Tag: first close

InnoVen Capital India Fund announces first close at ₹740 crore

Banking & Finance

[ad_1]

Read More/Less


InnoVen Capital India Fund has announced the first close of its new fund at approximately ₹740 crore ($100 million equivalent).

The fund has a target corpus of ₹1,000 crore, with a green shoe option to raise an additional ₹1,000 crore. The first close was done with anchor investor, InnoVen Capital, a joint venture between Seviora (a wholly-owned subsidiary of Temasek) and United Overseas Bank.

InnoVen Capital is a dedicated venture debt-provider in India. In India, it has executed over 250 transactions with more than 180 start-ups. Since 2017, the platform has disbursed approximately $400 million to Indian start-ups.

InnoVen has backed some leading start-ups in the country including Byjus, Swiggy, Oyo Rooms, Eruditus, DailyHunt, PharmEasy, Infra.Market, Zetwerk, Moglix, FirstCry, BharatPe, boAT, Licious, Blackbuck, Rebel Foods, and Ofbusiness, among others.

Focus of the fund

While the fund is stage and sector-agnostic, the primary focus will be on sectors such as Consumer Internet, B2B Commerce, Enterprise Software, Fintech, Health-Tech, and Logistics. Ashish Sharma, Managing Partner, InnoVen Capital India Fund, said, “India is now home to over 50 unicorns and the third-largest venture eco-system globally. Over the years, we have been fortunate to partner with some of the best founders and start-ups, including 17 that have achieved a unicorn status. Our portfolio companies have raised over $20 billion of external capital and now valued at over $70 billion.”

Tarana Lalwani, Partner, said, “At InnoVen, we continue to champion the rise of entrepreneurship and be an active participant in the growth of the venture eco-system. The new fund will help us to engage with even more start-ups and to continue to build out a truly, unique platform which collaborates with the best founders and investors”.

Sameer Mansukhani, Partner, said, “With record fund raising and a vibrant IPO market, we expect a multi-fold increase in formation of new start-ups, which will lead to higher demand for venture debt in the future. Venture debt is now an integral part of financing rounds and founders have a good appreciation of the product. We have built a robust pipeline and expect to start disbursing from the fund soon”.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , ,

Stride Ventures announces first close of Stride Ventures India Fund II

Banking & Finance

[ad_1]

Read More/Less


Venture lending fund Stride Ventures on Wednesday announced the first close of Stride Ventures India Fund II, for which it has secured commitments of ₹550 crore.

Stride Ventures has secured commitments of ₹550 crore, out of its target corpus of ₹1,000 crore, with an additional greenshoe option of ₹875 crore.

The fund received approval for its ₹1,875 crore plan from Securities Exchange Board of India (SEBI) in June 2021.

Stride Ventures founder and managing partner Ishpreet Gandhi said that there has been considerable tailwinds in the Indian startup ecosystem which presents a perfect opportunity to invest in the potential of venture debt in India.

“With the majority of investors from our maiden fund returning to invest in the new fund, we have had a quicker-than-expected first close. Their confidence remains resolute in our mission to build innovative alternate financing solutions for founders to help scale their startups more efficiently,” Gandhi said.

The firm remains on track to announce the final close of the second fund by the end of 2021. With its ability to recycle capital, Stride will effectively have more than ₹3,000 crore for funding startups across the tenure of the fund, the statement said.

Fund deployment

The firm aims to ramp up deployment in late-stage startups across sectors like business-to-business (B2B) commerce, healthcare, agritech, fintech and direct-to-consumer (D2C) brands with average ticket size of up to ₹75 crore.

“In addition to family offices and institutional investors, the firm will diversify its investor base outside India for Stride Ventures India Fund II, on the lines of the maiden fund. Amid growing investor confidence and a maturing Indian startup ecosystem, the new fund represents a significant opportunity for the firm to build a robust pipeline of deployments in the coming months,” the statement said.

Founded in 2019, Stride Ventures closed its maiden fund of ₹350 crore earlier this year.

Stride Ventures have made disbursals of over ₹400 crore in 2021, through 20 investments which includes start-ups like Pocket Aces, Miko, SUGAR Cosmetics etc and late stage startups like Infra.market, Spinny, Home Lane, Zetwerk and Bizongo.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , ,

Trifecta Capital announces first close of Trifecta Leaders Fund-I at ₹1,000 crore

Banking & Finance

[ad_1]

Read More/Less


Trifecta Capital on Tuesday announced the first close of its late-stage venture capital fund — Trifecta Leaders Fund – I, with commitments of over ₹1,000 crore (about $130 million).

The fund was launched three months ago and has a target corpus of ₹1,500 crore ($200 million).

“The first close has seen strong participation from domestic investors including large corporates, insurance companies, marquee family offices, ultra-high-net-worth individuals (UHNIs), and entrepreneurs,” a statement said.

Existing investors of Trifecta Capital’s venture debt funds have also made significant investments in this fund, it added.

For the balance ₹500 crore (about $70 million), the firm is in discussions with several domestic and global institutional investors, the statement noted.

Trifecta Leaders Fund – I will invest ₹100-200 crore ($15-30 million) each in around 10-12 companies for minority stakes, through a combination of primary and secondary positions.

The fund will cater to the unmet needs of late-stage companies by providing off-cycle liquidity to early investors, angels, current and former employees including consolidation of equity cap tables, the statement said.

The fund has also set-up an advisory board comprising global tech experts who will support portfolio companies as they navigate their path to liquidity.

Portfolio companies

Trifecta Capital, across its two venture debt funds, has invested in over 75 companies and its portfolio now comprises of 20 unicorns and soonicorns including Big Basket, Pharmeasy, Cars24, Vedantu, Infra.Market, ShareChat, DailyHunt, UrbanCompany, CarDekho, Blackbuck, Ninjacart, NoBroker, Kreditbee, Dehaat, Turtlemint, Livspace, Mobikwik, Ixigo and BharatPe amongst several others.

These companies cumulatively valued at $22 billion have raised over $8 billion in equity.

Since inception, Trifecta Capital has deployed over ₹2,000 crore ($275 million).

“Through this new fund, we aim to provide investors access to the value creation opportunity in the last leg of private to public journey of tech companies.

“With strong institutional investor interest in India internet, we expect listings of several large well known startups, and creation of liquidity for existing investors as these companies tap the public markets for their longer term financing needs,” Trifecta Capital Managing Partner Rahul Khanna said.

He added that Trifecta Leaders Fund-I is an attractive opportunity for investors who have so far been unable to access these great companies since they are predominantly funded by offshore VC and PE funds.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , ,