Preserving India's business legacy through professional succession
Dhruv Star Capital is India's first institutional search fund accelerator. We back elite operators to acquire, professionalise, and scale profitable Indian MSMEs — bridging institutional capital with the world's largest SME succession opportunity.
Millions of profitable Indian MSMEs are operated by first-generation founders nearing retirement. Their children have moved to tech, corporate careers, or settled abroad. These businesses are too small for PE, too mature for VC, and too complex for individual buyers. Dhruv Star Capital exists to bridge this gap.
Screen 1,000+ companies through our proprietary CA network, direct outreach, and industry databases. Off-market deals before they reach brokers.
Buy profitable businesses at 4-6x EBITDA. All-equity preferred — no leverage risk. In-house QoE through our 40-year CA firm (ARSK & Associates).
Install a dedicated operator-CEO. Deploy our 100-day PMI playbook: professionalise governance, digitalise operations, optimise working capital.
Hold for 7-10 years. Grow EBITDA through operational excellence. Exit to strategic buyers, PE firms, or via SME IPO.
You built something extraordinary. When it's time to transition, you need more than a buyer — you need someone who will protect your employees, serve your customers, and carry your legacy forward. That's what we do.
No-obligation discussion about your business, your goals, and your timeline.
If there is alignment, we conduct a thorough but respectful evaluation through our in-house CA team.
We introduce an experienced operator-CEO who will work alongside you during a 3-6 month transition.
Your business continues to thrive under professional leadership. Your employees and customers are protected.
We are not a PE firm stripping assets. Our operator-CEOs commit to running your business for 7-10 years.
We speak your language. Led by a Chartered Accountant with a 40-year family CA firm serving MSMEs since 1984.
Your employees are protected. We don't do layoffs. We professionalise — adding systems, not subtracting people.
Confidential and respectful. We understand the emotional complexity of letting go. Every conversation is handled with discretion.
Revenue: ₹25-200 Crores | EBITDA: ₹5-35 Crores, 15%+ margins
Sectors: Niche manufacturing, B2B services, healthcare, tech-enabled services
Geography: Mumbai, Pune, Nashik, Ahmedabad, Coimbatore, Chennai
Profile: 3+ years profitable, diversified customers, capable middle management
| Parameter | Details |
|---|---|
| Platform | Dhruv Star Capital — India ETA Accelerator |
| Structure | Dual-fund: Singapore VCC (international) + SEBI Cat II AIF (domestic) |
| Target Companies | ₹25-200 Cr revenue, ₹5-35 Cr EBITDA, B2B / manufacturing / services |
| Entry Multiples | 4-6x EBITDA — structural India discount vs 7x+ in US/Europe |
| Hold Period | 7-10 years per acquisition |
| Capital Model | All-equity preferred — no leverage risk. Capital called deal-by-deal. |
| Governance | Professional board per company. Institutional reporting from Day 1. |
| Sponsor Alignment | Piyush Kabra invests personal capital alongside LPs |
Detailed fund economics, fee structure, and carry terms available upon request.
India's MSMEs trade at 4-6x EBITDA — a structural discount to US/European comparable assets. Combined with 6-8% GDP growth that compounds EBITDA faster than any developed market, the result is superior risk-adjusted returns for patient capital.
The ETA model — buying profitable businesses and installing professional operators — has generated 35.1% aggregate IRR over 40 years globally (Stanford GSB 2024). India represents the largest untapped market for this model.
8-15 years of operating experience in logistics, manufacturing, services, or tech
Comfort in Tier-2 India — factory floors, not just boardrooms. You can negotiate with a 60-year-old vendor in Hindi.
Financial literacy — you understand unit economics, working capital cycles, and P&L drivers
Emotional intelligence — you can earn the trust of a retiring founder and their 20-year employees
Willingness to commit — relocate to where the business is for 7-10 years. This is ownership, not a job.
ETA economics, Indian MSME financials, promoter psychology, FEMA & deal structuring
Proprietary sourcing, CRM setup, CA network activation, bank/NBFC relationships
LOI mechanics, earn-outs, Quality of Earnings, transition planning, first 100 days
Board governance, cohort mentorship, 100-day PMI playbook, Virtual CFO deployment
Economics: Modest living stipend during search. 15-25% equity in the acquired company, vesting across three tranches (closing + time + performance).
Piyush Kabra is a Chartered Accountant and dual MBA graduate from Yale School of Management and IE Business School with over 15 years of global experience at the intersection of strategy, finance, and operations.
As Director at Delhivery, he led the cross-functional transformation that scaled the business 8x and enabled its IPO in May 2022 — reducing DSO by 55%, building six operational teams, and establishing the governance infrastructure that transformed a startup into a public company.
His deal execution experience spans private equity (WD Capital Holdings, New York), cross-border capital deployment ($300M facilitated at PwC Mexico), and M&A advisory (₹1 billion conglomerate restructuring at ARSK & Associates).
Most importantly, Piyush's family CA firm — ARSK & Associates, established in 1984 — provides Dhruv Star Capital with a structural advantage no other India ETA platform possesses: in-house Quality of Earnings, forensic audit capability, and direct access to India's SME ecosystem.
PE deal execution at WD Capital (NY). ₹1B restructuring at ARSK. $300M cross-border investments at PwC Mexico/LATAM.
Scaled Delhivery 8x to IPO. DSO -55%, receivables -70%. Built 6 teams with KPI frameworks and OKR-driven planning.
ARSK & Associates: family CA firm serving MSMEs since 1984. Built succession planning and Virtual CFO practices. Family investment company director since 2009.
CA + Dual MBAs (Yale + IE). Yale/IE/ISB/IIM/Antler alumni networks across 23 countries. Founder, SMEplify (Antler, London).
Unlike standalone search funds that outsource diligence at significant cost, Dhruv Star Capital has a 40-year CA firm as its institutional backbone — providing in-house Quality of Earnings, forensic audit, tax structuring, and Virtual CFO deployment. This de-risks investor capital at the structural level.
Managing Partner & Sole GP, Dhruv Star Capital
For Business Owners: Every conversation is strictly confidential. We respect your timeline and your privacy.
For Investors: Request our LP Financial Summary and pitch deck for a detailed overview of the fund structure and target returns.
For Operators: Apply to join our next cohort of searcher-CEOs. We're looking for India's best mid-career operators ready for ownership.