Team Startupcity

• PixelSky Capital raises  Rs 150 Cr in first close, aims for  Rs 400 Cr fund corpus.
• Fund invests in Purplle and Porter at $1B valuation, plans more late-stage deals.
• Backed with support from IndigoEdge, Hitesh Ahuja, family offices, and startup founders.

PixelSky Capital, a secondaries-focused fund backed through boutique investment bank IndigoEdge and Yumlane founder Hitesh Ahuja, secured Rs 150 crore in its first close and now targets a Rs 400-crore corpus.

It has already invested money into online beauty platform Purplle and logistics company Porter, putting in about Rs 40-45 crore each at a $1-billion (or Rs 8,700 crore) valuation. It is expected to pick up secondary stakes in at least three more late-stage companies in the next few quarters.

Presently, the company is in the process of finalizing the fund close and plans to consider its third investment during the October-December timeframe. It is targeting new-generation businesses at profitability inflection points and has three probable opportunities in sight, which may materialize within this timeframe.

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PixelSky is looking at investments in firms likely to go public in 2026 or 2027, especially those priced at $300 million to $1.5 billion.

Limited partners, or sponsors, of the fund include local family offices and individuals with high net worth like the Kothari Family of DSP Group, India Quotient's Anand Lunia, Sony Entertainment Television co-founder Jayesh Parekh, and several startup founders.

IndigoEdge cofounder Zerin Rahiman leads the fund along with Ahuja, who earlier served as a senior executive at private equity firm New Silk Route.

Secondaries deal making in India keeps growing. Recent cases are Canada's Ontario Teachers' Pension Plan (OTPP) investing $40 million in HR software unicorn Darwinbox, The Sleep Company raising a Rs 480 crore round evenly divided between primary and secondary shares, and Porter raising $200 million in a secondary round led through Kedaara Capital and Wellington Management.