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Anicut Capital, India’s alternative investment firm, has today announced that it has secured an investment of INR 50 crore from the Small Industries Development Bank of India (SIDBI) for the Anicut Equity Fund. The investment comes through the Fund of Funds for Startups (FFS). The strategic move is aimed at boosting the early growth-stage companies that are a part of Anicut’s Equity portfolio.
The Fund of Funds for Startups (FFS) is an INR 10,000 crore initiative launched under the Startup India Initiative of the Government of India in January 2015. Managed by SIDBI, FFS contributes to the capital of SEBI-registered Alternative Investment Funds (AIF) instead of investing directly into startups.
“We are excited to welcome SIDBI as an investor through the FFS initiative. It further energizes our mission to identify and invest in game-changing businesses and empower the next generation of Indian entrepreneurs. At Anicut Capital, our aim is to enable every aspiring idea and business across the country. This generous commitment from SIDBI not only provides us with the capital to invest in innovative startups but also solidifies our commitment to adding value to the burgeoning Indian startup industry,” said Dhruv Kapoor, partner, Anicut Equity Fund.
Anicut Equity Fund launched its Grand Anicut Fund 3 in June 2022 with a total targeted corpus of INR 500 crore, with an additional INR 250 crore green shoe option. The investment firm has also closed two-thirds of the fund and has also received a commitment of INR 75 crore from Self Reliant India Fund (SRI).
With a focus on Consumer and Technology sectors, the fund aims to invest in 12-14 early growth-stage companies (Series A and B) across Anicut and non-Anicut portfolios over the next 18-24 months, stated the firm.
“The Grand Anicut Fund 3 is in cohesion with SIDBI’s objectives of fostering innovation, driving economic growth, and creating employment opportunities in the country. This investment isn’t just a vote of confidence in Anicut, but a strategic alignment aimed at boosting India’s evolving entrepreneurial landscape. We anticipate this collaboration to result in substantial, high-impact outcomes that will benefit the broader business community and contribute to the nation’s economic prosperity,” said S P Singh, CGM Incharge, Venture Finance, SIDBI.
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