WE ARE BAY. THE INDIA INVESTMENT EXPERTS

THE OPPORTUNITY

India finds itself at a unique inflection point, and just as the India of 2022 is very different from the India of 2010, Bay is certain that the India of 2030 will too, differ substantially.

India is slated to be the world's third largest economy by 2030*

Decade wise top 10 economics (USD Bn)
    Rank 1980 1990 2000 2010 2020 2030E
    1 United States United States United States United States United States China
    2 Japan Japan Japan China China United States
    3 Germany Germany Germany Japan Japan India
    4 France France United Kingdom Germany Germany Japan
    5 United kingdom United kingdom france france United Kingdom $430
    6 Italy Italy China United Kingdom India United Kingdom
    7 Canada Canada Italy Brazil France France
    8 Mexico Spain Canada Italy Italy Brazil
    9 China China Mexico India Canada Canada
    10 Spain Brazil Brazil Russia Korea Russia
Source: Bloomberg, IMF, 2030 estimates from The Centre for Economics and Business Research (CEBR) India is now the fifth largest economy overtaking United Kingdom in 2022

India’s Unique Strengths

Young Population

Rising Incomes

Consumption Growth

Digitalization

Financialization

Outsourcing

India has done extremely well over the last decade

Then Now

9

Economy Rank (GDP) IN 2011

5

Economy Rank (GDP) IN 2022

USD 35Bn

FDI inflows in Financial Year 2011

USD 85Bn

FDI inflows in Financial Year 2022

7

Automobile production ranking in 2014

3

Automobile production ranking in 2022

12

Mobile phone production ranking in 2014

2

Mobile phone production ranking in 2022

USD 7Mn

Monthly UPI transactions in 2016

USD 156Bn

Monthly UPI transactions in 2022

142

Ease of business india ranking in 2015

63

Ease of business india ranking in 2022

10

Unicorns from 2011 to 2017

92

Unicorns from 2018 till date
Source: IMF, UNCTAD, CB Insights, UIDAI, NPCI, Kotak AMC, Venture Intelligence, Bay Capital Research

How does BAY address the opportunity?

We own a concentrated portfolio of high quality businesses and allow them to deliver superior, risk-adjusted, compounding returns over an extended period of time.

These are businesses which have long runways for growth, are judicious capital allocators and have a large and dominant leadership position in the segments that they operate in.

We back Great companies with Great Leadership.

What does BAY look for?

  • An outstanding franchise which is either number 1 or 2 in the sector or segment that it operates in
  • A digital first outlook
  • Impeccable governance
  • A strong growth bias
  • Efficient capital allocation
  • Dominant competitive advantages which are durable and sustainable over time

Our bottom-up approach leads us to participate in the India story through four broad themes

Consumption

“India’s per capita spend on Consumer Packaged Goods (CPG) is half of Indonesia and one fourth of China”

Digitization

“India has ~700Mn smartphone users with monthly per capita data consumption of 13.5GB”

Financialization

“In the last six years, India has added over 400Mn new bank accounts”

i-Outsourcing

“Increasing agility and competitiveness, and improving quality of service has led to companies working with strategic long term partners with specialized skills”