Chiratae Ventures founders Sudhir Sethi and TCM Sundaram / Photo credit: Chiratae Ventures
Chiratae Ventures, an India-based venture capital firm, has closed its first Chiratae Growth Fund (CGF-I), raising 10.01 billion rupees (US$122.5 million) and going 34% over its initial fundraising target of about US$91.8 million.
CGF-I will invest in the growth rounds of market-leading startups within and outside the Chiratae portfolio to support their expansion. The fund has already invested US$12.2 million in the retail eyewear chain Lenskart.
The sector-agnostic fund is backed by existing investors including Pratithi Investments, 57 Stars, and Manish Choksi, as well as new investors such as the State Bank of India, India Infoline Finance Limited, and Axis Bank.
The new fund follows Chiratae’s US$337 million Fund 4, which was oversubscribed by 22%.
Chiratae was initially established as the Indian arm of IDG Ventures in 2006 by Sudhir Sethi and TCM Sundaram. The firm has now amassed US$1.1 billion in assets under management across six funds.
It has invested in over 130 companies as well as seen eight unicorns and three IPOs. Among the firms in its portfolio are Myntra, Flipkart, FirstCry, and PolicyBazaar.
See also: VC funds tracker: Capria Ventures’ $100m fund reaches first close
Currency converted from Indian rupee to US dollar: US$1 = 81.75 rupees.
Note: This article was written with the help of AI. Don’t worry, humans were still involved in producing this story.
Editing by Miguel Cordon and Dhania Putri Sarahtika
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