Investment management firm Anicut Capital has raised Rs 110 crore to acquire equity shares in startups across sectors.
Anicut Capital, an Indian investment firm managing alternative assets, today announced the first close of INR 500cr Anicut Opportunities Fund I. The first close corpus stands at INR 110cr. The investment firm is aiming to deploy the raised funding across 10-15 growth stage companies across Anicut and non-Anicut portfolios over a span of two years. The split of the funds for deployment will be a combination of ecosystem and external (non-Anicut portfolio) deals.
Over the last 10 years, Anicut team has put in first cheques in some of the most iconic start-ups emerging in the India market like Aptus, Fivestar, Box8, Bira, Lendingkart, Wow! Momo, Loginext amongst others. Holding a diversified group of 72 startups under its wings, Anicut Capital aims to extend the funding at series A and series B stages across sectors to the promising startups that are primed for growth. So far in its portfolio, Anicut holds a clutch of 30 start-ups on debt side and 42 on equity side. A few of the names include Bira, Wow! Momo, Earth Rhythm, ShareChat, Neemans, MilkyMist, Wingreens, Mcaffeine, Lendingkart etc.
Speaking on the occasion, Ashvin Chadha, Founding Partner, Anicut Capital said, “Anicut’s ecosystem through its team’s and angel fund’s investment consists of equity positions in leading companies supported by validation from global VCs. Our understanding is that massive compounding of returns is yet to happen and we are sitting on early equity positions with tomorrow’s market leaders. We firmly believe that once invested, we prefer to exit along with the founders. Hence the opportunity is right for us to identify tomorrow’s market leaders within and outside Anicut’s ecosystem and back their success journey. Moreover, the green shoe option of INR 250 Cr stands as a testimony of the faith we have earned from our investors and our innovators both.”
This equity focussed corpus underscores the fund’s strategy to fuel growth across India’s sunrise sectors and portends Anicut’s intent to diversify their investment strategy to ensure continued growth for their LPs (Limited Partner) and the start-up ecosystem.
Anicut today also announced the joining of Dhruv Kapoor as a Partner. The appointment comes on the back of Anicut’s continued focus to scale the business and full funnel growth. With over 18 years of experience under his belt in consumer technology and SAAS sectors, Dhruv will be incharge of driving growth for the equity portfolio for the fund and will bring his sharp acumen in high growth industries to the fore in order to power up Anicut’s already thriving investment roadmap.
“Anicut Capital has built stellar credibility with its “founder first” mentality offering multiple products addressing different stages of a company’s life cycle. As the investment manager launches its early stage equity fund, I am excited to partner with the team in building out the VC franchise and working closely with visionary founders,” said Dhruv Kapoor, Partner, Anicut Capital on his new role.
In his previous role, Dhruv was the partner of Sistema Asia Fund, a $120mn Asia focussed growth stage fund. He was also an integral part of Helion Ventures which was a $600mn India focused Fund. Prior to Helion, Dhruv spent considerable time with McKinsey & Co. and ABN Amro Bank. He is an MBA and an undergraduate in commerce.
“We also extend a warm welcome to Dhruv to our illustrious team and look forward to learn and expand Anciut with his rich experience and in-depth knowledge,” comments Ashvin Chadha on the latest addition to the leadership team at Anicut.
Started in 2015 to provide small debt to small and medium enterprises in 2015, Anicut launched Grand Anicut Fund-1 (GAF-1) in 2016. Fast forward seven years, Anicut now handles two debt funds – Grand Anicut Fund I and Grand Anicut Fund II and an angel fund and has assets under management of about Rs 1,600 Cr.
About Anicut Capital
Anicut Capital is founded by financial services veterans Ashvin Chadha and IAS Balamurugan. Anicut Capital currently manages two debt funds with an AUM of INR 1400cr and equity based Angel Fund. Anicut Angel fund has deployed INR ~200cr in early and growth stage start-ups with cumulative AUM of INR 1600 cr. A few of Anicut’s portfolio companies include brands like Neemans, Bira, Sugar cosmetics, Earth rhythm, wingreens, Blue Tokai, Sharechat, Mcaffeine, Milkymist, XYXX, Curatio Healthcare, Agnikul and Grip Finance etc.