Mauryan Capital

Mauryan India Trust (IN/AIF3/24-25/1689) is a SEBI-registered Category III AIF managed by Mauryan Capital Management Private Limited, a Mumbai-based investment management firm founded in 2016 by Gautam Bahal. Mauryan is the second AIF vehicle managed by the same firm — its first, Mauryan First (IN/AIF3/16-17/0228), was registered in 2016 and remains active. Gautam Bahal founded Mauryan after a career in London spanning investment banking at JP Morgan and US equity investment management at RWC Partners. He completed his BSc and MSc at the London School of Economics (LSE). Mauryan is sector-agnostic, market-cap agnostic, and stage-agnostic (investing in both public and private markets), applying a flexible, opportunistic approach to Indian equities and private businesses. Registered office: Unit No. 1-8, 2nd Floor, Trade Point Building, Utopia City, Pandurang Budhkar Marg, Lower Parel West, Mumbai 400013. The firm is committed to a 'sin-free' investment mandate — avoiding industries that overtly benefit from damaging people's lives. Gautam's passions include quantum physics, ancient history, Upanishadic philosophy, and sport (football, tennis, cricket). He runs a Substack blog ('Enlighten') reflecting his intellectual curiosity.

Mauryan's investment philosophy is built around identifying the most compelling mispriced opportunities in public and private markets, which typically present in five ways: (1) Special situations where a corporate event (demerger, takeover, complex securities) creates an 'understanding vacuum' and significant mispricing; (2) Outstanding businesses with huge compounding runways that markets consistently underestimate; (3) Great businesses temporarily hit by adverse events or perception but with intact long-term fundamentals; (4) Dramatic market-wide sell-offs that offer rare, asymmetric payoff opportunities; (5) Visionary, execution-focused founders building transformational businesses on unstoppable digital and technology tailwinds — often in private markets. The common thread across all of these is great, agile management teams with a long-term value creation mindset. Mauryan is explicitly sector-agnostic, market-cap agnostic, and style-agnostic — refusing to pigeonhole into 'value' or 'growth' buckets. The firm is an optimist on India's structural story driven by data democratisation (Jio effect), COVID-era digital adoption, the 'China+1' shift, and pro-business policy reforms. The only constraint: a 'sin filter' excluding industries that overtly benefit from harming people.