India: Early-stage investor Chiratae Ventures’s fourth fund raises $184m so far

Sudhir Sethi, Founder and Chairman, Chiratae Ventures, formerly IDG Ventures India

Chiratae Ventures, formerly known as IDG Ventures India, has so far raised $184 million for its fourth fund to invest in the country’s burgeoning startup ecosystem, as per a regularly filing.

The early-stage investor, headquartered in Bengaluru, has set the total target corpus for Chiratae Ventures International Fund IV at $275 million.

Founded in 2006 by Sudhir Sethi and TCM. Sundaram, IDG Ventures was rebranded as Chiratae Ventures in 2018, as part of its strategy to appeal more to Indian entrepreneurs.

The word Chiratae means ‘leopard’ in one of the Indian languages and was adopted by the firm to signify its focus on staying agile and sharp in the everchanging startup scenario, it had earlier mentioned in a statement. Chiratae Ventures invests in a gamut of sectors such as consumer, software, fintech, and healthtech.

It counts companies such as CureFit, and Firstcry in its portfolio. It also made an investment in e-commerce major Flipkart in 2014.

So far, the firm has clocked as many as 14 exits from its portfolio firms, according to its website.

Chiratae had launched its first fund with a corpus of $150 million in 2007, months before the collapse of Lehman Brothers brought down the world’s financial system. The fund had then bagged investments from US-based media, data and marketing firm IDG Inc.

Thereafter, it floated its second fund at $95 million in 2013, and its third at $208 million in 2017.

Late last year, Chiratae made headlines when it roped in International Finance Corporation, a part of the World Bank Group, as one of the lead investors for its fourth fund. Its other significant investor includes the Small Industries Development Bank of India (Sidbi).

Chiratae Ventures, which typically invests at the seed and Series A stages in startups, competes with investors such as Accel Partners, SAIF Partners, and Kalaari Capital in the country.

Its fundraising development comes at a time when overall investment sentiments amidst the COVID-19 pandemic market remain tepid.

Data available with research firm Venture Intelligence shows funds raised by investment firms in India recorded a steep 77 per cent year-on-year decline in the first half of this year as LPs tightened their purse strings amidst a hazy outlook for business in the country.

However, those who have been successful in raising capital are Lightspeed Venture Partners, technology-focused venture capital fund Iron Pillar, and Blue Ashva Capital.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.