Dear Friends ,
We are all facing unprecedented times. Never in our lifetime have we had an instance where the government had effectively closed down major parts of the economy so quickly and suddenly for the purpose of maintaining the health of the population of the country. This is not just an India phenomenon but is happening all over the world as COVID-19 goes around the world with its deadly force. The implications for all of us, from both a personal and business perspective, have resulted in significant changes to our day-to-day lives. Schools are closed, Corporate India is all working from home, travel has been brought down to a standstill, offline retail is shut down except for essential groceries and medical stores, and we have to put together resources across the country to ensure our healthcare system is able to fight the onslaught of COVID-19. While we did not predict this unfortunate event, we do believe we are well positioned to survive and thrive in this environment.
Through our investment strategy of focusing on attractive, bottom line oriented, durable diversified businesses, conservative entry valuations, effective use of leverage, combined with our operational philosophy of close engagement with our management teams and our mentors and advisors, and our experience managing in stressed situations, we will not only be able to manage our way through this crisis but also position ourselves to take advantage of opportunities to continue to grow our businesses successfully once we get to the other side of this downturn.
At IvyCap, in response to COVID-19, we have taken appropriate actions to maintain the health and safety of our employees. Since March 16, our offices have been closed and all of our employees have been working remotely. We have previously put in place appropriate technology that has enabled us to work effectively and efficiently from home and have continued our normal cadence of internal meetings. We have also eliminated all travel. So far, we have had no instance of anyone at the firm or in our founding teams, contracting the virus or even having a health issue that would warrant getting a test.
Like in every crisis, those companies and businesses which survive the crisis tend to come out stronger. Towards this end, IvyCap is working closely with its portfolio companies and external environment to make sure our companies recover from this crisis heathy and are better positioned. While this may not be the case for all our companies, our engagement with portfolio founders has been very encouraging and most of them are deeply committed to steering their businesses and organizations to success. They are demonstrating resilience, agility, entrepreneurship and leadership in charting a business and financial path to recovery. I wish all you are taking adequate precautions during these times. I wish you safe and healthy lives and hope that we all will be back to our daily normal lives sooner than later.
Vishal Jindal, Co-founder & Director