Chanakya Opportunities Fund - I

Invest in India's Promising SMEs With

Chanakya Opportunities Fund - I

Chanakya Fund Trust AIF is a private investment vehicle that focuses on investing in unlisted securities of SMEs or securities of SMEs that are listed or proposed to be listed on an SME exchange or an SME segment of an exchange. As a Category II AIF-SME Fund, we are sector-agnostic and aim to identify and invest in the best opportunities across various sectors to achieve our investment objectives. Our investment policies and strategies are based on rigorous research, in-depth analysis, and a thorough understanding of the market. Our team of experienced investment professionals takes a disciplined approach to investment and risk management. Overall, we strive to create value for our investors by generating attractive returns on their investments while also contributing to the growth and development of the SME sector.

Chankya Opportunity Funds

Fund Snapshot

Year of Inception

April 2023

Fund Type

Close Ended Category II AIF

Fund Size

INR 100 Cr with a Green shoe option of INR 100 Cr

Minimum Investment

1 Cr

Number of Companies



5 Years

Chanakya Opportunities Fund - I

About Fund Managers

Kresha Gupta

Chartered Accountant (CA)

Kresha Gupta is a highly qualified and experienced Chartered Accountant (CA) and a member of the Institute of Chartered Accountants of India (ICAI). She has a distinguished academic record and has gained significant expertise in the field through her management and consulting experience.

Kresha's extensive experience spans across both corporate and consulting roles in Finance, Accounts, MIS, Tax Advisory, Investor Relations, Treasury, and other areas. Prior to founding Gupta KK & Associates, Kresha worked with Vodafone Idea Limited, where she held the position of Assistant General Manager and was responsible for Investor Relations and Treasury, reporting directly to the Chief Financial Officer.

At Gupta KK & Associates, Kresha spearheads an integrated one-stop service firm that offers end-to-end solutions in Equity & Debt Management, Fund Raising, and other related areas. With her deep understanding of equity and debt instruments, Kresha manages a diversified portfolio of equities and other debt instruments for her clients.

Ankush Kumar Jain

Chartered Financial Analyst (CFA)

Ankush Kumar Jain is a seasoned financial professional with a strong background in investment management. As a Chartered Financial Analyst (CFA) and member of the Institute of Chartered Financial Analysts of India (ICFAI), he brings a wealth of expertise to his role as Fund Manager at ACE Shares Private Ltd, which he joined in 2022.

Prior to his current position, Ankush worked at Edelweiss Wealth Management in Ahmedabad as part of the Investment Advisory division, where he focused on the Structured Product and AIF segments. He began his career in 2007 as a Research Analyst at Raghunandan Securities, where he honed his skills in commodities and currencies. With 12 years of experience in the Indian equity markets, Ankush has developed a deep understanding of fundamental, technical, and derivative strategies.

Ankush holds a B.Com degree from St. John’s College, Agra University, which he earned in 2007. He is also a SEBI Registered Investment Advisor (Registration No. INA000012041), having obtained his registration in November 2018. Ankush's expertise and experience make him a valuable asset to the ACE Shares team, where he leverages his extensive knowledge to help clients achieve their investment goals.

AIF Characteristics

  • Strong Unit Economics
  • Sector Agnostic with positive bias towards new economy business
  • Act as medium for investments in SME sector.
  • Preferred partner for Indian entrepreneurs.
  • Attractive valuations.
  • Buy good quality under-valued stocks.
  • Create a platform to source, invest and nurture businesses.
  • Contribute towards creation of sustainable and scalable businesses

Need For Such Fund

  • Small and Medium Enterprises (SMEs) are the backbone of any economy, driving growth and creating employment opportunities. In India, SMEs have contributed significantly to the country's economic growth by fostering equitable development, reducing regional disparities, and boosting export potential. With India poised to become one of the world's leading economies in the next decade, the importance of SMEs is set to increase manifold.
  • To support the growth of the SME sector in line with the Government's "Make in India" initiative, Chanakya Opportunities Fund (Series-I) has been established as a SEBI registered AIF Category-II fund. The Fund aims to partner with promising entrepreneurs and provide them with the necessary financial and strategic support to grow their businesses sustainably and profitable.

Unique Features

Chanakya Opportunities Fund stands out as a compelling Alternative Investment Fund (AIF) option for investors seeking strong returns in today's market. With an impressive track record of initial performance, the fund has consistently outperformed its peers and exceeded investor expectations. This exceptional performance can be attributed to the high credentials of the main investment team, which boasts decades of experience in the industry, and a well-defined investment strategy that has been rigorously tested and refined over time.

In addition to these key factors, the Chanakya Opportunities Fund offers several unique features that make it a particularly attractive option. For example, the fund is known for its innovative approach to identifying and capitalizing on emerging market trends, as well as its ability to quickly adapt to changing market conditions. The fund also places a strong emphasis on risk management, employing a range of sophisticated tools and techniques to help mitigate potential downside risks. The other unique features are:

  • Primary companies – IPO/Listing bound companies with Turnover Rs. 25 Cr. and above
  • SME listed profitable companies with high potential opportunities in unorganized sectors
  • Ideal company – Focused on solving some scalable real life problem
  • Up-scaling potential: 3 to 5 times in 5 to 7 years
  • Focus cities - Tier II & Tier III
  • Successful and growing franchise businesses
  • Strong position in non-cyclical niche market segments
  • Market with resilient, long-term growth drivers
  • Diverse, global customer base
  • Technical or application know-how and intellectual property businesses
  • Essential, non-discretionary products and services with pricing power
  • Cash generating, low capital intensive, good profit margins, high return on capital employed/Equity businesses

The Fund plans to invest at least 51% to 100% of the Investible Funds in private companies and the 0% to 49% in listed companies, which shall be identified by the Investment Manager based on market opportunities. The Fund may also invest in companies incorporated outside India as permitted under the AIF Regulations, at the discretion of the Investment Manager.


Market Risk

SME funds are usually invested in small businesses that are relatively new, which means they may not have established themselves in the market. These businesses may be susceptible to market fluctuations, which could negatively impact their operations and ultimately the fund's performance.

Liquidity Risk

SME funds typically invest in private companies that are not publicly traded, which means investors may not be able to sell their holdings easily. It can be difficult to find buyers for these investments, and investors may not be able to sell their holdings at the time they desire.

Management Risk

The performance of an SME fund is largely dependent on the management team's ability to select, monitor, and support the businesses in the fund's portfolio. Poor management decisions can lead to financial losses and negatively impact the fund's overall performance.

Operational Risk

SMEs are often in the early stages of their development and may not have established robust systems and processes. This could increase the risk of operational failures such as supply chain disruptions, regulatory compliance issues, and cybersecurity breaches

Concentration Risk

SME funds may have a concentrated portfolio, with a small number of investments accounting for a significant proportion of the fund's assets. If any of these investments perform poorly, the fund's overall performance may be adversely affected

Your Partner for Success in the Indian SME Market

Quality Services With Difference

  • Investment Strategy
  • Investment Philosophy
  • Investment Focus

Investment Strategy

The Fund will be sector-agnostic. It will consider investments in both technology-enabled companies and a broader consumption theme that meet the following common characteristics:

  • SME Listed Profitable companies with high potential opportunities in unorganized sectors.
  • Focus on Fundamentals
  • Corporate Governance
  • Depth & Quality of Management Team
  • Margin of Safety

The Fund will endeavor to focus on sectors which have the unique combination of rapid growth and the potential for improved profitability of its market leaders.

Investment Philosophy

Invest early in right growth opportunity businesses with a track record of generating revenues and a sound plan for expansion. Invest in SME companies looking to acquire the necessary equipment, property, personnel and working capital to expand their businesses rapidly, and sustain growth for the long-term.


  • Proven business model
  • High growth
  • Potential to be a segment leader
  • Capital efficient


  • Partnership Approach
  • Alignment of Interest
  • Strong Management


  • Transparency
  • Sustainability
  • Culture of Compliance

Investment Focus

Chanakya Opportunities fund is designed to provide growth capital and strategic support to listable SMEs exchange enterprises. With a focus on investing in companies with potential for growth and profitability, the fund aims to help these businesses scale their operations and achieve long-term success.

The investment under Chanakya Opportunities Fund shall be made in Indian manufacturing and services companies engaged in the following segments:

  • Auto-Component
  • Light and Medium Engineering
  • Pharma & Healthcare
  • Technology & Business Services
  • Chemical
  • Logistics & transportation
  • Energy efficiency
  • Electric Equipment