Anicut Grand Anicut Fund 3 Flashcards
About Fund Managers
Ashvin Chadha (Co-founder and Managing Partner)
- Ashvin Chadha is a Co-founder and managing partner at Anicut Capital. He has ~20 years of experience across investment banking, private equity/ angel investments and private credit.
- He is also an IC Member and has overlooked ~90 Investment deals.
- Prior to Anicut, he was a Vice President at India Equity Partners, where he managed multiple Private Equity investments via the PE Fund. He has served on the boards of several public and private companies.
IAS Balamurugan (Co-founder and Managing Partner)
- IAS Balamurugan is a Co-founder and managing partner at Anicut Capital. He has over 25 years of experience in commercial banking, private wealth management and private credit.
- He is also part of IC committee and has overlooked ~90 Investment deals.
- Prior to Anicut, he has co-founded and managed a large family office, advised Family businesses in the SME Space and Individual promoter wealth. He has also served in credit committees / boards of several companies.
Dhruv Kapoor (Fund Manager)
* Dhruv Kapoor is a partner at Anicut Capital and fund manager for Grand Anicut fund 3. He has over ~18 years of experience in venture capital space.
* Prior to joining Anicut, Dhruv was a partner at Sistema Asia Capital, a $120M early growth venture capital where he led several key investments including Licious, Lendingkart and Kissht.
* Prior to Sistema, Dhruv was at Helios Ventures where he made 15+ investments into various sectors including financial services, consumer brands / D2C and technology.
About Anicut Capital
- Anicut AMC incorporated in 2015 by Mr. Ashvin Chadha and Mr. IAS Balamurugan. AMC currently manages AUM of ~3,000 Cr and has 100+ investments thus far across 6 AIFs strategies.
- Grand Anicut Fund 3 is managed by Dhruv Kapoor. Other Anicut Funds include Anicut Continuum fund, Grand Anicut Angel Fund and Grand Anicut Fund 1,2 & 4 (Private Credit Funds).
- The AMC currently has 22 employees which includes 13-member PE/VC investment team and 5-member team for other functions such as sales support, Legal and Compliance, IT, Risk and Operations.
Current Investments
Current Investments
Company Invested Amount Committed (Cr) Entry valuation (Cr) Sourcing Co-investor MOIC
1. The Ayurveda Experience 35 1,012 Outbound Jungle Ventures, Fireside 1.33
2. Bluebinaries 30 290 Proprietary Nil 1.00
3. Wheelocity 29 408 Proprietary Lightspeed 0.86
- Blue Tokai 22 425 Proprietary A91, Snow Leopard 1.60
- XY XX 19 500 Proprietary Amazon, Sauce 1.00
- Neeman’s 17 92 Proprietary Sixth Sense, Enam, Sharrp 1.37
7.Illumine 17 86 Outbound Nil 1.00
- Earth Rhythm 18 165 Proprietary Nykaa 1.00
Investors
- SRI Fund, FoF managed by SBI Caps, has committed INR 70Cr
- SIDBI FFS has committed INR 50Cr; applied for an additional allocation of INR 55Cr.
- HDFC AMC Select AIF FOF 1 and HDFC AMC have committed ~INR 43Cr
Terms & Conditions
Nature of the Scheme : Closed-ended AIF Category I
Target Fund Size : Rs 500 Cr
Capital Committed : Rs 350 Cr
Fund Manager : Mr. Dhruv Kapoor
Fund Tenure : 7 years (from Final Closing), further extendable by 1+1 years
Minimum Commitment Amount : Rs. 1.01 Cr (Equalisation Premium - 1 Lakh per 1 Cr Investment)
Initial Contribution: 70% of the capital commitment + Equalisation premium
NRI Eligibility NRIs can invest on a case-to-case basis in consultation with AMC.
Management Fee* Share Class Amount Fixed Fee Hurdle Carry (with catch-up)
D1 1 Crore – 25 Crore 2% 10% 20%
D2 25 Crore and above 1.5%
Please note: Management fee will accrue and commence from the first closing.
Operational Expenses Upto 0.25% p.a. of committed capital
NAV Reporting frequency Annually
Fund Status First Close: Jun’22 | Expected Final Close: Sep’24
Units allotment will be at par value of Rs 1,000 | Current NAV(Audited): 1,047
Company Profile - Ayurveda Experience
D2C brand serving global markets from
India; compounding ~40% yoy
* 90% GM, 74% CM1 & near EBITDA b/e
* On its way to achieve ~INR 500Cr net
revenue in FY25
* Anicut led INR 50Cr Pre-Series B round;
Jungle led INR 200Cr Series C round
Company Profile - Bluebinaries
Engineering, Research & Design services for
global automotive industry
Offers engineering services (electrical &
electronic, digital cockpit, ADAS etc) for
global automotive OEMs
▪ 52% CAGR for the past 5 years
▪ 30 OEMs, 485+ engineers across 8 delivery
centres in India, Germany, Austria UK & US
▪ Anicut led INR30Cr Series A
Company Profile - Wheelocity
Supply chain rails for rural India
Building last mile distribution rails for rural
India (T3-T7 India)
▪ Strong PMF from 2100+ villages in TN,
serviced by 900+ terminals with 36-38% GM
▪ Model built for perishable products and
fungible to other categories (FMCG, CPG,
Staples, stationary)
Company Profile - Blue Tokai
India’s leading specialty coffee brand with
omni-channel presence
109 stores, targeting 126 cafes by the Sept 2024
* Acquired “Got Tea” bubble tea company and
expanding into healthy product pipeline
including chocolates, cookies, eggless products
& bread
* GM% at 65% and Operational EBITDA at 20%
* Tier-1 global consumer PE closing a Series C
round of INR 300Cr; ~2x uptick for Anicut
Investors
DSP,Snow & Loopard, ABL Partners
Company Profile - XY - XX
Mas-premium omnichannel men’s fashion/
innerwear brand
Strong omni-channel presence – 175+
distributors, 14000+ retailers, #1 on Amazon
▪ 48% GM, 36% CM1 and 11% CM2
▪ Avg. cash burn of INR ~2.4Crs/mth
▪ Amazon led INR 84Cr round and Anicut
participated with INR 19Cr
Company Profile - Neeman’s
Eco-friendly and sustainable footwear
brand
Omnichannel sustainable footwear brand
▪ Operating across 11 EBOs, contributing
~12% of net revenues with 14% EBITDA
positive in March 2024
▪ 54% GM, 34% CM1 & 7% CM2
▪ Net burn of INR 2.1Cr / month
Company Profile - Illumine
Design & Engineering services for global
sustainability sector
Serving residential and commercial solar
customers in US, Canada and Australia.
▪ Exploring expansion into Australia & UK in FY25
▪ 250 engineers in Chennai
▪ 39% GM, near EBITDA breakeven
▪ Anicut led INR 17Cr Series A (primary +
secondary)
cv
Existing investors - None
Company Profile - Earth Rythm
Clean, safe & clinically effective skin care
brand for all well beings
200 SKUs across make-up, hair & skin
▪ 59% GM, 40% CM1 & -23% CM2
▪ Reduced net burn to 60-80lacs/ month
Existing Investor - Nykaa
Company Profile - Project Hair
Omnichannel brand specializing in premium
& natural human hair extensions
Product suite includes Do It Yourself,
hair loss solutions, permanent hair
extensions & products for kids and men
▪ ~46% GM, 43% CM1 & 10% CM2
▪ Anicut is leading the current round with
INR 20CR through primary infusion
Company Profile - Project Logistics
Long haul, mid-mile, asset light managed
trucking aggregator
Tech enabled trucking aggregator focusing
on FTL catering to ecommerce, industrial
and port originated cargo; 6.5% GM and
1% EBITDA
▪ Acquiring B2B business of large trucking
platform to expand industrial segment
▪ Raising an INR 83Cr round being led by a
large PE fund; Anicut participating with INR
15Cr investment
