Acquiring Potential.
Scaling Legacy.
what is a search fund?
"A Search Fund is a globally proven model of Entrepreneurship Through Acquisition (ETA) where a high calibre individual, known as a Searcher, raises capital from ETA investors, acquires one SME business, and scales it for a profitable exit. Skipping the 0-1 startup grind."
A Different Focus
Unlike startups, Search Funds don't chase unicorns. They focus on the underserved middle: recurring, cash-generating businesses operating for a decade or more.
Often family-owned, these businesses face succession challenges or are led by promoters looking to exit.
The Opportunity
Studies show that up to 80% of global SME Promoters lack a clear succession plan. These are real businesses with customers, contracts, and teams at risk of disappearing. This is where Search Funds step in!
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The Search Timeline
Search Phase
0-18 Months
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Searcher raises search capital from Domestic and International ETA Investors to fund the search phase.
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Searcher identifies a high-potential acquisition target and conducts preliminary due diligence.
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Searcher presents the acquisition target to the Investors, and solicits their participation.
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Investors choose to participate and retain their pro-rata right in the acquisition. If Investors choose to withdraw, the search continues for another acquisition target.
Acquisition Phase
12-24 Months
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Once the acquisition target is final, professionals are hired to execute deep due diligence on financial, legal, and operational health of the target.
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Searcher negotiates favourable valuations and terms for the acquisition (and a payout plan for the Seller) funded via equity and debt.
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Acquisition completes, and the Searcher transitions into the full-time CEO role, supported by an experienced BOD and Investors.
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Investors become shareholders and the Searcher earns meaningful equity based on the deal structure and performance over time.
Scale & Exit Phase
4-6 Years
CEO implements best practices, hires professional talent, improves governance, enhances brand image, and modernizes tech.
Drives growth in Revenue and EBITDA through active operational leadership and focus.
Receives mentorship and board-level support from experts to scale profitably.
At the optimal time a well-planned exit strategy is executed via a PE buyout, strategic sale, or IPO.
the india opportunity
This powerful global model now meets India’s succession opportunity
Global Success Story
Search funds and the ETA model have operated successfully in the US and Europe for over three decades. This institutionalized asset class is now witnessing rapid adoption across Latin America and Asia.
Consistently Outperforming Benchmarks
Globally recognized as one of the highest-performing asset classes. Supported by deep academic research from Stanford, INSEAD, and IESE.
A massive succession wave meets unmatched entrepreneurial energy.
India represents a vast, under-served market of established, cash-generating SMEs that are too “small” for traditional Private Equity and too “old” for Venture Capital. This unique "middle market" offers resilient businesses ready for professional scale and exit. On the other side India also has numerous high caliber professionals who are ripe to become Searcher-CEO’s and create immense value over time for shareholders.
what is searchlight eta?
Searchlight is building India's first generation of searchers, creating the foundation for entrepreneurship through acquisition in India.
Ecosystem Builder
Brings together experienced Operators, Investors, and Partners to create a strong network.
Strategic Sourcing
Helps identify high calibre professionals who can become successful Searcher-CEO’s and helps them evaluate strong, existing businesses to acquire.
End-to-End Support
Supports Searchers throughout the process of finding and acquiring a company.
Support & Guidance
Provides capital support, guidance and practical playbooks along the way.
Scale & Growth
Works closely with Searcher-CEO’s and ETA Investors to grow and scale these businesses over time.
India Focus
Focused on building the ETA model in India at an early stage.
managing partner
Early Career & Foundation
Built foundation across consumer, retail, and financial services, gaining deep exposure to operations and growth across sectors. Strong educational background throughout, with an MBA from INSEAD.
Operating Leadership
High impact leadership roles at Mswipe and Sula Vineyards, as the Chief Operating Officer, driving scale and operational efficiency. Led teams of hundreds of employees across India.
Investment & Advisory
Head of India at DSGCP (Everstone Group), supporting emerging companies through capital and strategy. Active Angel investor and Advisor to tens of SME’s and Startups.
Building & Scaling Ventures
Created and scaled popular retail formats and tourism-led businesses within larger
ecosystems. Supported businesses to grow from zero to hundreds of crores in
revenues.
Investor & Board Role
Active BOD participation across leading companies like Sula, Epigamia, Leverage Edu, supporting scale journeys.
Landmark Outcomes
Key involvement in Oyo–SoftBank exit and Sula Vineyards IPO. Led successful M&A’s and Divestments.
searcher profiles
typical eta opportunities in india
Pharma Safety
High-margin niche safety solutions provider for global pharmaceutical firms with strong exit potential.
Revenue
₹30-35 Cr
Revenue
40-45%
Specialty Paints
Specialized industrial coating manufacturer with steady growth profiles in high-barrier market segments.
Revenue
₹75-80 Cr
Revenue
18-20%
Skincare CMO
Strategic co-manufacturing partner for high-growth D2C brands within the premium personal care vertical.
Revenue
₹35-45 Cr
Revenue
20-23%
IT HFT Solutions
Specialized IT hardware and software business providing infrastructure for stock market brokers to set up high-frequency trading (HFT) operations.
Revenue
₹45-50 Cr
Revenue
25-30%
Educational Services
Scalable test preparation platform with multi-state operations and institutionalized management systems.
Revenue
₹50-55 Cr
Revenue
30-35%
eta in the media
Fundamentals
Search Fund Primer
For those contemplating either pursuing a search fund or investing in one, CES has created a practical guide to answer the most frequently asked questions...
Investor Performance
How are Search Fund Investors Really Faring?
The search fund community has exploded since its inception in the mid-1980s, when only one
or two funds were launched each year. Fast forward to 2025...
Industry Studies
Search funds asset class maintains global growth
What are the latest trends in international search fund activity? A record number of new searchers, strong acquisition success rate and growing geographic diversity of search fund principals, according to the latest studies out this year.
Industry Studies
Stanford: 2024 Search Fund Study
The 2024 Search Fund Study reports on the financial returns and key qualities of search funds formed in the United States and Canada since 1984...
Academic Research
Search Funds: A Rising Asset Class Outperforming PE and VC
Search funds are quietly minting millionaires by buying stable, profitable businesses while venture capital and private equity struggle with depressed valuations and exit freezes....
Articles & Insights
Why build when you can buy and build?
You set out on the search for the perfect business and raise some capital from investors. You find the perfect enterprise to take over and go ahead with your investors’ help...
connect with us
I'm an Operator/Aspiring Searcher
Let's explore if ETA is the right path for you. We'll walk through the model, assess your profile, and help you understand what the journey looks like in the Indian context.
I'm an SME Owner
Let's have a confidential conversation about your transition. No pressure, no auctions, just an honest discussion about what's possible and what it could look like for you and your business.