![]() ![]() ![]() ![]() Looked like something was fishy,” he adds. “Where are the trucks? They were missing. “The numbers were not adding up,” he says, alluding to an expected mismatch in revenue quoted and reality. “We were counting the number of garbage trucks visiting the site every day,” recounts Shah, who was in the midst of his regular due-diligence exercise. What this meant was the business was clean. A comforting barometer for any firm looking to invest was the fact that the company had borrowed money from a bunch of reputed banks. There was an opportunity to invest in a waste management company which had grown at an amazing clip and had ticked all the boxes in terms of revenue, profit and cash flow. The funder, along with his young team, was standing outside a huge garbage dump. The herd instinct in the market was strong, the temptation to pluck a low-lying fruit was equally compelling and Shah was busy testing his own investment thesis.įast forward to 2012. Three years later, in January 2008, the American firm set up its India team, and now Shah was scouting for his maiden bet. The VC was taking tentative steps in his formative days at Norwest, which made its first investment in India when it backed Persistent Systems, a leading offshore product development company based out of Pune, in December 2005. “Back then, it wasn’t cool if you didn’t have exposure in microfinance,” recalls Shah, who decided to test the waters. It was an age of microfinance, which had fast emerged as the darling of investors. Shah passed on the opportunity.īack in 2008, Shah was camping in one of the villages around Alibaug, around 95 km from Mumbai. ![]() Shah paused for a while, glanced at the rookie founder and continued munching. So there is no question of profit,” he underlined. “We will start posting revenue from next month. Mohapatra was equally brisk in his reply. A chartered accountant and investment banker, Shah joined American investment firm Norwest Venture Partners (NVP) in 2007 and came to India in early 2008. “ Kitna revenue hai, kitna profit hai and management kaun hai (how much is the revenue, profit and who all are in the management)?” he asked in one go. Ryan also attended Oxford University’s Magdalen College.Sudden spurt in IPO markets: What changes in the second half of FY23? in health research and policy, and a B.A. from the University of California, San Francisco, School of Medicine. Ryan has authored more than 25 peer-reviewed comparative effectiveness articles in publications such as JAMA, Lancet, Annals of Internal Medicine, and the Journal of Health Economics. He served as a member or observer on the Board of Directors of Align Technologies (Nasdaq: ALGN), AqueSys, Colin Medical, ConnectiCare, MedPointe Pharmaceuticals, Multiplan, NeoVista, and Qualicaps.īefore Carlyle, Ryan was a consultant in the West Coast Healthcare Practice of McKinsey & Company, where he worked with a variety of biotechnology, pharmaceutical, and medical device companies on corporate, R&D and marketing strategies. Prior to joining Norwest, Ryan was a principal with The Carlyle Group and a venture partner with Industry Ventures, where he focused exclusively on healthcare services, pharmaceutical, and medical device investments from large cap buyouts to growth equity and venture.Īt Carlyle, Ryan’s deals led to realized profitable exits of more than $2.4 billion equity value. Combining deep medical knowledge and extensive strategic business experience, Ryan focuses on growth equity investments in the healthcare sector including healthcare services, pharma services, healthcare IT, and medical products. Ryan brings to Norwest more than thirty years of healthcare experience and twenty years as a growth equity and buyout investor. ![]()
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