Bengaluru | November 9, 2022: Chiratae Ventures, India’s leading early-stage technology-focused venture capital fund, has announced the first close of its fundraising, which will be dedicated solely to the growth-stage portfolio. The Chiratae Ventures Growth Fund – I (CGF – I) has been oversubscribed at INR 759 Cr. Chiratae plans to now close its green shoe commitments by Dec 2022.
Chiratae Growth Fund -I will invest in the growth rounds of market-leading technology startups from its portfolio and outside. It will be a sector-agnostic fund to support the growth and expansion of tech companies. The fund is targeting to invest across 15-20 companies.
Chiratae Ventures has raised five early-stage funds and manages $1.1 bn in AUM. The firm has a successful track record of investing in early and growth-stage startups across its 16-year history. It has been an early backer of technology-led companies such as Bizongo, Curefit, EarlySalary, Firstcry, GoMechanic, Lenskart, Myntra, PolicyBazaar, Pyxis, Vayana, and Uniphore, amongst others. Chiratae is unique as it’s the only VC firm in India to have returned capital every year for a decade.
Sudhir Sethi, Founder, and Chairman of Chiratae Ventures said, “We are pleased to announce our fund close at INR 759 cr for our maiden Chiratae Growth Fund 1. This is one of our fastest fundraisings. We thank our investors for recognizing our performance, strategy, returns, and governance. The fund will be focused on fueling the growth of 15-20 technology startups at the growth stage.”
This is the first growth fund raised by Chiratae Ventures. The fund counts domestic institutional investors such as Kris Gopalakrishnan FO, Choksi Family Office (promoters of Asian Paints), SBI and IIFL Wealth & Asset Management, and other Family Offices, as well as existing global investors and key LPs.
TC Meenakshi Sundaram, Founder and Vice-Chairman of Chiratae Ventures, said, “This is one of the fastest fundraise we have seen. Thanks to our Investors, we are oversubscribed and are looking to close this by the end of the year. We are excited about investing in companies that solve population-scale problems.”
Mr. Kris Gopalakrishnan, Member, the Global Advisory Board, Chiratae Ventures, and Co-Founder of Infosys, said, “I am glad that Chiratae, as the largest home-grown venture growth firm, has achieved its fastest fund closure of Chiratae Growth Fund 1, on the back of a decade plus long history of stellar returns, high governance, firm institutionalization, backing Unicorns with capital from Indian as well as global investors repeatedly.”