PixelSky Capital raises Rs 150 Cr in first close, targets Rs 400 Cr corpus

PixelSky Capital, a secondaries-focused fund backed by boutique investment bank IndigoEdge and Yumlane founder Hitesh Ahuja, has raised Rs 150 crore in its first close and the fund targets a Rs 400-crore corpus.

The fund has already allocated capital into beauty platform Purplle and logistics firm Porter, investing around Rs 40-45 crore in each at a $1-billion (around Rs 8,700 crore) valuation. It aims to pick secondary stakes in at least three more late-stage startups over the next few quarters.

Currently, the firm is focused on closing the fund and would evaluate its third investment in the October-December period. It is looking at new-age businesses, which are at an inflection point in terms of profitability and there are three opportunities where it expects possible transactions to be available in this timeline.

PixelSky is evaluating investments in companies that could go public in 2026 or 2027. The fund is targeting companies valued anywhere between $300 million and $1.5 billion.

PixelSky's limited partners, or fund sponsors, include domestic family offices and high-net worth individuals, including the Kothari Family of DSP Group, India Quotient’s Anand Lunia, Sony Entertainment Television cofounder Jayesh Parekh, and multiple startup founders.

IndigoEdge cofounder Zerin Rahiman will lead the fund along with Ahuja, who is a former senior executive at private equity firm New Silk Route.

Several large secondary transactions have been concluded in recent months. This includes a $40-million investment by Canada’s Ontario Teachers’ Pension Plan (OTPP) in HR software unicorn Darwinbox, a Rs 480 crore round at direct-to-consumer startup The Sleep Company, which was an even split between primary and secondary transactions, and Porter’s $200 million secondary round led by Kedaara Capital and Wellington Management.