Arun Singhal

Tier 2 & 3 Cities: India’s New Investment Hubs A quiet revolution is underway in India’s Tier 2 and Tier 3 cities. Post-demonetization, promoters and families in places like Kanpur, Lucknow, Guwahati, Ranchi, Indore, Nagpur , Kochi, Coimbatore, and Bhopal are moving away from traditional assets like gold and real estate towards liquid financial portfolios. What’s driving this shift? 1. A next-gen, globally educated, financially aware 2. Improved local business sentiment under supportive government policies (RERA, PLI) 3. India’s emergence as a manufacturing alternative post-COVID 4. Monetisation of businesses and real estate with stake sale, etc Where earlier wealth would flow out to metros, today these cities are becoming investment centres themselves, creating exciting opportunities for wealth firms expanding their reach.

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Total potential ESOP wealth in India stands at INR 14.2 lakh crore! That’s 22% of India’s mutual fund industry AUM — and more than twice the PMS industry’s AUM. Let that sink in. But the biggest ESOP wealth creators are not who we usually think. Nifty 100 companies generate more ESOP wealth than the entire startup ecosystem. HDFC Bank alone created INR 5,282 crore of ESOP liquidity in 2024 — twice as much as India’s entire startup ecosystem did that year. It’s clear that ESOPs are massive wealth-creation engines hiding in plain sight. Yet our quiz last week revealed some surprising facts: Over 65% of ESOP holders with more than ₹1 crore in ESOPs are unaware of vesting calculations, the impact of dilution, or whether their employer’s ESOP policy is favourable. When Revant, Shantanu, and Chirag invited me on the Asymmetric Podcast, I stumbled upon research that made me question many of my own beliefs about this underrated wealth-creation tool. We break down India’s ESOP story in under 75 minutes, covering: - Salary vs Salary + ESOP - Ranking different ESOP policies - Cases where ESOP wealth was lost - The Flipkart Mafia - Life-changing ESOP stories of non-founders - How founders should allocate ESOPs - And a big surprise at the end I promise this will be worth your time — even if you have just 1 unit of equity in your company. Link to the full episode in comments! #ESOPs #WealthManagement #Dezerv #AsymmetricPodcast

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SEBI might finally give Indian investors a bigger seat at the global table For years, we’ve had an odd gap - our money could flow out, but the structures to bring it back through global channels were too narrow. SEBI’s new consultation paper could change that Resident Indian non-individuals running retail schemes in IFSCs could finally register as FPIs. This door was shut earlier if there was Indian ownership. There’s a safety net - at least 20 investors, no one holding more than 25%, and no more than 10% of AUM in one company. The investment cap for resident Indian non-individuals goes up from 2.5–5% to 10%, matching IFSCA rules. Indian mutual funds could invest in foreign funds that hold Indian shares. When such foreign funds register as FPIs, they could include Indian mutual funds as investors, thereby simplifying cross-border investments. This isn’t just about “rule changes.” It’s about: – Putting IFSCs on the global map – Letting Indian capital play in global structures without losing control – Aligning with international standards while keeping risk checks in place If we get this right, we’re not just giving Indians a bigger seat at the table, we’re making sure they have a real voice in the room

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Healthcare in India has quietly shifted. What was once a mission-led sector is now a PE-owned asset class. Most of the country’s leading hospitals are no longer promoter-led. They are backed by Private Equity funds chasing scale and returns. Temasek → Manipal Hospitals (MHEPL) Blackstone → CARE Hospitals, Quality CARE India Limited CVC / KKR → HealthCare Global General Atlantic → Ujala Cygnus Hospital KKR → Baby Memorial Hospitals This shift has undeniable positives: capital inflows, modern infrastructure, global best practices. But it also hardwires ROI targets into an industry built on empathy. And the trade-offs are visible: - Profitable procedures prioritized over basic care - Luxury patient experiences over affordability - Operational efficiency over emotional connect The sector needs growth capital - no doubt. But when healthcare becomes just another asset class, we risk eroding its very core: quality and accessibility for all. The question: Can we let healthcare become just another profit-driven asset class… without eroding its core - quality and accessibility for all? #india #healthcare #privateequity #growth #funding #asset

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Accredited investors (AIs) is the way to go for HNIs. - AIs only AIF - Co-Investments simplified for AIs - More flexibility to invest smaller amounts in AIF, PMS and soon to be launched SIFs - Better advisory solutions for AIs SEBI comes out with fresh set of notifications to make Accredited Investors stand above other investors. Sanket Dhanorkar

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𝗧𝗶𝗽𝗽𝗶𝗻𝗴 𝗽𝗼𝗶𝗻𝘁 𝗶𝗻 𝗜𝗻𝗱𝗶𝗮’𝘀 𝗜𝗣𝗢 𝗳𝗿𝗲𝗻𝘇𝘆, 𝗱𝗼 𝗡𝗥𝗜𝘀 𝗴𝗲𝘁 𝗮 𝘀𝗲𝗮𝘁? India’s primary markets have been hot recently. August 2025 has been one of the busiest months with 40 companies launching IPOs across mainboard and SME platforms. IPO frenzy continues with Groww securing SEBI approval to launch its IPO, potentially raising up to $1 billion. NRIs find it difficult to participate in the IPO if they do not hold a NRI demat account (PIS/Non-PIS), NRE/NRO account or PAN card. There’s no publicly available data on NRI participation in IPOs. But going by the mutual fund numbers where NRI participation has declined from 2.9% to 2.3% between 2019 to 2024 while AUM doubled. The NRI participation in IPOs would have been lesser.  There could be many reasons,  📄Cumbersome paperwork to open a Demat account which includes notarising and couriering documents from abroad.  ↩️Diffculty in repatriation of funds abroad  💸Challenges in money movement IPO via GIFT City could improve access, streamline processes, and reduce friction for NRI investors to participate in India’s growth story. GIFT City, India’s international financial services hub, is gearing up to host IPOs specifically structured for global investors, including NRIs. DHRP for GIFT City’s first IPO is filed by XED Executive Development. The IPO could happen as early as Oct ‘25 and will be exclusive for NRIs and foreign investors. Needless to say this IPO will be available in the Belong app. We are also building other financial products that let global Indians participate in India’s growth story. Check out the Belong app.  <Link in comments> PS: Have you, as an NRI, applied for an IPO recently? What challenges did you face? I would love to hear from you. #BelongNRI #IPOs #GIFTCity #NRIs #UAENRI #InvestInIndia #IndiaGrowthStory

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