Creaegis Successfully Closes Maiden Fund at $426 Million to Fuel Indigenous Startups
- ByStartupStory | September 21, 2023
Creaegis, a domestic private equity fund, has achieved the successful closure of its inaugural fund, amassing approximately $426 million (Rs 3,500 crore) with a primary objective of supporting homegrown startups. Through its inaugural fund, Creaegis intends to construct a portfolio encompassing 12 to 15 companies, with plans to extend support to approximately four companies on an annual basis.
The fund maintains a sector-agnostic approach and is poised to inject growth-stage capital into Indian startups, as highlighted in a press release by Creaegis. The maiden fund has garnered the backing of prominent family offices and institutional investors, including the International Finance Corporation (IFC).
Founded in 2018 by Prakash Parthasarathy, a former managing partner at Premji Invest, Creaegis specializes in managing private equity investments. The firm will deploy investments with average ticket sizes ranging from $25 million to $40 million, demonstrating a commitment to bolstering the success of companies within its portfolio.
Previously, Prakash Parthasarathy made investments through Premji Invest in notable entities such as Lenskart, the fashion marketplace Myntra, and the software unicorn Amagi.
Creaegis reports that it has already allocated one-third of the raised corpus, amounting to approximately $142 million, with its portfolio featuring prominent names like Medikabazaar, Zopper, and Kale Logistics, among others.
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