Trifecta Capital, which provides venture debt to startups, has launched its fourth debt fund and is targeting to raise Rs 2,000 crore ($239 million) for the vehicle, including a greenshoe option of Rs 500 crore.
VCCirlce had first reported in 2023 about Trifecta’s plans to hit the road for the new fund within a year.
The Gurugram-based investment firm, which launched its first vehicle in 2015, has so far invested over Rs 6,000 crore in more than 180 startups, it said. It provides non-dilutive financing capital for early and growth-stage companies that typically cannot access credit from traditional lenders like banks and NBFCs.
It has backed companies such as Atomberg, BlueStone, Country Delight, Curefit, DailyHunt, GlobalBees, Infra.Market, Livspace, Meesho and PaperBoat, among others.
“Our focus on great founders, category-leading businesses with sound unit economics, and strong equity investor backing has helped establish best practices in the industry and enabled the strong growth of this asset class,” said Rahul Khanna, managing partner, Trifecta Capital.
The firm is targeting a corpus about 13% higher than the last fund it launched in 2021. Initially targeting a corpus of Rs 1,500 crore, Trifecta marked the first close of the fund in November 2021 at Rs 750 crore. It ended up raising Rs 1,777 crore.
It had deployed Rs 500 crore from its first vehicle and Rs 1,024 crore from its second vehicle.
Trifecta said it is seeing a “good response” from existing and new investors. These include large family offices, insurance companies, banks, financial institutions, corporate treasuries, endowment funds, and development financial institutions. “We look forward to delivering strong returns,” said Nilesh Kothari, managing partner, Trifecta Capital.
The firm also launched its maiden equity fund Trifecta Leaders Fund I in 2021 in the midst of a funding boom and closed it in 2023, raising Rs 1,560 crore. The fund, led by Lavanya Ashok, formerly managing director at Goldman Sachs Principal Investments, has invested in multiple companies, including Atomberg, Meesho, Country Delight, Fibe (formerly EarlySalary), Auxilo, Livspace, and ixigo.
