Chiratae Ventures’ Maiden Growth Fund-I closes at Rs 1,001 crore

• ByStartupStory     |    May 3, 2023

Chiratae Ventures announced the closure of fundraising for its first Chiratae Growth Fund (CGF-I), which raised nearly Rs 1,001 crore, exceeding its targeted amount of Rs 750 crore by 34%. The fund aims to invest in the growth rounds of technology startups from both its existing portfolio and new opportunities. As a sector-agnostic fund, CGF-I will support the growth and expansion of companies. Chiratae Ventures released a statement to this effect.

Chiratae Ventures’ Founder and Vice-Chairman, TC Meenakshi Sundaram, stated that the firm is seeking to invest in companies during their growth stage, with a high bar for investment opportunities. The fund aims to support companies that use capital to grow rather than survive.

 Chiratae’s first Chiratae Growth Fund (CGF-I) raised nearly Rs 1,001 crore, with support from existing investors such as Pratithi (Family Office of Kris Gopalakrishnan, Infosys Co-Founder), 57 Stars (global alternative asset manager), and Manish Choksi (Vice Chairman and non-executive-board-member of Asian Paints) and his Family Office. Additionally, new investors, including State Bank of India and IIFL, contributed to the fundraising efforts. LensKart was the VC firm’s first investment through the fund, with an investment of Rs 100 crore. Moneycontrol reported on Meenakshi Sundaram’s comments.

According to TC Meenakshi Sundaram, Founder and Vice-Chairman of Chiratae Ventures, the company has placed a strong emphasis on profit margins and sustainability. In an interview with Moneycontrol, Sundaram stated that all of the companies they have invested in must become profitable within the next 12 to 18 months, bringing more stability to the market. 

Chiratae Ventures manages $1.1 billion in AUM across six funds, and has invested in a number of successful technology startups such as Curefit, Myntra, and PolicyBazaar. Sundaram noted that profitable or soon-to-be-profitable startups are able to secure funding from investors, despite a slowdown in funding in India following a surge in 2021.

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