Bengaluru: Anicut Capital, known for backing startups like Bira, Wow! Momo, and Blue Tokai, plans to raise ₹1,200 crore to ₹1,500 crore by the end of this financial year for its largest private credit fund. This will be the firm’s third and biggest fund, according to a statement released on Friday.
Third Private Credit Fund
Launched in March 2023, the third private credit fund has already deployed ₹400 crore. This fund aims to support high-potential small and medium enterprises through debt capital. Anicut’s previous two funds were ₹400 crore (launched in 2016) and ₹865 crore (in 2019).
“Our third credit fund is progressing well, with significant deployments expected by June,” said Anicut co-founder and managing partner IAS Balamurugan.
Late-Stage Equity Fund
Anicut also closed its first late-stage equity continuum fund at ₹300 crore. This fund targets companies preparing for an initial public offering (IPO) in the next 2-4 years. With an average investment size of ₹45 crore to ₹50 crore, Anicut plans to invest in 5-6 high-performing companies ready for the public markets.
“This fund highlights our commitment to supporting businesses at various stages of growth,” said Ashvin Chaddha, managing partner and co-founder of Anicut. “The swift closure within eight weeks, supported by a substantial ₹60 crore investment from HDFC AMC, underscores strong investor confidence.”
Angel Fund and Growth Fund
In January 2020, Anicut launched an angel fund, investing over ₹275 crore in more than 60 early and growth-stage startups. Its equity growth fund, started last year, has raised over ₹350 crore, investing in pre-series A/B startups. Through these funds, Anicut’s total assets under management have surpassed ₹3,000 crore.
GIFT City Expansion
Anicut began operations in GIFT City, an international financial hub in Gujarat, in November 2022, launching three active fund structures – Cat II, Cat III, and an angel structure. These are set to start investing soon.
“Expanding on private credit and early-stage innovation, we’ve launched three active fund structures in GIFT City and demonstrated strong investment execution with $100 million deployed in the first half of 2024,” Balamurugan said. Besides GIFT City, Anicut has offices in New Delhi, Chennai, and Bengaluru.
Founded in 2016
Since its founding in 2016, Anicut has invested in over 100 companies, including Giva, LendingKart, and Sugar Cosmetics.
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