Chiratae Ventures Growth Fund-I Announces Its First Close at INR759 Crore Chiratae Ventures Growth Fund-I has been oversubscribed at INR759 crore

Chiratae Ventures on Wednesday announced the first close of its fundraising, which will be dedicated solely to growth-stage portfolio. Chiratae Ventures Growth Fund-I has been oversubscribed at INR 759 crore. Chiratae plans to close its green shoe commitments by Dec 2022.

Chiratae Growth Fund -I will invest in the growth rounds of market-leading technology startups from its portfolio and outside. It will be a sector-agnostic fund to support the growth and expansion of tech companies. The fund is targeting to invest across 15-20 companies.

"We are pleased to announce our fund close at INR 759 cr for our maiden Chiratae Growth Fund 1. This is one of our fastest fundraisings. We thank our investors for recognisingour performance, strategy, returns and governance. The fund will be focused on fueling the growth of 15 to 20 technology startups at growth stage," said Sudhir Sethi, founder and chairman, Chiratae Ventures.

Chiratae Ventures has raised five early-stage funds and manages $1.1 billion in AUM. It has been an early backer of technology-led companies such as Bizongo, Curefit, EarlySalary, Firstcry, GoMechanic,Lenskart, Myntra, PolicyBazaar, Pyxis, Vayana, and Uniphore, amongst others.

""I am glad that Chiratae, as the largest home-grown venture growth firm, has achieved its fastest fund closure of Chiratae Growth Fund 1, on the back of a decade plus long history of stellar returns, high governance, firm institutionalization, backing unicorns with capital from Indian as well as global investors repeatedly," said Kris Gopalakrishnan, member, global advisory board, Chiratae Ventures, and co-founder, Infosys.