Anicut Capital Launches ₹250 Cr Fund for Early-Stage Startups
Investment firm Anicut Capital has launched its second early-stage fund, targeting ₹250 Cr (approx. $30 million USD) to back over 20 startups in deeptech, enterprise tech, consumer, and financial services.
Anicut Capital, an alternative investment firm, has launched its second early-stage investment vehicle, the Grand Anicut Seed Fund, with a target corpus of ₹250 Cr (approximately $30 million USD). The fund aims to invest in over 20 startups across sectors including deeptech, enterprise tech, consumer, and financial services.
The SEBI-registered Category I fund plans to deploy initial cheque sizes ranging from ₹5 Cr to ₹8 Cr (approx. $0.6-1 million USD) per startup. Anicut Capital has already committed capital to three companies in pre-seed to pre-Series A stages. These include a deeptech startup developing a robotic kiosk for healthy beverages and a consumer brand focused on desktop accessories.
According to Anicut Capital partner Ajay Anand, the fund is nearing its first close with approximately $10 million USD committed and expects to announce this next month. The capital raised is primarily from domestic family offices and high-net-worth individuals, with participation from institutional investors also being sought.
Approximately 70% of the fund's corpus is allocated for new investments, with the remaining 30% reserved for follow-on funding rounds. Anicut plans to deploy the capital over three years, building the core portfolio in the first two years and focusing on follow-on investments in the third. This new fund builds on the firm's previous Grand Anicut Angel Fund, which has backed 68 startups since 2021.