Alternative asset manager Anicut Capital on Wednesday launched the $26-million (Rs 250 crore) Grand Anicut Seed Fund (GASF), marking its second vehicle dedicated to early-stage investments.
The fund has a target corpus of Rs 175 crore, along with a greenshoe option of Rs 75 crore. It will focus on backing startups from pre-seed to Series A stages across sectors such as deep-tech, enterprise technology, consumer, and financial services, the firm said in a statement.
With GASF, Anicut Capital plans to invest in over 20 startups, with cheque sizes ranging between Rs 5 crore and Rs 8 crore. The fund is targeting an initial close in the near term, with a limited partner base comprising institutional investors, high-net-worth individuals, and domestic as well as global family offices.
“Our early-stage investment strategy has been validated through our previous fund, Grand Anicut Angel Fund… With our second fund, we aim to build on this proven strategy by partnering with exceptional founders in their 0-to-1 journey, providing both capital and strategic support as they create next-generation categories and build enduring, market-leading businesses,” said Ajay Anand, Partner, Anicut Capital.
Anicut Capital has been investing in early-stage equity since 2021 through its Grand Anicut Angel Fund (GAAF), which has backed 68 startups across pre-seed to pre-Series A stages in sectors such as deep-tech, enterprise technology, consumer, and financial services.
Several portfolio companies have subsequently raised follow-on capital totalling over Rs 6,000 crore and reported significant revenue growth since initial investment, the firm said.
Notable portfolio companies under GAAF include Agnikul Cosmos, GIVA, CapGrid, InspeCity, Leumas, Neeman’s, Blue Tokai Coffee Roasters, Snapmint, Salty, GRIP, Galaxeye, E-plane, and E-trnl.
Founded in 2015, Anicut Capital manages seven funds across debt and equity, including three debt and four equity vehicles, with total active assets under management exceeding Rs 4,500 crore. The firm has a presence across Delhi, Chennai, Bangalore, and GIFT City.
