Tag: Trifecta Capital

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

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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.

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Trifecta Capital files for ₹1,500 crore late stage VC Fund

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Venture debt provider, Trifecta Capital, is planning to launch a late-stage venture capital fund – Trifecta Leaders Fund – I with a targeted corpus of ₹1,500 crore. Through this Equity Fund, the Firm aims to invest in new economy companies that are category leaders and likely to pursue an IPO in the next 1 to 3 years.

Trifecta Capital has invested in over 70 companies across its two Venture Debt funds and its portfolio now comprises 9 unicorns and 11 unicorns including BigBasket, Pharmeasy, Cars24, Vedantu, Infra.Market, ShareChat, Dailyhunt, UrbanCompany, CarDekho, Blackbuck, Ninjacart, NoBroker, Kreditbee, Dehaat, Turtlemint, Livspace and BharatPe amongst several others.

All these companies are backed by the marquee, global VC funds and have created substantial value in the digital economy. They have cumulatively raised $8.1 billion of equity and are cumulatively valued at $20 billion. With the launch of Trifecta Leaders Fund – I, the firm is extending its platform capabilities as a life cycle capital provider to the start-up ecosystem.

Also read: Trifecta Capital sees top-level exits

The Fund is filling a structural gap in the late-stage VC ecosystem in India, and in addition to primary infusions, 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.

Trifecta Leaders Fund – I will invest in a targeted set of category-leading start-ups, selected predominantly from Trifecta Capital’s portfolio across its Venture Debt funds where the Firm has proprietary knowledge of the businesses as well as a deep relationship with the Founders and Investors. The Fund will invest $15-30 million each in around 10 companies for minority stakes, through a combination of primary and secondary positions. The firm has already built a strong pipeline of 20 companies as potential portfolio candidates.

“Through the launch of this new fund, we hope to capture the value that is expected to accrue from investing in these category-leading companies, one to three years ahead of an IPO. As the start-up and investing ecosystem matures, it is natural to see large, well-known start-ups plan their IPOs to create liquidity for existing investors and tap the public markets for their longer-term financing needs. We believe that Trifecta Leaders Fund-I is a timely and attractive opportunity for investors who have so far been unable to access these great companies as they are predominantly funded by offshore VC and PE funds,” said Rahul Khanna, Managing Partner, Trifecta Capital, in a statement.

The Fund leadership team has a cumulative 75+ years of lifecycle investing, operating and entrepreneurial experience across global institutions like Canaan Partners, Accenture and Goldman Sachs. With a Fund duration of only 5 years, Trifecta Capital believes this Fund provides a unique investment opportunity for investors, both domestic and offshore, to partner with India’s new economy category leaders. Trifecta Leaders Fund – I have also established a best-in-class governance framework with a global advisory board comprising domain-knowledge experts who can support portfolio companies as they navigate their path to liquidity.

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Trifecta Capital sees top-level exits

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Trifecta Capital, which provides loans to some of India’s biggest startups, has seen top-level exits in the last one year, and the company has allegedly not settled employees’ dues.

With no favourable response from the company, a few employees are now exploring legal options to reclaim their dues.

Some of the company’s noted exits include Aakash Goel, who was a partner with Trifecta for three years, financial controllers Ajay Kumar and Pankaj Kwatra, Director (Investments) Ankit Sharma and Senior Associate (Investments) Sunil Sampath.

In an email response to BusinessLine, Rahul Khanna, co-founder and Managing Partner, Trifecta Capital, said the company has always made sure that those who leave the firm depart on a positive note but equally, it expects all employees to adhere to the highest levels of integrity and abide by their employment agreements.

In recent months, an employee who quit the organisation explained that the company abruptly terminated the services of a finance controller serving his notice period and withheld his final settlement including the government dues of TDS and PF.

Without delving on individual case, Khanna said all employees are governed by their employment agreements and are expected to serve their notice period.

Raising concern on transparency in investments made, an employee said Trifecta invested in Wooplr Technologies Pvt Ltd in which Khanna was an equity shareholder and it turned out to be a bad debt within six months of investment.

Khanna said any investment committee members deemed to be an interested party, cannot participate in the decision-making process.

“We have always ensured that there is no conflict of interest in our decision-making process… but the nature of investment management business is such that a few investments may not deliver to their goals,” he said.

To date, Trifecta Capital has invested across over 70 companies and deployed about ₹2,000 crore supported many category-leading startups over these years, he added.

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Goel quits Trifecta Capital as partner

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Aakash Goel, one of the partners of Trifecta Capital, which provides loans to start-ups, has decided to move on even as the company is preparing for the next growth cycle.

Goel, who has been a partner with Trifecta for last three years, communicated his decision to leave to Rahul Khanna and Nilesh Kothari, co-founders of the firm, said sources close to the development.

Also read: Trifecta Capital closes second venture debt fund, invests ₹900 crore

Prior to Trifecta, Goel was a principal with Bessemer Venture Partners, which had investments in online grocer BigBasket, PharmEasy and home services firm UrbanCompany.

Incidentally, Trifecta has also provided debt to all three firms and others such as car-selling portal Cars24, content start-up ShareChat, home furnishing firm Livspace and news aggregator Dailyhunt.

Trifecta recently raised ₹1,025 crore as its second venture debt fund. It also has plans to raise another ₹1,200-1,500 crore by the end of the year.

Last October, the company inducted Lavanya Ashok, former Managing Director (Private Equity) of Goldman Sachs as partner, to widen its scope and start pursuing equity transactions selectively, sources said.

Trifecta was started by Khanna and Kothari in 2015 and raised ₹500 crore in its first round of funding.

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