Chiratae Ventures launches its first growth fund and marked its first close at Rs 759 crore with an option to raise Rs 750 crore more. It plans to make the final close of the funding by December. It is a Homegrown tech-focused venture capital firm.
The fund plans to invest in the growth rounds of leading technology startups from its portfolio and outside. It is a sector-agnostic fund focused to support the growth and expansion of tech companies and targets to invest across 15-20 companies. According to the media reports It would mainly focus on startups raising series C stage funding round in the range $5 million to $20 million.
“This is one of the fastest fundraise we have seen. We are oversubscribed and are looking to close this by the end of the year,” said TC Meenakshi Sundaram, Founder and Vice-Chairman of Chiratae Ventures.
The fund counts domestic institutional investors such as Infosys co-founder Kris Gopalakrishnan's Family Office, 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.