Aakash Tulsani

Aakash Tulsani is a seasoned growth equity investor with over nine years of investing and private equity advisory experience spanning emerging markets across Asia, Africa, and globally. He currently serves as Managing Director and General Partner at Dragon Fund, a $500 million growth equity fund launched in September 2023 as a joint initiative between MARS Growth Capital, MUFG, and Liquidity Group. Dragon Fund I focuses on growth equity investments in private, mid-to-late-stage technology and tech-enabled companies, primarily in the Asia-Pacific region.

Prior to Dragon Fund, Aakash spent six years at B Capital Group, where he rose to Senior Principal and led cross-border SaaS and technology investments across India and Southeast Asia. During his tenure at B Capital, he spearheaded investments totaling more than $500 million across marquee technology companies including Icertis, MoEngage, Meesho, CredAvenue (now Yubi), and BlackBuck (Zinka Logistics). He served as Board Observer at several of these portfolio companies. Before B Capital, Aakash was a Principal at The Parthenon Group (now EY-Parthenon), where he specialized in private equity due diligence and strategy projects across emerging markets, leading teams in Southeast Asia, China, and Africa.

Aakash holds a Bachelor of Engineering degree from the Indian Institute of Technology (IIT) Delhi and an MBA from the University of Chicago Booth School of Business, where he participated in the Oxford-Chicago Global Private Equity Challenge. He is based in Singapore and is known for sharing investment frameworks on enterprise SaaS, ROIC analysis for growth-stage tech companies, and cross-border investing themes via his social media and Medium blog. He describes himself as a growth-stage tech investor and football aficionado.

Aakash focuses on growth-stage technology and tech-enabled businesses, primarily in the Asia-Pacific region (India and Southeast Asia), with deal sizes ranging from $20 million to $100 million. His investment thesis centers on identifying companies that leverage technology to create durable competitive advantages at scale. Key themes include:

He has articulated publicly that he applies a ROIC-oriented framework to evaluate growth-stage technology companies, seeking to bridge the analytical gap between traditional value-investing principles and high-growth tech investing.

• Enterprise SaaS & Horizontal Platforms: He has a strong track record in enterprise software, particularly horizontal SaaS platforms that serve large addressable markets (e.g., Icertis in contract lifecycle management).
• AI & Data Services: Interest in companies leveraging AI and machine learning on first-party data to drive customer engagement and operational efficiency (e.g., MoEngage).
• Consumer Internet & Marketplaces: Investments in high-growth consumer platforms that use technology to disrupt traditional industries (e.g., Meesho in social commerce, Zepto in quick commerce).
• Fintech & Financial Infrastructure: Backing platforms that digitize and modernize financial services infrastructure (e.g., CredAvenue/Yubi in debt markets).
• Insurtech & Embedded Insurance: Interest in technology platforms that integrate insurance into customer purchase journeys (e.g., bolttech).
• Logistics & Supply Chain Tech: Investments in technology platforms transforming logistics and freight (e.g., BlackBuck/Zinka).