Anicut Capital announced that it has raised Rs 140 crore for its second debt fund from the Small Industries Development Bank of India (SIDBI). According to a release, the money would be allocated through the second debt fund, Grand Anicut Fund-2, which just closed at Rs 875 crore.

Anicut Capital LLP is a private equity company. The company provides debt restructuring and expansion, capital infusion, asset disposal, share buybacks, and business and asset acquisition. Customers in India are served by Anicut Capital.

The funds were acquired from SIDBI through the Fund of Funds for Startups (FFS), which was formed in January 2015 as part of the Startup India Initiative.

"We are committed to encouraging every aspiring idea and businesses in India that have the potential to self-sustain itself and generate more opportunities and employment within the communities it operates in," IAS Balamurugan, co-founder and Managing Partner of Anicut Capital, said.

Balamurugan went on to say that the epidemic is a testament to numerous creative ideas that arose in response to the unfathomable.

"We have recently closed our second debt fund and are enthused by the opportunity it provides us to translate the dreams into the reality of many young enterprises," Balamurugan added.

With an average deal size of Rs 15-100 crore, Anicut's second debt fund has invested in over 15 growth and early-stage firms.

Wow Momos, ASG Eye Care Hospital, Akna Medical (bought by Pharmeasy), B9 Beverages (Bira), Azure Hospitality, Kissflow, and Wingreens are among the portfolio firms of GAF-2, which has already invested over Rs 580 crore.

According to the statement, the fund plans to invest in more than 30 early and growth-stage companies from a variety of industries, including consumer brands, technology, food and beverage, and fintech, under the categories of acquisition financing, promoter/buyback financing, growth capital, and capital restructuring.