The Systematic Pursuit of Investment Excellence
Meritus is a specialist manager focused on the Indian public markets. We leverage an agile process and repeatable frameworks to build a bottom-up portfolio of the most compelling investments in a secular growth market.
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Our Good Team
Working capital designed with high-growth brands and retailers in mind. Simple, transparent, accessible funding.
Our Good Team
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Mihir Shah
Mihir is the CIO and Managing Partner at Meritus Capital. He has over 15 years of investing experience in the Indian public markets. From 2014 to 2022, he was a sector lead at Amansa Capital in Singapore, and from 2010 to 2014, he was Vice President at India Capital in Mumbai. Prior to that, he was a technology analyst in Goldman Sachs' Equities Division in New York from 2005 to 2008.
He holds an MBA with High Honors from the University of Chicago Booth School of Business (2010) where he was named a Siebel Scholar (top 5 in his class). He holds an MS in Computer Science from Columbia University (2005), and a BE in Computer Engineering from VJTI, Mumbai (2003). He is a CFA Charterholder.

Viraj Yadav
Viraj is a sector lead at Meritus Capital where he is responsible for the financial, consumer, and service sectors. He was previously an Associate at Avendus Capital in their investment banking division. Prior to Avendus, Viraj was a Manager at ACT Fibernet, where he was responsible for revenue and product management of their value-added services portfolio.
Viraj graduated with an MBA from IIM-A in 2024 and a BA (Eco) from UCLA in 2020.

Jayesh Tandel
Jayesh is responsible for all operational matters at Meritus Capital. He was previously a Senior Accounts Control Officer at ING Australia in Sydney. Prior to ING, he was a market research consultant with EY Sweeney, also in Sydney. Jayesh was previously a Financial Analyst at JP Morgan Chase where he worked in the Fixed Income Middle Office, and the Fund Service teams.
Jayesh graduated with an MBA from the University of Technology Sydney in 2021, and a Bachelors of Management Studies from Mumbai University in 2014.
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- Item A
- Item B
- Item C
Who we are
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FAQs
Objectives
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System
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Insights
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Introduction
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Conclusion
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Business

7 Powers: The Foundations of Business Strategy
Mihir: An important book, which if you genuinely sit with, you might realize that very few businesses truly have power, i.e. the ingredients that might allow it to scale, be great, and earn super-normal profits. And if you do find a business that has those ingredients, and is early in its growth curve, you have the makings of something truly meaningful.

Good Strategy Bad Strategy
Mihir: A book which made me realize that growth is not a strategy - and that the term strategy is quite often used frivolously. Strategy is fundamentally about tradeoffs, and about accurately identifying the fundamental issue that the business is grappling with. It is highly contextual, and what matters above all else is clarity and focus. What you choose not to do is just as important as what you choose to do.
Investing

The Investor's Anthology
Mihir: An out-of-print and under-rated book. A collection of over fifty articles from Adam Smith to Peter Bernstein to PT Barnum. Timeless perspectives on business, money, and investing.
Biographies

Made In America
Mihir: The quintessential American success story. Part retail masterclass, part memoir of one of the most competitive entrepreneurs that walked the earth. A satisfying read as he takes you from the first store to the national enterprise that Walmart is today. Built on the simple insight of putting the customer value-proposition first, and engaging and rewarding your employees.
Performance

The Art of Learning
Mihir: One of the most influential books I've read. As Josh realized that he could connect the disparate arts of chess and Tai Chi Chuan, I realized perhaps I could lean on my background as an engineer as I navigated the world of investing. And the purity of craft, and all-in mindset with which he pursues whatever he takes on is a genuine source of inspiration.
Philosophy

Zen and the Art of Motorcyle Maintenance
Mihir: A book I wish I had read earlier in life. But perhaps I might not have been ready to receive it then. The takeaway for me from this book was that perhaps the quality of thr journey is just as important as getting to the destination. That the means matter just as much as the end. And perhaps even more so.
Investors
Investment Approach
Leverage agiles frameworks provided a robusts synopsis high levels overviews. Iterative corporate Strategy foster collaborative thinking further for the overall values proposition organically grows the holistic world disruptive innovation via work place diversity and empowerment.
Leverage agiles frameworks prcwided a robusts synopsis high levels overviews. Iterative corporate strategy foster thinking further for the overall grows the holistic world disruptive innovation via work place diversity and empowerment.
Leverage agiles frameworks provided a robusts synopsis high levels overviews. Iterative corporate strategy foster collaborative thinking furtherfortheoverall values proposition organically grows the holistic world disruptive innovation Via work place diversity and empowerment


Does any index really represent the market?
Iterative strategy foster thinking further overall grows world innovation via work place and bring frameworks to provided synopsis for high levels corporate win-win survival strategies proactive high levels and bring the corporate domination.
- Leverage agiles frameworks to provided a synopsis
- Bring to the tables win-win survival strategies
- Approaches corporate strategy foster collaborative
- Iterative approaches corporate strategy foster
- Holistic world views of disruptive Innovation via work
Iterative strategy foster thinking further overall grows world innovation
Iterative strategy foster thinking further overall grows world innovation via work place and bring frameworks toprovided synopsis for high levels corporate win-win survival strategies proactive high levels and bring the corporatedomination.
Leverage provided synopsis levels foster thinking further overall value proposition organically grows provided synopsis for levels approaches corporate win-win survival strategies proactive high levels and bring of holistic world views disruptive work place diversity and empowerment to tables win win survival strategies to ensure proactive to provided synopsis for high levels approaches corporate win-win survival strategies.
Letters
Investor Newsletter Q1FY25
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Investor Newsletter Q1FY25
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Investor Newsletter Q1FY25
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Investor Newsletter Q1FY25
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Investor Newsletter Q1FY25
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Research
Foundations


Iterative strategy foster thinking further overall grows world innovation via work place and bring frameworks toprovided synopsis for high levels corporate win-win survival strategies proactive high levels and bring the corporatedomination.
- Leverage agiles frameworks to provided a synopsis
- Leverage agiles frameworks to provided a synopsis
- Approaches corporate strategy foster collaborative
- Iterative approaches corporate strategy foster
- Holistic world views of disruptive Innovation via work
Iterative strategy foster thinking further overall grows world innovation via work place and bring frameworks toprovided synopsis for high levels corporate win-win survival strategies proactive high levels and bring the corporatedomination.
Others
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