India: IFC proposes $20m investment in Chiratae Ventures’s fourth fund

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

The International Finance Corporation (IFC), a member of the World Bank Group, is proposing a $20-million equity investment in the fourth fund of Chiratae Ventures, an early-stage venture firm focusing on Indian startups.

Chiratae debuted in India in 2007 as IDG Ventures India with a $150-million fund. It rebranded in October 2018 as part of what the company said was a broader strategy to move away from the global brand and appeal more to entrepreneurs in India.

Established by Sudhir Sethi and TCM Sundaram, the firm has invested in marquee brands including fashion e-commerce site Myntra (acquired by Flipkart), online kids and baby products portal FirstCry and Lenskart, among others. IDG also led a $120-million funding round for CureFit Healthcare Pvt. Ltd in July.

In India, Chiratae Ventures competes with early-stage investors including Accel Partners, SAIF Partners, and Kalaari Capital. Its target sectors include consumer media and technology, software and SaaS, health tech, and finch.

Chiratae is raising funds as Indian startups continue to see strong capital inflows despite macroeconomic headwinds. According to data from startup data tracker Venture Intelligence, $4.7 billion has been invested in Indian startups across 346 deals in the first seven months of the year.

That compares to the $4.3 billion raised across 338 deals during the same period last year.

In its disclosure, IFC said it proposes an aggregate of $20 million equity commitment in the firm’s fourth fund – Chiratae Ventures International Fund IV LLC. Details about the fourth fund were not immediately disclosed but earlier reports said it will have a much bigger corpus than the firm’s three previous funds.

Chiratae first raised $150 million for IDG Ventures India I LLC in February 2007. The second fund, IDG Ventures India Fund II LLC, raised $175 million in February 2013 while the third fund – IDG Ventures India Fund III – was closed in May 2016 with $208 million in total commitments.

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.