SIDBI startup fund led Rs 50 Cr received by alternative investment firm Anicut
The Small Industries Development Bank of India (SIDBI) has agreed to invest Rs 50 crore in Anicut Capital’s alternative investment vehicle, the Anicut Equity Fund. The Fund of Funds for Startups (FFS), established by the Indian government as part of the Startup India Initiative, is where the investment is made.
Grand Anicut Fund 3 was introduced by Anicut Equity Fund in June 2022 with a target corpus of Rs 500 crore and a green shoe option of an additional Rs 250 crore. Two-thirds of the fund have reportedly been successfully closed, and Self-Reliant India Fund (SRI) has committed an additional Rs 75 crore.
The fund has already made investments in six businesses in its first year of operation, including Earth Rhythm, Neemans, Wheelocity, The Ayurveda Experience, Blue Tokai Coffee, and XYXX.
Over the next 18 to 24 months, it plans to invest in 12 to 14 early growth-stage businesses (Series A and B) across its Anicut and non-Anicut portfolios.
“This generous commitment from SIDBI not only provides us with the capital to invest in innovative startups but also solidifies our commitment to adding value to the burgeoning Indian startup industry,” said Dhruv Kapoor, Partner at Anicut Equity Fund.
Anicut Capital has backed innovative high-growth companies with a total AUM of Rs 1,600 crore, including Milky Mist, Axiscades, Neemans, GIVA, Leumas, Hair Originals, Sugar, Bira, Epigamia, LendingKart, and others.
