Narayana Murthy’s Family Office Plans to Double India Exposure Over Five Years

Catamaran Ventures, the investment firm associated with Infosys co-founder N. R. Narayana Murthy, plans to double its exposure to India over the next five years, increasing its focus on opportunities in artificial intelligence (AI), precision manufacturing and businesses serving global enterprise customers. The strategy reflects the firm’s interest in Indian companies that can develop specialised capabilities and compete in international markets.

Deepak Padaki, president of Catamaran Ventures, outlined the investment approach on the sidelines of Bloomberg’s New Economy Forum in Delhi in October 2026. The firm is targeting annual returns of 16%–18% over five years and combines investments in publicly listed companies with stakes in privately held businesses. The return figure is a target, not a guaranteed outcome, and the firm has not publicly disclosed a detailed timetable or allocation for doubling its India exposure.

Key Takeaways

• India investment exposure to double: Catamaran plans to increase its exposure to India over the next five years.
• Return target: The firm is targeting annual returns of 16%–18% over the five-year period.
• AI is a priority: The investment focus includes specialised AI solutions for enterprises, rather than only companies developing foundational AI models.
• Manufacturing opportunities: Precision manufacturing is another area of interest as global companies diversify supply chains.
• Data centres attract attention: AI adoption is creating demand for computing infrastructure, power, cooling and storage.
• Portfolio spans public and private markets: Catamaran manages investments across different asset types, with reported holdings including SpaceX and the National Stock Exchange of India.

What Is Catamaran Ventures?

Catamaran Ventures is a private investment firm associated with Narayana Murthy, the co-founder of Infosys. It invests in businesses across public and private markets, looking for opportunities to build long-term value.

The firm manages a reported portfolio of approximately $1.4 billion. Its investments include businesses in India and overseas, giving it exposure to different industries, stages of development and market conditions.

Catamaran’s approach is distinct from that of a conventional mutual fund or a single-sector venture capital fund. Its portfolio can include listed equities as well as privately held companies, allowing it to invest in established businesses and growth-stage enterprises.

The plan to double India exposure signals an intention to increase the share of the firm’s investments linked to the Indian market. However, the announcement does not specify whether the target will be achieved through new capital deployment, reallocating existing holdings, portfolio-company growth or a combination of these factors.

The distinction matters because an increase in exposure does not necessarily mean that the firm will double the total value of its portfolio. Nor does it establish that all new investments will be made in early-stage startups.

Instead, the strategy points towards a broader effort to identify Indian businesses that can benefit from technology adoption, industrial investment and demand from international customers.

Why Artificial Intelligence Is a Key Investment Theme

AI is one of Catamaran’s central areas of interest, particularly businesses developing specialised solutions for enterprise customers. These companies may use AI to automate processes, improve decision-making, analyse information or integrate intelligent tools into existing business systems.

The approach is broader than investing only in companies that develop large AI models. Building foundational models can require significant computing resources, specialised talent and capital. Enterprise application companies can pursue different opportunities by using existing models and adapting them to specific business problems.

Potential areas include customer service, software development, document processing, industrial operations, cybersecurity, financial services and supply-chain management. The commercial opportunity depends on whether a solution delivers measurable value, integrates reliably with customer systems and meets requirements around security and governance.

For Indian companies, the opportunity includes providing AI services and specialised software to businesses around the world. India’s established technology-services industry, engineering workforce and experience supporting global enterprises could help companies build products and services for international markets.

However, AI investment also carries risks. Competition is intense, technology changes quickly, and businesses may struggle to turn pilot projects into recurring revenue. Companies must also manage data privacy, intellectual property, reliability and the cost of deploying AI at scale.

Catamaran’s interest in enterprise-focused AI suggests that it is looking for businesses with practical applications and commercial demand. Whether individual investments meet that test will depend on their customers, margins, competitive advantages and ability to scale.

Data Centres Could Benefit From AI Infrastructure Demand

The expansion of AI is creating demand for the physical infrastructure needed to train, run and distribute AI systems. Data centres provide computing capacity and storage, while requiring reliable electricity, cooling equipment, network connectivity and specialised engineering.

As more companies deploy AI applications, demand can increase for servers, power-management systems, cooling technologies and data-centre services. These requirements create opportunities for businesses across the infrastructure supply chain, not just the companies that operate large facilities.

India’s data-centre market could benefit from domestic digital demand and the needs of companies seeking computing infrastructure closer to their users. Yet the sector is capital-intensive and depends on access to land, electricity, fibre connectivity and long-term customers.

Building capacity ahead of demand can create financial pressure, while delays in obtaining power or other infrastructure can affect project economics. Operators must also manage utilisation, energy efficiency and the pace at which computing technology changes.

For an investor such as Catamaran, the opportunity could extend to specialised companies supplying components and services to data-centre operators. These businesses may serve a wider customer base than a single facility developer, although their prospects depend on competition and customer concentration.

The firm has identified data centres as an area attracting attention, but its public comments do not establish a specific investment commitment, transaction size or list of planned investments in the sector.

Precision Manufacturing and India’s Supply-Chain Opportunity

Precision manufacturing is another priority for Catamaran. The sector covers businesses that produce components and products to exact specifications, often requiring specialised machinery, engineering expertise and rigorous quality control.

Global companies are increasingly examining how to diversify their supply chains and reduce reliance on a limited number of production locations. Indian manufacturers could benefit if they can meet international standards on quality, reliability, delivery schedules and cost.

The opportunity spans industrial components, specialised equipment, electronics-related manufacturing and other high-value products. Companies that move beyond basic assembly into engineering-intensive production may be able to build stronger capabilities and serve customers with demanding technical requirements.

But participation in global supply chains is not automatic. Manufacturers need capital, skilled workers, reliable infrastructure and certification processes. They must also compete with established suppliers in countries that have developed deep industrial ecosystems over many years.

Precision manufacturing can require long customer-qualification cycles before a supplier receives substantial orders. That means growth may be gradual, and companies need enough financial capacity to invest before revenue reaches scale.

Catamaran’s focus suggests an interest in Indian businesses capable of moving into higher-value segments and supplying international customers. The investment case rests on their ability to develop specialised expertise, meet customer requirements and maintain competitive economics.

A Target of 16%–18% Annual Returns

Catamaran is targeting annual returns of 16%–18% over five years, according to Padaki’s comments. This provides an indication of the firm’s investment ambition, but it should not be treated as a promise of performance.

Investment returns depend on entry valuations, business growth, cash flows, market conditions and the timing of exits. Private investments may take years to mature and can be difficult to sell quickly, while listed investments can fluctuate with market sentiment.

A portfolio that combines public and private holdings can provide exposure to different types of opportunities, but it also introduces different risks. Listed assets are generally easier to trade, while private-company valuations may depend on funding rounds, business performance or eventual exits.

A five-year target also requires patience. Technology and manufacturing businesses may need substantial investment before their competitive advantages translate into profits. Some investments may outperform expectations, while others may underperform or lose value.

The target therefore indicates the return Catamaran is seeking from its investment strategy, not the return that investors should assume they will receive. The firm has not disclosed a detailed breakdown of how the 16%–18% target is expected to be achieved across its investment categories.

What the Strategy Means for Indian Startups and Businesses

Catamaran’s plans could direct more investor attention towards Indian companies developing enterprise technology, industrial capabilities and infrastructure-related products. For founders, the strategy highlights the importance of demonstrating a clear customer problem, a commercially viable solution and the ability to serve larger markets.

In AI, companies may need to show that their products generate measurable savings or additional revenue for customers rather than relying only on interest in the technology. In manufacturing, businesses may need to demonstrate quality consistency, production capacity and the ability to meet demanding delivery requirements.

These priorities also reflect a broader investment question: can Indian companies capture more value from global demand instead of competing primarily on cost? Businesses that build proprietary expertise, reliable products and long-term customer relationships may be better positioned to sustain growth.

Nevertheless, Catamaran’s plan is one firm’s investment strategy, not a guarantee of a broader surge in funding for every startup in these sectors. Capital allocation will depend on individual opportunities, valuations and the evidence companies provide about their commercial prospects.

The Bigger Picture

Catamaran’s plan to double India exposure over five years reflects confidence in opportunities across enterprise AI, data-centre infrastructure and precision manufacturing. These sectors connect technology adoption with the physical and industrial capabilities needed to support it. They also offer Indian companies potential routes into higher-value work for domestic and international customers.

The strategy’s success will depend on execution rather than sector enthusiasm alone. AI businesses must demonstrate commercial value, data-centre investments need reliable infrastructure and utilisation, and precision manufacturers must meet global quality and delivery standards. The firm’s targeted annual returns of 16%–18% remain an objective rather than a guaranteed result.

What Happens Next?

The next developments to watch are Catamaran’s actual investment announcements, the sectors receiving new capital and any disclosures about how the firm intends to measure progress towards doubling its India exposure. Specific transactions would provide a clearer picture of the balance between listed investments, private companies and infrastructure-related opportunities.

For Indian businesses, the broader signal is that investors are examining companies that can combine specialised technology or manufacturing capabilities with a credible commercial model. Whether this translates into more funding and stronger growth will depend on valuations, customer demand, capital requirements and the ability of companies to compete internationally.

FAQs

1. Who is planning to double India exposure?

Catamaran Ventures, the investment firm associated with Infosys co-founder N. R. Narayana Murthy, plans to double its exposure to India over five years.

2. What annual returns is Catamaran targeting?

The firm is targeting annual returns of 16%–18% over five years. This is an investment objective, not a guaranteed return.

3. Which sectors is Catamaran focusing on?

Its stated areas of interest include enterprise-focused artificial intelligence, data centres and precision manufacturing.

4. How much does Catamaran manage?

Recent reporting puts the value of the portfolio it manages at approximately $1.4 billion. The firm has not publicly disclosed a detailed allocation for its planned increase in India exposure.