Catamaran: Narayana Murthy's family office betting big on Indian manufacturing

Catamaran is the family office of Infosys co-founder Narayana Murthy, deploying patient family capital with long-gestation conviction. In July 2026, Chairman Ranganath M.D. told Moneycontrol the firm manages $1.3 billion in AUM across public and private portfolios — and that more than 25% of that is now in manufacturing. The distinctive strategy: rather than being a mere funder, Catamaran increasingly structures three-way global joint ventures that pair Indian capability with international technology.

Investment thesis

Catamaran's thesis is that India's next decade belongs to manufacturing depth, not just software. Its private portfolio leans into precision manufacturing, EV supply chains, electronics, aerospace, power equipment and the data centre supply chain — alongside fintech and insurance, B2B commerce, agri-food and edtech. The firm looks for situations where it can be a builder-partner, not just a cheque — a posture Chairman Ranganath M.D. has contrasted with pure financial investing, arguing that Indian manufacturing needs patient owners willing to stay through long product and certification cycles.

Stages and cheque sizes

Catamaran labels its activity as venture capital and growth capital, and also holds listed equities. Specific cheque bands are not publicly disclosed, but the manufacturing bets — Aequs, SEDEMAC, Matel Motion — are capital-intensive businesses that imply substantial commitments.

Notable portfolio

Portfolio companies listed on catamaran.in include Acko, SEDEMAC, Aequs, SpaceX, Udaan, Log9 Materials, Akshayakalpa and Matel Motion, with NSE and Udemy among its public-market holdings — a blend of deep-industrial bets and new-economy names.

People

The firm is chaired by Ranganath M.D., with Deepak Padaki as President. Founder Narayana Murthy remains the guiding presence behind its capital.

Credits and perks

No formal credits or perks programme is publicly documented; the value-add is strategic — global joint-venture structuring and long-horizon backing for manufacturing founders.

How to engage

There is no public application process. President Deepak Padaki has said the firm is open to outreach where an Indian player has international collaboration aspirations — so founders building manufacturing or deep-industrial businesses with a credible path to global partnerships should approach through the ecosystem with that angle front and centre.