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Oversubscribed Chiratae Ventures Growth Fund-I announces its first close at Rs 759 cr

Oversubscribed Chiratae Ventures Growth Fund-I announces its first close at Rs 759 cr

Oversubscribed Chiratae Ventures Growth Fund-I announces its first close at Rs 759 cr
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By Pihu Yadav  Nov 8, 2022 7:13:11 PM IST (Published)

Chiratae Growth Fund-I will reportedly invest in the growth rounds of market-leading technology startups from its portfolio and outside.

Chiratae Ventures, a homegrown technology-focused venture capital fund, announced the first close of its fundraising, which, according to the company, will be dedicated solely to the growth-stage portfolio. The Chiratae Ventures Growth Fund-I (CGF-I) has been oversubscribed at Rs 759 crore. 

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Chiratae Growth Fund-I will reportedly 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 to 20 companies. Chiratae Ventures has raised five early-stage funds and manages  $1.1 billion in assets under management (AUM),” the firm said in a statement. 
Sudhir Sethi, Founder and Chairman of Chiratae Ventures, said, “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 recognising our performance, strategy, returns and governance. The fund will be focused on fuelling the growth of 15-20 technology startups at the growth stage.”
This is the first growth fund raised by Chiratae Ventures. The fund counts domestic institutional investors such as Kris Gopalakrishnan FO, Choksi Family Office (promoters of Asian Paints), SBI, and IIFL Wealth & Asset Management and other Family Offices, as well as existing global investors and key LPs.
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