Technology Venture Capital Firm Chiratae Ventures closes fourth fund at $337million
Chiratae Ventures, a homegrown venture capital firm focused on technology, has closed its fourth fund at $337 million, exceeding its target corpus of $275 million due to a stronger-than-expected response from investors.
It raised $150 million for the fund's first close two years ago.
The firm, which has backed startups such as Myntra, Lenskart, FirstCry, and PolicyBazaar, is one of the few large domestic funds with significant rupee capital.
“We have raised over half of the fund from domestic investors including family offices and industrial families from India, just like all our previous funds. Global investors include those from the US, UK, Europe, Japan and Singapore,” said Sudhir Sethi, founder and chairman of Chiratae Ventures. “All our existing LPs (limited partners) have backed the new fund with more capital commitment this time, making up for almost 75% of the capital raised.”
Chiratae Ventures has nearly $950 million in assets under management across its four funds.
Since its inception in 2006, the fund has invested in over 100 transactions and completed 38 exits. When Swedish gaming firm Modern Times Group purchased Playsimple for $360 million earlier this year, it saw a 43 percent return on its investment.
“Venture tech has consistently delivered results and it is slated to only grow from here,” Sethi said.
Agrostar, Bizongo, Bounce, Cropin, Curefit, Emotix, GoMechanic, HealthifyMe, PlayShifu, Pyxis, Uniphore, and Vayana are among the tech-focused startups in Chiratae Ventures' India portfolio.
“We have already deployed around $100 million from the new fund across 25 companies and around $30 million is in the pipeline,” said TC Meenakshisundaram, co-founder and managing director, Chiratae Ventures.
Chiratae announced earlier this month that it would provide a 48-hour turnaround on seed fund requests and pitches for investments of less than or equal to $500,000, an industry-first initiative in the Indian startup world.
Chiratae Sonic's goal, according to Sethi, is to "accelerate and democratise fundraising for founders while also ensuring quicker access to capital."
Sonic investments, he added, are also part of the same capital pool.
A growing number of India-focused funds are raising larger corpus to invest in the country's thriving startup ecosystem.
Some recent new fundraises by managers, ranging from Alteria Capital to Tata Capital, have shown how capital, both domestic and global, is chasing Indian companies. The vast majority of these fund managers have announced larger funds than their previous ones.
According to a private equity and venture capital report published earlier this year by Bain & Co., a $6 billion corpus is ready to be invested in the Indian market. According to the global consultant, this would result in increased investment activity in 2021 and beyond.
Significant liquidity in the venture and hedge fund ecosystems is driving the increase in deal flow. Many investors are gravitating toward high-quality deals, resulting in large funding rounds in these sector leaders and larger checks.
It raised $150 million for the fund's first close two years ago.
The firm, which has backed startups such as Myntra, Lenskart, FirstCry, and PolicyBazaar, is one of the few large domestic funds with significant rupee capital.
“We have raised over half of the fund from domestic investors including family offices and industrial families from India, just like all our previous funds. Global investors include those from the US, UK, Europe, Japan and Singapore,” said Sudhir Sethi, founder and chairman of Chiratae Ventures. “All our existing LPs (limited partners) have backed the new fund with more capital commitment this time, making up for almost 75% of the capital raised.”
Chiratae Ventures has nearly $950 million in assets under management across its four funds.
Since its inception in 2006, the fund has invested in over 100 transactions and completed 38 exits. When Swedish gaming firm Modern Times Group purchased Playsimple for $360 million earlier this year, it saw a 43 percent return on its investment.
“Venture tech has consistently delivered results and it is slated to only grow from here,” Sethi said.
Agrostar, Bizongo, Bounce, Cropin, Curefit, Emotix, GoMechanic, HealthifyMe, PlayShifu, Pyxis, Uniphore, and Vayana are among the tech-focused startups in Chiratae Ventures' India portfolio.
“We have already deployed around $100 million from the new fund across 25 companies and around $30 million is in the pipeline,” said TC Meenakshisundaram, co-founder and managing director, Chiratae Ventures.
Chiratae announced earlier this month that it would provide a 48-hour turnaround on seed fund requests and pitches for investments of less than or equal to $500,000, an industry-first initiative in the Indian startup world.
Chiratae Sonic's goal, according to Sethi, is to "accelerate and democratise fundraising for founders while also ensuring quicker access to capital."
Sonic investments, he added, are also part of the same capital pool.
A growing number of India-focused funds are raising larger corpus to invest in the country's thriving startup ecosystem.
Some recent new fundraises by managers, ranging from Alteria Capital to Tata Capital, have shown how capital, both domestic and global, is chasing Indian companies. The vast majority of these fund managers have announced larger funds than their previous ones.
According to a private equity and venture capital report published earlier this year by Bain & Co., a $6 billion corpus is ready to be invested in the Indian market. According to the global consultant, this would result in increased investment activity in 2021 and beyond.
Significant liquidity in the venture and hedge fund ecosystems is driving the increase in deal flow. Many investors are gravitating toward high-quality deals, resulting in large funding rounds in these sector leaders and larger checks.
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