Private equity firm Pulsar Capital, which manages about $350 million in assets, is betting on a model that combines capital with operating platforms to help portfolio companies expand across markets. The firm recently partnered with Blue Tokai Coffee Roasters through its F&B platform, Ambrosia Gulf, to take the Indian specialty coffee chain to the UAE and GCC.
Vish Narain, managing partner at Pulsar Capital, speaks to S Shanthi about the firm’s investment strategy, sectors it is avoiding and where it sees the next opportunities. Excerpts:
Why did Pulsar Capital choose to partner with Blue Tokai through Ambrosia Gulf for its GCC expansion?
Blue Tokai is among India’s strongest specialty coffee brands and we have backed it as both an investor and strategic partner. When we looked at expanding into the Gulf, we wanted an operating partner with expertise in retail, real estate and F&B execution rather than making a passive investment.
Ambrosia Gulf already runs brands such as Biryani By Kilo, Furn Beaino and Mr Brown in the region. That meant the supply chain, site selection, HR and compliance infrastructure was already in place. Blue Tokai could therefore enter the GCC without building a local operating team from scratch, while Ambrosia added a premium cafe brand to its portfolio.
Will this become a template for other portfolio companies?
Yes. Wherever we have both an investment in a strong consumer or healthcare brand and an operating platform that can help it expand into a new geography, we will look to bring the two together. TruDoc’s regional presence, for instance, could support other healthcare and wellness companies entering the GCC. Our approach is simple: don’t just write a cheque, build the distribution and operating rails that make expansion faster and less risky.
Are there sectors you are watching but have not yet invested in?
We are studying post-conflict reconstruction and infrastructure opportunities in parts of the GCC’s wider neighbourhood, although we are taking a measured approach before deploying capital. We also believe Indian edtech has moved beyond the pandemic hype cycle and may produce a stronger generation of businesses over the next 12-18 months.
What investments are you looking at this year?
We typically complete one deal annually. This year we are evaluating strategic infrastructure assets across oil and gas, storage, data centres and logistics.
Which investments stand out in your portfolio?
The Blue Tokai expansion through Ambrosia Gulf validates our platform-led model. TruDoc, which recently completed 15 years, continues to deliver strong annual recurring revenue growth and is well placed for its next funding round. Assiduus Global has also performed well.
Which sectors are attracting too much capital today?
Businesses that simply build AI wrappers without proprietary data or distribution advantages are attracting excessive funding. We are also cautious on quick commerce in saturated Indian and GCC markets, where valuations often run ahead of fundamentals.
What sectors deserve more investor attention?
Healthcare infrastructure, particularly insurance, claims management and provider networks in the GCC, offers significant opportunities. Reconstruction-linked infrastructure in the wider region is another area that institutional investors have yet to fully explore.
How involved are you in your portfolio companies?
We actively support capital structuring, M&A, partnerships, banking relationships and international expansion. But we stay away from day-to-day product, technology and creative decisions, which are best left to founders.
When do you expect portfolio companies to go public?
None of our four portfolio companies is listed yet, but we expect all of them to explore IPOs over the next three to five years.
How does the Middle East startup ecosystem differ from India’s?
The GCC has fewer startups but significantly more capital available per company, with sovereign funds playing a much larger role. India offers greater scale and founder depth. One lesson for Indian founders is to treat government and regulatory engagement as a strategic advantage rather than merely a compliance requirement.
What investment trends are encouraging?
Regulatory reforms in financial services and healthcare are opening new opportunities across the GCC. At the same time, more regional institutional investors are backing platform-led and buy-and-build strategies instead of only funding individual growth-stage companies. This marks a significant shift from five years ago.