# True North

> True North is a VC fund in Mumbai backing Health Care and Manufacturing. See 51 investments, check sizes, portfolio and contact details. Updated Aug 2026.

- Type: VC Fund
- Location: Mumbai, India
- Total investments: 51
- Last investment: Dec 2025
- Lead investor: 73%
- Fund size: $600M
- Last fund: Aug 2018
- Last updated: Aug 2026
- LinkedIn: https://www.linkedin.com/company-beta/13251116/?pathWildcard=13251116
- X (Twitter): https://twitter.com/TrueNorthCo_In
- Website: http://www.truenorthco.in/

True North is a VC fund in Mumbai focused on Health Care and Manufacturing. Formerly known as India Value Fund Advisors Private Limited. Over the last decade and a half True North has invested in over 35 mid-sized profitable businesses, inclusive of 13 from which it has subsequently exited, and guided their transformation into world-class industry leaders that are sustainable, respected and admired by peers and society atlarge. Each of them is characterized by deep-rooted organizational cultures that encourage and nurture excellence in all aspects of business.

## Contacts

5 contacts available for True North. Shizune tracks 7 team members at True North. Sign up free to unlock them: https://app.shizune.co/sign-up/investor-profiles/find-team-emails/india-value-fund-advisors-private-limited?utm_source=investor_profile

## Investment focus

### Industry

| Industry | Investments | Share |
| --- | --- | --- |
| Health Care | 13 | 25% |
| Manufacturing | 11 | 22% |
| Financial Services | 8 | 16% |
| Medical | 5 | 10% |
| Software | 5 | 10% |

76 industries tracked in total.

### Stage

| Stage | Investments | Share |
| --- | --- | --- |
| Private Equity | 23 | 45% |
| Funding Round | 9 | 18% |
| Post-IPO Equity | 6 | 12% |
| Debt Financing | 2 | 4% |
| Secondary Market | 2 | 4% |

10 stages tracked in total.

### Country

| Country | Investments | Share |
| --- | --- | --- |
| India | 39 | 76% |
| United States | 3 | 6% |
| China | 1 | 2% |
| Singapore | 1 | 2% |
| United Arab Emirates | 1 | 2% |

## Team

| Name | Title | Investments | Profile |
| --- | --- | --- | --- |
| Haresh Chawla | Partner | 37 | https://shizune.co/investors/profile/haresh-chawla |
| Keith Johnston | Management Leadership Coach/Trainer | 0 | https://shizune.co/investors/profile/keith-johnston |
| Mahesh Krishnamurthy | Partner | 1 | https://shizune.co/investors/profile/mahesh-krishnamurthy |
| Maninder Juneja | MD | 1 | https://shizune.co/investors/profile/maninder-singh-juneja |
| Siddharth Dhondiyal | Managing Director | 0 | https://shizune.co/investors/profile/siddharth-dhondiyal |

## Investments

| Company | Description | Amount | Stage | Date | Website |
| --- | --- | --- | --- | --- | --- |
| Samtel Avionics | Samtel Avionics (SA) is a key Indian player in high-technology rugged military systems and products, straddling the entire value chain for their design, development, manufacture, testing, qualification, repair & maintenance, as well as obsolescence management. Samtel offers the complete range of state of the art systems for high endapplications like airborne electro optic systems, electronic warfare systems, and various packages for complete upgrade of armoured vehicles including day and night sights, Fire Control Systems, Ballistic Computer, smart computers with displays. The product portfolio also includes PFD, MFD, Standby systems and mission computers for airborne platforms.SA is a part of the 4-decade old SAMTEL GROUP - India's renowned integrated manufacturer with a well-established history of manufacturing a wide range of displays for avionics, military, industrial and professional applications. | $8.2M | Debt Financing | Dec 16, 2025 |  |
| Vistaar Finance | Vistaar designs and delivers customized loan products that address the individual needs of small businesses in terms of loan amount and tenor. Vistaar targets the dominant livelihoods in specific markets, e.g. power looms/textiles, and creates financial products to address the specific needs of that industry. One of the company core strengthslies in its solid, experienced, and visionary leadership: Vistaar founders have more than 55 years of combined experience across commercial, agriculture and rural banking, technology, and operations. | $101.5M | Private Equity | Jul 01, 2025 |  |
| Nivara Home Finance | Nivara Home Finance provides housing finance services for new homes, re-sale homes, and home improvement. | $28.2M | Series B | Mar 17, 2025 |  |
| Vehant Technologies | Vehant Technologies formerly known as KritiKal SecureScan, pioneer in indigenously developed Physical Security, Surveillance and Traffic Monitoring Systems, designed and developed its state of the art products and solutions to meet the demands of global standards, features, quality and continuously changing technology. Vehant Technologies is theKritiKal Group company which was incubated from Indian Institute of Technology (IIT)-Delhi in the year 2002.Vehant Technologies is the leading manufacturer of Under Vehicle Scanning Systems (UVSS) in India and catering the requirements of all verticals. Vehant aims to provide comprehensive solution to its customers, carry out research and explore technologies in the area of security, surveillance and monitoring space. Vehant manufactures its cutting-edge products and solutions for the real world, based on its deep understanding of global security issues and challenges. Vehant has designed & developed a range of increasingly integrated security and monitoring products to create complete solution stack tailored to individual requirements. | $9M | Debt Financing | Jan 07, 2025 |  |
| Ilink Digital | Ilink Digital is an ISO and CMMI certified global software solutions provider, Microsoft National System Integrator(NSI), Gold Level Partner, and winner of several Microsoft Partner of the Year Awards. iLink integrates software systems and develops custom applications, components, and frameworks on the Microsoft platform for IT departments,application services providers and independent software vendors. iLink solutions are used in a broad range of industries and functions, including healthcare, telecom, government, education, and life sciences. iLink's expertise also includes mobile and embedded systems, business intelligence, portals and collaboration, and user experience design. | $75M | Private Equity | Oct 05, 2023 |  |
| Accion Labs | Accion Labs is a technology services firm with specialized focus in working with technology firms through the entire innovation spectrum.We help our clients conceptualize, design, develop and deploy commercial software products in the emerging technologies such as Web 2.0, SaaS, Cloud, Open-source, BI/DW, Mobile and Big Data. Our clientsinclude consumer product firms, enterprise software firms, SaaS firms and e-business organizations.Through its time-tested flexible agile and white-box engagement model, the Collaborative Product Delivery (CPD) model, we help our clients deliver software products faster, better and cheaper.Depending on your stage of growth i.e. start-up, early-stage, mid-stage or late-stage – we recognize that your needs are different. For start-up and early-stage firms, we assist with pre- and post-funding product development and deployment for both B2B and B2C software firms. This enables us to help our clients lower time-to-market, lower cost-of-delivery and leverage our experience of product life-cycle best-practices – while building a foundation for world class engineering organization.For mid-stage and late stage firms, we offer core product life-cycle services such as new product development, maintenance/support, QA/testing, managed services, re-engineering and others. Besides the product engineering lifecycle, we also offer a range of services for the Professional Services and Product Support organizations.We offer a range of engagement models such as strategic consulting, value-added staffing, turn-key projects offshore leveraged extended-delivery models and a number of outcome-oriented collaborative development models.Accion Labs is venture funded, a Delaware based C-Corp with headquarters in Pittsburgh PA and offices in multiple locations in the US, India and Singapore. | $93M | Secondary Market | Sep 27, 2022 |  |
| Immuneel Therapeutics | Immuneel Therapeutics Pvt Ltd is a pioneering startup company leading the charge in cell therapy and personalized immunotherapy for patients | $15M | Series A | Jun 21, 2022 |  |
| Licious | Licious is a path breaking concept in the Indian Food industry; aimed at solving the perennially existing problem of finding safe, delectable, trustworthy fresh meat in India. The company builds a world-class enterprise that's bound to upgrade the way the company procures, sells, buys, and consumes meat in India. | $149.8M | Series F | Mar 14, 2022 |  |
| Quest Global | QuEST Global Services is a provider of outsourced engineering services with over 2000 employees and operations across USA, Europe, and Asia.Founded in 1997, QuEST has been a trusted partner providing comprehensive support across the complete engineering lifecycle to help their customers improve efficiency, increase quality, create new products,and open new markets. | $150M | Private Equity | Aug 23, 2021 |  |
| PolicyBazaar | PolicyBazaar designs an online life insurance and general insurance comparison portal that analyzes financial products. Its insurance comparison portal and mobile application provide information across products such as medical, term life, travel or motor insurance, low prices ULIPS, and other investment products, enabling consumers to compare andanalyze financial products.Users can compare different insurance plans based on parameters such as coverage, premium, benefits, and exclusions. The platform provides information about various insurance products and helps users make informed decisions about their insurance needs. Policybazaar also offers tools and calculators to help users estimate their insurance requirements and premiums. | $45M | Secondary Market | Mar 03, 2021 |  |

10 of 51 investments shown.

## Co-investors
- [Faering Capital](https://shizune.co/investors/profile/faering-capital) — VC Fund, 3 deals together
- [LeapFrog Investments](https://shizune.co/investors/profile/leapfrog-investments-llc) — VC Fund, 3 deals together
- [TA Associates](https://shizune.co/investors/profile/ta-associates) — VC Fund, 3 deals together
- [Baring Private Equity India](https://shizune.co/investors/profile/baring-private-equity-india) — VC Fund, 2 deals together
- [Edelweiss Tokio Life Insurance](https://shizune.co/investors/profile/edelweiss-tokio-life-insurance) — VC Fund, 2 deals together
- [Kotak Life Insurance](https://shizune.co/investors/profile/kotak-life-insurance) — VC Fund, 2 deals together

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## FAQ

### What does True North invest in?

True North invests primarily in Health Care, Manufacturing and Financial Services startups, most often at Private Equity and Funding Round stage. Most of the 51 investments tracked by Shizune back companies in India. The Investment Focus section breaks down every industry, stage and country in the portfolio.

### How do I contact True North?

Public channels for True North include LinkedIn, X (Twitter) and the website linked on this profile. For a verified work email and phone number, create a free Shizune account — contact data is searched across 20+ sources and validated before delivery, so your outreach lands in the right inbox.

### Who are the partners at True North?

The team at True North includes Haresh Chawla (Partner), Keith Johnston (Management Leadership Coach/Trainer) and Mahesh Krishnamurthy (Partner), among 7 team members tracked by Shizune. The Team section lists each member with their title, investment count and links.

### Is Shizune's investor data accurate?

Yes — every stat on this profile is calculated from confirmed public funding rounds monitored across hundreds of sources since 2020. This profile was last refreshed in Aug 2026 and is updated monthly. Spotted something off? Use the “Suggest an edit” link near the top of the page.

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