The Indian arm of IDG Ventures managed by Sudhir Sethi and TCM Sundaram, has changed its name to Chiratae Ventures.
Apart from the renaming, it will carry forward their three original funds with $470 million corpus under Chiratae as well. Moreover, with the new name they are also on their way to raise another (fourth) fund with a target corpus of $275-300 million.
So far the VC has raised over $385 million and had made 125 investments with 43 leads. It invests in early to mid-stage startup, the portfolio of the company includes Cloudcherry, Healthpix, POPxo, Firstcry, Lenskart, Nestaway, and others.
The VC has made 11 exits so far including few big names like Myntra, Yatra.com, Newgen, Zimmber, and Hiree.
In the history of VC firms in India, this is the first case where an Indian affiliate of an international investment firm has gone through a transformation into becoming a complete Indian entity. Others like Sequoia, Matrix, Accel also have entities here, but none have transformed to a complete Indian VC.
Chiratae, a Kannada word for leopard, will be focusing on early to mid-stage startups just as IDG and the focus would be providing long-term support to startups while they keep innovating to grow alongside the ecosystem.
The development was reported by ET.