Valuation creates resilience
A reasonable purchase price below intrinsic value improves the odds of a sound long-term outcome.
India focused · Long-short equity
India, moving
forward.
Long-term conviction in India's progress.
The discipline to navigate every market cycle.
INSIGHT / ENERGY / INTEGRITYExplore Inspire
An investor's mindset.
A long-term partnership.
Inspire Capital Management brings fundamental research and long-short investing experience to the opportunities of a changing India.
Meet the Fund01 / Our philosophy
See the opportunity.
Respect the risk.
We invest with a simple test: would we commit our own capital on the same terms?
Managing downside is central to how we pursue long-term compounding. It is an objective, not a guarantee of capital protection.
Time is an advantage
Taking a two-to-three-year view on a business can create an edge in markets shaped by short-term expectations.
Risk begins before return
Risk management is embedded in the investment process. We focus first on what can go wrong.
Temperament matters
Patience, discipline, objectivity and common sense remain central to investment decision-making.
02 / Investment approach
Fundamental conviction.
Dynamic exposure.
Investment universe3,000+listed companies
Top 500by market capitalisation
125–150focus list
30–35portfolio companies
Our investment canvas
- Visible growthAttractive addressable markets and a multi-year runway.
- Financial resiliencePreference for low leverage and manageable business-cycle risk.
- Market leadershipDominant businesses or emerging winners gaining share.
- GovernanceTrustworthy, capable management and healthy business economics.
- Price disciplineMarket price below our assessment of intrinsic value.
03 / Portfolio construction
One core portfolio.
Three market postures.
The strategic portfolio is complemented by tactical futures exposure. This provides flexibility to adjust net equity exposure as market conditions and risks evolve.
Illustrative only. Equity exposure excludes REITs and InvITs. The bar indicates the midpoint of the range, not a return projection. Actual allocations remain subject to the Offering Documents and applicable regulation.
0%50%100%
Strategic cash equity+80%
Tactical shorts−30% to −50%
Illustrative net equity+30% to +50%
04 / The opportunity
A wide and deep
Indian opportunity set.
Structural growth is creating investable opportunities across established sectors and new business models.
Consumption
Auto, retail, consumer brands, travel, hospitality and healthcare.
Financials
Banks, insurers, asset managers, market infrastructure and fintech.
Industrial depth
Defence, electronics, energy transition, infrastructure and logistics.
Services & new technology
IT, global capability centres, digitalisation, data centres and AI.
05 / Leadership
Rajesh Bhatia
Founder, Managing Partner & Chief Investment Officer
Three decades across domestic and international investment institutions, including over 18 years of equity long-short investing through multiple market cycles.
2022–2026Chief Investment Officer
ITI Mutual Fund
ITI Mutual Fund
2017–2022Founder & CIO
ITI Long-Short Equity Fund
ITI Long-Short Equity Fund
2013–2017CIO
Simto Investment
Simto Investment
2004–2012Leadership roles
Reliance PMS & Heritage India
Reliance PMS & Heritage India
06 / The fund
Inspire Capital
Multiplier Fund
A Category III Alternative Investment Fund seeking to maximise long-term, risk-adjusted returns through a long and/or short equity strategy focused substantially on Indian securities.
- Investment Manager
- Inspire Capital Management LLP
- Strategy
- India-focused long-short equity
- Minimum contribution
- ₹1 crore
- NAV frequency
- Monthly
- Custodian & Fund Accountant
- Kotak Mahindra Bank
- Trustee
- Axis Bank
- Registrar & Transfer Agent
- KFin Technologies
- Statutory Auditor
- BDO India
Media & perspectives
In conversation.
08 / Monthly letters
Perspective,
in writing.
Our home for monthly reflections on markets, businesses and the discipline of investing.
Enquire about investor lettersTHE INSPIRE LETTERA considered view.
A considered view.
A longer horizon.
Monthly archive
No letters are published on this website yet. Approved editions will appear here when available.
Investor-specific and confidential communications are shared directly with eligible recipients.
Start a conversation
For further
information.
contact@inspirecapital.in ↗+91 96531 06160 ↗
504, TBQ, 5th Floor, Tower 2A
One World Centre, Senapati Bapat Marg
Lower Parel, Mumbai 400 013