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ChrysCapital Closes Fund X at $2.2 Billion, Largest India-Focused Private Equity Fund

• ByStartupStory     |    November 5, 2025

ChrysCapital, a leading Indian private equity firm, has successfully closed its tenth fund, Fund X, with a record capital raise of $2.2 billion (approximately ₹18,480 crore). This milestone marks the largest private equity fund ever raised by an India-focused firm, representing a 60% increase over its previous fund, Fund IX, which closed at $1.35 billion in 2022.

The fund will continue ChrysCapital’s established investment strategy, targeting growth and control investments in sectors such as consumer services, healthcare, financial services, enterprise technology, and industrials. The firm plans to deploy the capital over the next three to four years and already has several transactions in progress.

Fund X attracted a diversified pool of more than 30 new global investors, including public pension funds, insurance companies, asset managers, family offices, and institutions from regions such as Japan, the Middle East, Southeast Asia, Europe, and the United States. Significantly, this fund also saw strong participation from Indian institutional investors and large family offices, reflecting optimism in the domestic market.

Since its inception in 1999, ChrysCapital has raised approximately $8.5 billion across ten private equity funds, continuation vehicles, and a public markets fund. The firm has deployed over $5.5 billion across 110 portfolio companies and realized $7.8 billion from more than 80 successful exits, delivering a 3.0x return on investment to its investors.

Prominent investments in ChrysCapital’s portfolio include Intas Pharmaceuticals, Mankind Pharma, GeBBS Healthcare, Infogain, NSE, and Awfis. The firm’s managing director, Saurabh Chatterjee, emphasized a continued focus on finding quality assets and driving value creation, whether through growth investments or buyout-control deals.

The successful close of Fund X underscores ChrysCapital’s position as a dominant player in India’s private equity landscape, tapping into the country’s favorable demographics, rising consumption, rapid digital adoption, and supportive policy frameworks to uncover significant long-term investment opportunities.

In summary, ChrysCapital’s $2.2 billion Fund X sets a new benchmark for India-focused private equity fundraising, positioning the firm to continue backing high-growth companies across critical sectors over the coming years.

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