Chiratae Ventures Closes First Growth Fund at INR 1001 Crore

Venture capital firm Chiratae Ventures announced the successful closure of its first growth fund, Chiratae Growth Fund-I (CGF-I), with total fundraising reaching INR 1001 crore. This figure represents a 34% oversubscription against the fund's initial target of INR 750 crore. The announcement follows a similar trend of oversubscription for Chiratae's fourth fund, which was oversubscribed by 22%.

CGF-I is designated to invest in the growth rounds of technology startups that are market leaders, as well as in new investment opportunities. The fund operates on a sector-agnostic approach, aiming to support the expansion and growth of companies. Key investors in CGF-I include existing partners such as Pratithi (the family office of Infosys co-founder Kris Gopalakrishnan) and global alternative asset manager 57 Stars, alongside new participants like State Bank of India, India Infoline Limited (IIFL), and Axis Bank.

Chiratae Ventures has a 16-year track record of investing in early and growth-stage startups. Across its six funds, Chiratae Ventures manages a total of $1.1 billion in assets under management. The firm has made over 130 investments, completed 48 exits, and backed eight companies that have achieved unicorn status (valuation over $1 billion). Notable portfolio companies include Myntra, Curefit, and Lenskart.