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Venture capital fund, Chiratae Ventures, announced the closing of its fourth fund at $337 million, oversubscribed by 25 percent. Almost half of Chiratae’s fourth fund was raised from Indian investors including family offices and industrial families.
With a cumulative AUM (assets under management) of almost $950 million, Chiratae Ventures has invested in more than 100 deals since its inception in 2006. The fund boasts a promising portfolio resulting in two IPOs, four unicorns and 38 exits. Some of their portfolio companies include CloudCherry, Flipkart, Myntra, PlaySimple, Xpressbees, Agrostar, FirstCry, Policybazaar, Bounce, Lenskart, Cropin, Curefit, Emotix, GoMechanic, HealthifyMe, PlayShifu, Uniphore, and Vayana among others. Policybazaar has recently filed its DRHP with SEBI.
‘Testimony to start-up ecosystem’
Commenting on this fund close, Sudhir Sethi, founder and chairman, Chiratae Ventures said, “It is a testimony to the start-up ecosystem in India and high-quality tech entrepreneurs. We have the backing of global and Indian investors repeatedly. Chiratae has delivered multiple exits including a recent 43x return from PlaySimple.”
Also read: Chiratae Venture’s new funding programme assures investment decision in 48 hours
Launched in 2006, Chiratae invests in technology start-ups across sectors including consumer tech, enterprise tech/SaaS, fintech, healthtech, deeptech, edtech, and agritech among others. Chiratae had closed its $208 million third fund in 2016, the second fund of $95 million was closed in 2014 and the $150 million first fund was closed in the 2006-2007 period. This does not include direct investments managed by Chiratae Ventures. The firm has also recently launched a program offering 48-hour turnaround on seed fund requests and pitches for investment rounds that are less than or equal to $500,000.
TC Meenakshisundaram, Founder and MD, Chiratae Ventures, added “We are seeing over 3,000 new companies every year. This number will increase further as India grows to a $5 trillion economy. Indian insurance companies have also now backed us which is a game-changer for us.”
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