Our Services – Samraddh Bharat

Navigating the Storm: Our Core Philosophy at Work

We often say that a ship’s structural integrity is proven not in calm waters, but in a severe storm. The equity markets tested our investment philosophy almost immediately upon launch.

Our mandate has always been anchored in two non-negotiable tenets: capital protection first, and the careful, disciplined selection of opportunities. The global macroeconomic environment took an unprecedented turn shortly after our launch. The sudden imposition of sweeping US tariffs sent shockwaves through global supply chains. This was compounded by the US-Iran geopolitical escalation, which triggered a sharp risk-off sentiment across global markets. Naturally, the pipeline of IPOs — our primary hunting ground — dried up week over week.

Our Investment Architecture: FD-Backed IPO Strategy

For the benefit of newer members of our investor family, it is worth briefly recalling the core mechanics of our strategy, as it directly contextualises our performance during this period.

Samraddh Bharat Fund I operates an FD-backed IPO investment model. Investor capital is deployed into Fixed Deposits with RBL Bank, where it continues to earn interest at prevailing FD rates. We then use the ASBA (Application Supported by Blocked Amount) facility to apply for IPOs directly from these FDs. This means your capital is never idle — it earns steady FD returns continuously — while simultaneously being available to be deployed into select IPO opportunities as and when they meet our rigorous investment criteria.

The consequence of this structure is important to understand: your capital is always working. During periods when the IPO market is dry — as it has been in recent months — the fund continues to accrue FD income. When compelling IPO opportunities emerge, we layer additional gains on top of this base return by booking listing gains. This two-layered return architecture is the foundation of our capital protection philosophy.

Performance: Prudence in Action

Despite the severe drought in primary markets, our filtering process allowed us to identify and selectively participate in five specific IPO opportunities. We executed our exit strategies exactly as planned — booking gains in four of these investments, and taking a very slight, calculated loss in one to strictly protect our downside.

Given the FD-backed nature of our strategy, the most relevant benchmark for our performance is not a pure equity index, but a blended benchmark that reflects the dual nature of our return engine: a base FD return (approximated by the prevailing 1-year bank FD rate, currently in the 6.5–7.0% per annum range) plus the incremental alpha generated from selective IPO participation. Against this construct, our performance during the period is as follows:

Period	Samraddh Bharat Fund I NAV	Nifty 50 Performance	Nifty 500 Performance
Jan 31 – Feb 28, 2025	+0.2%	-5.9%	~-6.2%
Jan 31 – Mar 28, 2025	+0.3%	~+0.4%	~+0.2%

Note: Nifty indices are provided for contextual reference only and do not constitute the Fund’s primary benchmark, given the distinct FD-backed nature of our investment strategy.

In February, against the backdrop of intense secondary market volatility and widespread wealth erosion in the mid and small-cap segments, Samraddh Bharat successfully protected your capital and delivered a positive return — a direct validation of our core thesis:

Winning by not losing

By March, as broader indices barely recovered to flatlines, our steady FD compounding continued uninterrupted.

We will formally present our annualised XIRR — measured against the blended FD-plus-IPO-alpha benchmark — in subsequent quarterly updates as the track record matures.

Current Portfolio Status and Outlook

The fund is currently fully deployed in Fixed Deposits with RBL Bank, earning steady returns while remaining ASBA-ready for IPO deployment. Our custodian and fund accountant, ICICI Bank, continues to oversee all custody and fund accounting functions with the highest standards of operational rigour.

Given current global headwinds — including residual tariff uncertainty and ongoing geopolitical tensions — we anticipate that meaningful IPO market issuances may remain constrained for the next 3 to 6 months. We want to be direct with you: patience is not passivity. Our team is continuously evaluating the evolving landscape and refining our deployment strategy for when the IPO window reopens. We will write to you separately and shortly with a dedicated strategic roadmap update for the next phase.

Institutional-Grade Partnerships for Seamless Operations

To ensure our operations match the rigour of our investment philosophy, we have partnered with some of the most credible and tech-enabled institutions in the industry:

ICICI Bank — Custodian and Fund Accountant
RBL Bank — Fixed Deposit and ASBA Banking Partner
Validus Fintech — Registrar and Transfer Agent (RTA)
Mitcon Credentia — Trustees
MCG — Compliance and Legal Advisory

This robust ecosystem ensures that your investments are managed with the highest standards of governance, security, and operational excellence.

A Special Commitment to Our Founding Investors

Because you are our very first set of investors, we want to reciprocate your trust with tangible commitments.

First

setup expenses will not be charged until April 2026, giving the fund adequate time to demonstrate performance before any such costs are passed on to investors.

Second

while our PPM permits operational expenses of up to 1.0% of AUM, we are committed to making every effort to restrict actual operational expenses to no more than 0.75% of AUM. This reflects our belief that costs are a direct drag on your returns, and that lean, disciplined operations are as important as disciplined investing.

From an administrative standpoint, please expect your official NAV statements in your inbox before the 10th of every month. As Samraddh Bharat operates as a Category III AIF, all applicable tax liabilities are managed and discharged at the Fund level, ensuring that the returns you receive require no complex personal tax computations on your end.

Looking Ahead

As we move into the next quarter, our powder is dry, our FDs are compounding, and our eyes are firmly on the horizon. We will continue to evaluate every opportunity through our rigorous risk-management lens, patiently waiting for the right pitch to swing at.

Thank you once again for taking this journey with us. Your capital represents years of hard work and careful saving, and stewarding it responsibly is the highest obligation we carry as your fund managers. Our doors and phones are always open — whether to discuss the portfolio, the markets, or simply to stay connected.

Start Your Investment Today

Book a consultation with our financial experts and take the first step toward smarter financial planning.