Anicut Bags INR 92 Cr Via GIFT City For Its Private Credit Fund III

SUMMARY

The investment firm confirmed the receipt of the dollar-denominated investments via a feeder fund based out of GIFT City for its Private Credit Fund 3

Anicut will look to tap into dollar-denominated investments from institutional investors, family offices, and HNIs from the US, the UK, Europe, and the Middle East

Founded in 2016 by, Anicut Capital offers debt and equity investments and currently has cumulative AUM north of INR 1,600 Cr.

Alternate investment firm Anicut Capital has reportedly raised $11 Mn (nearly INR 92 Cr) in dollar-denominated investments via a feeder fund based out of Gujarat International Finance Tec (GIFT) City.

As per PTI, the investment firm confirmed the receipt of the funds via “GIFT City Structure” in its Private Credit Fund 3.

For the uninitiated, the feeder fund is a Category-II alternative investment fund, registered with the International Financial Services Centre Authority (IFSCA), which is among the multiple vehicles via which limited partners (LPs) route funds.

“Anicut Capital, a multi-asset investment firm, has announced the receipt of $11 Mn dollar-denominated investments via GIFT City Structure in its Private Credit Fund 3… The funds received via GIFT City Structure feed into the overall corpus of INR 1,500 Cr that Anicut Capital is currently raising for its third private credit fund,” added Anicut Capital.

The alternate investment firm reportedly added that the new investment structure will look to attract dollar-denominated investments into India from institutional investors, family offices, and high-net-worth individuals (HNIs) from markets such as the US, the UK, Europe, and the Middle East.

As per the report, the investor claims to have already deployed private credit to the tune of INR 3,200 Cr till date across mid-sized enterprises.

Founded in 2016 by Ashvin Chadha and IAS Balamurugan, Anicut Capital offers debt and equity investments. It currently manages multiple funds with cumulative assets under management north of INR 1,600 Cr.

Anicut Capital’s portfolio includes startups like Wow! Momo, Bira, Sugar Cosmetics, Earth Rhythm, Wingreens, Blue Tokai, ShareChat, Mcaffeine, among others.

The development comes at a time when the Indian investor ecosystem is witnessing healthy activity as funding winter is slowly waning. As a result, a host of new fund launches have been announced in the past few months to capitalise on the growing Indian startup story.

Just days, former cofounder of online jewellery brand CaratLane, which was acquired by Tata-owned Titan last year, Mithun Sacheti and his brother Siddhartha Sacheti, CEO of Jaipur Gems, floated an investment firm Finqube Capital to back startups.

Earlier this month, LC Nueva Investment Partners announced the launch of a new fund with a target corpus of INR 150 Cr to tap into the secondary market. Prior to that, non-banking financial company (NBFC) Northern Arc also launched its Finserv Fund, with a target corpus of INR 1,500 Cr.

On top of that, reports recently surfaced that globally private equity (PE) behemoth Blackstone had begun raising its third Asia-focussed fund, targeting at least $10 Bn, which will primarily focus on India.