CDC commits $10 million to Chiratae Ventures

Launched in 2006, Chiratae Ventures India Advisors (formerly IDG Ventures India) is a technology focused venture capital funds advisor with over $775 million under management and 85+ investee companies across consumer media & tech, deeptech, cloud/software, healthtech and fintech.

Some of its portfolio companies include Bounce, Cure.Fit, FirstCry, Flipkart, Forus, Lenskart, Manthan, Myntra, NestAway, Newgen, PolicyBazaar, Rentomojo, Unbxd, HealthifyMe and Yatra among others.

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"CDC's commitment to Chiratae Ventures' Fund IV is a show of confidence in India's innovative ecosystem as well as the Chiratae team and track record of superior returns and exits year after year. We look forward to working closely with our new partner to invest in technology differentiated companies solving for challenges faced by India using technology as a disruptor, enabling them to scale in India and go global," said Sudhir Sethi, founder and chairman, Chiratae Ventures in a statement.

According to Srini Nagarajan, managing director and head of Asia, "This investment will help generate tangible impact at scale by capitalising on the country's world-class entrepreneurial potential. Committing to Chiratae is part of our strategy to back tech-enabled businesses that have the potential to address development challenges in sectors such as food & agriculture, healthcare, and education to reduce costs, improve market access and economic participation."

CDC's investment falls under its South Asia Venture Scale-up programme, which aims to invest in early-stage companies that leverage technology and innovative business models to achieve transformational impact at scale.

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According to CDC, its strategy "is aligned to partnering with funds and their investees that harness technology to deliver a high number of goods and services at reduced costs for regional populations that lack access and are often excluded from the market."

The CDC Group is an impact investor owned by the UK government & supports sustainable, long-term growth of businesses in South Asia and Africa. CDC has been a key player in the fight against climate change and a UK champion of the UN’s Sustainable Development Goals.

The group has investments in over 1,200 businesses in emerging economies with a portfolio value of £5.8 billion. In 2020, CDC will invest over $1.5 billion in companies in Africa and Asia with a focus on fighting climate change, empowering women and creating new jobs and opportunities for millions of people.