Chiratae Ventures, an early-stage startup-focused venture capital fund, has announced the first close of its new fund The Chiratae Ventures Growth Fund I.
The new fund, which will be dedicated solely to growth-stage portfolio, has been oversubscribed at Rs 759 crore. It also plans to close its green shoe commitments by the end of the year and aims to make the final close at Rs 1,500 crore.
According to Chiratae, it will invest in around 15-20 startups with a cheque size ranging from $5-15 million. The investment will include both the portfolio startups as well as outside of it.
Chiratae Ventures has raised five early-stage funds and manages $1.1 billion in AUM. The fund has backed Bizongo, Curefit, EarlySalary, Firstcry, GoMechanic, Lenskart, Myntra, PolicyBazaar, Pyxis, Vayana, and Uniphore, amongst others. Online music learning and community platform Artium Academy and full stack retailer of used two-wheelers Beepkart recently raised funds from the VC fund.
In the past couple of months, around a dozen venture capital and debt firms have announced their new fund. The list counts Fundamentum, Stride Ventures, Merak Ventures, Cactus Ventures, Elev8 Venture Partners, StartupXseed, Blacksoil, Kettleborough VC, Fireside, Avatar Ventures, Alteria Capital and IAN. According to an Entrackr’s report, over 90 VCs, PE, and debt funds had announced their new fund launch as of July this year.