Chiratae Ventures, one of India’s longest-running technology-focused venture capital firms, has hit the second close of its fifth fund at $150 million, with a final close expected in the first quarter of 2026, according to media reports.
The early-stage vehicle is co-led by managing directors Venkatesh Peddi and Ranjith Menon and has secured commitments from domestic and international limited partners (LPs), including institutional investors, family offices, and repeat backers from its earlier funds.
Chiratae has already started deploying capital from Fund V into four startups—HouseEazy, a resale-focused proptech platform; Pepsales, an AI-powered B2B demo personalisation tool; Mili, a meeting assistant for wealth managers; and Zilo, an omnichannel quick-commerce fashion brand. Another six investments are currently in the pipeline, media reports said.
DealStreetAsia had earlier reported that Chiratae’s founder and managing partner, Sudhir Sethi, was targeting a substantial first close for the $350-million Fund V by December 2023. At the time, Sethi said the new fund would continue to back early-stage technology-led companies across themes such as consumer Internet, SaaS, fintech, and healthtech.
Founded in 2006, Chiratae has established itself as one of the country’s most prominent venture capital firms with early bets on startups that went on to become unicorns, including Lenskart, FirstCry, Myntra, Uniphore, and Curefit. Its portfolio has also seen three IPOs to date—PolicyBazaar, NewGen, and Yatra.
The firm’s latest milestone comes as early-stage venture funding in India shows signs of renewed momentum. According to proprietary DealStreetAsia data, pre-seed and seed-stage startups raised $196.3 million across 100 deals in Q2 2025, up from $173.4 million in Q1.
Other early-stage managers have also been active. Last week, India Quotient closed its fifth and largest fund at around $130 million, while Mumbai-based Atomic Capital announced the close of its maiden $45.6-million fund in August. Earlier this year, Boundless Ventures, launched by former Kae Capital venture partner Natasha Malpani, rolled out a $23-million vehicle focused on AI startups, while AJVC closed its debut $23-million fund—more than double its original target.
