Singularity Growth, an operator-investor-led growth PE platform on Wednesday marked it first close of its second fund – Singularity Growth Opportunities Fund II – at Rs 500 crore.
According to media reports, Singularity’s second fund has a total corpus of Rs 1,500 crore. The firm is targeting investments worth Rs 75 to Rs 75 crore in around 14 to 16 startups.
Founded in 2021, Singularity is led by Yash Kela and is promoted by former Reliance Capital executive Madhusudan. Singularity Ventures began operations in 2016. The firm has so far invested in startups like mCaffeine, Exotel, WebEngage, XYXX and Lohum Cleantech.
Singularity launched its first fund in 2021, raising Rs 560 crore. The fund invested in 17 companies, including All-Cargo Logistics and Jana SFB. Now, Singularity is planning to invest in new companies through its Fund II, targeting a four-wheeler OEM and an apparel platform. This investment comes at a challenging time for the Indian startup ecosystem.
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