Chennai: Anicut Capital has launched its second early-stage fund, targeting investments in consumer, enterprise technology, deep tech and financial services startups, with a target corpus of Rs 175 crore.The alternative asset management company is nearing the first close of the fund, having secured Rs 65 crore from existing investors, predominantly high-net-worth individuals (HNIs), a senior executive told TOI. It is targeting a limited partner (LP) mix comprising institutional investors as well as domestic and international family offices. The fund also has a greenshoe option of Rs 75 crore.Named the Grand Anicut Seed Fund (GASF), it will invest in about 20 startups, from the pre-seed to Series A stages, with ticket sizes ranging from Rs 5 crore to Rs 8 crore.The fund has already begun deploying capital and has closed three investments, all led by Anicut. It is also actively evaluating additional investment opportunities.Ajay Anand, Partner at Anicut Capital, said, “With our second fund, we aim to build on this proven strategy by partnering with exceptional founders in their 0-to-1 journey, providing both capital and strategic support as they create next-generation categories and build enduring, market-leading businesses.”Anicut has been investing in early-stage startups since 2021 through its angel fund, which has made 68 investments. Its portfolio includes Agnikul Cosmos, Neeman’s, Blue Tokai, GalaxEye and The ePlane Company.
