Singularity AMC, backed by investor and former Reliance Capital executive Madhusudan Kela, said it has invested a total of Rs 400 crore ($48 million) in five companies from its Growth Opportunities Fund II.
The five companies that have received investments from the firm include battery raw materials producer Lohum, milk products firm Akshayakalpa, bikes company Classic Legend, electric commercial vehicles maker Qucev, and data centre player Edville DC.
Separately, the fund has also made investment commitments in another firm, the firm said, without disclosing more details. The firm aims to invest in 16-18 companies ranging from Rs 75 crore to Rs 200 crore.
Founded in 2o21, Singularity invests in early- and growth-stage Indian startups and has invested in companies such as Servify, mCaffeine, Pernia’s Pop-Up Shop, Exotel, WebEngage, and XYXX, among others. The firm invests in sectors such as energy transition, consumer, financial services, enterprise software, and differentiated manufacturing.
Its strategy includes deploying up to 40-50% of the corpus in the growth stage, up to 20-30% in the late stage, and up to 20% in early growth-stage companies. The fund will draw capital committed over a 2.5-3-year period.
In Oct, Singularity said it secured the first close of its Rs 1,500 crore Growth Opportunities Fund II at $60 million (Rs. 500 crore) and expects to hit the final close in 2-4 quarters.
The firm has launched its first fund of Rs 560 crore in 2021 and invested in 17 companies.