Chennai: Venture capital firm Chiratae Ventures said on Friday it had closed its fourth fund at $ 337 million and was 25% oversubscribed. Chiratae said that this makes it the biggest tech VC in India.
Chiratae Fund IV was supported by renowned global and national investors, the latter representing more than half of the donors. Indian investors in Chiratae’s new fund include family offices and industry families, and global funders include those from the US, UK, Europe, Japan and Singapore.
“We have the support of renowned global and Indian investors on several occasions. Chiratae has had some stellar releases, including a recent 43x return from PlaySimple, ”said Sudhir Sethi, Founder and Chairman of Chiratae Ventures (formerly IDG Ventures).
“We see over 3,000 new businesses every year. This number will increase further as India expands to a $ 5,000 billion economy. Indian insurance companies have also supported us which is a game changer for us, ”said Chiratae Ventures Founder and Managing Director TC Meenakshisundaram.
With assets under management (AUM) of around $ 950 million, Chiratae Ventures has invested in over 100 deals since its inception in 2006, completed two IPOs, four unicorns while making 38 exits with a record eight consecutive years of capital distributions to investors. CloudCherry, Flipkart, Manthan, Myntra, Newgen, PlaySimple, and Xpressbees are some of the portfolio companies that have been fully released.
Chiratae’s portfolio companies have filed more than 120 patents, of which 27 have been granted, the venture capital firm said. Chiratae has supported local unicorns such as FirstCry, Flipkart, Lenskart, and PolicyBazaar. Chiratae Venture’s Global Advisory Board includes Tata Sons Chairman Emeritus Ratan Tata and Infosys Co-Founder Kris Gopalakrishnan.