Launching Meritus Capital: A next-generation investment firm focused on India

Over the last fifteen years, I have spent time at two India-focused funds: India Capital, one of the oldest, and Amansa Capital, one of the largest.  At India Capital, I developed an appreciation for the nuance and complexity of India, as I travelled across the country for my research, meeting truck drivers in Namakkal, doing an early morning newspaper run in Ranchi, and visiting engineering factories in Pune.  At Amansa, I learned the importance of depth, as the firm dug deeper than anyone else I encountered, in our attempt to get to the bottom of an investment situation.

Through the journey, I have made a few observations and learned many lessons – some of them hard fought. That while it is useful to turn over many rocks, only a few investments truly matter – and it is often not easy to know which ahead of time. That when it comes to research, the clarity of thinking is as important as the quantum of work. And that what matters, above all else, is buying good and buying well – and no amount of work can compensate for buying poorly.  And finally, that in the long run, it is perhaps not IQ, but EQ that makes all the difference.

We think of Meritus as a next-generation investment firm, where our goal is to take these learnings and to build on them. We are a small team, with big aspirations, and we are incredibly passionate about what we do. Some people might even find us a little eccentric.  In addition to being good investors, we care tremendously about learning and personal growth.  In addition to being right, we care about the process and frameworks used to get there. And in addition to winning, we care about doing the right thing. We are invested in each other’s success, not just as investors or professionals, but as people. And while the world has enough investment firms, our aspiration with Meritus is to build something different – something we can be proud of. In terms of the quality of our work, our transparency with our investors, and our dealings with our partners.

And so we begin with a set of commitments. To our investors to treat your capital with the utmost care, being aligned and invested alongside you – and to be transparent about the good and the bad, our successes and inevitable errors. We look forward to building a long and meaningful partnership with each of you. To our peers, we commit to learning in public – we have grown by engaging with you as you have selflessly shared your experiences and insights. To our teachers and mentors, from whom we have learned so much, we intend to pay it forward – if our public discourse helps even one young analyst, it will be worth it. And to our service providers, we commit to operating in a spirit of genuine partnership – we cannot achieve what we seek to without your help.

Thank you to everyone who has helped us get here. To our early investors and service partners. Our mentors and teachers. Our friends and peers. And to our ex-colleagues – investing is a craft learned experientially, and we can genuinely say that we have learned from the best.

To learn more about us and our approach, you can stay in touch through this blog, which we will post to regularly – about our research and perspectives on investing, as well as our learnings and reflections on life. And if you would like to explore a potential investment with us, feel free to get in touch. We would be happy to engage and help determine if Meritus might be a fit for you.