Chiratae Ventures, a prominent venture capital firm in India, has closed its first Chiratae Growth Fund (CGF-I) after raising nearly Rs 1,001 crore. This is above the targeted Rs 750 crore, which shows the investor confidence in the firm’s investment strategy.
The CGF-I will invest in the growth rounds of technology startups from its portfolio and other new opportunities, making it a sector-agnostic fund to support the growth and expansion of companies, the VC firm said in a statement. This means that Chiratae Ventures will not limit itself to a particular sector while selecting the companies for investment.
The CGF-I is backed by Chiratae’s existing investors, including Pratithi, 57 Stars, and Manish Choksi, along with new investors like State Bank of India and IIFL. This signifies that the fund has received strong support from investors who trust Chiratae Ventures’ investment strategy.
The venture capital firm made its first investment through the fund of Rs 100 crore in Lenskart, which is one of the largest online eyewear retailers in India. According to Chiratae, it has made around 130 investments, 48 exits, 8 unicorns, and 3 IPOs. The firm’s investment strategy seems to be working well, as evidenced by the number of exits, unicorns, and IPOs.
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. This highlights the firm’s expertise in identifying and nurturing innovative technology startups in India.
The CGF-I will further support the growth and expansion of technology startups in India. The fund’s focus on growth rounds will allow startups to raise additional capital to scale up their businesses. This is a positive development for the Indian startup ecosystem, as more funding options will encourage more entrepreneurs to take risks and pursue innovative ideas.
In conclusion, Chiratae Ventures’ successful fundraising for its first Growth Fund is a testament to its investment strategy and expertise in identifying and nurturing innovative technology startups in India. The CGF-I will help support the growth and expansion of companies in the portfolio and other new opportunities, providing more funding options for startups in India.