Date: 26th July 2022 | Publication: Ausbiz
An e-commerce company to get your hands on
Mugunthan Siva joined us from India Avenue Investment to give us insight into a company called Nykaa. Nykaa is an Indian e- commerce company founded by Falguni Nayar in 2012. Nykaa has raised money through multiple rounds of funding. In March 2020, it raised US$13 million from Steadview Capital, thus making it a unicorn startup valued at US$1.1 billion. This was followed by another tranche of US$8.4 million funding by Steadview in May 2020. Two Bollywood actresses invested in the company through secondary funding. In November 2020, global asset management firm Fidelity invested in the company through a secondary sale of shares from an existing equity investor. Nykaa opened its initial public offering (IPO) on 28 October 2021. The IPO was oversubscribed 81.78 times, raising US$670 million at a valuation of US$7.4 billion. Nykaa was publicly listed on the NSE and BSE on 10 November 2021, and its price rose by 89.2% on opening day, valuing the company at nearly US$13 billion. Founder Falguni Nayar, who owned a 53.5% stake in the company, became India’s wealthiest self-made female billionaire. Today, Nykaa’s shares trade at Rs.1,433 apiece on the BSE, after peaking at Rs.2500 in Dec 2021, providing a much more reasonable entry point for the multi decade growth story.
India Avenue is a boutique investment management firm providing investment solutions that allow our clients to benefit from India’s remarkable growth story.
OUR BUSINESS
2005
The journey towards the “birth” of India Avenue originated in 2005, when ING Investment Management started a business in India as a separate division, utilising a practiced multi-manager philosophy in markets like Australia, and exported it to India. Three of our founders, Mugunthan Siva, Rajeev Thakkar and Sajjan Raut Desai worked together for INGIM (India), building investment strategies and structures, under this philosophy and applying them to Indian capital markets
2011
In 2011 our founders started discussing the possibility of building an investment firm with a capability to provide a focus on India as an stand-alone investment jurisdiction for foreign investors. The founders identified Australia and New Zealand as nascent markets for investing in regional locations, with the potential to accelerate given education and insights which the firm could provide.
2015
By 2015 the group of founders decided to work full-time on this concept to bring it to life. They did this by leaving their existing employment, thus exercising high conviction in the investment region of India as a long-term structural story for investors in Australia and New Zealand. Thus, the firm India Avenue Investment Management was registered and came to life in 2015 in Sydney, Australia.
2016
After building our business for a period of 12 months, our first fund, The India Avenue Equity Fund was launched on 6th September 2016, with strong service provider partners like Equity Trustees (RE), Mainstream (Fund Administrator), KPMG (Fund Auditor) and BNP India (Custodian).
NOW
India Avenue is now a boutique investment business firm, with clients spread across family offices, high net worth individuals, wealth advisers and financial planning firms. Our firm has focused on education and knowledge as a driver of investment behaviour and have taken a long-term approach towards Australian and New Zealand investors contemplating an allocation to India’s growth as part of their portfolios. Our firm has assets in excess of A$50m and the India Avenue Equity Fund is rated “Recommended”* by Lonsec and is available on multiple investment platforms across Australia and New Zealand.