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Investment firm Anicut Capital on Tuesday said it has secured an investment of Rs 50 crore from the Small Industries Development Bank of India (SIDBI) for Anicut Equity Fund.
The investment has come through the Fund of Funds for Startups (FFS).
The FFS is a Rs 10,000 crore initiative launched under the Startup India Initiative of the government in January 2015.
"Anicut Capital has secured an investment of Rs 50 crore from the Small Industries Development Bank of India (SIDBI) for the Anicut Equity Fund," the investment firm said in a statement.
Anicut Equity Fund launched its Grand Anicut Fund 3 in June 2022 with a total targeted corpus of Rs 500 crore, with an additional Rs 250 crore green shoe option.
The investment firm has successfully closed two-thirds of the fund and has also received a commitment of Rs 75 crore from the Self Reliant India Fund (SRI).
Within the first year, the fund has invested in six startups -- Earth Rhythm, Neemans, Wheelocity, The Ayurveda Experience, Blue Tokai Coffee and XYXX.
"We are excited to welcome SIDBI as an investor through the FFS initiative. This generous commitment from SIDBI not only provides us with the capital to invest in innovative startups but also solidifies our commitment to adding value to the burgeoning Indian startup industry," Anicut Equity Fund Partner Dhruv Kapoor said.
With a focus on consumer and technology sectors, the fund aims to invest in 12-14 early growth-stage companies across Anicut and non-Anicut portfolios over the next 18-24 months, the statement said.
Anicut Capital portfolio startups include Mcaffeine, GIVA, Leumas, Hair Originals, Sugar, Bira, Epigamia, LendingKart, Milky Mist, Axiscades and Neemans among others.
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