Chiratae Ventures Marks Second Close Of Fifth Fund At $150 Mn

SUMMARY

Chiratae Ventures has marked the second close of its early stage focussed fifth fund at $150 Mn

The new fund targets startups across AI, deeptech, healthtech, consumer tech, fintech, SaaS, climate tech, spacetech, and other emerging sectors.

The fund has already made some early investments in platforms like HouseEazy, Pepsales, Mili and Zilo

Flipkart-backer Chiratae Ventures has marked the second close of its fifth venture capital fund at $150 Mn (around INR 1,331 Cr). The VC firm expects to mark the final close of the fund in the first quarter of 2026.

With the new fund, Chiratae aims to back early-stage startups in AI, deeptech, healthtech, spacetech, and other emerging sectors.

The firm has already started deploying capital. Through its fifth fund, it has invested in proptech startup HouseEazy, AI SaaS startup Pepsales, wealthtech startup Mili, and quick commerce startup ZILO. In addition, it has six more startup investments in the pipeline.

Chiratae said it has received backing from domestic and international limited partners, institutional investors, family offices, and existing backers from its previous funds.

While the firm did not disclose additional details, a Crisil report (April 2024) stated that Chiratae Ventures Master Fund V is a scheme under its Category II AIF Chiratae Ventures Trust V, with a target corpus of $350 Mn and a hard cap of $500 Mn.

Founded in 2006 by Sudhir Sethi and TC Meenakshisundaram, Chiratae Ventures has made 130+ investments and currently manages an AUM of $1.3 Bn across seven funds. Its portfolio includes unicorns such as Cult.fit, FirstCry, Flipkart, Lenskart, and PB Fintech.

The firm’s focus on deeptech aligns with a broader market shift. VC investments in India’s AI and advanced technology sectors are picking up momentum, driven by rising demand and supportive government policies.

For instance, 888VC recently launched a INR 175 Cr ($19 Mn) AIF for early-stage AI and deeptech startups. Speciale Invest closed its third fund at INR 600 Cr, while Yali Capital raised INR 893 Cr for its maiden deeptech-focused fund earlier this month.

On the policy front, the government has approved a INR 1 Lakh Cr Research, Development and Innovation (RDI) scheme to boost advanced technology development, complementing private investment initiatives.

Still, investments in deeptech trail sectors like ecommerce and fintech. According to Inc42’s Indian Tech Startup Funding Report, H1 2025, advanced hardware and deeptech startups raised $311 Mn across 43 deals in the first half of 2025 — only a fraction of the capital flowing into other high-growth segments.