Chiratae Ventures on Friday announced the closing of its fourth fund at $337 million (about Rs 2,499.3 crore), which was oversubscribed by 25 per cent. Over half of Fund IV is from Indian investors, including family offices and industrial families, a statement said. Global investors include those from the US, the UK, Europe, Japan, and Singapore, it added.
"With a cumulative AUM of approximately $950 million, Chiratae Ventures has invested in more than 100 deals since its inception in 2006, delivered 2 IPOs, 4 unicorns while completing 38 exits with a record 8 consecutive years of capital distributions to investors," the statement said.
CloudCherry, Flipkart, Manthan, Myntra, Newgen, PlaySimple, and Xpressbees are some of the portfolio companies that have been fully exited. Currently, 40 per cent of the early-stage Tech VC's portfolio has scaled globally to more than 35 countries.
Chiratae Portfolio has filed a total of over 120 patents, with 27 of these granted. "We are pleased to continue to back stellar Indian entrepreneurs in technology startups assisting them to grow to dominant leaders in India and globally. It is a testimony to the startup ecosystem in India and high-quality tech entrepreneurs," Chiratae Ventures founder and Chairman Sudhir Sethi said.
Chiratae Ventures has the backing of marquee global and Indian investors repeatedly, he added. Chiratae Ventures has backed homegrown unicorns such as FirstCry, Flipkart, Lenskart, Policybazaar as well as Agrostar, Bizongo, Bounce, Cropin, Curefit, Emotix, GoMechanic, HealthifyMe, PlayShifu, Pyxis, Uniphore, and Vayana among others.
"We are seeing over 3,000 new companies every year. This number will increase further as India grows to a $5 trillion economy. Indian Insurance companies have also now backed us which is a game-changer for us,” Chiratae Ventures founder and MD TC Meenakshisundaram said.
