Chiratae Ventures To Raise $600 Mn To boost Investments In Tech Space
- ByStartupStory | April 30, 2022
Indian venture capital firm Chiratae Ventures is all set to raise USD 600 million to boost investments in the country’s booming technology startups, two sources with direct knowledge of the development told Reuters.
Domestic investors, as well as foreign investors, are now increasingly making huge bets on Indian startups, many of which are becoming “unicorns” – with a valuation crossing $1 billion – and targeting stock market debuts. Chiratae has already invested USD 950 million in companies and firms over the last 15 years.
The latest bet will take Chiratae Ventures’s managed assets to over USD 1.5 billion. Sources revealed that in future months, the venture capital firm will raise two funds – a USD 400 million vehicles for new investments, as well as a USD 200 million so-called opportunities fund for investing in its existing top-performing portfolio companies.
The sources declined to be named as the plans are private.
Investors in the Bengaluru-based Chiratae’s funds will comprise domestic and international high net worth individuals, family offices, and institutions, the sources said. “A large fund will help Chiratae to invest in capital intensive sectors like electric mobility,” said one of the sources.
Chiratae was also one among the early-stage investors in the now Walmart Inc-owned leading online fashion retailer Myntra and Indian eyewear company Lenskart, which is backed by SoftBank. Chiratae’s main competition includes American investors like Sequoia Capital and Accel in India, which are also eyeing to make some gains in the digital and tech space.
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