Chiratae Ventures gets $20 mn commitment from IFC for fourth fund

Bengaluru-based venture capital firm Chiratae Ventures has raised a $20 million investment commitment from World Bank arm International Finance Corporation (IFC) for its fourth consecutive India-specific fund.

IFC will invest in Chiratae Ventures International Fund IV, an offshore entity incorporated in Mauritius, and India-domiciled Chiratae Ventures Master Fund IV, collectively referred to as Fund IV, according to a disclosure by the former last week. 

IFC was also an investor in Chiratae’s third fund, raised about three years ago with a $200 million corpus.

Details on the target corpus for the fourth fund were not immediately available. However, The Economic Times had reported in October last year that the firm had plans to raise up to $300 million for its next fund. 

Chiratae was founded in 2007 by Sudhir Sethi and TCM Sundaram. The firm earlier went by the name IDG Ventures India and was one of the first specialist technology investors in the early stage market here. It re-branded to Chiratae last year soon after IDG Ventures, the venture capital arm of global technology media and research group IDG, ceased to be an anchor investor in its funds. 

Since its inception, Chiratae has invested in more than 75 companies across its three funds and currently has $470 million in assets under management. The firm typically invests at the seed and Series A stages across sectors such as consumer media and technology, software as a service, healthtech and fintech.

Some of the firm’s portfolio companies include robotics startup Miko , AI-based robot maker Emotix, and healthtech startup CureFit.