By Siddhi Nayak
The family office of tech billionaire Narayana Murthy plans to double its exposure to India over the next five years, looking to capitalize opportunities in precision manufacturing and artificial intelligence as it seeks to expand a portfolio spanning listed and privately-held companies.
It is targeting annual returns of 16% to 18%, Deepak Padaki, president of Catamaran Ventures LLP said on the sidelines of Bloomberg’s New Economy Forum on Wednesday. Its strategy combines investments in public and private markets, with an emphasis on sectors where Indian businesses can build capabilities for global customers, he added.
Catamaran, one of the country’s largest private investors, runs $1.4 billion for the Infosys Ltd. founder, who is also the father-in-law of former UK Prime Minister Rishi Sunak. The Bangalore-based firm has holdings in Elon Musk’s SpaceX and the National Stock Exchange of India Ltd.
Artificial intelligence is a key area of interest for the firm, particularly companies in India that offer specialized services, solutions and capabilities to larger enterprise businesses worldwide. Rather than limiting its focus to developers of AI models, Catamaran, a growth stage investor, is tracking AI-based enterprise solution providers, Padaki said.
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The approach comes as companies globally race to expand AI capabilities, creating demand for computing infrastructure, data centers and services that support the development and deployment of the technology. India’s opportunity extends beyond developing its own AI models to supplying the expertise and infrastructure required by global players.
Data centers are another area attracting attention as AI workloads increase demand for energy solutions, cooling, computing power and storage.
Catamaran also favors precision manufacturing, a sector that could benefit as companies diversify supply chains and seek specialized suppliers, Padaki said. For Indian businesses, the opportunity lies in moving into higher-value manufacturing and supplying components or products that meet global standards, he added.