The first Chiratae Growth Fund (CGF-I) was successfully raised by Chiratae Ventures, the largest domestic venture capital firm in India, by raising INR 1001 crore ($122.5 million).
According to a statement released by Chiratae Ventures on Wednesday, CGF-I has received a 34 percent oversubscription on a target of INR 750 crore.
The announcement of the close of CGF-I follows that of Fund 4, which experienced a 22 percent oversubscription.
This continues a pattern of Chiratae’s funds being oversubscribed, demonstrating the trust and confidence in the company’s ability to recognize and support promising startups poised for growth and success.
According to the statement, CGF-I will invest in the growth rounds of market-leading technology startups from its portfolio and other new opportunities, making it a sector-agnostic fund to support the growth and expansion of companies.
CGF-I is supported by Chiratae’s existing investors, including Pratithi (Family Office of Kris Gopalakrishnan, the Co-Founder of Infosys), 57 Stars (a global alternative asset manager), and Manish Choksi (Vice Chairman and non-executive-board-member of Asian Paints) and his Family Office.
It is also underpinned by new investors including State Bank of India, India Infoline Limited (IIFL), Axis Bank, and others.
With this new CGF-I, Chiratae Ventures will continue its mission of supporting innovative technology startups in their growth stage and unlocking their potential.
Chiratae Ventures has a successful track record of investing in early and growth-stage startups over the past 16 years.
The Chiratae Funds have a track record of returning capital to investors every year for the past 12 years. They manage $1.1 billion in assets across 6 funds, have 130+ investments, 48 exits, 8 unicorns, and three initial public offerings (IPOs).
Chiratae Ventures has supported a number of technology-driven businesses from the beginning, including Bizongo, Curefit, Fibe, Firstcry, Lenskart, Myntra, PolicyBazaar, Pixis, Vayana, and Uniphore.
“We are excited to have raised our first Growth Fund, enabling us to continue supporting the growth and expansion of market-leading technology startups in India and beyond,” said Sudhir Sethi, Founder, and Chairman of Chiratae Ventures.
