Anicut Capital, an alternative asset management firm, has received a commitment of ₹75 crore from Self Reliant India Fund (SRI) for their equity fund. The corpus received would be deployed through Grand Anicut Fund 3, which was launched recently in June 2022.
SRI Fund is a SEBI-registered Category II Alternative Investment Fund anchored by NSIC Venture Capital Fund Ltd, a wholly-owned subsidiary of The National Small Industries Corporation Ltd (NSIC) and managed by SBICAP Ventures Ltd (SVL), a step-down subsidiary of State Bank of India.
SRI Fund is a ₹10,000-crore Fund of Funds (FoF) launched by the Central government in October 2021 to make equity investments in micro, small and medium enterprises (MSMEs) and to catalyse the flow of capital to the MSME sector. The anchor investor of SRI Fund is the central government.
Meanwhile, Anicut Capital has also onboarded Arun Thathachari as Executive Director operating on the equity side. Thathachari joins Anicut with 15-plus years of diverse international experience across investment banking, management consulting and corporate development.
“The commitment from SRI Fund furthers our agenda of strengthening small and medium enterprises across India. Additionally, we are also excited to welcome Arun Thathachari to our leadership team. Arun’s induction is a strategic move to propel our continued focus to scale the business and fuel our growth in the market, ” said Dhruv Kapoor, Partner, Anicut Capital.
Anicut launched their Grand Anicut Fund 3 (also called Anicut Opportunities Fund) worth ₹500 crore in June, which has an additional ₹250-crore green-shoe option.
The investment firm is aiming to deploy the raised funding in 10-15 growth-stage companies across Anicut and non-Anicut portfolios over a span of two years.
It is a sector-agnostic fund with a focus on technology, consumer and B2B brands. Within six months of launching the Grand Anicut Fund 3, Anicut has already made five investments and two other deals are in active discussion, to be closed by the next quarter.