Alternative financing firm Anicut Capital has closed its maiden late-stage equity continuum fund of Rs 300 crore ($36 million), to invest in companies preparing for an IPO within the next 2-4 years, the firm said in a statement. The fund will invest in 5-6 existing portfolio companies.
Following the fund’s close Anicut now manages Rs 3,000 crore across all its funds.
Anicut Capital is also raising its third credit fund, aiming for a corpus of Rs 1,200-1,500 crore. To date, the credit fund has deployed Rs 400 crore across seven deals, with the entire corpus expected to be deployed by the end of the financial year, the firm said.
Anicut has backed startups in India in a range of sectors and across seed, growth and credit stages. Some of its portfolio companies include Agnikul, Blue Tokai Coffee Roasters, Giva, LendingKart, O3 Capital, Shield Healthcare, ShareChat, Sugar Cosmetics and Wow Momo Foods.
Anicut’s maiden private credit fund, Grand Anicut Fund 1, hit its final close in 2018 at Rs 400 crore. Its second fund hit the final close at $118 million (Rs 875 crore) in 2022.
In March 2023, the firm launched its third private credit fund. In October, the firm announced that it had received an investment of over Rs 30 crore from HDFC Asset Management Company’s (AMC) Fund of Funds, with more allocation expected in the future.
“Our third credit fund is progressing well, with significant deployments expected by June, reaffirming our dedication to market opportunities,” said IAS Balamurugan, Managing Partner & Co-founder.