Backing Foundational Shifts with Patient Capital - NSE's Monumental Journey

When we made an early investment in the National Stock Exchange (NSE) back in 2004, we had a clear conviction - to drive the country's growth potential, India deserved a powerful electronic equity trading architecture with a multitude of quality instruments.

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Between 2000-2005, NSE had launched 1) index options based on the NIFTY50 index for trading, 2) single stock futures and options on listed securities, 3) ETF listings, and 4) NIFTY bank Index derivatives (*). NSE's pioneering actions were clear signs of an emerging leader that supported our conviction.

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To give some perspective of the journey we saw: the average cash daily turnover of NSE has grown to INR 1130 billion (2024-25) from just INR 63 billion (2005-2006); the number of securities grew to 6,381 from 1,288 in the same period(**). Market maturity, proactive regulation and policy changes supported; as did retail participation and digital adoption, causing transaction volumes to explode. This journey was certainly not without its ups and downs with global and local events pulling against India's potential.

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Our evergreen, patient capital allowed us to stand firm alongside the business without wavering, proving that long-term backing yields disproportionate success.

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Today, NSE’s pre-eminent standing is validated by an impressive, world-class roster of anchor and institutional investors. Marquee global and domestic institutions—including the Life Insurance Corporation of India (LIC), Monetary Authority of Singapore (MAS), Abu Dhabi Investment Authority (ADIA) and Goldman Sachs serve as a testament to the exchange's incredible success and systemic importance. NSE has seen overwhelming investor interest for debut on bourses with a market cap of approximately INR 4.4 trillion at the upper end of price band and over subscription by 5.7x, making it amongst the largest demand generators in the recent times for OFS on listing.

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Partnering through this monumental journey has provided us with invaluable structural insights into India's financial services development and a blueprint for navigating complex regulatory landscapes. We are actively channeling this deep operational fluency into our next frontier: backing early-stage deep tech business models, tokenization, and next-generation financial rails.

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For visionary founders building in heavily regulated, technically complex spaces, our track record shows we don’t just fund such vision—we stand beside you and actively support your journey to reach the inflection point.

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(*) History & Milestones - NSE India;

(**) Live Analysis - Capital Turnover & Business Growth - NSE India

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