Dexter Capital Advisors

We are pleased to welcome Pavan Palepu as an Assistant Vice President! He will be working in close coordination with Gaurav Goyal and will add richly to our capabilities and capacity. As we keep growing, addition of such valued members to our team only further emboldens our ambitions.

Donald Trump’s reciprocal tariffs are a wrecking ball swinging at the US and the world economy - and don’t let anyone tell you otherwise. Back in 1930, the Smoot-Hawley Tariff Act hiked US tariffs, tanked trade by 66%, and kicked off the Great Depression - 10 years of misery. History screams, Trump’s tariffs will could also end badly. Yet there’s a slim chance it forces countries like India to step up. Here’s why it’s mostly a disaster, but not all doom and gloom. .. For China, it’s a deflation bomb. They’ve got a $1 trillion trade surplus - selling way more than they buy. Tariffs cut that, leaving factories empty and prices dropping as they scramble to sell cheap. Bad for them, but the US? Imports get pricier. The Fed said in 2023 that 2018 tariffs added 0.2% to US inflation. This could more than double that to 0.5%. And, US GDP growth’s pegged at 2.5% for 2025 (IMF)—tariffs could shave off half a percent, stalling jobs. .. India’s not escaping either, but it’s not a total knockout. The U.S. buys 18% of India’s $800 billion exports (including services) - $144 billion. Short term pain for these exporters is inevitable - 3 to 9 months of tighter profits, maybe layoffs in small firms. India’s 6.5% GDP growth might dip to 6%. The good thing is, pharma, a $50 billion chunk, is safe from tariffs. For others though, times are bound to be tough. And that takes me back to 1991. India faced a crisis - $400 million in reserves - and roared back with reforms. Today, with $700 billion in forex and a 1.44 billion-strong market, India’s tougher than most. .. The world’s a mess already: US-China spats, Ukraine-Russia, Israel-Hamas and tariffs pour fuel on it. Countries might gang up, forming new trade clubs to dodge the US bully. India’s got muscle - stronger politically, a big home market - and could lead a new trade order. Thus, I would say, it’s a 80% pain, 20% potential kind of a situation. You’ll feel it at the stores; India might limp, then leap. What do you think? Devendra | Dexter Capital Advisors

Ending FY25 with a bang, happy to announce another successful deal closure in the Consumer space! 🙏🙏 We were the exclusive advisor to The Bear House on their maiden institutional investment round of INR 50Cr, which JM Financial Ltd’s private equity division led. And what sweetens the deal? Our micro VC arm, Dexter Ventures, also participated in the round! .. Many would probably already know the founders, Harsh and Tanvi who were recently featured on Shark Tank India. But beyond that, what we loved about them was the clarity and first principles thinking that they displayed at different stages of our engagement. That made the work on their fundraiser even easier, as we were already convinced of what they were building. .. What’s that by the way? For those who may not know, The Bear House has truly emerged as a go-to apparel and everyday fashion destination for men, for their everyday life. Since being founded in 2017, the founders have proven a market fit with the rich love received for their chic and uncluttered urban-luxe designs which make sense both at work, and also outside. •⁠ ⁠What validates this is the fact that they remained bootstrapped and scaled to INR 140Cr+ as an online-only brand while also maintaining profitability •⁠ ⁠We sincerely believe as India’s aspirational class grows in number and income, the market and opportunity for the company are only going to expand rapidly and massively .. That said, a special mention to Gaurav, Bharat and Nidhi from Dexter Capital Advisors team, and Ankit and Yash Garg from Dexter Ventures team, who went all out to ensure a successful closure here. Best, Devendra Tags: Anuradha, Jayant, Delta Investment Advisors

We are pleased to welcome Jatin at our Delhi Office. He will be working in close coordination with Udit Pareek and will add richly to our capabilities and capacity. As we keep growing, addition of such valued members to our team only further emboldens our ambitions.

We welcome Ashish Mathur to the Dexter Capital Advisors team. Looking forward to a long association with you, Ashish Mathur.

Holi isn’t just about colors—it’s about collaboration, creativity, and celebration! Just like every shade has its place in a masterpiece, every team member brings something unique to our journey. As we celebrate this festival of colors, let’s continue to embrace diversity, spread positivity, and build brighter ideas together. May your day be filled with joy, laughter, and endless inspiration! Happy Holi from all of us at Dexter! 🌈

As we approach tomorrow's budget, anticipation is high across all industry sectors. Economic growth has slowed considerably, GST collections are not growing as rapidly as they should, and the pvt sector hesitates to invest in new projects except in hospitality, oil & gas, and steel. This is mirrored in the subpar earnings from listed companies and the RBI, indicating a decline in 7 out of 9 core sectors. The global uncertainty with Donald Trump's return to the White House has further added to the cocktail, driving FIIs to withdraw investments from emerging markets back to the US, impacting India with Nifty50 down by about 13% and the Rupee fluctuating. And here, despite RBI's interventions, with forex reserves down by ~15% from peak, there's limited scope for further action. And additionally, there's visible resentment among the middle class, feeling heavily taxed and neglected by the Govt. .. In this context, the Finance Minister, Nirmala Sitharaman, faces significant challenges, especially with the fiscal deficit still high compared to pre-COVID levels, which might constrain her policy options. Nevertheless, there's much that can be achieved. -> Land and labour reforms, long stuck, are crucial for attracting manufacturing investments. The unimplemented labour reforms over the last four years are a setback for capital formation. -> Taxation reforms should prioritize relief for the middle class while avoiding tweaks to LTCG, STCG, or STT to boost economic confidence. The Govt must acknowledge the salaried class's contributions. -> On manufacturing, while large national champions have been supported, broad-based empowerment of SMEs through tax and regulatory reforms is essential to curb local bureaucratic overreach. -> Similarly, in the startup sector, ESOP taxation remains unresolved, potentially diminishing the attractiveness of this asset class. .. Along with continued investment in infrastructure and capex, these areas need fresh policy approaches. We could see substantial improvement if these are addressed in tomorrow's budget. Thus, I’m keenly awaiting which of these areas tomorrow’s budget touches on. Do share what’s your take. Would love to learn. Best, Devendra

Five months back, we hosted a pickleball tournament for the startup ecosystem folks in Bengaluru. And that was a great success with over 100 founders, VCs, bankers, and more participating. But what added to the delight was seeing founders and others from Mumbai and Delhi contact us, asking about our plans to do something similar in those cities. And it made sense because even if Bengaluru is India’s startup capital, Delhi and Mumbai are equally serious destinations for the startup community. In fact, as per Inc42, in FY24, they together attracted as much startup funding as Bengaluru did. And anyway, in all humility, Delhi is the capital of startups going for IPO as of date. Thus, we in the team started to work on taking our pickleball tournament out of Bengaluru. I am happy to share we are coming to Dilwalo ki Dilli! .. Coming 22 Feb, in Delhi’s Mehrauli, we in association with HSBC India, will be hosting a pickleball tournament for the startup ecosystem! And this is made possible by our lovely set of partners. -> Venue partner: REPPP by Rackonnect - Chat, Meet & Play with players nearby -> Organizing Partner: Elephant Racquet Club -> Gifting Partner: DeHaat Honest Farms -> Energy Partner: Nutty Treats -> Caffeine Partner: Sleepy Owl Coffee Though we have kept the event invite-only. But, feel free to reach out to Dexter team members for an invite :) Best, Devendra CC: Dexter Capital Advisors, Dexter Ventures, Delta Investment Advisors, Anuradha, Tarini, Arushi, Rishabh, Jayant

We closed 2024 on a delightful note, with 9 deal closures 🙏🙏 Having welcomed 16 new team members across levels and capabilities, 2024 is a year when we doubled down on growth. Backed with that energy, we have entered 2025 on a high note, with big ambitions and shared aspirations that we are gunning for. And, to support our drive ahead, we are looking for senior leaders to join us as we build Dexter Capital Advisors larger. Thus, hiring for VP / Principal / Directors across our Bengaluru, Mumbai and Delhi offices. If interested, please drop us a line or share your CV at devendra.agrawal@dextercapital.in with the subject: “VP / Principal / Directors Roles at Dexter” Our team will get back super soon :) Best, Devendra

Happy to announce another successful deal closure by our team! 🙏 Dexter Capital Advisors was the exclusive transaction advisor to RAS Luxury Skincare for its $5mn Series A fundraise. The round was led by Unilever’s investment arm (Unilever Ventures) with participation from Amazon Smbhav Fund. And what added to our delight was the existing investors Sixth Sense Ventures and other notable HNIs doubling down. .. But, just sharing that won’t do justice to the amazing journey this has been. Shubhika, Suramya and Sangeeta founded RAS in 2017 by taking the bold call to build a completely vertically integrated org, from 100% organic farming of ingredients to conducting R&D and manufacturing the final products. All in-house. The bet, backed with solid execution has brought the company immense love. This has helped cement its standing in the luxury skincare market itself is at an inflexion point. .. And what made us happier were the kind words from the CEO (Shubhika): “We sincerely appreciate the unwavering support and expertise of our banker, Dexter, in navigating and closing our funding round seamlessly. Their strategic guidance and commitment have been instrumental in the success of this milestone for RAS!” .. That said, much cheers to Varun, Jay and the team who went all out to ensure a successful closure. And of course, kudos to all other team members who deliver so strongly for us, every passing day - Rishabh, Anuradha, Abhijeet, Gaurav Goyal and all others. PS: We are always on the look for opportunities to work with such good founders and companies. Thus, if you think we can be of help, do reach out to me at devendra[dot]agrawal@dextercapital[dot]in :) Best, Devendra