Deepti Sri · · 1 min readIndia’s Anicut Capital bags $6m to back growth-stage startups
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Anicut Capital, an India-based alternative investment firm, has secured 500 million rupees (US$6 million) for its Anicut Equity Fund from the Small Industries Development Bank of India.
This investment comes via Fund of Funds for Startups, which is part of the government’s Startup India initiative.
Focused on the consumer and technology sectors, the fund aims to invest in 12 to 14 companies in the series A and B stages within the next 24 months.
Anicut currently manages three debt funds, one angel fund, and one early growth equity fund. It has cumulative assets under management of US$192.9 million.
The firm’s portfolio companies include Wow! Momo, Bira 91, Sugar Cosmetics, Blue Tokai, ShareChat, and AgniKul Cosmos.
In June 2022, Anicut Equity Fund launched its Grand Anicut Fund 3, targeting a total corpus of US$60.3 million, with an additional US$30.1 million greenshoe option.
The firm said it has closed a “significant portion” of Grand Anicut Fund 3 and has received a commitment of US$9 million from the Self-Reliant India Fund.
See also: How MAS-founded APIX is solving problems for regulators from India to Indonesia
Currency converted from Indian rupees to US dollar: US$1 = 82.97 rupees.
Editing by Putra Muskita and Dhania Putri Sarahtika
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