About True North
True North is a private equity firm founded in 1999. It is primarily based in Mumbai, India. As of Nov 2026, True North is an active investor with a portfolio of 71 companies, comprising 71 funding rounds and 13 acquisitions. In the last 12 months, it has participated in 3 funding rounds. The firm primarily invests in companies based in India and United States. Its portfolio is spread across a wide range of sectors from Financial Services to Healthcare. Its latest investment was a $***** PE round in Embio on May 27, 2026
A lot of funds co-invest with True North, with names like Temasek sharing a substantial percentage of its portfolio.
True North has a team of 53 people, including 20 partners.
Key Metrics
Founded Year
1999
Location
Mumbai, India
Portfolio Companies
Portfolio Sectors
Portfolio Locations
Acquisition Deals
Investment Deals
True North's Portfolio
True North has a portfolio of 71 companies. They have invested in a total of 71 companies. Their most recent investment was in Embio (PE round) on May 27, 2026. Here are the most recent investments by True North:Date | Company | Round | Amount | Co-Investors |
|---|---|---|---|---|
May 27, 2026 | PE | 1107 | - | |
Feb 17, 2026 | PE | 6117 | - | |
Dec 17, 2025 | Conventional Debt | 1899 | - | |
Oct 29, 2025 | Conventional Debt | 3915 | - |
True North has acquired 13 companies. Their most recent acquisition was of Max Bupa on Feb 26, 2019. Here are the most recent acquisitions by True North:
Acquisition Date | Company | Short Description | Total Funding | Founded Year |
|---|---|---|---|---|
Feb 26, 2019 | Health insurance carrier | - | 2008 | |
Sep 10, 2025 | Provider of cement for the construction industry | - | 2005 | |
Oct 30, 2024 | Brand of natural hair care products | - | 1995 | |
Oct 01, 2018 | Online store store focusing on the sale of ayurvedic healthcare products | - | 1966 |
Here is the portfolio snapshot of True North:
Investments by Year
The maximum number of investments were made in 2018
Acquisitions by Year
The maximum number of acquisitions were made in 2018
Portfolio by Location
Companies are primarily in India and United States
Portfolio by Sector
Companies are primarily in Financial Services
Team profile of True North
True North has a team of 53 members including 20 Partners and 8 Principals located in India, United Kingdom and 1 more location. True North's team sits on the board of 4 companies.Here is a list of top team members in True North:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | Delhi | |||
Partner | Bengaluru | - | ||
Partner | Mumbai | |||
Partner | Mumbai | - | ||
Partner | Mumbai | - | ||
Partner | Mumbai | - | - | |
Partner | Mumbai | - |
Co-investors of True North
Over the past 27 years, 46 investors have co-invested in True North's portfolio companies.
- Top Co-investors of True North: 46 investors entered a company along with True North. These include investors like Temasek (2 companies).
True North News
•
•
•
True North cashes out $2 billion for investors as PE firms step up exitsMint•Jul 06, 2026•True North
•
True North seeks exit from Cloudnine Hospitals amid $300 million fundraiseMint•Jun 03, 2026•Cloudnine, True North
•
True North invests in bulk drug maker Embio from its seventh PE fund to boost capacity and contract manufacturingVCCircle•May 28, 2026•True North, Embio, Cyril Amarchand Mangaldas, Avendus
•
True North, TA revive plan to sell ACT Fibernet in $1 bn dealMint•Apr 09, 2026•True North, TA Associates
•
•
Home First Finance shares fall 6% after Rs 662 crore block dealIndiaBlooms•Feb 26, 2026•True North, HomeFirst Finance
•
PAG in final talks to acquire Accion Labs for $500-550 millionMoneycontrol•Feb 06, 2026•PAG, Accion Labs, True North, TA Associates
•
IndiaRF Acquires Majority Stake in Shree Digvijay Cement from True NorthThe Tribune•Dec 20, 2025•Hi-Bond Cement, Digvijay Cement, India Resurgence Fund, True North
