Team StartupCity

• Chiratae Ventures hits $150 Million in second close of Fund V
• Fund to invest in early stage startups across emerging tech sectors
• Final close expected by Q1 2026 with a target of $350 Million

Homegrown venture capital firm Chiratae Ventures, known for backing startups like Flipkart and Lenskart, has announced the second close of its Fund V at $150 million. The firm aims to reach a final close of $350 million (with a hard cap of $500 million) by the first quarter of 2026.

Fund V is being managed under the Chiratae Ventures Master Fund V, part of its Category II AIF structure. It has attracted interest from domestic and global investors, including institutional players, family offices, and repeat LPs from previous Chiratae funds.

Led by Managing Directors Venkatesh Peddi and Ranjith Menon, Fund V will focus on early-stage investments seed to Series B in sectors like AI, deeptech, healthtech, climatetech, spacetech, and consumer tech. Chiratae also plans to enter newer areas such as defence tech and quantum computing.

The fund is already in action, with investments in HouseEazy (proptech), Pepsales (AI SaaS), Mili (wealthtech), and Zilo (quick commerce). Six more startups are currently in the pipeline.

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Founded in 2006 by Sudhir Sethi and T.C. Meenakshisundaram, Chiratae Ventures has grown into one of India’s top tech-focused VCs, managing $1.3 billion in assets across seven funds. Its portfolio includes over 130 companies, eight unicorns, and four IPO-bound startups.

With Fund V, Chiratae is doubling down on the Indian startup story supporting the next generation of innovation across critical and emerging tech.