Alternative investment firm (AIF) Anicut Capital has secured an investment of INR 50 Cr from the Small Industries Development Bank of India (SIDBI) for the Anicut Equity Fund. The investment comes through the Fund of Funds for Startups (FFS), launched under the Startup India Initiative by the Government of India.
Anicut Equity Fund launched its Grand Anicut Fund III in June 2022 with a target corpus of INR 500 Cr, with an additional INR 250 Cr green shoe option. The investment firm claims to have closed two-third of the fund and has also received a commitment of INR 75 Cr from Self Reliant India Fund (SRI).
Founded in 2016 by Ashvin Chadha and IAS Balamurugan, Anicut Capital offers debt and equity investments. It is currently managing three debt funds, one angel fund and one early growth equity fund with a cumulative AUM of INR 1600 Cr.
Anicut Capital’s portfolio includes startups like Wow! Momo, Bira, Sugar Cosmetics, Earth Rhythm, Wingreens, Blue Tokai, ShareChat, Mcaffeine, Milkymist, XYXX, Curatio Healthcare, Agnikul, and Grip Invest.
Through its third fund it has already invested in 6 startups in consumer and technology sectors. It plans to back 12-14 growth stage (Series A & B) startups across Anicut and non-Anicut portfolio in the next 18-24 months from the Fund III.
Last year, Anicut Capital secured regulatory body SEBI’s approval for INR 1,500 Cr third debt fund named Grand Anicut Fund 4 as well.
This comes at a time when VC, angel and PE investors have announced 52 funds worth nearly $4 Bn this year to support Indian startups at various stages despite the funding gloom embracing 2023 too.
According to Inc42, 38% (or 20 funds) of the total funds announced this year focus solely on early-stage startups. Aeravti Ventures, 3one4 Capital, and Arkam Ventures are among the venture capital (VC) firms that have launched funds specifically targeting early-stage startups this year.
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