The firm’s exits include IPOs such as Bikaji Foods, CAMS, ICICI Lombard, Protean, Northern Arc, Policy Bazaar, and Swiggy, alongside private deals like Leap India’s sale to KKR, Ustraa’s acquisition by VLCC, Pickrr’s acquisition by Shiprocket, and Multiples’ investment in Kogta Financial.
The $2.1 billion in distributions was made over the past six to seven years, though 360 ONE did not disclose IRRs on these exits.
Buoyed by this track record, the firm is now in the early stages of raising multiple new funds. “The next one we’re raising will likely be a sectoral, thematic fund…We will also be looking to raise our next pre-IPO fund. Our strength is that we’re never out of the market,” Nath said in an interview. The upcoming sectoral fund is likely to focus on financial services, healthcare, and technology.
360 ONE’s VC and PE business manages $3.6 billion in assets, up from $2.6 billion in August 2023, with a portfolio of 85 companies including 24 unicorns.
“The idea is to run a true end-to-end platform, from idea stage to IPO,” Nath said. Over this, the firm has also invested in multiple other venture capital firms like Chiratae, Orios, Saama and Kae Capital through its fund-of-funds portfolio.
Over the past two years, it has deployed more than $900 million across 32 companies—averaging four new deals every quarter—including $15 million in drone-intelligence provider Aereo and $10 million in lifestyle brand DailyObjects. The firm has about $500 million in dry powder left to deploy.
“Our last technology fund was close to $600 million, raised in 2022. The healthcare fund is around $125 million. We also have a large pre-IPO fund, the last one was about $400-450 million. We still have significant dry powder across these strategies,” Nath added.
The firm recently launched a secondary-focused vehicle and is in the process of raising an early-stage fund, Mint had reported earlier.
Fundraising surge
The fundraising push comes amid heightened activity in India’s PE-VC space.
In the past year, ChrysCapital has closed a $2.1 billion buyout fund and a $700 million continuation vehicle, while Kedaara wrapped up a $1.7 billion buyout fund and is raising a continuation vehicle.
Other firms including Stellaris, India Quotient, Sixth Sense, Prime Ventures, Accel, A91 Partners, Cornerstone VC, Nexus Venture Partners, Lok Capital, Chiratae Ventures, Peak XV Partners, and Fireside Ventures have either raised or are in the process of raising fresh capital.
Recent fundraises include Stellaris’ $300 million vehicle in November 2024, Accel’s $650 million eighth fund, and A91 Partners’ $665 million fifth fund.
Increasingly, managers are also structuring thematic vehicles, pre-IPO pools, and secondary-focused funds.
Within thematic funds, sectors like manufacturing, proptech, media and climate tech have seen growing interest. Manufacturing especially has drawn attention, with Amicus Capital, Trident Growth Partners, RevX Capital, Veloce Opportunities Fund, Finnolve, Folks Motor, and Arka Investment Advisory raising new funds.
Investors, however, remain selective. Limited partners are favouring those who can deliver actual cash returns rather than just paper gains.
Since inception, ChrysCapital has raised $5 billion across nine private equity funds, invested $4.5 billion in more than 100 companies, realized about $7 billion across 80 exits, and fully exited its first six funds. Multiples, as of 2023, managed over $3 billion with a portfolio of 29 companies.
According to Nath, interest among global LPs—including ultra-high net worth individuals (UHNIs) and family offices—is on the rise, especially in thematic funds. “We’re seeing domestic LPs mature significantly. Ten years ago, there was a lot of suspicion toward private equity; today, ultra HNIs and family offices ask highly sophisticated questions, very similar to global institutions.”
Alka Goel, founding partner at Alkemi Growth Capital, said that while India earlier lacked enough startups to support thematic investing, the ecosystem has now matured to a point where funds can focus on specific niches.
“Teams are small, you can’t be an agri-expert, a climate expert and a healthcare expert all at once, so specialization is becoming important,” she said. Alkemi is currently investing out of its second fund.
Goel added that domestic participation in its latest fund is rising compared to its previous vehicle, as investors grow more comfortable with thematic funds.
