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Oversubscribed Chiratae Ventures Growth Fund -I announces its first close at INR 759 cr

November 28, 2022
  • Chiratae Ventures Growth Fund – I (CGF – I) announces its first close at INR 759 Cr; final close by the end of the year with substantial oversubscription
  • Plans to invest in growth opportunities, startups raising Series C and beyond rounds
Bengaluru | November 8, 2022: Chiratae Ventures, India’s leading early-stage technology-focused venture capital fund, has announced the first close of its fundraising, which will be dedicated solely to growth-stage portfolio. The Chiratae Ventures Growth Fund – I (CGF – I) has been oversubscribed at INR 759 Cr. Chiratae plans to now close its green shoe commitments by Dec 2022.
    Chiratae Growth Fund -I will invest in the growth rounds of market-leading technology startups from its portfolio and outside. It will be a sector-agnostic fund to support the growth and expansion of tech companies. The fund is targeting to invest across 15-20 companies.
Chiratae Ventures has raised five early-stage funds and manages $1.1 bn in AUM. The firm has a successful track record of investing in early and growth-stage startups across its 16-year history. It has been an early backer of technology-led companies such as Bizongo, Curefit, EarlySalary, Firstcry, GoMechanic, Lenskart, Myntra, PolicyBazaar, Pyxis, Vayana, and Uniphore, amongst others. Chiratae is unique as it’s the only VC firm in India to have returned capital every year for a decade.

Sudhir Sethi, Founder and Chairman of Chiratae Ventures said, “We are pleased to announce our fund close at INR 759 cr for our maiden Chiratae Growth Fund 1. This is one of our fastest fundraisings. We thank our investors for recognising our performance, strategy, returns and governance. The fund will be focused on fueling the growth of 15-20 technology startups at growth stage.”

This is the first growth fund raised by Chiratae Ventures. The fund counts domestic institutional investors such as Kris Gopalakrishnan FO, 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.

TC Meenakshi Sundaram, Founder and Vice-Chairman of Chiratae Ventures, said, “This is one of the fastest fundraise we have seen. Thanks to our Investors, we are oversubscribed and are looking to close this by the end of the year. We are excited about investing in companies that solve population-scale problems.”

Mr. Kris Gopalakrishnan, Member, Global Advisory Board, Chiratae Ventures, and Co-Founder of Infosys, said, “I am glad that Chiratae, as the largest home-grown venture growth firm, has achieved its fastest fund closure of Chiratae Growth Fund 1, on the back of a decade plus long history of stellar returns, high governance, firm institutionalization, backing Unicorns with capital from Indian as well as global investors repeatedly.”

About Chiratae Ventures:

Launched in 2006, Chiratae Ventures India Advisors is India’s leading technology Venture Capital funds advisor. The funds advised by Chiratae Ventures India Advisors collectively have close to $1.1Bn under management and 128+ investee companies across SaaS, Consumer Media & Tech, Health-tech, and Fin-tech. The fund has been an early backer of, FirstCry, Flipkart, Globalbees, Lenskart, Manthan, Myntra, PolicyBazaar and has invested in leaders like AgroStar, Bizongo, Bounce, Cropin, EarlySalary, GoMechanic, HealthifyMe, Hevo Data, Pyxis, Uniphore Vayana, amongst others. Chiratae closed its fourth fund, oversubscribed at $337 million in 2021. The team has delivered value for its investors through the years with over 45 exits, 3 IPOs and 8 Unicorns, with more around the corner.

Chiratae Ventures is India’s leading early-stage technology-focused venture capital fund backing stellar entrepreneurs disrupting or creating new ecosystems. With a team of over 30 professionals having a cumulative VC experience of 100+ years. Chiratae’s Global Advisory board consists of esteemed personalities such as Mr. Ratan Tata (Chairman), Kris Gopalakrishnan, Manish Choksi (Vice Chairman Asian Paints), Bruno Raschle (Founder Adveq Zurich), Dr Andreas Hettich (Chairman Hettich Corporation Germany) and Dr Ferzaan Engineer (Founder Cytecare and Nightingale).