In order to support domestic startups, local private equity firm Creaegis closed its first fund at about $426 million (roughly Rs 3,500 crore). With its first fund, Creaegis hopes to create a portfolio of 12 to 15 companies and will invest in about four businesses annually.
According to a press release from Creaegis, the fund is anticipated to be sector-neutral and will seek to inject growth-stage capital into Indian startups. Prominent family offices and institutional investors, such as the International Finance Corporation (IFC), have supported the first fund.
Creaegis manages private equity investments and was established in 2018 by Prakash Parthasarathy, a former managing partner of Premji Invest. The company will look to double down on portfolio winners and will make investments with average ticket sizes between $25 million and $40 million.
Through Premji Invest, Parthasarathy had previously made investments in businesses like Lenskart, the online retailer Myntra, and the software unicorn Amagi.
The healthtech platform Medikabazaar, Zopper, and Kale Logistics are among the companies in Creaegis’ portfolio that have received investments totaling one-third of the raised capital, or about $142 million.
