Chiratae Ventures announces close of Maiden Growth Fund-I at Rs 1,001 crore
Chiratae Ventures, a venture capital firm, announced that the fundraising for its inaugural Chiratae Growth Fund (CGF-I) was completed with approximately Rs 1,001 crore raised on a targeted Rs 750 crore and a 34% oversubscription. CGF-I, a sector-neutral fund to promote business growth and expansion, will invest in the growth rounds of technology firms from its portfolio as well as other fresh prospects, according to a statement from the venture capital firm.
"We want to invest in businesses that are in the growth stage. Clearly, the standard is high. In an interview with Moneycontrol, TC Meenakshi Sundaram, the founder and vice-chairman of Chiratae Ventures, stated that the company's primary focus is on businesses that will use the funding to expand rather than simply survive.
As well as new investors like State Bank of India, IIFL, and others, CGF-I is supported by Chiratae's current investors, including Pratithi (the family office of Kris Gopalakrishnan, the co-founder of Infosys), 57 Stars (a global alternative asset manager), and Manish Choksi (vice chairman and non-executive board member of Asian Paints). Through the fund, the venture capital firm invested its initial Rs 100 crore in LensKart.
"Margins and the way to profit are now receiving a lot of attention from us. The ecosystem is becoming much more sane as a result of our advice to all the companies, which is that they must become profitable over the next 12 to 18 months, according to Sundaram. The Chiratae Funds have made about 130 investments, 48 exits, 8 unicorns, and 3 IPOs. They manage $1.1 billion in assets across 6 funds.
Chiratae Ventures has supported a number of technology-driven businesses from the beginning, including Bizongo, Curefit, Fibe, Firstcry, Lenskart, Myntra, PolicyBazaar, Pixis, Vayana, and Uniphore. In response to concerns about the slowdown in investment in India, Sundaram asserted that businesses that are profitable or would be within the next 12 months may get sufficient investor backing.
"Since 2021's exhilaration, the bar has been raised. Not every startup faces funding challenges. Companies who are profitable or will be in the upcoming 12 months can raise money on the market, he said.
"We want to invest in businesses that are in the growth stage. Clearly, the standard is high. In an interview with Moneycontrol, TC Meenakshi Sundaram, the founder and vice-chairman of Chiratae Ventures, stated that the company's primary focus is on businesses that will use the funding to expand rather than simply survive.
As well as new investors like State Bank of India, IIFL, and others, CGF-I is supported by Chiratae's current investors, including Pratithi (the family office of Kris Gopalakrishnan, the co-founder of Infosys), 57 Stars (a global alternative asset manager), and Manish Choksi (vice chairman and non-executive board member of Asian Paints). Through the fund, the venture capital firm invested its initial Rs 100 crore in LensKart.
"Margins and the way to profit are now receiving a lot of attention from us. The ecosystem is becoming much more sane as a result of our advice to all the companies, which is that they must become profitable over the next 12 to 18 months, according to Sundaram. The Chiratae Funds have made about 130 investments, 48 exits, 8 unicorns, and 3 IPOs. They manage $1.1 billion in assets across 6 funds.
Chiratae Ventures has supported a number of technology-driven businesses from the beginning, including Bizongo, Curefit, Fibe, Firstcry, Lenskart, Myntra, PolicyBazaar, Pixis, Vayana, and Uniphore. In response to concerns about the slowdown in investment in India, Sundaram asserted that businesses that are profitable or would be within the next 12 months may get sufficient investor backing.
"Since 2021's exhilaration, the bar has been raised. Not every startup faces funding challenges. Companies who are profitable or will be in the upcoming 12 months can raise money on the market, he said.
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