Chiratae Ventures Growth Fund-1 completes its initial closure at Rs. 759 billion

• ByStartupStory     |    November 8, 2022

The domestic venture capital company Chiratae Ventures, which focuses on funding early-stage entrepreneurs, has received Rs 759 crore as the first closure of a new fund that will invest in growth-stage businesses.
It will exclusively invest in firms that are in the funding stages of Series C and beyond, hence the name “Chiratae Venture Growth Fund-1.” This fund will be distinct from the previous fund-raising efforts Chiratae has made.
Chiratae Ventures has many firms in its portfolio that are at the Series C and beyond phases, according to founder and vice chairman TC Meenakshi Sundaram. We were considering how we could contribute to the success of these businesses, which had a strong track record, he said. Chiratae Enterprises’ portfolio includes companies including Firstcyr, Curefit, Lenskart, Myntra, and Policybazaar. Chiratae Ventures has invested in over 128 ventures in the SaaS, consumer media and technology, health-tech, and fintech sectors. Chiratae Ventures claims that the growth fund, which was only formed this year, experienced the quickest first closing. It intends to complete the transaction at Rs 1,500 crore by the end of the year, which will also include the over subscription option. The growth fund will invest between $5 and $15 million in about 15-20 firms. Both firms in the portfolio and startups outside of it will be included in the investment.

Meenakshi claims that the growth fund will finance start-ups that are industry pioneers in their specialised fields. According to him, “these startups have a lower mortality risk and a higher development potential.” This money was raised by Chiratae Ventures from both new and old investors, including family offices and institutions. These include the family offices of SBI, IIFL Wealth & Asset Management, Choksi Family Office (promoters of Asian Paints), and Kris Gopalakrishnan. Chiratae Ventures was established in 2006 and has raised four early-stage funds. It currently oversees $1.1 billion in assets and has had 45 exits, three IPOs, and eight unicorns. $337 million was raised in its most recent fundraising effort in 2021. This company claims that over the past ten years, it has returned capital each year.

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