Chennai-based investment firm Anicut Capital on Tuesday said it has roped in former Airtel executive Veenu Mittal as chief financial officer, while elevating current CFO Ajay Anand to partner of the company.
Anand will lead the alternative assets firm’s early-stage equity investment vertical.
He has been managing the Chennai-based investment firm’s angel fund since its inception.
Anicut capital has backed brands like Wow! Momo, Bira, Sugar cosmetics, Earth rhythm, Wingreens, Blue Tokai, Sharechat and Mcaffeine through its funds. It currently manages two debt funds (GAF-1 and GAF-2), Anicut Angel Fund and Anicut Opportunities VC Fund.
“Anand will now lead the vertical and work towards launching innovative products for the early-stage startup ecosystem,” the firm said in a statement.
With 15 years of experience, Anand has worked in early-stage fundraising identifying, closing and managing more than 200 investments. Earlier, he was the CFO of the Indian Angels Network (IAN) and IAN Fund, before he joined Anicut capital.
“We are building a strong team while also focusing on the growth of existing members,” said Ashvin Chadha, founding partner, Anicut Capital.
On Anand’s appointment, he added, “As a partner, he has the necessary skillsets and experience to take the Anicut Angel Fund to its potential, which was largely established because of him.”
Further, Anicut Capital said that the new CFO Mittal will lead three product lines, which includes, debt, angel and equity fund.
“I look forward to playing an enabling role in our common vision with an emphasis on ease of doing business for our people and the startup ecosystem,” said Mittal.
In November, Anicut capital received Securities and Exchange Board of India’s approval to launch its third debt of Rs 1500 crore. Anicut Capital expects to mark the first close of this fund by April 2023. It had added Chetan Prakash Sancheti as a partner in the firm. Sancheti has earlier held key positions at CredAvenue, and Spark Capital.
