Chiratae Ventures raises $150 million in second close of fifth fund

BENGALURU: Chiratae Ventures, an early investor in companies such as Flipkart, Myntra, Lenskart, FirstCry and PolicyBazaar, has raised $150 million in the second close of its fifth venture capital fund, as the 19-year-old firm doubles down on early-stage bets across artificial intelligence, fintech, healthtech and emerging sectors like defence and quantum. The fund is targeting a final close by the first quarter of 2026.

Founded by Sudhir Sethi and TC Meenakshisundaram, Chiratae manages $1.3 billion across seven funds, with a portfolio spanning 130 companies and more than 50 exits. It has returned about $1 billion to LPs over the past 14 years.

The latest close brought in commitments from domestic and global limited partners, family offices and repeat backers. Managing directors Venkatesh Peddi and Ranjith Menon are leading the new vehicle, which has already deployed capital into startups including HouseEazy, a resale homes platform; Pepsales, an AI tool for B2B sales demos; Mili, a meeting assistant for wealth managers; and Zilo, a quick commerce fashion startup. Six additional investments are in the pipeline.

“This second close reflects strong conviction in our ability to identify and support India’s next wave of technology-led startups,” Peddi said. Menon added that investor support underscored Chiratae’s strategy of entering early and staying committed through the growth cycle, calling the 2020s a “defining decade for Indian entrepreneurship”.

Alongside AI, SaaS and consumer tech, Chiratae is scouting defence and quantum bets as India ramps up its push for strategic and deep-tech innovation. At the seed stage, its Sonic program promises founders decisions within 48 hours and access to mentors, credits and broader ecosystem support.