Anicut Capital, a multi-asset investment firm, has raised $11 million in dollar-denominated investments through the GIFT City structure for its Private Credit Fund 3. The funds have been secured from a range of global investors, including institutional investors, family offices, and high-net-worth individuals (HNIs) from markets such as the United States, the United Kingdom, Europe, and the Middle East, said a statement.
The company said that the investment was facilitated through the International Financial Services Centres Authority (IFSC), a statutory body established by the Government of India. GIFT City (Gujarat International Finance Tec-City), India’s only functional IFSC, aims to attract foreign investments into the country’s financial markets by offering tax and regulatory advantages similar to global financial hubs.
The $11 million raised through GIFT City contributes to Anicut Capital’s ongoing effort to raise a total of Rs 1,500 crore (approximately $180 million) for its third private credit fund. Anicut Capital focuses on providing private credit to mid-sized enterprises, with the goal of addressing funding requirements such as acquisitions, promoter buybacks, bridge financing, and other forms of growth capital.
Since its inception, the investment firm has deployed Rs 3,200 crore (approximately $385 million) in private credit across a variety of mid-sized enterprises in India. The firm’s investments have supported the strategic expansion of several companies, contributing to the growth of mid-market businesses in sectors such as consumer goods, technology, and manufacturing.
Ashvin Chadha, Managing Partner, Anicut Capital, said, “The funds received via the GIFT City structure in our Private Credit Fund 3 highlight the confidence global investors have in Anicut. We are committed to delivering strong returns by offering customized credit solutions for mid-market companies, leveraging our industry expertise to create value for both investors and businesses.”
Anicut said its strategy centers on private credit as an alternative to traditional lending, which has become more challenging due to tighter regulations and lending restrictions for mid-sized businesses. The firm positions itself as a bridge for companies seeking capital for growth, allowing businesses to continue expanding operations and consolidating their market positions.
The $11 million investment raised via GIFT City is part of a broader effort by Anicut Capital to expand its global investor base. The firm is targeting investors from key regions, including the Middle East, Europe, and the United States, with an eye toward further increasing international participation in India’s private credit market. The GIFT City structure allows Anicut to raise foreign currency-denominated funds while offering investors the tax and operational advantages of investing through India’s IFSC.
Anicut Capital currently manages six funds, which include both debt and equity strategies, with a total assets under management (AUM) of Rs 3,500 crore (approximately $422 million). The firm’s portfolio includes companies such as Milky Mist, The Ayurveda Experience, Wow! Momo, Mistral, BlueBinaries, Bira, Blue Tokai, XYXX, Wingreens, Neemans, and Agnikul. These companies represent a wide range of sectors and are part of Anicut’s strategy to invest in high-growth potential businesses across different industries.
With offices in Chennai, Delhi, Bangalore, and GIFT City, Anicut Capital’s approach includes a focus on providing growth capital to companies with the potential for significant expansion, while also offering tailored financial solutions for businesses that require flexible financing options.
