Chiratae Ventures, India’s largest homegrown venture capital fund, has successfully concluded the fundraising for its first Chiratae Growth Fund (CGF-I), raising INR 1001 cr ($122.5 million).

On a targeted INR 750 crore, CGF-I has been oversubscribed by 34 percent, Chiratae Ventures said in a statement on Wednesday.

The announcement of the close of CGF-I comes on the heels of Fund 4, which was oversubscribed by 22 percent.

This marks a continued trend of Chiratae’s funds being oversubscribed, highlighting the confidence and faith placed in the firm’s ability to identify and nurture promising startups poised for growth and success.

According to the statement, CGF-I will invest in the growth rounds of market-leading technology startups from its portfolio and other new opportunities, making it a sector-agnostic fund to support the growth and expansion of companies.

CGF-I is supported by Chiratae’s existing investors, including Pratithi (Family Office of Kris Gopalakrishnan, the Co-Founder of Infosys), 57 Stars (a global alternative asset manager) and Manish Choksi (Vice Chairman and non-executive board member of Asian Paints) and his Family Office.

It is also underpinned by new investors including State Bank of India, India Infoline Limited (IIFL), Axis Bank and others.

With this new CGF-I, Chiratae Ventures will continue its mission of supporting innovative technology startups in their growth stage and unlocking their potential.

Chiratae Ventures has a successful track record of investing in early and growth-stage startups over the past 16 years.

The Chiratae Funds collectively (across 6 funds) have $1.1 billion in asset under management (AUM), 130+ investments, 48 exits, eight Unicorns, three initial public offerings (IPOs) and a track record of having returned capital to the investors in each of the last 12 years.

Chiratae Ventures has been an early backer of technology-led companies such as Bizongo, Curefit, Fibe, Firstcry, Lenskart, Myntra, PolicyBazaar, Pixis, Vayana, and Uniphore, amongst others.

“We are excited to have raised our first Growth Fund, enabling us to continue supporting the growth and expansion of market-leading technology startups in India and beyond,” said Sudhir Sethi, Founder and Chairman of Chiratae Ventures.

According to him, the oversubscription of the fund by 34 percent is a testament to the trust and confidence its investors have placed in the firm.

“As we embark on this exciting new chapter, we remain committed to identifying and investing in innovative startups that have the potential to drive transformative change and create long-term value,” he added.

TC Meenakshi Sundaram, Founder and Vice-Chairman of Chiratae Ventures, said the successful fundraising for Chiratae’s First Growth Fund is a testament to the quality of the investment strategy and its team’s ability to identify and support exceptional entrepreneurs.

“With the Growth Fund -I, we are well-positioned to continue to support promising startups through their growth journey and create value for all stakeholders by becoming market leaders,” he added.

India’s Drivetrain raises $15M from Elevation Capital, Jungle Ventures, and Venture Highway