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VC fund (Cat II) · SEBI registry

Business Excellence Trust II

Growth (Series C+) · Consumer Internet & Marketplaces · Mumbai

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Contact on file — shared on accepted request

At a glance

Stage focus: Growth (Series C+)
Primary sector: Consumer Internet & Marketplaces
City: Mumbai
HQ / office: Mumbai, Maharashtra (Bandra Kurla Complex, Bandra East)
Fund registered: 2017
Investments on record: 16
Corpus (as reported): India Business Excellence Fund series; MO Alternates PE AUM ~Rs 14,000 Cr; IBEF IV ~$560M; latest IBEF V ~$800M first close (2025). The Business Excellence Trust II/III/IV are the AIF trust vehicles behind IBEF II/III/IV
Website: motilaloswalalt.com
LinkedIn: Profile ↗

About

Business Excellence Trust II/III/IV are the SEBI-registered AIF trusts of Motilal Oswal Alternates (formerly Motilal Oswal Private Equity, est. 2006), the alternative-investments arm of Motilal Oswal. They run the India Business Excellence Fund (IBEF) growth/buyout PE series, backing mid-market Indian companies; the firm has backed 50+ companies since 2007 with notable early bets on AU Small Finance, Dixon and Uno Minda.

Investment focus

Growth and buyout private equity in mid-market Indian companies; sectors: consumer products & services (B2C), financial services, healthcare/life sciences, IT and manufacturing

Cheque size

USD 10-20 Mn (growth/buyout cheques) per IBEF series; firm-level mid-market growth capital

As compiled from public sources — verify with the investor.

SEBI registration

SEBI AIF Category II — reported as “Cat I/Cat II”

IN/AIF2/17-18/0339
IN/AIF2/21-22/0897
IN/AIF1/25-26/1979

SIDBI Fund of Funds

None found

Notable portfolio

VVDN Technologies; Asian Footwears; Simpolo Vitrified; Happy Forgings; Molbio Diagnostics; Niva Bupa; SK Finance; N. Ranga Rao & Sons

Team & organisation

~78 employees firm-wide (LinkedIn); MOPE PE led by MD & CEO Vishal Tulsyan with multiple partners/IPs

Trust-based Cat I/Cat II AIF (India Business Excellence Fund II / Business Excellence Trust II) managed by MO Alternate Investment Advisors Pvt Ltd (Motilal Oswal Alternates, MOFSL sponsor); multi-fund PE platform

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Frequently asked

What does Business Excellence Trust II invest in?: Growth and buyout private equity in mid-market Indian companies; sectors: consumer products & services (B2C), financial services, healthcare/life sciences, IT and manufacturing
What cheque size does Business Excellence Trust II write?: As compiled from public sources: USD 10-20 Mn (growth/buyout cheques) per IBEF series; firm-level mid-market growth capital
How do I pitch Business Excellence Trust II through iHub India?: Create a free startup account, open a funding round, and send a structured pitch from this profile. If the investor accepts, contact details are shared and the conversation moves into a tracked deal room.

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About this record

⚑ PE (Cat II growth/buyout private equity, not early-stage startup VC); funds advised by MO Alternates also include a Mauritius-domiciled offshore feeder

Compiled from SEBI registrations and public sources as of 2026-07. iHub India lists investors neutrally and does not endorse, rank, or verify investment terms — confirm all details directly with the investor before transacting.

Sources: https://www.motilaloswalalt.com/contact-us/; https://www.linkedin.com/company/motilal-oswal-alternates