Anicut Capital hits final close of second debt fund at $118 mn

 Anicut Capital hits final close of second debt fund at $118 mn

Alternative investment firm Anicut Capital said it has marked the final close of its second debt fund after raising Rs 875 crore ($118 million).

The size of Grand Anicut Fund-2 is more than double that of its predecessor, which had raised Rs 400 crore during 2016-2018.

The Chennai-based firm had set a target to raise Rs 700 crore for the new fund with a greenshoe option to raise an additional Rs 300 crore in case of excess demand. It had hit the first close in 2019.

Anicut said that, through this fund, it plans to invest in more than 30 early- and growth-stage companies across sectors such as consumer brands, technology, food and beverages, and fintech.

The firm will mainly look at specific cases including acquisition financing, promoter or buyback financing, growth capital and capital restructuring.

Anicut was founded six years ago by financial services veterans Ashvin Chadha and IAS Balamurugan, who are both managing partners. It has so far backed 29 companies with debt capital and clocked 12 exits, its website shows. Its debt portfolio includes ASG Eye Hospital, Aknamed, beer brand Bira, Wow Momos, Biryani Blues, and Wingreens.

Apart from the two debt funds, Anicut also manages an angel fund to make equity investments in startups. The angel fund has deployed more than Rs 80 crore so far across 26 companies in eight domains such as software as a service, deep-tech, fintech, health-tech, and food and beverages. These include Sharechat, QuickShift and Burgernama.

Sumit Upadhyaya

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