Research Partner
InVed
Rigorous, ground-up fundamental research into India's least-covered equities before any position is taken.
The research edge Ashv is built on finding value early, before the market recognises it.
ASHV HOLDINGS
SETTING A HIGHER STANDARD IN SMALL-CAP RESEARCH
Category 3 Open Ended Alternative Investment Fund.
About Ashv Holdings
Ashv Holdings exists to bring disciplined, institution-grade research to India's small cap universe, the segment where diligence is scarcest and consequently where informed conviction is most rewarded.
A concentrated, long-only portfolio built to identify high-quality businesses early and translate deep research into durable alpha.
Partners
Principal Partner
Hem Shah
Institutional-grade operations, with deep capital-formation reach across HNIs, family offices and the wider ecosystem.
The backbone that makes Ashv investable at size, turning a strong research book into an institution capital can trust.
Institutional Partner
Venture Catalysts++
An institutional co-founder, with a founder and investor network built since 2016 across 400+ companies and ₹5,000 crore+ AUM.
Large-ticket capital and captive deal flow, anchoring the first close and opening doors ahead of the market.
Core Team
Kushal Kasliwal
Fund Manager
Kushal is a qualified CA & CFA and has more than a decade of experience in equity markets. He has worked with bulge-bracket firms including Goldman Sachs & UBS.
Hem
Shah
Principal Partner
Hem Shah is a next-generation public-market investor with nearly a decade of experience managing family-office capital and a strong network across HNIs, family offices and the broader investment ecosystem.
Mohit
Jangir
Partner
Mohit is a passionate long-term investor with more than 10 years of active experience in equity markets. He has also appeared on business channels including ET Now and ET Now Swadesh and is regularly featured on
Our Team
Partner
Udit Sharma
15+ years in equity markets; focuses on value investment ideas with long-term growth potential.
Partner
Ashok Lodha
Investor & mentor with 15+ years; has guided 3,000+ students since 2019.
Partner
Rishikesh Singh
Professional hedge trader & investor, 10+ years; featured on CNBC Awaaz & ET Now Swadesh.
Principal
Neil Doshi
Head of Operations & Fund Administration
Equity Research Analyst
Anukool Arora
Renewables, Hospitals & Hotels. CFA L3 candidate.
Equity Research Analyst
Aryan Bhatia
Power, Capital Goods, Industrials & Textiles. Tracks macro data, filings & commodity trends.
Equity Research Analyst
Sidharth Runwal
Consumer
Equity Research Analyst
Sahil Jain
Auto - ancs., Precision Manufacturing, Pharma.
Equity Research Analyst
Harshita Maheshwari
Battery chemicals, Nuclear Sector, PEB sector.
Equity Research Analyst
Yash Purbhe
Defense, Railways & Industrials. Tracks order books & procurement policy.
Compliance Officer
Ankur Chauhan
Compliance & Regulatory Oversight
Equity Research Intern
Simran Khatri
Aerospace, Platform Businesses, SME's
Why Choose Us
Investment Philosophy
We aspire to find high quality promoter led small-caps with enduring moats, long runways, sensible valuations, aiming to generate alpha over the benchmark.
Business
A real edge over rivals, a long runway to grow and a sector with the wind behind it. We check it with the company's suppliers and bankers, not just its filings.
Management
Prudent capital allocation, fair treatment of minority shareholders and clean related-party practices. We conduct due diligence on management reputation through independent channels, not disclosures alone.
Valuation
Earnings should justify the price within two to three years and we build in a cushion so our capital holds up even if growth arrives late.
25–30%+
Earnings growth filter
>20%
Improving ROCE trajectory
3–5 yrs
Holding period
30–35
Concentrated portfolio
Proprietary Framework
MATCH
Our returns come from five distinct sources.
M
Momentum &
Model Change
Companies at a turning point, growing profits faster than sales as capacity, pricing or exports kick in.
A
All-Weather
Core
The core of the portfolio. Steady compounders undervalued on short-term noise, with room to keep growing.
T
Trough
Plays
Good businesses bought near the bottom of the cycle or quality names fallen hard from previous highs.
C
Comeback
Stories
Turnarounds with new management, a repaired balance sheet and visibly cleaner governance.
H
Heads-I-Win,
Tails-I-Don't-Lose Much
Downside back-stopped by dependable cashflows, with upside from something new.
Fund Architecture
Three return engines
Listed Equities
IPO Anchors
Pre-IPO
70–80%
Of AUM
Listed Equities
15 to 25 companies, ₹500 Cr to ₹10,000 Cr market cap, with a one-to-four-year average holding. The home ground of the MATCH framework.
10–20%
Of AUM
IPO Anchors
5 to 10 selective anchor positions a year. Research-backed conviction held through the lock-in, never mechanical flipping.
Under 5%
Of AUM
Pre-IPO / Unlisted
2 to 3 high-conviction positions with a visible liquidity path. Kept deliberately minimal to protect portfolio liquidity.
The Permanent Edge
Why small & mid-cap now
Valuation reset
After the 2024–26 correction, small-cap prices are back to normal levels and quality is affordable again.
Capex supercycle
India is spending on railways, defence, power and roads for years to come and the smaller companies feeding that build-out grow with it.
Manufacturing shift
PLI incentives and the shift away from China are moving real manufacturing to India, lifting earnings in electronics, defence parts and renewables.
Operating leverage
Many mid-caps are now growing profits faster than sales, the point in the cycle where returns tend to be strongest.
Nifty Smallcap 250
Nifty 50
200
400
600
800
2013
2016
2019
2022
2025
Indexed to 100 at Jan 2013. Illustrative shape of relative performance, not a price series.
| Period | Nifty 50 | Nifty Smallcap 250 |
|---|---|---|
| 1 Year | -1.4% | 8.9% |
| 3 Years | 9.9% | 21.2% |
| 5 Years | 10.4% | 18.1% |
| 10 Years | 11.8% | 14.8% |
| Since inception^ | 11.0% | 15.1% |
^Since inception = Jan 2013 (the earliest date with data for both indices).
Partners
InVed Research
Research & Investment Intelligence Partner to Ashv Holdings
A SEBI-registered research platform built around deep market understanding,
fundamental analysis and rigorous investment due diligence.
Fundamental Research
Deep-dive analysis of businesses, industries, financials, management commentary and structural growth drivers.
Investment Due Diligence
Independent market research and diligence designed to identify quality, valuation disconnects and key risks.
Public-Market Intelligence
Experience spanning public and private markets, with a focus on identifying long-term value creation opportunities.
SEBI Registered
Research Analyst
₹350+ Cr
Private-market investments facilitated*
Mumbai & Jaipur
Research presence
Venture Catalysts++ Founders
Ashv is backed by Venture Catalysts++
India's first and most active integrated incubator platform.
Mr Anil Jain
Strategy & Governance
- Serial entrepreneur
- 30+ years of experience
- Co-founder, Wallfort Group & Credit Wise Capital
- 80+ start-up investments
Dr Apoorva Ranjan Sharma
Investment & Portfolio
- PhD in Incubation Management
- 20 years in start-up incubation
- Awarded by the President of India
- President, TiE Mumbai
CA Anuj Golecha
Investor Relations & Operations
- Chartered Accountant
- 9 years in start-ups
- 90+ companies backed or advised
- 40Under40 Wealth Managers in India
Mr Gaurav Jain
Technology & Global Learning
- Stanford MBA, IIT
- Founder of Bixby Technologies
- Formerly AirDev, GenNext Ventures & Credit Suisse
- 10+ years in start-up investing
Backed by (Early Investors)
Mukul AgarwalParam Capital
Utpal ShethTRUST Group
Sanjay DankiAuthum Investments
Ashish KacholiaLucky Investment Managers
Radhakrishnan DamaniDMart · Avenue Supermarts
Akash BhanshaliENAM Holdings
Hardik PatelFinquest Group
Karthik IyerInvestor
Venture Catalysts++ Presence
2016
Platform founded
$500M+
Group AUM
400+
Portfolio companies
4
Unicorns · 50+ soonicorns
75+
Successful exits
13
Fund licences across the group
Global footprint
54
Cities
7
Global geographies
20+
Investor countries
Unicorns in the group
BharatPe
Porter
Shiprocket
Vedantu
$1Bn+ valuations · 4 Unicorns
A multi-fund platform spanning accelerator, angel, sector and growth-stage vehicles, adding to Ashv's access to deal flow, market intelligence and a deep investor and founder network.
Investment backed by strong Research
We are selective about companies. We are selective about conversations.
+91 92564 31077 · SEBI RA INH000012351 · info@ashvholdings.com