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Mumbai-based asset management company Varanium Capital Advisors has announced the first close of its venture debt fund at Rs 250 crore or $30 million as it aims to invest in approximately 100 startups, utilizing a combination of revenue-based financing and traditional venture debt.
According to the firm, The fund saw participation from anchor investors and commitments from family offices, ultra-high-net-worth individuals (UHNIs), as well as renowned entrepreneurs, including former CEOs and CXOs of banks.
Heading the management of the debt fund is Nawal Bachhuka, who serves as a principal at Varanium Capital. Assisting Bachhuka are several distinguished individuals from the ex-senior management team of IndusInd Bank, such as former CEO Romesh Sobti, former Chief Risk Officer KS Sridhar, former Head of Corporate Lending Suhail Chander, and former Chief Operating Officer Paul Abraham.
Additionally, the investment committee comprises TS Anantakrishnan, the founder of Varanium Group, Aparajit Bhandarkar, a venture capital partner, as well as Suhail Chander and KS Sridhar.
The firm further said the fund will have a green shoe option of Rs 50 crore or nearly $6.1 million, enabling investment funds to raise additional capital beyond the originally targeted corpus, provided there is substantial interest from investors to support the fund.
At present, Varanium Capital claims to manage approximately $1 billion in assets, spanning multiple asset classes, including structured debt, portfolio management services (PMS), and venture capital funds.
According to TS Anantakrishnan, the Founder of Varanium Capital, The new fund would help startups operating in sectors like Direct-to-consumer (D2C), Software as a Service (SaaS), B2B commerce, and fintech as these sectors require a significant portion of capital to grow the business as well as market presence.
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