Chennai-based alternative investment (AIF) firm Anicut Capital on Tuesday said it has marked the first close of its Anicut Opportunities Fund I at Rs 110 crore and has roped in Dhruv Kapoor from Sistema Asia Fund as partner to lead the fund.
The equity-focused fund seeks to raise Rs 500 crore and will invest in 10-15 growth stage companies across Anicut and non-Anicut portfolios over two years, the company said in a statement.
In his new role, Dhruv Kapoor will be responsible for driving growth for the equity portfolio for the fund and will bring his sharp acumen in high growth industries. Prior to joining Anicut, Kapoor was partner at Sistema Asia Fund where he had joined in 2016. Sistema Asia Fund was set up in late 2015 with a $40 million commitment from Russian conglomerate Sistema PJSFC. It had doubled its commitment to the fund to $80 million and was seeking another $40 million from external investors, taking the total fund size to $120 million.
VCCircle first reported about the launch of the new fund in January this year.
This fund underlines Anicut's intent to diversify its investment strategy to ensure continued growth for its Limited Partners (LPs) and the startups, it explained.
Kapoor, who was previously at Helion Ventures, has over 18 years of experience in the consumer technology and software-as-a-service (SaaS) sectors.
Anicut Capital is primarily known for its debt investments in private companies, and the new equity fund will bolster its presence in the startup ecosystem.
Earlier in January, Anicut Capital marked the final close of its second debt fund at Rs 875 crore ($118 million).
The second fund has invested in over a dozen startups, including Wow! Momo, Akna Medical (which was acquired by PharmEasy) ASG Eye Care Hospital, B9 Beverages (Bira), Azure Hospitality, and Wingreens.
Ashvin Chadha, co-founder and managing partner, Anicut Capital, also told VCCircle in January that it may have to start raising the third fund much earlier than expected.
The third fund could be in the range of Rs 1200-1500 crore, but nothing is formalised yet, he had added.
