ChrysCapital Closes Fund X At $2.2 Bn

Private equity (PE) firm ChrysCapital has announced the final close of its tenth startup investment fund, ChrysCapital X, after netting a total capital of  $2.2 Bn (around INR 18, 480 Cr).

With the fund, the firm aims to back established companies across sectors, including consumer services, healthcare, financial services, and enterprise tech. ChrysCapital aims to deploy the capital over the next 3-4 years, with several deals already in the pipeline, the statement added. 

ChrysCapital claims its Fund X to be the largest PE fund raised by an Indian-focused firm. The total corpus of the fund is 60% greater than its Fund IX, which it closed at $1.35 Bn in 2022. Prior to its last fund, the PE firm had launched nine India-focussed funds with a total fund corpus of $5 Bn. 

The firm raised the fresh capital for its latest fund from thirty new investors including public pension funds, insurance companies, asset managers, family offices, and other institutions from Japan, Middle East, South-East Asia, Europe, and the US. It claims that a significant capital was raised from Indian institutional investors and large family offices.

ChrysCapital has backed more than 110 companies since inception in 1999, investing $4 Bn across over 100 deals and exiting 80 portfolio companies for $7 Bn. As of now, ChrysCapital’s portfolio includes prominent startups like Lenskart, Dream11, FirstCry, Awfis, Healthkart, The Sleep Company, among others.

It categorises its startup investments as “New Economy” companies in its portfolio. Speaking with Inc42 in 2024, the PE firm’s managing director Kshitij Sheth said that the capital deployment in this segment has increased from 10% in 2017 to 35%-40% in recent years, with exceptional growth in 2021 and 35% in 2022.

Unlike VCs, Sheth emphasised that the PE firm takes long-term bets instead of a “spray and pray” approach. The firm backs profitable or near break-even startups that are among the top two or three in their sub-sectors and have clear listing plans.

Last year, the PE firm closed its $700 Mn Continuation Fund, which was anchored by US-based HarbourVest Partners and European funds LGT Capital Partners and Pantheon Ventures. The fund was aimed at maintaining the company’s stake in the National Stock Exchange (NSE). As per the investment major, the continuation fund acquired ChrysCapital Fund VI’s stake in the stock exchange. 

The development comes on the back of several VCs and PEs launching new funds and raising capital for deployment in new-age tech companies. For instance, notable venture capital (VC) firms like Blume Ventures, Artha India Ventures and Theia Ventures announced first closes of their respective funds in the month of October.

As per Inc42’s report, in the first nine months of 2025, investors launched funds worth over $9 Bn, surpassing the $8.7 Bn number of 2024.

On the PE front, several PE firms including Multiples Alternate Asset Management (Multiples) and InCred Alternatives also marked final close of their funds this year.