Affirma Capital

We are thrilled to announce the successful exit of our investment in Tirupati Group, India’s largest nutraceutical-focused contract development and manufacturing organization, achieving a 3x INR gross return (2.4x USD gross return).   Having invested in Tirupati in 2019, we worked closely with the Company through navigating various challenges including the pandemic and promoting key initiatives to drive growth. The Company has, since our investment, scaled up significantly, set-up a world-class R&D center, established export capabilities through an overseas acquisition, expanded its product development capacity, and increased employment by over 1,000 people.   We are incredibly proud to have contributed to Tirupati's growth and are excited about the continued progress of India’s healthcare sector.

Affirma Capital is delighted to announce that our portfolio company TBO.COM has won the award for Tech Company of the Year (Internet Tech) by VCCircle! Congratulations to Ankush Nijhawan, Gaurav Bhatnagar and the entire TBO management team for building a cutting-edge technology stack and a global leader in the travel industry ✈️

We are thrilled to share that at the 97th Academy Awards, our portfolio company Prime Focus Limited (DNEG) brought home another Oscar for Best Visual Effects (VFX) for Dune: Part Two directed by Denis Villeneuve! 🏆   This prestigious win marks Prime Focus' 7th Oscar in 10 years, and 8th overall, adding to an impressive list that includes Best VFX Oscars for Dune: Part One, Tenet, First Man, Blade Runner 2049, Ex Machina, Interstellar, and Inception.   Huge congratulations to Namit Malhotra and the entire Prime Focus team for this incredible achievement, and for continuing to elevate their presence in global cinema through groundbreaking visual effects!   Read more here: https://lnkd.in/gm7_X-tq

A very proud moment for our portfolio company, Phoon Huat, in being recognized during Prime Minister Lawrence Wong’s Budget 2025 speech! From its humble beginnings as a single baking supplies shop in 1947, Phoon Huat has grown into a thriving business with a production facility, distribution center, 20 retail stores across Singapore, and a global e-commerce platform that exports to over 20 countries. At Affirma Capital, we are thrilled to continue driving Phoon Huat’s transformation to become the leading player in the industry – both regionally and globally. Here's to its continued growth and success!

We are incredibly proud of Northern Arc Capital for being recognized as the 'Best Digital-First NBFC' at the Bharat Fintech Summit 2025! This prestigious award is a testament to their unwavering commitment to leveraging technology for driving financial inclusion across India. At Affirma Capital, we are honored to support Northern Arc on their journey to transform access to finance and empower millions. Congratulations to the entire team at Northern Arc! Ashish Mehrotra Udai Dhawan Vijay Nallan Chakravarthi Ketan Chawla #FinancialInclusion #Fintech #PrivateEquity #BharatFintechSummit2025

Winston Mandrawa, CFA, Managing Director and Head of ASEAN, shares insights on the Southeast Asia market outlook amid regional volatility and geopolitical shifts. He also highlights Affirma Capital's key priorities in the region for 2025—maintaining a core focus on sectors driven by the region’s growing consumer class, while increasing its focus on climate transition platform-building. Read the full interview here: https://lnkd.in/gVhCDXvk

Sebastian Togelang of Rigel Capital Management, Winston Mandrawa, CFA of Affirma Capital, Lisa Genasci of ADM Capital, and Abhishek Mittal of Aavishkaar Capital speak to Michelle Teo about 'Balancing impact and alpha in climate and ESG investments' at the Indonesia PE-VC Summit 2025. ---- "Indonesia is the fourth- or fifth-largest emitter of carbon, and at the same time, about 50% of those emissions come from land use change from forest to agriculture. And there's an absence of credit in the sector," pointed out Lisa Genasci. ---- "We're not going to be looking at assets, we're looking at platforms, something which is both scalable and replicable, sustainable business models," said Winston Mandrawa. ---- "We didn't have a focus on sustainability, just focusing on companies that are scalable and with good returns possibilities. We've been looking at a lot of companies; for example, last year we looked at over 100 companies. Turned out that over 70% or probably almost 90% of our investments are related to sustainability," noted Sebastian Togelang. #IndonesiaPEVCSummit2025

We are proud to share that Affirma Capital has been awarded Portfolio Company of the Year (Innovation) at the 12th Private Equity Africa Awards 2024 for our investment in Copperbelt Energy Corporation Plc (“CEC”).    CEC owns, operates and maintains power transmission, generation and distribution assets servicing customers in Zambia and the DRC, and is one of the largest international power traders in the region. CEC has also been at the forefront of Zambia’s renewable energy transition, having completed the development of 94 MW of solar power plants in 2023/2024 and reducing its reliance on hydroelectric power, which is vulnerable to drought. The Company has another 156 MW in the pipeline which it plans to commission in 2025.   A big congratulations to our Affirma Capital Africa team—Ronald Tamale, Maruping Mangwedi, and Pirasath Parthipan—for their outstanding contributions! We are excited to continue supporting the next wave of transformative companies across Sub-Saharan Africa.   #RenewableEnergy #Sustainability #Innovation

Winston Mandrawa, CFA, Managing Director and Head of ASEAN at Affirma Capital, had the honor of speaking at the 16th Annual INSEAD Asian Private Equity & Venture Capital Conference on the topic of “Thriving in Asia’s Volatile Private Equity Landscape.”   Joined by Adam Watson, Partner and Co-Head of Asia Pacific at Partners Capital, Winston delved into the evolving landscape of private equity in Asia, discussing strategies for navigating investment opportunities and exits amid a turbulent global climate.   At Affirma Capital, with a strong, local presence in Asia across Korea, India, Southeast Asia, and China, our team remains agile and disciplined, continuously adapting to the shifting macroeconomic landscape. With over two decades of experience in the region, we maintain a steady focus on value-driven investment strategies and thoughtful exit routes.   It’s inspiring to witness the growing curiosity and enthusiasm among young professionals in Asia’s thriving private equity sector. We look forward to engaging in more conversations like this—sharing our insights and experiences with the next generation of private equity leaders.   INSEAD Private Equity Club (IPEC)

We are proud to share that our portfolio company Belstar Microfinance Limited has been awarded the prestigious Elaben Memorial Award for the Best Women-Friendly Financial Institution – 2024!