Early Flipkart backer Chiratae Ventures marks first shut of maiden development fund at Rs 759 cr

Chiratae Ventures, an early backer of firms like Flipkart, PolicyBazaar and FirstCry, has introduced the primary shut of its maiden development fund at Rs 759 crore. 

Named Chiratae Ventures Progress Fund – I (CGF – I), the fund is devoted solely to investing in growth-stage know-how companies its portfolio and outdoors. The sector-agnostic fund goals to again 15-20 firms.  

That is the primary development fund raised by Chiratae Ventures. Restricted companions within the fund embody home institutional traders resembling Infosys co-founder Kris Gopalakrishnan, Choksi Household Workplace (promoters of Asian Paints), State Financial institution of India, IIFL Wealth & Asset Administration and different household workplaces. 

 “That is one in every of our quickest fundraisings. We thank our traders for recognising our efficiency, technique, returns and governance. The fund will likely be centered on fuelling the expansion of 15-20 know-how start-ups at development stage,” Sudhir Sethi, Founder and Chairman of Chiratae Ventures, mentioned. 

The Bengaluru-based investor has raised 5 early-stage funds to this point and at present manages $1.1 billion in AUM. Bizongo, Curefit, EarlySalary, Firstcry, GoMechanic, Lenskart, Myntra, PolicyBazaar, Pyxis, Vayana, and Uniphore are among the start-ups that the 16-year outdated fund has backed early on.

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