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Early-stage investor Chiratae Ventures (formerly IDG Ventures India) has announced the final close of its maiden growth fund at ₹1,001 crore. The fund’s initial target was to raise ₹750 crore.
The sector-agnostic growth stage fund was oversubscribed by 34%. It will target technology startups looking to secure Series C or later stage funding, as well as new opportunities.
Chiratae’s existing investors participated in the fundraising, including Pratithi (Infosys cofounder Kris Gopalakrishnan’s family office), and global alternative asset manager 57 Stars. Manish Choksi, the vice chairman and a non-executive board member of Asian Paints, invested in individual capacity as well as through his family office. New investors include State Bank of India andIIFL.
The fund has started building its portfolio with its debut investment in eyewear retailer Lenskart, as part of a consortium. Out of the $400 million round, Chiratae invested ₹100 crore, it said.
In 2021, Chiratae raised its fourth early-stage fund of $337 million. Since its inception in 2006, it has raised six funds with assets of around $1.1 billion under management. Its portfolio spans across sectors including software-as-a-service, consumer-tech, healthtech and fintech. It has backed the likes of Bizongo, Curefit, Fibe, Firstcry, Myntra, PolicyBazaar, Pixis, Vayana, and Uniphore.“The fund enables us to continue supporting the growth and expansion of market-leading technology startups in India and beyond,” said Chiratae’s founder and chairman Sudhir Sethi.
Across its more than 130 investments, it has clocked 48 exits, helped create eight unicorns and have taken three companies to public markets, the firm said.
Chiratae Ventures’s Global Advisory board consists of Ratan Tata (chairman), Kris Gopalakrishnan, Manish Choksi (vice chairman, Asian Paints), Bruno Raschle (founder, Adveq Zurich), Dr. Andreas Hettich (chairman, Hettich Corporation Germany) and Dr Ferzaan Engineer (founder, Cytecare and Nightingale).
India focused funds backing early-stage and growth-stage startups are finding more takers among domestic institutional investors and family offices. From seed-angel funds to Special Opportunities funds, domestic investors have conclusively increased their exposure to startups, today. The fund sizes have also been inching up. Funds such as IIFL, Edelweiss, and Avendus, among others, have recently raised capital domestically to invest in growth stage companies.
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