Venture debt firm Trifecta Capital has announced the first close of its third venture debt fund – Trifecta Venture Debt Fund – III – with investment commitment worth INR 750 Cr. Trifecta Capital claims that the fund has a target corpus of INR 1,000 Cr and a green shoe option of INR 500 Cr.
Earlier this year, the venture capital had announced the final close and oversubscription of Trifecta Venture Debt Fund–II at INR 1,025 Cr, as well as the first close of its late-stage equity offering, the INR 1,500 Cr Trifecta Leaders Fund–I.
Trifecta Claims its Trifecta Venture Debt Fund-I that started in 2015 has delivered consistent returns on a quarterly basis over the course of seven years.
“It has returned 100% of the capital to its investors, and is now focused on harvesting the capital gains from the equity options that it holds across its portfolio companies,” the startup said.
Trifecta Capital has committed over INR 2,700 Cr of credit in more than 85 startups across its prior debt funds, and an additional INR 750 Cr of equity in seven startups from its equity fund. It counts portfolios such as 15 unicorns and more than 12 soonicorns. Some of the unicorns in which Trifecta has invested include Big Basket, PharmEasy, Cars24, Infra.Market, ShareChat, Dailyhunt, Urban Company, Vedantu, The Good Glamm Group, CarDekho, among others.
The Trifecta Capital portfolio has cumulatively raised US$ 9.5 billion of equity and is collectively valued at US$ 40 billion.
Trifecta Capital intends to utilise the raised fund to continue backing portfolio companies farther into their growth journey, through multiple follow-on investments and the ability to underwrite larger investments.
The firm wants to focus more on sectors including SaaS, D2C (direct-to-consumer), B2B commerce, fintech, ecommerce sellers, etc.
Trifecta Capital aims to complete the final close for this fund in Q1 2022. It has begun active deployment from this vehicle, having already identified a healthy pipeline of credit opportunities.
Last month, another venture debt firm Alteria Capital closed its second venture debt fund at INR 1,800 Cr. The firm counts soonicorns in its portfolios such as Spinny and DealShare.
In August, Ishpreet Singh-led Stride Ventures announced the first close of its second fund at INR 550 Cr within two months of launch, making it one of the fastest fundraisings of this size in the region. The venture capital in May had announced the launch of INR 1,000 Cr Stride Ventures Fund – II, with a green shoe option of INR 875 Cr.