Alternate investment firm Anicut Capital has announced the final close of its third private credit fund Grand Anicut Fund IV (GAF-IV) at INR 1,275 Cr (about $142 Mn).
The debt fund was oversubscribed against the firm’s initial target of raising INR 1,000 Cr to back startups across consumer, engineering services, SaaS, manufacturing, hospitality and shipbuilding sectors.
In a statement, Anicut said that the fund includes a GIFT City-based dollar feeder, which will enable global investors to participate in India’s private credit opportunity. Notably, Anicut raised $11 Mn (nearly INR 92 Cr) in dollar-denominated investments via the feeder fund last year.
Anicut plans to write cheques with an average size of INR 80 Cr from the fund.
With the close of GAF-IV, Anicut’s total assets under management stand at roughly INR 4,500 Cr (about $501 Mn) across three debt and three equity funds, it said.
Anicut said that its investment thesis revolves around cashflow quality, corporate governance and clearly defined exit pathways, while expanding its institutional underwriting framework across successive fund cycles.
Founded in 2016 by Ashvin Chadha and IAS Balamurugan, Anicut offers debt and equity capital to startups. The firm counts startups like Milky Mist, The Ayurveda Experience, Wow! Momo, Mistral, Blue Tokai, XYXX, ToneTag, GNRC Hospital, Neemans, Agnikul, among others, in its portfolio.
This comes at a time when the Indian startup ecosystem continues to advance rapidly on the back of new funding from VC and PE firms. A diverse mix of new funds were launched for Indian startups in 2025 with an aggregate corpus of over $12.1 Bn (about INR 11.20 Lakh Cr) until December 2025. This was a sharp 39% jump from funds worth $8.7 Bn announced last year.
Sectorally, fintech continued to be the biggest draw, accounting for around 16% of the new funds, followed by consumer-focussed funds (15.5%) and AI-centric vehicles (12%).