Chiratae Ventures, a leading Indian venture capital firm, has announced the final close of its Growth Fund I at INR 1,001 crore (approximately $135 million). The fund was oversubscribed and received strong support from both new and existing investors.
Chiratae Ventures Growth Fund I will focus on investing in growth-stage startups in sectors such as healthcare, fintech, edtech, and enterprise software. The fund has already made six investments, including in companies like SaaS startup Whatfix and healthcare platform mfine.
Sudhir Sethi, Founder and Chairman of Chiratae Ventures, said that the success of the Growth Fund I was a testament to the firm’s investment strategy, which focused on identifying and backing the most promising startups in high-growth sectors. He added that Chiratae Ventures would continue to support entrepreneurs and help them build world-class businesses.
Chiratae Ventures has been one of the most active VC firms in India, with a portfolio of over 100 companies across sectors such as consumer internet, enterprise software, and healthcare. The firm has also been an early investor in several successful startups, including Flipkart, Lenskart, and PolicyBazaar. Chiratae Ventures is an early-stage venture capital firm that invests in technology startups in India and Southeast Asia. In January 2020, the firm announced the first close of its Growth Fund I at INR 600 crore ($84 million). The fund was targeting a final close of INR 1,000 crore ($140 million) and had a greenshoe option of INR 200 crore ($28 million). In April 2021, Chiratae Ventures announced the final close of Growth Fund I at INR 1,001 crore ($134 million), exceeding its original target. The fund was oversubscribed and received commitments from a mix of global and domestic investors, including university endowments, foundations, family offices, and corporate investors.
Chiratae Ventures plans to use the funds to invest in technology startups in India and Southeast Asia, focusing on sectors such as enterprise software, consumer internet, healthtech, fintech, deeptech, and B2B marketplaces. The firm typically invests between $500,000 and $30 million in early to growth-stage companies and has backed over 100 startups, including Myntra, FirstCry, Lenskart, and PolicyBazaar.