Avendus Asset Management announced the first close of Rs 584 crore for its Avendus Future Leader Fund II, according to a release shared by the firm. The firm is targetting to raise Rs 750 crore, and is also offering a greenshoe option (an over-allotment option) to raise another Rs 500 crore.
The fund has a five-year tenor, with an option to extend it by another two years, according to the release.
“Avendus is at the forefront of working with emerging leaders that are creating great businesses in India. The Fund is uniquely positioned to capitalise on the strengths of the Avendus ecosystem and participate in the value creation journey,” said Ritesh Chandra, Managing Partner, Avendus Future Leaders Fund, in the release.
Ritesh Chandra, Managing Partner, Avendus Future Leaders Fund
With this fund, the investment banking firm, through small minority stakes, looks to back matured companies and startups operating in financial services, digital and consumption sectors. Avendus Future Leader Fund I, which was launched in 2019, invested in logistics platform Delhivery, VerSe’ Innovation Private Limited — which owns Dailyhunt and short-video platform Josh, Bikaji Foods, and Ujjivan Small Finance Bank.
“With unparalleled access to marquee businesses and deep long-standing relationships with entrepreneurs, the Fund seeks to invest behind market leaders and emerging leaders in the digital, consumption and financial services segments. We are thankful to all investors who continue to repose their confidence in us, and we look forward to partnering with some great businesses going forward,” Ritesh added.
Founded in 1999 by Ranu Vohra, Gaurav Deepak, and Kushal Aggarwal, Avendus Group provides financial services in investment banking, wealth management, credit solutions, and asset management. The firm has offices across 10 cities around the world, including India, Singapore, the US, and the UK.
The firm has also been an advisor on some of the biggest deals in India, including VerSe Innovation raises $450M fundraise, Lenskart’s round led by Temasek and Falcon Edge, among many others.
