Siddhartha Bhaiya, Founder and MD of Aequitas Investment, Dies. (Photo: X)
Siddhartha Bhaiya, founder and managing director of Aequitas Investment and one of India’s most respected smallcap investors, passed away on 31 December 2025 after suffering a sudden cardiac arrest during a family vacation in New Zealand. The company confirmed his death in an official statement issued on 2 January 2026. He was 47.
“It is with profound sadness that we share the news of the passing of our Managing Director, Mr Siddhartha Bhaiya, on 31 December 2025, following a sudden cardiac arrest while on a family vacation in New Zealand,” Aequitas said.
Siddhartha Bhaiya was widely known on Dalal Street for his contrarian market calls and disciplined investing approach. At a time when Indian equity markets were touching record highs in 2024, Bhaiya openly warned of an impending correction, a stance that stood out amid widespread optimism.
He was also known for making bold cash calls. In April 2025, amid uncertainty triggered by reciprocal tariffs announced by US President Donald Trump, Bhaiya reportedly held nearly 90 percent of his portfolio in cash, even as most investors chose to remain fully invested.
Bhaiya founded Aequitas Investment in 2012 after quitting his role as a fund manager at Nippon India Mutual Fund, where he spent nearly seven years. Under his leadership, Aequitas grew into a formidable PMS and AIF firm with assets under management of approximately Rs 7,700 crore, or nearly USD 650 million.
He earned a reputation as one of India’s top smallcap multibagger hunters, delivering nearly 2,800 percent absolute returns by identifying high-quality but undiscovered companies at an early stage. According to his LinkedIn profile, Aequitas delivered a compounded annual growth rate (CAGR) of 34 percent over 11 years and generated nearly 28x absolute returns since inception.
Siddhartha Bhaiya followed a unique blend of value and growth investing, with a strong emphasis on contrarian thinking. Over the last one to two years, he had turned increasingly bearish on Indian equities, repeatedly citing stretched valuations and unsustainable market exuberance.
Aequitas described him as the intellectual backbone of the firm. “Siddhartha was the driving force behind Aequitas. He was not only a visionary investor, but also a builder of institutions deeply committed to intellectual honesty, disciplined decision-making, and long-term thinking,” the company said, adding that his influence would continue to shape the organisation’s culture and investment philosophy.
A Chartered Accountant by training, Bhaiya had over 20 years of experience in the Indian stock markets. Before founding Aequitas, he worked with several prominent financial institutions, including Stratcap Securities, Principal PNB Asset Management, and Reliance Capital Asset Management.
His long-term vision was to build Aequitas into a world-class billion-dollar investment firm with a young and driven team focused on delivering superior risk-adjusted returns to a niche investor base.
Following his passing, Aequitas said it remains fully aligned with Bhaiya’s philosophy and long-term objectives. The firm reaffirmed its commitment to continue managing investor capital with the same discipline, rigor, and long-term perspective that defined Siddhartha Bhaiya’s legacy.
Bhaiya’s sudden demise marks a significant loss for India’s investment community, particularly in the smallcap and alternative investment space where his views, discipline, and conviction commanded wide respect.
Sofia Babu Chacko is a journalist with over five years of experience covering Indian politics, crime, human rights, gender issues, and stories about marginalized communities. She believes that every voice matters, and journalism has a vital role to play in amplifying those voices. Sofia is committed to creating impact and shedding light on stories that truly matter. Beyond her work in the newsroom, she is also a music enthusiast who enjoys singing.
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