Anicut Capital on Wednesday announced the successful closure of its second debt fund, Grand Anicut Fund – 2 (Category II Alternative Investment Funds) at Rs 875 crore. Anicut secured SEBI approval for its second debt fund – Grand Anicut Fund 2 (GAF -2) – of Rs 700 crore with a green shoe option to raise additional Rs 300 crore.
The second debt fund is being closed at Rs 875 crore with successful investments across over 12 early-stage startups, with an average deal size of Rs 15-100 crore, a statement said. The fund plans to invest in about 30 early/growth stage companies across sectors such as consumer brands, technology, F&B, fintech, among others under categories of acquisition financing, promoter/buyback financing, growth capital and capital restructuring, it added.
Portfolio companies of GAF-2 includes Wow Momos, ASG Eye Care Hospital, Akna Medical (acquired by Pharmeasy), B9 Beverages (Bira), Azure Hospitality, and Wingreens of which BSB and Wingreens have already seen successful exits. Additionally, the company intends to launch diversified funds in the future, including equity funds, financial institution based debt products and accelerator programs in collaboration with the premier institutions of the country, the statement said.
“Anicut is the lender of choice for early stage/first generation companies as we provide speed of execution and flexibility which banks and NBFCs cannot provide. Dependent on the projected future cash flow of the company, we foresee investments into startups and firms that find challenges in fund accessibility. Through our continuous efforts, we are channelising synergies and focus to offer competitive advantages and support to the startups,” I A S Balamurugan, co-founder and Managing Partner of Anicut Capital, said.
On the successful closing of the fund, Anicut Capital co-founder and Managing Partner Ashvin Chadha said GAF-2 has established a niche for itself in the field of acquisition financing and has already invested about Rs 500 crore in various pioneering and promising startups.
“We are excited to share that we also have a robust pipeline of slated deals that are undergoing due diligence of evaluation and assessments from our end and we shall be announcing them in the due course of time. In the next two quarters, the 2.0 version of Grand Anicut Fund will invest in diverse upcoming entities across various sectors like technology, consumer goods, financial services, education, healthcare and others, he added.
Founded in 2016, Anicut Capital LLP is an AMC managing 2 debt and an angel fund. The team has worked on about 140 primary investments and another 70-80 investments which involved subsequent follow-on rounds and has offices in Chennai, Delhi and Bengaluru. Anicut has an Assets Under Management (AUM) of Rs 1,500 crore across three funds.