Investment firm Singularity Growth on Wednesday said it has raised Rs 500 crore in the first tranche via Singularity Growth Opportunities Fund II. The total corpus planned under the fund is Rs 1,500 crore with a greenshoe option of Rs 500 crore.
Singularity Growth founder and chief investment officer Yash Kela told PTI that the full closure of the fund is expected in the next two to four quarters.
"We have raised Rs 500 crore out of Rs 1,500 crore and have already made the first investment from Fund II. We will look at making investments of around Rs 75-175 crore per investment across 14-18 deals," Kela said.
He said the time period for utilising or investing funds for the firm is three years. The company had a corpus of Rs 600 crore in Fund I, from which it made investments in Allcargo Logistics, Servify, mCaffeine, Pernia's Pop-Up Shop, Exotel, WebEngage, and XYXX.
Singularity Growth plans to invest in start-ups that operate in the fields of energy transition, consumer, financial services, enterprise software, and manufacturing. He said the firm will start exiting from 3-4 portfolio companies every year from 2024 onwards.