Indian private equity (PE) firm Creaegis on Wednesday (September 20) announced the final close of its maiden $425 Mn (INR 3,529 Cr) fund to invest in homegrown startups.
“We are pleased to share the final close of our maiden fund of $425 Mn! We are privileged to have some of the leading institutional investors and family offices join us in this journey and are grateful for their trust and support!,” said Creaegis on X, formerly Twitter.
The fund reportedly received investments from institutional investors and family offices from India, the US, Europe and Asia. Nearly half of the corpus was reportedly raised from domestic investors.
Founded in 2018, Creaegis is the brainchild of Prakash Parthasarathy, former managing partner and chief investment officer (CIO) of Premji Invest.
Parthasarathy told The Economic Times that the fund will largely be sector agnostic and will invest capital in growth-stage Indian startups. With the fund, the PE firm aims to back around four startups annually with an eye on building a portfolio of 12-15 companies through it.
As per the report, the firm will infuse capital with an average ticket size ranging between $25 Mn and $40 Mn and will ‘double down on its portfolio winners’.
“We are going to be sector agnostic and will focus on areas of digital transformation, with use cases involving solving inefficiencies. We will look to back solid, resilient business models and will continue our journey of investing in great founders,” Parthasarathy told ET.
According to the report, the PE firm has already deployed a third of the fund, roughly $142 Mn, and has backed startups such as healthtech platform Medikabazaar, insurtech startup Zopper and enterprisetech startup Kale Logistics, among others.
Last week, Creaegis led a $30 Mn Series B funding round of logistics SaaS startup Kale Logistics.
With the latest development, Creaegis has joined a growing list of Indian venture capital (VC) and PE firms sitting on billions of dollars of dry powder as they wait for the funding winter to end. As per Inc42 data, 52 funds worth $3.8 Bn have been announced so far this year targeted specifically at the Indian startup ecosystem.
This is notwithstanding another $18 Bn that was raised by investors over the course of last year.
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