Expert view: Anish Maheshwari, MD and CEO, VSURE Investment Affairs, sees substantial long-term potential across AI and data infrastructure, manufacturing, healthcare, logistics and supply chains, fintech and technology-enabled traditional businesses. In an interview with Mint, Maheshwari said that technology alone is rarely the moat and the real value lies in commercial application, defensible economics, and execution at scale. Edited excerpts:
What is driving India’s IPO momentum, especially in the SME space? Are Indian SMEs genuinely becoming IPO-ready, or are some approaching public markets too early?
India’s SME ecosystem is maturing, and public markets are becoming a genuine growth avenue. But IPO eligibility should never be confused with IPO readiness.
At VSURE, when we assess a business for its next stage of capital, we look beyond revenue and profitability to governance, management depth, financial reporting, use of proceeds and the sustainability of the post-funding story.
An IPO is not simply another funding round. It is the transition from promoter-led capital to public accountability.
The strongest SMEs will be those that institutionalise themselves before entering the public market.
Is India facing a shortage of truly “fundable” businesses? What separates a company that needs capital from one that is actually ready for institutional capital?
India does not have a shortage of businesses or capital; the real gap is capital readiness.
Across VSURE’s work with 40+ startups and SMEs, we have seen promising businesses struggle to raise because the opportunity is strong, but the financial architecture, governance, valuation logic or capital deployment plan is not yet institutional-grade.
For us, fundability comes down to four things: credible numbers, scalable economics, governance discipline and clarity on how every rupee of capital will create value.
Capital requirement starts a conversation. Capital readiness earns investor conviction.
Is the pursuit of “growth at any cost” behind us? Are investors now balancing growth with profitability, cash flows, and governance?
Agreed. Investors still want growth, but increasingly they want quality of growth.
Across our portfolio and investor conversations at VSURE, the questions have become sharper: What is the cost of acquiring growth? Are margins improving with scale? Is cash flow predictable? Can the company grow without continuously depending on external capital?
My experience across corporate finance and capital markets has reinforced one principle: revenue creates scale, but disciplined economics create enterprise value.
That is increasingly where investor conviction is being built.
SEBI is looking to strengthen the SME IPO ecosystem. How will that shape the landscape for companies seeking public capital?
I see this as a healthy evolution of the market. Greater scrutiny around disclosures, governance, utilisation of funds and promoter conduct should ultimately strengthen investor confidence and improve the quality of companies accessing public capital.
My approach is therefore to work backwards from institutional expectations- strengthening financial discipline, governance, valuation positioning and capital structure before a business approaches the market.
The future of SME IPOs should not only be about more listings; it should be about better companies entering public markets.
The visibility of family offices is increasing across private and pre-IPO markets. How is this changing the capital landscape for Indian founders and SMEs?
Family offices are bringing a different quality of capital into the ecosystem—often patient, strategic and entrepreneurial capital.
Through my community of 150+ investors and our engagement across India and international markets, we increasingly see family offices evaluating opportunities not merely as financial investments, but through the lens of business synergies, promoter quality and long-term value creation.
For an SME or startup, that can mean much more than funding—it can bring market access, strategic relationships, governance perspective and follow-on capital.
The conversation is therefore shifting from “Who will fund me?” to “Who is the right capital partner for my next stage?”
Beyond AI hype, where does VSURE see the next serious wealth-creation opportunities?
I look for opportunities where technology, infrastructure and real economic demand converge.
AI remains important, but we see substantial long-term potential across AI and data infrastructure, manufacturing, healthcare, logistics and supply chains, fintech and technology-enabled traditional businesses.
Our experience across businesses such as Anvex AI and other companies in the VSURE ecosystem has reinforced that technology alone is rarely the moat. The real value lies in commercial application, defensible economics and execution at scale.
We prefer sustainable value creation over fashionable valuations.
In VSURE’s journey so far, what have you learnt about what investors ultimately back — the founder, the financials, the market or the execution capability?
Investors initially evaluate all four, but ultimately, they back the founder’s ability to execute.
Across 40+ businesses in the VSURE ecosystem and ₹125 crore+ of capital facilitated, we have seen that a strong market attracts attention and good financials establish credibility—but execution converts that interest into conviction.
The strongest founders we work with know their numbers, allocate capital intelligently, respond quickly to market realities and gradually build an organisation that can operate beyond them.
I would summarise it simply: the market creates the opportunity, numbers create confidence, but execution creates value.
Disclaimer: This article is for educational purposes only and does not constitute investment advice. The views and recommendations expressed are those of the expert, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
