Published on August 21st, 2020 📆 | 6161 Views ⚑0
CDC Group: CDC Group commits $10 million to early-stage technology fund Chiratae Ventures
The latest fund of Chiratae Ventures, formerly known as IDG Ventures India, had earlier received backing from the International Finance Corporation (IFC), the private investment arm of the World Bank, which committed $20 million last year.
“Committing to Chiratae is part of our strategy to back tech-enabled businesses that have the potential to address development challenges in sectors such as food, agriculture, healthcare, and education to reduce costs, improve market access and economic participation,” Srini Nagarajan, Managing Director and Head of Asia of CDC Group, said.
The fourth fund will focus primarily on early-stage investments and be flexible enough to invest at seed and expansion stages, backing companies in deep-tech, consumer media and tech, software, fintech, and health tech sectors.
In 2018, ET reported that the venture capital firm was looking to raise a $275-$300 million fund. The fund, in its overall lifecycle, has backed over 85 startups and delivered over 35 exits.
Founded by IT industry veteran Sudhir Sethi in 2006, Chiratae has been in the vanguard of venture capital investment in India. Sethi, who is also chairman at Chiratae Ventures, was responsible for taking his portfolio companies such as Yatra and Newgen Software public, and for early bets on Myntra, followed by Cure.fit, and Bounce.
Chiratae’s other investments include Lenskart and PolicyBazaar. “We look forward to working closely with our new partner to invest in technology differentiated companies solving the challenges faced by India using technology as a disruptor, enabling them to scale in India and go global,” Sethi said.