Chiratae Ventures, a homegrown tech-focused venture capital (VC) firm that has backed Policybazaar, Curefit, and Firstcry, has announced the final closing of its first growth fund at Rs 1,001 crore (USD 112.4 million), as it prepares to double down on growth-stage investments.
In November, the VC firm announced the first closing of the Chiratae Growth Fund (CGF-I) at Rs 759 crore.
Chiratae’s dedicated growth fund is planned to participate in growth-stage rounds including Series C and upwards, with a sector-agnostic approach, according to the VC firm.
It established the fund to support growth-stage companies at a time when global macro headwinds from inflationary pressures have caused funding taps to dry up, forcing many entrepreneurs to pivot.
Chiratae raised a major chunk of its corpus for its growth fund from local investors. Many of its existing limited partners have contributed to the new fund.
Existing investors in the fund include Infosys Co-founder S Gopalakrishnan’s family office, Pratithi Investments, and US-based 57 Stars LLC. IIFL and State Bank of India are two new domestic investors. One of the new investors is Middle East-brd NV Ventures LLP.
Chiratae’s new growth fund has already invested in Lenskart, one of its existing portfolio firms.
According to Sethi, Chiratae will make investments ranging from USD 5.0-7.5 million on the low end to USD 15 million on the high end of the new fund.
While the majority of the capital will be directed towards the VC’s existing portfolio, the fund will also look to make new bets.
Chiratae oversees USD 1.1 billion in assets across six funds and has made more than 130 investments, including eight unicorns such as Firstcry, Fibe (previously EarlySalary), Curefit, and Uniphore.