Why Manufacturing?

India’s industrial decade needs capital that understands hardware. We back the IP, the components, the automation and the physical infrastructure it will run on.

Read the thesis↓ See the portfolio→
  • 19Portfolio companies
  • 04Investment strategies
  • 02Companies exited

SEBI-registered Category I & II AIF

The strategy

a99’s Investment Strategy.

Four strategies, one conviction — India’s industrial build-out needs capital that understands hardware.

01 / 04

IP & R&D-Driven Mfg.

“Disrupting the Status Quo with Innovation & R&D”

Proprietary design and IP disrupting import dependence through domestic R&D and in-house engineering.

SemiconductorsAdvanced Materials
02 / 04

The Shovel Strategy

“Investing into the Shovels during the Gold Rush”

Components and sub-systems that power India’s manufacturing cycle.

ElectronicsData CentersShipbuildingNuclearSolar
03 / 04

Industry 4.0 / 5.0

“Investing in Digital Transformation”

Digital transformation of factories and infrastructure through automation, smart systems, IoT and embedded tech.

RoboticsIoT PlatformsDigital TwinsEmbedded Tech
04 / 04

Physical Infra AI

“Where AI needs Hardware”

AI needs physical infrastructure and components to run — compute hardware, power, cooling and precision parts.

Compute HardwarePowerCooling
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Strategy

01 — The precedent

Every major economic transformation across the U.S., Europe, East Asia, Chinawas anchored in manufacturing.

India will be no different.

  1. 1870s – 1950sUnited StatesSteel, rail, machinery, automobiles
  2. 1870s – 1970sGermanyMachine tools, chemicals, precision engineering
  3. 1950s – 1990sJapan & KoreaShipbuilding, electronics, automobiles
  4. 1980s – 2010sChinaElectronics, batteries, solar, heavy industry
  5. 2020s – onwardIndiaThe build-out now under way

02 — The gap

Yet at growth stage,manufacturing remains undercapitalized.

Early capital Hesitates Pre-revenue hardware, long build cycles, capex ahead of contracts.
Growth capital
Late capital Waits Wants proven throughput, bankable offtake and clean unit economics.
Where a99 chooses to invest

The gap between production scaling and system maturity is where long‑term value is created.

03 — Focus sectors

What lightsus up?

  • Semiconductors
  • Mechatronics
  • Metals & Mining
  • Alternate Energy
  • Specialty Chemicals
  • Data Centres
  • Automotive
  • Precision Engineering

04 — The moment

Whynow?

India’s manufacturing moment is here. Government incentives, supply chain shifts, rising domestic capabilities, and a new generation of technical founders are converging.

$8T Manufacturing share
$35T India GDP
1.4B Domestic market
10x Export potential

Export share of GDP

From today’s base to the 2047 ambition

21.5% 2025 – 26 30.5% 2046 – 47 +9 percentage points

China +1 & India as a hub

Ease of doing business

38th rank in GII in 2025

Infrastructure to accelerate growth

National Infrastructure Pipeline

> US$1 Trillion outlay from 2020–25