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Case Study in Brief: Indus

Indus has long provided key development services to financial institutions around the world


Indus was a fintech company located in India which demonstrated the unique investment approach of Black Dragon Capital. The company operating in an area Black Dragon knows well, it was in an attractive and growing, albeit competitive sector, had strong technology, a solid management team and Black Dragon believed it could drivesignificant value.

Through their thesis driven approach, application of the Black Dragon Toolkit, and deep operational engagement Black Dragon was able to drive significant value upon exit.

The transaction was negotiated directly with the management team and Board of Directors without the use of an investment bank.


Indus was owned by R Systems International Ltd, a publicly traded company in India that had long provided key development services to financial institutions around the world.

Indus had a solid lending product suite, a strong customer base, a capable management team, and steady and growing revenue.

However, the company had failed to realize its full potential, in part because the parent managed the company as a service company rather than a software company that requires continuous innovation and investment.

While R Systems was a good and supportive owner, the Management team continued to feel the limitations of an owner whose primary business was in the
services sector.

A subscale company with revenues of just over $10m that was only moderately growing was often too small for traditional private equity and not growing fast enough for growth or late-stage venture equity.