Anicut Capital closes Rs 1,275 Cr in third private credit fund GAF-IV

Investment firm Anicut Capital has completed the final close of Grand Anicut Fund IV (GAF-IV) at ₹1275 crore, marking its third private credit fund amid large un-deployed capital in venture capital and private equity markets.

The fund has a GIFT City-based dollar feeder, which lets global investors invest in India’s private credit market. Anicut invests about ₹80 crore in each deal, covering sectors like consumer goods, engineering services, SaaS, manufacturing, hospitality, and shipbuilding.

With the closing of the GAF-IV fund, Anicut Capital now manages about ₹4,500 crore in debt and equity investments.

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“We look for reliable promoters who have navigated cycles, reinvested cash flows back into the business, and built resilient operating systems that tend to stand out more than those optimising for short-term valuations,” said IAS Balamurugan, Co-founder and Managing Partner, Anicut Capital.

The firm says it focuses on strong cash flow, good corporate governance, and clear exit plans, while growing its institutional investment approach over each fund cycle.

Anicut has six funds—three in debt and three in equity. Its portfolio includes brands like Milky Mist, The Ayurveda Experience, Wow! Momo, Mistral, Blue Tokai, XYXX, ToneTag, GNRC Hospital, Neemans, and Agnikul.

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Funding for Indian startups was lower in 2025 compared to 2024. However, with many VCs and private equity firms, including Anicut Capital, raising funds this year, it shows that money will likely be available for startups in India next year.

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