Homegrown venture capital fund, Chiratae Ventures has announced the final close of its Chiratae Growth Fund (CGF-I), at ₹1,001 crore.

On a targeted ₹750 crore, CGF-I has been oversubscribed by 34 per cent. The announcement of the close of CGF-I comes on the heels of Fund 4, which was oversubscribed by 22 per cent. CGF-I will invest in the growth rounds of technology start-ups from its portfolio and other new opportunities, making it a sector-agnostic fund to support the growth and expansion of companies.

CGF-I is supported by Chiratae’s existing investors, including Pratithi (Family Office of Kris Gopalakrishnan, the Co-Founder of Infosys), 57 Stars (a global alternative asset manager) and Manish Choksi (Vice Chairman and non-executive board member of Asian Paints) and his Family Office and, new investors including State Bank of India, IIFL, and others. 

Speaking to businessline, TC Meenakshi Sundaram, Founder and Vice-Chairman of Chiratae Ventures, said that the firm expects to back 12-15 companies out of this growth fund and the average ticket size of these investments will range between ₹40 crore - ₹150 crore. Chiratae has already made its first investment out of this fund, which was in Lenskart. Sundaram added that Chiratae expects to deploy this fund between 2023-2024. 

Chiratae Ventures has been investing in early and growth-stage start-ups over the past 16 years. The Chiratae Funds collectively (across six funds) have $1.1 billion in AUM, 130+ investments, 48 exits, 8 Unicorns, and three IPOs and have returned capital to the investors in each of the last 12 years.

Chiratae Ventures has been an early backer of technology-led companies such as Bizongo, Curefit, Fibe, Firstcry, Lenskart, Myntra, PolicyBazaar, Pixis, Vayana, and Uniphore, amongst others. 

New chapter

Commenting on the development, Sudhir Sethi, Founder and Chairman of Chiratae Ventures, said,  “We are excited to have raised our first Growth Fund, enabling us to continue supporting the growth and expansion of market-leading technology start-ups in India and beyond. The oversubscription of the fund by 34 per cent is a testament to the trust and confidence our investors have placed in us.

As we embark on this exciting new chapter, we remain committed to identifying and investing in innovative start-ups that have the potential to drive transformative change and create long-term value.”

TC Meenakshi Sundaram, Founder and Vice-Chairman of Chiratae Ventures, added, “The successful fundraising for Chiratae’s First Growth Fund is a testament to the quality of the investment strategy and our team’s ability to identify and support exceptional entrepreneurs. With the Growth Fund -I, we are well-positioned to continue to support promising start-ups through their growth journey and create value for all stakeholders by becoming market leaders. We thank all our investors for their continued support to Chiratae.”