ICICI Investment Management, a subsidiary of ICICI Bank, has raised $50 million (about Rs 225 crore) for its Emerging India Fund, a private equity player that is looking at total size of $100 million.
The Indian rupee equivalent of $50 million has been raised from domestic investors as part of the fund's first closure, the bank said in a statement.
The fund seeks to invest in growth capital of mid market and emerging corporates primarily through equity and equity-linked instruments. It will invest across sectors including segments related to services, consumption and infrastructure development.
The investors to the fund are mostly domestic institutional and corporate investors.
It is targeting a final closure at $100 million rupee equivalent and is in discussions with various institutional investors, the bank said.
The fund will primarily focus on investments in the sub $10 million segment, it added.