Chiratae Growth Fund-I has been oversubscribed by 34%
Chiratae Ventures, India’s largest homegrown venture capital fund, says the Rs.1,001 crore raised for its first Chiratae Growth Fund (CGF-I) is to be invested in market-leading technology startups.
CGF-I will invest in the growth rounds of market-leading technology startups from its portfolio and other new opportunities, making it a sector-agnostic fund to support the growth and expansion of companies, said the company in a release on 3 May 2023.
On a targeted Rs.750 crore, CGF-I has been oversubscribed by 34%. The announcement of the close of CGF-I comes on the heels of Fund 4, which was oversubscribed by 22%. This marks a continued trend of Chiratae’s funds being oversubscribed, highlighting the confidence and faith placed in the firm’s ability to identify and nurture promising startups poised for growth and success.
CGF-I is supported by Chiratae’s existing investors, including Pratithi (Family Office of Kris Gopalakrishnan, the Co-Founder of Infosys), 57 Stars (a global alternative asset manager) and Manish Choksi (Vice Chairman and non-executive board member of Asian Paints) and his Family Office and, new investors including State Bank of India, India Infoline Limited (IIFL), Axis Bank and others. With this new CGF-I, Chiratae Ventures will continue its mission of supporting innovative technology startups in their growth stage and unlocking their potential.
Chiratae Ventures has a successful track record of investing in early and growth-stage startups over the past 16 years. The Chiratae Funds collectively (across 6 funds) have $1.1 Bn in AUM, 130+ investments, 48 exits, 8 Unicorns, 3 IPOs and a track record of having returned capital to the investors in each of the last 12 years.
Chiratae Ventures has been an early backer of technology-led companies such as Bizongo, Curefit, Fibe, Firstcry, Lenskart, Myntra, PolicyBazaar, Pixis, Vayana, and Uniphore, amongst others.
Sudhir Sethi, Founder and Chairman of Chiratae Ventures, said, “We are excited to have raised our first Growth Fund, enabling us to continue supporting the growth and expansion of market-leading technology startups in India and beyond.
“The oversubscription of the fund by 34% is a testament to the trust and confidence our investors have placed in us. As we embark on this exciting new chapter, we remain committed to identifying and investing in innovative startups that have the potential to drive transformative change and create long-term value.
“Thank you to our existing investors Pratithi (Family Office of Kris Gopalakrishnan, the Co-Founder of Infosys), 57 Stars (a global alternative asset manager) and Manish Choksi (Vice Chairman and non-executive board member of Asian Paints) and his Family Office and, we welcome the new ones, State Bank of India, IIFL, Axis Bank and others.”
On closing the Chirataes’ first Growth Fund, TC Meenakshi Sundaram, Founder and Vice-Chairman of Chiratae Ventures, said, “The successful fundraising for Chiratae’s First Growth Fund is a testament to the quality of the investment strategy and our team’s ability to identify and support exceptional entrepreneurs.
“With the Growth Fund-I, we are well-positioned to continue to support promising startups through their growth journey and create value for all stakeholders by becoming market leaders. We thank all our investors for their continued support to Chiratae.”
Chiratae Ventures is a 16-year-old Indian technology venture capital fund, which collectively (across 6 funds) has US$1.1 billion AUM, 130+ investments, 48 exits, 8 Unicorns, 3 IPOs and a track record of having returned capital to LPs in each of the last 12 years. The Chiratae funds have investments across sectors such as Consumertech, SaaS, Fintech, and Healthtech and have been early backers of companies such as Myntra, Flipkart, Lenskart, FirstCry, PolicyBazaar, Bizongo, Uniphore, Pixis, and Fibe, amongst many others.
Chiratae Ventures’s Global Advisory board consists of esteemed personalities such as 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). fiinews.com
