Acquiring Potential.
Scaling Legacy.
What is a Search Fund?
It’s a proven model of Entrepreneurship Through Acquisition
where driven individuals raise capital, acquire profitable small businesses,
and scale them with investor support.
Search Funds don’t chase unicorns — they target the underserved.
Stable, cash-generating businesses with succession challenges.
An overlooked ₹50–100 Cr revenue sweet spot.
The results?
Globally, studies by Stanford, INSEAD, and IESE show Search Funds have delivered 30%+ IRRs over the past four decades
They focus on:
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Promoter-led SME businesses, the backbone of the economy.
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The underserved middle of the economy – SME’s that are small for PE, old and boring for VC.
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Established, recurring, cash-generating businesses – valued on profitability and not on promises.
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Stable balance sheets and strong operating history.
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Across sectors and industries – and across the country.
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Companies with a strong employee base.
These are real businesses with customers, contracts, factories, offices and teams!
Search Funds offer PE-type risk mitigation and VC-type return on investment!
The Search Timeline
Search Phase
12-18 Months
• ~₹3 crore of search capital, raised from ten or more co-investors (Funds, HNIs, FOs).
• Used for sourcing, due diligence, legal and all operating expenses.
• Once a company is identified, move towards Acquisition Phase.
• If the search is unsuccessful the search capital is forfeited.
Acquire Phase
6-12 Months
• Thorough due diligence is conducted.
• Target equity value: ₹80–120 crore.
• Entry valuation: 6–8x EBITDA.
• Funded through an optimal mix of equity and debt.
• Debt helps improve equity IRRs.
• Searcher becomes CEO with up to 25% equity (and/or ESOPs).
• Investors can choose whether they would invest and their investment amount.
• Common terms for all Investors.
Scale & Exit Phase
4-6 Years
• Searcher becomes CEO.
• Investors and Professionals join the Board of Directors.
• Implementation of best practices and modern technology.
• Hiring professional talent and growth execution.
• Growth in Revenue, EBITDA, PAT.
• Dividend payout optional.
• Exit at ~4–5x MOIC, 25%+ IRR via PE sale, Strategic buyout, IPO.
This powerful global model now meets India’s succession opportunity
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India has tens of thousands of recurring, cash-generating SME businesses (mostly started post liberalization). The “backbone” of economic growth.
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Often family-owned, with promoters facing succession or exit decisions. A common story across India (mirroring the World).
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Typically, EBITDA-positive, cash-generating, with repeat customers, long-term contracts, and an experienced employee base.
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Promoters spend decades building strong businesses. Kids and Heirs live abroad or are not interested to operate the business. As retirement approaches, difficult choices emerge - Shut the business down Or hire a CEO and hope the transition works, but the risk sits with the Promoter.
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Research shows that up to 80% of SME owners lack a clear succession plan.
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India continues to be the fastest growing large economy, demographic dividends, macroeconomic tailwinds
India represents a large, under-served succession opportunity. This is where Search Funds can scale meaningfully over the next decade or more
What is SearchLight?
Searchlight is building India's first generation of searchers, creating the foundation for entrepreneurship through acquisition in India.
What does SearchLight do?
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Brings together experienced operators, investors, and partners
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Helps identify and evaluate strong, existing businesses to acquire
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Supports operators through the process of finding and buying a company
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Provides capital, guidance, and practical playbooks along the way
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Works closely with operators to grow and scale these businesses over time
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Focused on building this model in India, at an early stage
Managing Partner
Chaitanya Rathi
Seasoned operator and investor with 20 years across consumer, fintech, and venture ecosystems. Built, scaled, and exited businesses while working closely with high-growth companies across India’s evolving SME landscape.
Early Career & Foundation
Built a strong foundation across consumer, retail, and financial services, gaining deep exposure to operations, growth, and market dynamics.
Operating Leadership (CXO Roles)
Served in leadership roles at high-growth businesses like Mswipe and Sula Vineyards, driving scale, operational efficiency, and strategic expansion.
Investment & Advisory (Everstone / DSGCP)
As Head of India at DSGCP (Everstone Group), worked closely with emerging companies — supporting growth through capital, strategy, and hands-on advisory.
Building & Scaling Ventures
Created and scaled entrepreneurial ventures within larger ecosystems — including retail formats and tourism-led businesses driving profitability and brand growth.
Investor & Board Participation
Active investor and board participant across leading consumer and startup brands including Sula Vineyards, Epigamia, Sleepy Owl, and others — supporting scale journeys.
Landmark Outcomes
Part of significant outcomes including a multi-bagger exit (Oyo–SoftBank) and leading the IPO of Sula Vineyards.
Searcher Profiles
Bhavik Rasyara
Pravah Capital
Location: Mumbai
Education: MBA, Harvard Business School
BTech, IIT Madras
Work Experience: Associate at Bain Capital
VP at Scaler Technologies
Pratap Chowdhury
Cicero Capital
Location: Mumbai
Education: MBA, Kellogg Northwestern University, BSc Economics, St Xaviers College
Work Experience: Associate at TR Capital HK, Analyst at Kotak Mahindra I-Bank
Prakash Prodduturi
Origin40
Location: Hyderabad
Education: MBA, INSEAD
MSc, National University of Singapore
Work Experience: Engagement Manager at McKinsey UAE, Senior Consultant at Swiss Re Singapore
Anurag Sinha
Milestone Search
Location: Hyderabad
Education: MBA, INSEAD
BCom Hons, Delhi University
Work Experience: CEO at Raam Group (of 3 BUs with 800+ cr revenue)
Director at Oyo
Rehan Netarwala
Oakintek Capital
Location: Mumbai
Education: ss
Work Experience: Co-Founder at Savage & Palmer Consultant at Universal Consulting
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Search Funds: A Rising Asset Class Outperforming PE and VC
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Entrepreneurship through acquisition takes root
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Family Businesses Power 79% of GDP, But Only 7% of Heirs Willing to Step In
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