Snapdeal founders Kunal Bahl and Rohit Bansal’s venture capital firm Titan Capital has marked the final close of its winners fund at Rs 333 crore ($40 million).
The early-stage investor had floated Titan Capital Winners Fund earlier this year to make follow-on bets in breakout companies it invested in during seed stages.
The fund, registered a Category-II Alternative Investment Fund (AIF) with market regulator Securities and Exchange Board of India, aimed to raise Rs 200 crore, along with another Rs 100 crore in greenshoe option.
It achieved its initial target in August and tapped the greenshoe option, owing to increased investor interest, it said in a statement.
While Bahl and Bansal anchor the fund as its largest investors, it has also garnered commitments from family offices, chief executives and founders of leading companies, and key figures from the venture capital landscape.
“We are grateful for the overwhelming interest we've received from investors for the Titan Capital Winners Fund,” it said. “This further strengthens our existing partnership with the founders and gives a strong positive signal to new investors in their company.”
The fund will back about 20 tech-enabled startups from its seed portfolio, with an average cheque size of Rs 15 crore. So far, it has made three investments: conversation intelligence platform Convin, eco-friendly homecare product maker Beco, software-as-a-service startup Simplismart.
The fund comes on the back of Titan Capital’s multiple successful exits from startups such as Unicommerce, Mamaearth, Ola Cabs, Urban Company recently. Its portfolio includes unicorns such as Razorpay, Ofbusiness, Dealshare, Cart.com, Snapdeal among others.
The two entrepreneurs have been investing since 2011 before they officially set up Titan Capital and have backed over 250 early-stage companies.
It has also roped in Chetan Rana, who previously worked with WestBridge Capital and Edelweiss Financial Group, as its chief financial officer. It also appointed Shiv Kapoor, who has worked with Dropbox in the US and Urban Company in India, as its vice president.
