Infosys founder Narayana Murthy plans to double private firm's investments
1 min read 24 May 2023, 09:38 AM ISTNarayana Murthy played a significant role in establishing Infosys as a prominent company in India through his innovative approach to outsourcing technology services.
PremiumThe investment firm managing the wealth of Narayana Murthy, the founder of Infosys Ltd., plans to expand its investments and hire professionals over the next five years.
As per a report by Bloomberg, Catamaran Ventures LLP aims to double its current $1 billion assets under management, anticipating India's potential as a high-quality manufacturing hub.
Chairman MD Ranganath revealed the firm's strategic shift towards new areas, including deep tech, precision engineering and manufacturing, and renewables, departing from its previous focus on services.
Narayana Murthy played a significant role in establishing Infosys as a prominent company in India through his innovative approach to outsourcing technology services.
Meanwhile, his daughter Akshata Murty, who is married to UK Prime Minister Rishi Sunak, serves as a director in the British division of their family's investment firm, which operates independently.
Catamaran Ventures, headquartered in Bangalore, has a team of approximately 15 employees in India who manage a diverse portfolio of investments, including e-sports, insurance, and Space Exploration Technologies Corp., founded by Elon Musk.
“For the next stage of India’s growth, manufacturing is clearly one of the trajectories," Ranganath said. “The advantage for India is all this innovation can be tested in India for scale, and then taken to the global markets."
To back this growth, Catamaran Ventures will actively seek partners to build businesses in the sub-sectors it selects, and add four specialists to its team of investment professionals, Ranganath said. It’s looking to close at least one such partnership in the next few months, he added.
Previously, Murthy's venture firm collaborated with Amazon.com Inc. to develop Prione Business Services. Initially, the focus was on assisting merchants in establishing an online presence to sell their products, but Prione eventually grew to become a prominent vendor in its own right. Amazon eventually acquired Catamaran Ventures' stake in Prione.
According to the website, the firm will continue to back early- and late-stage companies, according to Ranganath. Catamaran Ventures has also invested in social network Reddit and the National Stock Exchange, India’s largest bourse.
Nearly a third of the firm’s investments are in early-stage companies and the rest is evenly split between late-stage and growth enterprises, according to President Deepak Padaki. The firm has also partnered with early-stage funds, he said.
