We invest in exceptional entrepreneurs who seek to make a significant and meaningful impact on society.

Birthstone Capital is an investment firm that partners with visionary business owners who have the passion to pursue their dreams.

Who we are

We craft synergistic partnerships with our businesses, accelerating their growth

We proactively curate and incubate high-potential businesses. We nurture them with patient funding, our years of managerial and operational expertise and access to our vast network of global relationships.

In addition, we boldly seek out promising white spaces in the marketplace and innovate to create a new market and demand where previously none existed. In the past, we have done this both by building new ventures and strategically pivoting ones already in our portfolio.

Our key investments lie in the areas of consumer, Life Sciences and the advancement of sustainable Technologies.

What we stand for

At Birthstone Capital, each investment decision is akin to the birth of something new, something brimming with the potential of an exciting story yet to unfold. ​

Integrity

An alignment between our stated intent, words and actions

Impact​

The kind of growth that fundamentally improves the world we inhabit

Inclusivity

A space where each person is valued and feels a sense of belonging

Our Approach

We invest with the intent to form enduring business partnerships. We help each of our partner companies realize their growth potential and we do this in a multipronged manner. How do we do this?

We seed purpose-driven, bold entrepreneurs that are poised to better our world in a significantly impactful and scalable manner.

We nurture each of our businesses through the course of their growth journeys with patient, long-term funding.

We craft synergistic partnerships with our businesses, accelerating their growth through our managerial and operational expertise while leveraging our global network of connections.

We strategically plan and execute our eventual exits while keeping in mind the specific growth needs of each company’s next phase of growth

Create.
Invest.
Curate.

Connect with us

At Birthstone Capital, we are committed to supporting ideas that help shape a better tomorrow

It has been our constant endeavour to truly walk our talk. We invest our resources into patiently fostering businesses that prioritize purpose before profits. Our investments help entrepreneurs take strategic risks, especially those imperative in the early stages of business. 

At its heart though, our way of doing business is centered on forming real connections and adding joie de vivre to the lives we touch along the way.

Please connect if you are

1An entrepreneur, passionate about a purpose, with a compelling business proposition (whether pre-commercial, mid-stage or distressed)

2 A professional interested in working for one of our companies

3 An investment partner who resonates with our ethos and would like to talk
about potential syndication

4 An entity or an individual with an in-depth understanding of international
business ecosystems and how best to navigate them

Umesh Gowda

Managing Director

Umesh Gowda is the Founder and Managing Director of Birthstone Capital. He has over 25 years of experience of patiently investing in and nurturing companies through various stages of growth

Ninu Khanna

Director

Ninu Khanna is a Director at Birthstone Capital. He has vast experience in business turnaround consulting, organization and market building and managing transitions from familyowned to professionally-managed businesses.

Renuka Gowda

Director

Renuka Gowda is a Director at Birthstone Capital. She heads Human Resources (HR) and Administration at Peak Infrastructure Management Services Private Limited (A Brookfield Company).

Faraz Abdi

Investment Associate

Faraz Abdi is an investment associate at Birthstone Capital. He currently also volunteers as a Consultant at The Institute of Management Accountants (IMA), India.

Our Investment Portfolio

At Birthstone Capital, we invest in businesses that operate in a range of industries and are at various stages of growth.

Current Investments

Prior Investments

We don’t rest on the laurels of the past. We learnt from the success and the mistakes we have made in the past  and learn to live with expectations with certain things not playing it the way we all envisioned because that’s just business

Havells India Limited

2004-2007

Exited at 4x returns

Brightcom Group

2008-2014

Exited at 8x returns

Himadri Speciality chemical Limited

2015-2017

Exited at 10x returns

Umesh Gowda

Umesh Gowda is the Founder and Managing Director of Birthstone Capital. He has over 25 years of experience of patiently investing in and nurturing companies through various stages of growth. Birthstone Capital was started by Umesh in 2006 with a key focus on Consumer, Life Sciences and Renewable Energy. Umesh has advised companies across the consumer goods space as well cutting-edge life sciences space including names like Xcyton, ANSA and StemRx. 

Starting 2005, Umesh was the India partner for Jina Ventures Inc., a New York based Private Equity firm. He has significant growth stage investment advisory experience having successfully helped grow companies like Havells India Ltd. and Ybrant Digital Technologies. His portfolio companies have seen successful public market exits as well. In the year 2000, Umesh co-founded NHSPL, a product distribution company, wherein he advised brands like Red Bull, Evian and Lindt on their India entry and distribution strategy and orchestrated their success in the very first year of their operations. 

Umesh also has a keen interest in renewable resources and had independently set up a 5.6 MW Wind Power plant at the age of 25. 

Umesh holds a Masters degree in Finance from the University of Melbourne preceded by a Bachelor of Engineering degree from the University of Mysore. He also holds a Post Graduate Diploma in Foreign Trade from the World Trade Institute. He has been an active member of The Institute of Electrical and Electronics Engineers (IEEE) since 1993.

Ninu Khanna

Ninu Khanna is a Director at Birthstone Capital. He has vast experience in business turnaround consulting, organization and market building and managing transitions from family 

owned to professionally-managed businesses. He currently also serves as the President and CEO at Reliance Retail, one of India’s largest retail organizations, since its inception in 2006.

Renuka Gowda

Renuka Gowda is a Director at Birthstone Capital. She heads Human Resources (HR) and Administration at Peak Infrastructure Management Services Private Limited (A Brookfield Company). 

Renuka brings with her over 24 years of experience primarily as an HR professional. Her expertise lies in Talent Management, Employee Relations, Employee Engagement, HR Operations, Rewards Management, Strategic HR as well as Labour Compliance Management. 

Her career has spanned several industries including Infrastructure Development, Manufacturing, Shipping and Exports to name a few. 

Renuka holds an MBA in Human Resources from Welingkar Institute of Management and a Bachelor of Commerce (B.Com) degree from SNDT University. She also holds a Post Graduate Diploma in Foreign Trade from the World Trade Institute and the Certification of WHRB Fellowship in Strategic HRM and OD.

Faraz Abdi

Faraz Abdi is an investment associate at Birthstone Capital. He currently also volunteers as a Consultant at The Institute of Management Accountants (IMA), India. Faraz has over 6 years of experience in Investment Banking across M&A and Private Equity Advisory. He has worked in Transaction Advisory Services at EY (Ernst and Young) in their Restructuring & Turnaround practice with a focus on Financial and Operational Restructuring, Crisis Management and Interim Management. 

Faraz holds an undergraduate degree in Finance from Pace University, New York.

XCyton Diagnostics Limited

Industry: Life Sciences
Year of investment: 2017
www.stemrx.in

XCyton is a Molecular Biology Company that has successfully created scientifically advanced XCyton owned IPRs. XCyton’s Molecular Diagnostic products facilitate improved diagnosis of Critical Care Infections and the company has also developed the unparalleled Syndrome Evaluation System, the world’s first Critical Care Therapeutic Decision Support System. XCyton’s Syndrome Evaluation System (SES) allows for the simultaneous identification of multiple organisms inclusive of Bacteria, Viruses, Fungi and Parasites, in a specific test from a single sample, providing the clinician with a rapid, definitive assessment of a patient presenting a set of symptoms common to multiple pathogens.

Balu Forge Private Limited

Industry: Manufacturing
Year of investment: 2018
www.baluindustries.com and www.nayaenergyworks.com

Balu Forge has manufactured high-quality precision components since its inception in 1989. The company’s state-of-the-art engineering capabilities that enable it to serve a range of industries including Automotive, Agricultural, Marine, Railways, Defence and Oil & Gas. Balu has a fully-integrated manufacturing plant with a highly skilled workforce. It serves as an Original Equipment Manufacturer (OEM) for over 15 companies and has an aftermarket customer and distributor base in over 80 countries. Balu also has the capability to manufacture automotive components conforming to EURO IV & EURO V norms. 

Quality is of paramount importance for Balu as is evidenced by the ISO/TS16949:2009 accreditation of its units in 2012 by TUV Nord Cert Gmbh. 

Balu recently spun off a new company called Naya Energy (NE) with the word Naya itself meaning New. NE is looking to build a new energy ecosystem to transform the narrative around Green Energy. Please check out the Naya Energy website for exciting updates.

XCyton Diagnostics Limited

Industry: Life Sciences
Year of investment: 2009 (1st round), 2019 (follow-on)
Up Value: 20x
www.xcyton.com

XCyton is a Molecular Biology Company that has successfully created scientifically advanced XCyton owned IPRs. XCyton’s Molecular Diagnostic products facilitate improved diagnosis of Critical Care Infections and the company has also developed the unparalleled Syndrome Evaluation System, the world’s first Critical Care Therapeutic Decision Support System. XCyton’s Syndrome Evaluation System (SES) allows for the simultaneous identification of multiple organisms inclusive of Bacteria, Viruses, Fungi and Parasites, in a specific test from a single sample, providing the clinician with a rapid, definitive assessment of a patient presenting a set of symptoms common to multiple pathogens.

ANSA

Industry: Life Sciences
Year of investment: 2010
www.ansaresearch.com

ANSA is an India-based regenerative medicine R&D center that has been conducting cutting-edge research since 2009. It specializes in research and product development in neurosciences, neuro-oncology, diabetes, cosmetics and anti-ageing. ANSA’s focus is additionally on stem cell research including mesenchymal stem cells and tumor tissue repository. 

ANSA’s facilities comply with the requirements of current Good Manufacturing Practices (cGMP) and current Good Tissue Practices (cGTP) in line with international quality Standards. ANSA is also an ISO 9001:2008 certified company and is in the process of acquiring a significant patent position in stem cell research and technology.

Beans Unlimited

Industry: Consumer
Year of investment: 2010
www.beverageunion.com

Beans Unlimited (BU) brought some of the world’s finest coffees and premium espresso equipment to India. Originally a global trading company, BU moved on to concentrate its activities on providing curated first-class coffee solutions to India’s corporate and hospitality spaces. The company offers the widest variety of coffees in India with all its products being compliant with advanced certification requirements. Since its inception, BU has been the preferred coffee-provider for many of India’s renowned restaurants and corporations. Today, BU is at an exciting crossroad and is reinventing itself in terms of both the products and experience offered as well as its marketing which will center more keenly on the end consumer. 

Coming soon in its new avatar: Beverage Union. Check out the website for exciting updates!

Havells India Limited

Industry: Fast Moving Electrical Goods (FMEG)
Year of investment: 2003 via Jina Ventures
Year of exit: 2006
Exit multiple: 10x
www.havells.com

Havells is an Indian FMEG and power distribution equipment manufacturer with a global presence. It manufactures a range of products including Circuit Protection Devices, Cables & Wires, Motors, Modular Switches, Home Appliances, Power Capacitors and Luminaires. Havells has a strong network of 4000 professionals and nearly 8000 dealers and it sells its products in 40 countries. 

In 2003 though, Havells was only a miniature circuit-breaker, cables and wires company. Residential real estate construction in India was on an upswing and the customers’ aspirations too were changing. The demand for electrical goods like lights, fans, switches and home appliances was expected to surge. We saw the potential for Havells to diversify its manufacturing and leverage its existing sales network. Our experience in product distribution for international brands bolstered the promoter’s conviction that we understood the business and would effectively articulate Havells’ potential to the financial markets. 

We got coverage through no deal roadshows and led Havells to secure capital from financial institutions. The brand was lesser known beyond North India and we helped craft their brand strategy as well. Havells expanded its portfolio and today, is a name to reckon with. We proceeded to sell our stake within 3 years and exited at 10x our investment price.

Himadri Speciality Chemical Limited

Industry: Chemicals | Renewable Energy
Year of investment: 2015
Year of exit: 2017
www.himadri.com

Himadri is a completely integrated specialty carbon company with a strong focus on innovation and efficiency. It has seven manufacturing units in India as well as a well recognized R&D facility. Its cutting-edge products include Advanced Carbon Materials (ACM), Coal Tar Pitch and Clean Power to name a few. 

With ACM, Himadri manufactures high quality anode material for Li ion batteries such as those for Electric Vehicles, Smartphones and Energy Storage devices. 

Coal Tar Pitch is the preferred binding material in the manufacture of aluminum anode and graphite electrode. Given their stringent quality standards, Himadri today has approvals from major global and Indian aluminum and graphite manufacturers. 

Himadri generates Clean Power using low caloric value waste gas that is released during the Carbon Black Process and is then utilized in boilers to generate power via turbo-generators.