New Delhi: Mumbai-based venture debt firm Trifecta Capital has closed its second venture debt fund after having invested 900 rs. crore in 38 companies. Launched in March 2019, the fund had a target of 1,000 rs. crore, including a greenshoe option of 250 rs. crore. The firm raised 1,025 rs. crore for it.

The fund had a provision to recycle capital and will have an investible corpus of up to 2,560 crore.

With the closing of fund two, the firm now plans to launch its third venture debt fund with a size of rs. 1,200-1,500 crore, some time in Q3 2021.

Trifecta Capital had launched its first venture debt fund in 2014 with commitments of  rs. 500 crore. Through both the funds, the firm has invested approximately rs. 2,000 crore in 72 early growth and growth stage startups, nine of which have acquired the coveted unicorn status.

One of their portfolio startups Infra.market, an online marketplace for real estate companies, recently entered the unicorn club after raising $100 million (approx rs. 724 crore) in a Series C round led by existing investor Tiger Global.

Big Basket, Cars24, Vedantu, ShareChat, Dailyhunt, UrbanCompany, CureFit, CarDekho, Ninjacart, NoBroker, Kreditbee, Livspace and BharatPe are some of the other major Indian startups Trifecta Capital has invested in.

“Our journey over the last five years has really been around identifying these early category leaders and providing to them a range of financing solutions. We have built a whole set of financial solutions on credit into these companies," said Rahul Khanna, managing partner, Trifecta Capital.

Founded in 2014 by Rahul Khanna and Nilesh Kothari, the firm has cumulatively raised $8.1 billion of equity, and is valued at $20 billion.

Its investors include banks, insurance companies, development institutions, public sector entities and corporates from India and overseas along with some of India’s largest family run businesses.

“We have actually had the lion's share of our capital through institutional support and slowly now we've also opened up to large family offices, many of whom represent the best of the old economy. From a founder’s perspective and from a portfolio company perspective, these family relationships are also very powerful," said Khanna.

Khanna points out, a lot of the capital for the fund two came from foreign investors who had been very satisfied with the performance of fund one.

“They had a lot of data, which they could now see as an asset class. Previously that data was not available, given how young the industry was. Closing such a significant size fund also reflects on the maturity of the asset class, and hopefully will continue to be something that institutional investors are drawn to," added Khanna.