What We Do

Dhyana Capital invests in Indian public companies with a long-term business owner mindset.


Our work is focused on finding companies with the best long-term compounding potential and figuring out what makes them special. They tend to be companies that are focused on building durable businesses and are led by management we trust and respect.


We value companies based on what we expect to earn if we held them forever (and we do hope to hold a few of them for a lifetime), not trying to predict what others might pay for them a few months or a couple of years down the road.


We see the public markets as a wonderful conduit that allows us, every now and then, to partner with special companies at favourable prices for the very long term. We find it peculiar that equity is a permanent form of capital, yet most public market investors hold on to shares for barely a year or two.


Given the returns we seek, our portfolio is biased towards smaller sized companies, oftentimes companies that are misunderstood or obscure at the time we invest. However, we do not impose artificial constraints on ourselves relating to size, sector, or liquidity.


Our structure reinforces our mindset: no fixed fee, incentives over a compounding high water mark, reinvestment of such incentives in the fund, and majority of the manager’s net worth in the fund. We run one single fund with our total focus. And in all that we do, we prioritise the most important variable in the compounding equation, duration.

Who We Are Not

We are not macro investors, and have nothing intelligent to say about the macro, except that we are long India. We are not averse to market volatility, rather we see it as a friend. We do not seek protection by excess diversification. We do not try to beat the index in the short-term, trying this usually leads to behaviour antithetical to long-term returns. We are not incentivised to scale for the sake of scale.


Abhimanyu Sanghi

Prior to founding Dhyana in 2021, Abhimanyu was at Elevation Capital, where he worked for seven years. He has also worked at Fidelity International and McKinsey & Company. He holds an MBA from NYU Stern School of Business and an engineering degree from the University of Delhi.

Navneeth Jaikrishna

Navneeth joined Dhyana in 2023 after graduating with an MSc in Finance from Esade. Before the master’s degree, he has worked with Ernst and Young in the Restructuring and Turnaround practice and with J-PAL South Asia. He also holds an economics degree from Flame University.