PTriton Investment AdvisorsExecutive Cockpit
← Back to Board
Use “Save as PDF” in the print dialog
PTriton Investment Advisors · Executive Cockpit

Board Pack

Value creation, performance and risk review — FY26 (modeled). Portfolio Management · Deal Sourcing & Evaluation · Fund Operations.

$4.2M
Revenue (modeled)
0+
Acquisitions since 2020
18
Employees
Top 20 Indian early-stage VC
SDM ranking
Owner: Per Andersson · CEO Pradyumna Dalmia · CFO Office of the CFO · HQ Mumbai, India
Where we stand

Executive scorecard

Triton Investment Advisors · Board Pack · 1 · Executive Summary
Fund Management Revenue
₹34Cr
prior ₹29Cr
Revenue Growth
17.0%
prior 12.0%
Fund EBITDA
₹11Cr
prior ₹9Cr
EBITDA Margin
32.0%
prior 28.0%
Recurring Fee Income
₹28Cr
prior ₹24Cr
Recurring Income Mix
82.0%
prior 78.0%
Net Retention Rate
93.0%
prior 90.0%
DPI (Distributions to Paid-In)
1
prior 1
Executive summary
Growth & profitability

Revenue, EBITDA & mix

Triton Investment Advisors · Board Pack · 2 · Performance
Revenue by business unit
Portfolio Management45%
Deal Sourcing & Evaluation35%
Fund Operations20%
Portfolio Management
$1.89M
+14% · EBITDA 0.09% · Rec 44%
Deal Sourcing & Evaluation
$1.47M
+9% · EBITDA 0.08% · Rec 46%
Fund Operations
$0.84M
+18% · EBITDA 0.06% · Rec 24%
Group validation

Acquisition cohort economics

Triton Investment Advisors · Board Pack · 3 · M&A Thesis
BrandYearRevenueARREBITDA upliftSynergyStatus
Triton Fund-II2021$0.18M$0.06M0.05%→0.07% (+0.020000000000000004)92%Integrated
ScikIQ2021$0.12M$0.04M0.04%→0.07% (+0.030000000000000006)90%Integrated
Triton Fund-I2022$0.51M$0.28M0.06%→0.09% (+0.03)88%Integrated
Bizom2023$0.31M$0.1M0.05%→0.07% (+0.020000000000000004)74%In progress
Camcom2024$0.22M$0.07M0.05%→0.06% (+0.009999999999999995)55%In progress
Recykal2024$0.2M$0.07M0.05%→0.06% (+0.009999999999999995)78%In progress
PagarBook2024$0.16M$0.05M0.04%→0.05% (+0.010000000000000002)40%Early

Integrated cohorts show ~0pt EBITDA expansion post-integration; newer cohorts remain in synergy capture.

Balance sheet & liquidity

Leverage, cash & covenants

Triton Investment Advisors · Board Pack · 4 · Capital & Cash
Net Debt to EBITDA
0.3x
target 0.2x
Covenant Headroom
1.6x
target 2.0x
Debt Service Coverage Ratio
2.8x
target 3.0x
Fund Liquidity
₹68Cr
target ₹75Cr
Free Cash Flow
₹7Cr
target ₹9Cr
Cash Conversion Cycle
8d
target 5d
Days Sales Outstanding
24d
target 18d
Value Creation Realized
19.0%
target 25.0%
Net leverage 4.2x sits well inside the 5.5x covenant with $132M liquidity — capacity for continued disciplined M&A while cash conversion (CCC 8d) and FCF improve.
Governance

Watch-list & priority actions

Triton Investment Advisors · Board Pack · 5 · Risk & Actions
●Bangalore region margin driftceo
Bangalore GM 200bps below plan amid RFI/ISC integration drag.
→ Accelerate ISC ERP/SOC cutover; rebalance project mix toward recurring.
●PagarBook expansion → $12.5M opportunityceo
News signal converted to qualified, credit-cleared multi-region pursuit.
→ Prioritize solution design; align certified-tech coverage in new metros.
●3 brands running DSO > 65 dayscfo
ISC (67d), PagarBook (66d), Lastaki Advisors account (67d) lifting blended DSO.
→ Targeted collections sprint on $0.9M; tighten milestone billing on ISC projects.
●Lastaki Advisors credit exposurecfo
Distress filings + overdue AR; churn risk High on $6.4M account.
→ Move to credit hold pending paydown; reforecast ARR net of likely churn.
●Covenant headroom improvingcfo
Net Debt/EBITDA 4.2x vs 5.5x covenant; liquidity $132M.
→ Capacity exists for 1–2 tuck-in acquisitions this fiscal year.
●ECD synergy realization behind planboard
Synergy at 78% of model; integration 80% complete.
→ Hold management to 90-day synergy recovery plan; track at next board meeting.
●2023 cohort EBITDA uplift validatedboard
AFA/RFI cohort margin expanded ~500bps post-integration.
→ Thesis intact; continue disciplined roll-up at <5.5x leverage.
●Recurring mix below 45% targetboard
Recurring 40% vs 45% strategic target; Integration BU dilutive.
→ Push subscription/Portfolio Performance Dashboard attach on Integration installs.
Material external signals
[News] PagarBook announces new US cloud regions · PagarBook→ multi-region DC security opportunity
[EDGAR] Camcom 10-K: elevated hub-automation capex · Camcom→ perimeter + analytics pull-through
[News] Competitor acquires regional fire integrator · Competitor→ defend Bangalore accounts

Structural data researched from public sources; financials are modeled estimates (Triton Investment Advisors is privately held). AI summary generated by Azure OpenAI (GPT-4.1).