Anicut Capital has launched its second early-stage investment vehicle, the Grand Anicut Seed Fund, with a target corpus of ₹175 crore (about $18.2 million) and a greenshoe option of ₹75 crore ($7.8 million), totaling ₹250 crore. The SEBI-registered Category I fund aims to back more than 20 startups across deeptech, enterprise tech, consumer, and financial services sectors, with initial cheque sizes ranging from ₹5 crore to ₹8 crore, according to inc42.com.
The fund is close to its first close at around $10 million, expected to be announced next month, said Anicut Capital partner Ajay Anand. The fund primarily targets domestic family offices and high net-worth individuals, while also seeking participation from institutional investors such as SIDBI. It has already committed capital to three startups at pre-seed, seed, and pre-Series A stages, including a subscription-led luxury products platform, a design-first consumer brand for desktop and lifestyle accessories, and a deeptech startup developing a robotic kiosk for healthy beverages.
Anicut plans to deploy almost 70% of the fund’s corpus towards new investments, reserving the remaining 30% for follow-on rounds. The fund expects to deploy capital over three years, focusing on building a core portfolio during this period. This move adds to the growing trend of early-stage funds targeting diverse sectors such as deeptech and consumer brands, reflecting increased investor interest in these areas.
The Grand Anicut Seed Fund’s initial close at $10 million is anticipated next month, marking a significant step in Anicut Capital’s strategy to support early-stage startups. The fund’s deployment plan over three years aims to foster innovation across multiple sectors, with a clear focus on both new and follow-on investments.