Washington based World Bank investment form International Finance Corporation plans to invest $20 Million in Chiratae Ventures, which is previously known by the name as IDG Ventures.
IFC revealed that in a disclosure that it will invest in Mauritius incorporated Chiartae Ventures International Fund IV LLC and India domiciled alternative investment fund Chiratae Ventures Master Fund IV. Both the funds are going to be collectively referred to as the Fund IV, said the announcement.
IFC’s board meeting is even expected to happen on the 30th of September to discuss this investment proposal.
Established in the year 2007 by the TCM Sundaram and Sethi, Chiratae in an early-stage venture fund focusing on the Indian startups. It even invests in consumer media and technology, SaaS/software, health tech, and fintech firms and has so far supported more than 75 ventures in the seed, early and expansion stages.
As of now, the funds have nearly $470 million under the advisory. Companies in its portfolio include the Bounce, Early Salary, CureFit, Miko, and Nestaway. The VC fund rebranded itself to the Chiratae last year.
In the year 2017, IFC had invested in the third-class India focused fund of the Chiratae, which was then known as IDG Ventures India Fund III.
In the month of August, IFC proposed infusing around $25 million in the second fund of healthcare-focused private equity firm Quadria Capital. The fund II, which has a target size of $400 million and a hard cap of $500 million hit its first close at $194 million in the month of March.