integrated decarbonized energy and grid assets enabling sustainable and affordable energy, with a net installed capacity of 7.5 GW across 15 States in India.


Contact us

OFFICES

Pulsar Capital Holdings Limited
701, Bay Square, Building 1
Business Bay, Dubai, UAE
+971-4-3961415

GET IN TOUCH

investors@pulsarcap.com


Are you an exceptional mid-career business leader looking for an ambitious role? For a confidential conversation, please contact any of our team on LinkedIn or write to us at careers@pulsarcap.com