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2h ago

Murthy’s Catamaran Retreats From Startups, Pivots to Manufacturing and SMEs

Executives cite 30–40% markdowns tied to scarce exits.

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Catamaran Ventures is one of India's largest private investors, running $1.3 billion for Infosys co-founder NR Narayana Murthy.
Startups no longer thrill Narayana Murthy’s fund: Here’s what it’s betting on now

Overview

  • Catamaran Ventures president Deepak Padaki said middling startups are trading at 30–40% discounts as funds near the end of their terms and rush to sell.
  • The family office plans to deploy patient capital into manufacturing supply chains, targeting aerospace, electric vehicles, electronics and possibly medical devices.
  • Deals that offer only minority stakes without strategic influence are no longer attractive to the firm.
  • Deployment has slowed, with only two new investments since early 2024, and the firm manages roughly $1.3 billion for Narayana Murthy.
  • The recalibration comes as India’s venture market cools from a $38.5 billion peak in 2021 to about $13.7 billion in 2024, and Catamaran’s holdings include SpaceX and the National Stock Exchange of India.