Mosaic: The tiles are public. The pattern is proprietary.
A mosaic is thousands of tiny tiles (each worthless alone) combining to reveal a pattern invisible up close. Our 22 data sources are the tiles. Integrated across 6-12 months, weighted by an outcome-trained model—a pattern emerges 18 months before the company calls a banker.
Alpha: Excess returns from skill, not luck.
In listed markets, alpha is zero-sum. In unlisted markets, alpha is abundant—IF you have proprietary information. Our alpha comes from seeing signals 18 months before anyone else.
Why no one has built this yet
| Competitor type |
Why they haven't built alt data for pre-IPO |
| Top-tier PE |
Oversubscribed on ₹2,000+ Cr funds. Don't need better deal flow. |
| First-time funds |
Capital constraint: ₹100 Cr fund can't spend ₹15 Cr building infrastructure. |
| Data vendors |
B2B SaaS model: sell to 100 funds at ₹10L each > build one fund. |
| US quant funds |
India data not mature until 2020-2024. Timing convergence is NOW. |
Why ONLY Shriram can build this
Capital (₹7 Cr seed) + Data talent (AMC quant desk) + Distribution (Wealth 300+ HNI families) + Infrastructure offsets (₹3.18 Cr saved) + Sanlam (institutional credibility Day 1).
Why PE and not Real Estate?
Real estate is the default alternative asset for Indian institutions. But for a data-driven strategy, pre-IPO PE offers 4× better risk-adjusted returns with clearer exit paths.
Real Estate (why we're NOT doing this)
Illiquidity: 5-7 year hold periods, no mark-to-market
Regulation: RERA, state-level complications, litigation risk
Cyclicality: Extreme boom-bust cycles (2008, 2013, 2020)
Data gap: Offline sales, cash transactions, opaque pricing
Capital intensity: ₹50+ Cr tickets, construction risk
Exit uncertainty: Buyer market, no IPO path
Problem: Alt data doesn't work. Price discovery is relationship-driven, not data-driven.
Pre-IPO PE (our focus)
Liquidity: 18-30 month hold, IPO exit at premium
Regulation: SEBI clarity, standardized processes
Predictability: Revenue growth is continuous, not cyclical
Data goldmine: GSTN, MCA, digital footprints
Ticket size: ₹8-12 Cr, portfolio diversification possible
Exit clarity: IPO pipeline visible 12 months ahead
Advantage: Alt data creates 18-month foresight. Exit path is transparent (IPO filing → listing).
Returns comparison (India, 2019-2024)
| Asset class |
Median IRR |
Hold period |
Exit certainty |
Alt data applicability |
| Commercial real estate |
12-15% |
5-7 years |
Low (buyer market) |
Very low |
| Residential real estate |
8-12% |
4-6 years |
Low (inventory risk) |
None |
| Pre-IPO PE (our target) |
20-25% |
18-30 months |
High (IPO path) |
Very high |
| Early-stage VC |
22-28% |
6-8 years |
Medium (M&A/IPO) |
High |
Why Shriram would ask this question
Shriram Housing Finance and Shriram Properties give the Group deep real estate expertise. The question is fair: why not leverage existing capabilities?
Answer: Real estate is a relationship business where Shriram already has an edge (housing finance, developer relationships). Pre-IPO PE is a data business where no one has an edge yet. The opportunity cost is the difference: in real estate, we'd compete with 50 established players. In data-driven pre-IPO, we'd be first to market with 24-36 months to build a moat.