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Chiratae Ventures raises Rs.1,001-Cr for maiden growth fund

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VC firm Chiratae Ventures (formerly IDG Ventures India) has announced the final close of its maiden growth fund at INR 1,001 crore. The sector-agnostic growth stage fund was oversubscribed by 34%. It will target technology startups looking to secure Series C or later-stage funding, as well as new opportunities. Chiratae's existing investors, including Pratithi (Infosys co-founder Kris Gopalakrishnan's family office), and global alternative asset manager 57 Stars, participated in the fundraise. Manish Choksi, the vice chairman and a non-executive board member of Asian Paints, invested in his individual capacity as well as through his family office. New investors include State Bank of India and IIFL. The fund has started building its portfolio with its debut investment in eyewear retailer Lenskart, as part of a consortium. Out of the USD 400 million round, Chiratae invested INR 100 crore. In 2021, Chiratae raised its fourth early-stage fund of USD 337 million. Since its inception in 2006, it has raised six funds with assets of around USD 1.1 Billion under management. Across its more than 130 investments, it has clocked 48 exits, helped create eight unicorns and has taken three companies public.